News

Secretary of the Treasury Scott Bessent announced today that IRS Chief Operating Officer Melanie Krause will become acting IRS Commissioner following the retirement announcement of Doug O’Donnell.

Douglas O'Donnell, the acting IRS commissioner, told employees in an email Tuesday that he will step down from the position effective Friday.

Chad Acord is a 41-year-old father of four who's been in the accounting profession for more than a decade. Now, after years of waiting, he's about to close the 13-college-credit-hour gap that's been keeping him from earning his CPA license.

More than 3,500 employees in the Small Business/Self-Employed (SB/SE) division of the IRS will lose their jobs this week, according to an email sent to IRS managers on Wednesday. The affected employees are expected to be notified Thursday, according to the email signed by Lia Colbert, SB/SE commissioner, and four other SB/SE managers.

A federal district court lifted the last remaining nationwide injunction stopping beneficial ownership information (BOI) filing requirements, but the federal enforcement agency has promised at least a 30-day delay before new filings will be required.

The Internal Revenue Service is reportedly planning layoffs of thousands of first-year probationary employees in the midst of tax season, perhaps as soon as this week.

Get ready for a very different regulatory environment.

AICPA leaders said Sunday the IRS should consider the needs of taxpayers and preparers as officials make plans to carry out President Donald Trump's direction to cut the federal workforce.

House Republican leaders took the first step Wednesday toward enacting trillions of dollars in tax cuts and raising the nation's $36 trillion debt limit, offering a plan that risks rankling quarreling factions in the party.

H.R. 736, Protect Small Businesses from Excessive Paperwork Act of 2025 (Rep. Zach Nunn, IA-3), which would delay FinCEN BOI reporting for one year (until January 1, 2026), passed the House of Representatives by a vote of 408-0. The bill now goes to the Senate for consideration.

Accountants are in the midst of a series of changes, ranging from the future of the Internal Revenue Service to the kick-off of tax season.

New presidential administrations typically mean a lot of questions and uncertainty. As Trump takes office, people wonder if the policy changes he promised will be realized. What will the tax implications be for CPA clients and practice owners? Where are interest rates headed? What about inflation?

The AICPA & CIMA's new president and CEO, Mark Koziel, told a group of accountants that the association is preparing for the possibility that the Public Company Accounting Oversight Board might be "rolled up" into the Securities and Exchange Commission under the Trump administration.

IRS employees who work in "critical filing season positions" are exempt from the voluntary resignation program offered to federal government employees until May 15, according to an email sent Wednesday.

New Hampshire is fighting back. The Granite State's latest move to protect businesses from sales tax legislation, HB 135, was introduced on Jan. 8, 2025. It states that "no New Hampshire business shall be required to collect sales taxes for a foreign jurisdiction [a.k.a., another state] unless mandated by Congress or New Hampshire law."

Lawmakers seek more funds for Medicaid, education while federal funds vanish.

Connecticut Attorney General William Tong on Friday announced an initial victory against the Trump administration and said that the state has successfully secured a temporary restraining order against the federal government’s recent freeze on appropriated funds.

The AICPA said it supports the bipartisan Taxpayer Assistance and Service (TAS) Act discussion draft that two senators released Thursday and especially backs 13 of the 65 provisions designed to reduce burdens on taxpayers and tax preparers.

As part of its ongoing efforts to support smaller audit firms, the Public Company Accounting Oversight Board (PCAOB) today launched a new online resource page: Information for Smaller Firms. The page features PCAOB content tailored for smaller firms, including publications, videos, and more.

The Internal Revenue Service kicked off tax season Monday facing a hiring freeze imposed by President Donald Trump in an executive order on Inauguration Day and lingering uncertainty over how to make up for over $20 billion in budget cuts.