News

After a few days of speculation about the debt ceiling agreement between President Joe Biden and House Speaker Kevin McCarthy, we finally have the details. The text of the bill—just 99 pages long—was released on Sunday and is already generating conversation.

The IRS is facing substantial cuts to funds meant to rebuild its workforce and modernize its legacy IT systems over the next decade, as part of a deal to raise the debt ceiling and avoid a first-ever government default.

A pair of lawmakers proposed bipartisan legislation to streamline the tax filing extension process.

President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement Monday on how to raise the U.S. government's $31.4 trillion debt ceiling with just 10 days before a possible default that could sink the U.S. economy, but vowed to keep talking.

The American Institute of CPAs (AICPA) joined a coalition of organizations who have come together to make taxpayers and practitioners aware of the new Beneficial Ownership Information (BOI) reporting requirement. BOI is an anti-money laundering initiative enacted through the Corporate Transparency Act (CTA) in 2021, which mandates that BOI information is reported to the Financial Crimes Enforcement Network (FinCEN).

A group of senators on both sides of the aisle is asking the Internal Revenue Service's new commissioner, Daniel Werfel, to warn taxpayers and tax professionals about the emerging threat of tax scams produced by artificial intelligence programs and chatbots like ChatGPT.

With some temporary provisions in the Tax Cuts and Jobs Act approaching their sunset, members of Congress are considering extending or making them permanent — but Anne Zimmerman believes that the act was disproportionately beneficial to large corporations at the expense of small businesses.

In response to feedback submitted through the exposure draft, NASBA has announced that it will adopt an increased testing window of 30 months.

The Internal Revenue Service is still studying the feasibility of offering its own free online tax preparation system, and its new leader is not ready to say yet what it will recommend, but he promised it would be released next month.

The AICPA likes what it has seen so far in the IRS strategic operating plan for the $80 billion that Congress appropriated over 10 years as part of the Inflation Reduction Act of 2022, P.L. 117-169, although it still recommends that use of funds congressionally allocated to enforcement also be applied to training, customer service, and modernization, as part of enforcement efforts.

The American Institute of CPAs sent a list of recommendations to the Treasury Department and the Internal Revenue Service asking them to clarify and expand some of their guidance on taxpayer assistance procedures and when S corporations don't need to ask for private letter rulings to keep their status.

The accounting profession is confronted with a talent shortage, and reinstating CPA exam credits that have expired since January 1, 2020, could have an immediate impact on our CPA pipeline.

The AICPA has sent a list of 61 proposals for changes to the Internal Revenue Code to Congress, starting with a proposal that the definitions of terms be standardized so that words have the same meaning throughout the Code.

Across the board, stakeholders charged with promoting and protecting the accounting profession are searching for solutions to a talent acquisition issue that isn't unique to the profession.

Many myths and mistakes have hampered Employee Retention Credit calculations. Here are five errors businesses can’t afford to make.

Three Senate Democrats have reintroduced a bill aimed at providing payroll tax relief to businesses that applied for the Small Business Administration's Restaurant Revitalization Fund, but didn't receive a grant because the program ran out of money.

The new Speaker of the House, Kevin McCarthy, R-California, agreed as part of a deal with conservatives in the Freedom Caucus to win the speakership to allow a vote on a bill that would abolish the Internal Revenue Service and substitute a "Fair Tax" that would replace federal income taxes and other taxes with a national consumption tax administered by the states.

American Institute of CPAs president and CEO Barry Melancon spoke Wednesday about changes at the Internal Revenue Service and Congress, the prospects for the upcoming tax season, the evolving CPA licensing model, recruiting young people to the profession and more during a wide-ranging presentation to the Accountants Club of America.

The House voted to repeal billions of dollars of Internal Revenue Service funding that Democrats approved last year, an issue that is likely to crop up repeatedly this year.

The Internal Revenue Service said Friday it recently completed making final corrections to the tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation they received in 2020.