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Two-year reprieve granted from Roth catch-up requirement

Employees who participate in a Sec. 401(k) or similar retirement plan and whose prior-year Social Security wages were over $145,000 have been given a two-year reprieve from the new requirement that any catch-up contributions they make to the plan must be designated as after-tax Roth IRA contributions.

Guidance provided for electronic filing exemptions and waivers

In a notice issued Friday, the IRS provided guidance to persons filing certain returns on how to seek religious exemptions, hardship waivers, and other administrative exemptions provided by the IRS, from electronic filing requirements.

Future C-suite leaders banking on continued hybrid work model

In a survey of manager-level professionals at financial services institutions, 66% said they likely would leave their current roles if required to return fully to the office. At the same time, the large majority see value in some in-office work hours.

Being philanthropic with a noncharitable trust

Getting funds out of an irrevocable family trust for charity is often difficult, and new trusts should be designed with greater flexibility, according to two experts.

Update on states moving ahead with PTETs

States continue to move ahead with implementing new passthrough entity taxes as a workaround to the $10,000 cap on the federal deduction of state and local taxes.

Proposed regulations update, revise consolidated return regulations

New proposed regulations would update the regulations to reflect 50-plus years of statutory changes, remove regulations and certain transition rules that no longer have practical application, and eliminate obsolete or incorrect terms and cross-references.

Program to ease path to CPA licensure partners with Tulane University

Tulane’s School of Professional Advancement will provide a library of online courses for the first class of accounting graduates completing their 150-credit-hour requirement while earning a paycheck via the AICPA and NASBA’s Experience, Learn & Earn program.

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Preparing clients for new provisions next tax season

As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.