The revenue procedure advises taxpayers how to make various elections, file amended returns, and change accounting methods as provided under Section 70302 of the new law.
Advertisement
PCAOB postpones effective date for new quality control system
The PCAOB announced that QC 1000, A Firm’s System of Quality Control, is set to be effective Dec. 15, 2026, to give firms sufficient time for implementation.
Draft 2026 Form W-2 includes boxes and codes for tips and overtime
The IRS said previously that it will not release a new form for 2025, even though the temporary H.R. 1 provisions are effective this year, but it will provide transition relief.
Out of office: Employers’ push for more office time meets resistance
While the number of days the average employee is expected to work in the office approaches three, the number of days spent in the office lags behind employer expectations.
SEC accepting Professional Accounting Fellow applications
The SEC’s Office of the Chief Accountant is accepting applications for positions that will begin later this year.
IRS seeks to fill ‘critical vacancies’ as workforce declines 25%
The IRS has asked some employees who accepted deferred resignation offers if they want to stay on the job.
Will budget, staff cuts impede IRS modernization? Former commissioner weighs in
Former IRS Commissioner Danny Werfel says the cuts, combined with the need to reengineer systems for the OBBBA, will make it difficult for the IRS to succeed at improving technology.
IRS should be more transparent when communicating phone service metrics, report says
The report by the Treasury Inspector General for Tax Administration called on the IRS to include more phone lines and to cover the entire fiscal year when reporting on its level of service and wait times.
Calculating AI’s impact on CPAs: New study quantifies time savings
Researchers determine the real difference that generative AI can have on the average accountant in terms of time spent on routine data entry versus time available for client support and billable hours.
Prop. regs. would modify reporting obligations for Form 8308, Part IV
The IRS issued proposed regulations that would modify partnerships’ reporting obligations for Part IV of Form 8308 with respect to sales or exchanges of certain interests in partnerships owning inventory or unrealized receivables.
The No. 1 risk to retirement – and one way to guard against it
Retirees are living longer than ever, increasing the challenge facing financial advisers charged with the responsibility of making sure they don’t run out of funds.
IRS clarifies that Appeals case memos should be shared with taxpayers upon request
National Taxpayer Advocate Erin Collins wrote Tuesday in her blog that the IRS reminder of the language in the Internal Revenue Manual is a “meaningful step toward transparency.”
AICPA unveils new QM resources to help firms meet Dec. 15 deadline
The AICPA updated its SQMS No. 1 practice aid, released a new resource on monitoring and remediation, and is hosting live webcasts to help firms implement the new quality management standards by Dec. 15. Key features of the 2025 practice aid on complying with SQMS No. 1 include expanded discussions, tailored guidance for firms of all sizes, and tools for documentation, evaluation, and effective compliance.
Comfort with crypto: Big North American companies have big plans
Nearly one-quarter of CFOs surveyed see their companies using crypto in the next two years and nearly all see crypto in their long-term plans, although the list of concerns remains long.
Billy Long out as IRS commissioner after less than two months
Long said Friday on X that he’s leaving the IRS and instead will be nominated to be ambassador to Iceland.
No 2025 information return or withholding table changes under OBBBA
The IRS announced Thursday that it is delaying changes to certain information returns, withholding tables, and reporting and withholding procedures until tax year 2026 “to avoid disruptions.”
AICPA presses IRS for guidance on domestic research costs in OBBBA
In its letter, the AICPA said small businesses that have not filed returns for the 2024 filing period face uncertainty about how to treat domestic research and experimental expenditures.
Date to start filing season not set despite IRS commissioner’s comment
Commissioner Billy Long said last week that the next filing season would start around Presidents Day, but the IRS said Tuesday that it has not set a date.
Wipfli partners with private equity for the latest top 25 firm deal
The already growing firm agrees to a “significant minority investment” from New Mountain Capital, an active player in the growing world of private-equity investment activity among large firms.
IRS includes several AICPA recommendations in corporate AMT interim guidance
In a notice issued Tuesday, the IRS said it intends to partially withdraw proposed regulations and issue revised proposed regulations.
Features
FROM THIS MONTH'S ISSUE
AI risks CPAs should know
Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.
From The Tax Adviser
January 31, 2026
Trust distributions in kind and the Sec. 643(e)(3) election
January 31, 2026
Effects of the OBBBA on higher education
December 31, 2025
