A survey by the AICPA shows that almost two-thirds of tax professionals say it takes over 90 days to get a substantive response from the IRS to correspondence.
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NEWS
Final regs. issued for 1% excise tax on corporate stock repurchases
The final regulations provide guidance regarding the reporting and payment of the excise tax on repurchases of corporate stock made after Dec. 31, 2022.
IRS issues final regs. on reporting requirements for digital assets
The final regulations require custodial brokers to report transactions on Form 1099-DA, which the IRS will release soon. A different set of final regulations with rules for decentralized, or noncustodial, brokers will be issued later.
Supreme Court overrules 40-year-old Chevron doctrine
The Court held that the APA requires courts to exercise their independent judgment in deciding whether an agency has acted within its statutory authority and not to defer to an agency’s interpretation of the law simply because a statute is ambiguous.
3 ways to use generative AI to save time today
Even if you’re concerned about risk related to tech tools like ChatGPT and Copilot, it’s possible to use them to improve day-to-day life at your organization — starting today.
Settlement offers to be sent on syndicated conservation easements
The IRS is making a time-limited settlement offer to certain taxpayers who participated in syndicated conservation easements. The terms will require “substantial concession” of income tax benefits and the imposition of some penalties.
‘Unconscionable’ delays in ID theft cases mar IRS tax season: report
In her midyear report to Congress, National Taxpayer Advocate Erin Collins writes that, as of April, the IRS was taking over 22 months to resolve cases in its identity theft victim assistance unit, which had about 500,000 unresolved cases.
5 ways to support LGBTQ+ employees
Organizations are encouraged to foster an inclusive work environment and create a culture of safety and belonging.
Final regs. issued on conservation easement deduction disallowance
The IRS on Monday issued final regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.
Supreme Court decision on Chevron doctrine will affect tax pros
The Court will rule by the end of its term Friday on the fate of the Chevron doctrine, which requires courts to give deference to a reasonable interpretation of an ambiguous statute by a government agency, including the IRS.
FASAB offers new guidance on seized and forfeited digital assets
Federal government standard setter clarifies how to apply existing standards for inventory and related property to certain digital assets.
Exceptions to penalty on early retirement plan distributions outlined
The IRS issued guidance for exceptions for emergency personal expense distributions and for domestic abuse victim distributions.
IRS: Review of 1 million ERC claims reveals most show signs of risk
The IRS says that at least 10% of employee retention credit claims will be denied in the coming weeks and that at least 60% of claims show an “unacceptable” level of risk. The IRS will leave in place its moratorium on processing a majority of recent claims.
Supreme Court issues narrow opinion upholding Sec. 965 transition tax
The Supreme Court upheld the mandatory repatriation tax as a valid exercise of Congress’s taxing authority. The Court did not reach the question of whether income must be realized to be taxable.
Regs. cover green energy incentive wage and apprenticeship requirements
Under new final regulations issued by the IRS, taxpayers can generally increase the base amount of certain credits or deductions by five times when they meet prevailing wage and apprenticeship requirements.
TQA addresses related-party disclosure requirements
The AICPA issued a new Technical Question and Answer to provide nonauthoritative guidance regarding the audit implications of a new related-party disclosure requirement for institutions that participate in the financial assistance programs of the Higher Education Act.
Private equity has big plans for small firms
Investment groups are showing record interest in the field of public accounting, leading many in the profession to look at their options while also looking inward at their business model.
IRS moves to end ‘shell game’ of basis-shifting transactions
The Service said it will release new proposed regulations and a revenue ruling to challenge the use of basis-shifting transactions used by complex partnerships in moves that could add over $50 billion to government coffers over 10 years.
IRS gives another limited estimated corporate AMT underpayment waiver
The IRS issued a notice extending earlier relief for a corporation’s failure to pay the part of estimated income tax attributable to the revised corporate alternative minimum tax.
EY makes big investment in accounting profession
The Big 4 accounting firm announced that it will invest $1 billion over three years in talent and technology. The investment includes a commitment to improve pay for early-career professionals.
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From The Tax Adviser
July 31, 2026
Current developments in S corporations
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