The AICPA said taxpayers and tax professionals need certainty about how to claim the deductions for 2025. The IRS has said it will not update its forms until 2026.
AICPA Advocacy
STEM designation for accounting has strong support
Nearly three-fourths of adults surveyed said accounting courses should be a part of the science, technology, engineering, and math education program, with a majority in key age groups saying the designation would make students more likely to pursue accounting education opportunities.
IRS furloughs nearly half its workers, closes most operations
Under an updated contingency plan, nearly 40,000 of the approximately 74,000 IRS workers will stay on the job, including more than 24,000 in Taxpayer Services. In response to the plan, the AICPA recommended “fair, reasonable, and practical relief measures to mitigate the negative impact of the shutdown” on taxpayers and practitioners.
AICPA calls for fully staffed IRS regardless of shutdown length
With an Oct. 15 tax deadline looming for many and guidance needed on H.R. 1, the AICPA says it’s imperative that the IRS keep all employees on the job.
Guidance on research or experimental expenditures under H.R. 1 issued
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.
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.
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.
AICPA supports bill that lets married domestic violence victims file taxes as single
The bill would empower survivors of domestic abuse or spousal abandonment to file taxes without contacting their abuser.
Dealing with natural disasters: How to avoid fraudulent activities
More than one-third of Americans have been the victim of fraudulent activities after being personally or professionally affected by a natural disaster, according to a Harris Poll conducted on behalf of the AICPA.
Dealing with natural disasters: Prepare by taking these steps today
Nearly one-third of adults have done nothing to prepare financially for the possibility of a natural disaster. An AICPA news release offers advice for individuals and businesses.
Features
SPONSORED REPORT
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.
