Tax news and information - Journal of Accountancy

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September 25, 2025

Professional liability risks related to Form 1065, CPA firm acquisitions

An author of the JofA’s Professional Liability Spotlight column explains the risks associated with Form 1065 and those related to CPA firm acquisitions. She also shares why a strong employee onboarding process can have risk-management advantages. Listen to the podcast episode or read the Q&A.

September 24, 2025

Paper tax refund checks on the way out as IRS shifts to electronic payments

The IRS will phase out the use of paper checks for refunds beginning Sept. 30 and will publish detailed guidance later.

September 23, 2025

IRS keeps per diem rates unchanged for business travel year starting Oct. 1

In its list of high-cost and low-cost localities, the IRS kept per diem rates for travel, meals, and incidental expenses unchanged for the new annual period starting Oct. 1.

September 19, 2025

Details on IRS prop. regs. on tip income deduction

The proposed regulations define “qualified tips” for purposes of the deduction and contain details on allowable forms of payment.

September 19, 2025

AICPA urges IRS to modernize estate and trust tax forms

In a letter to the IRS, the AICPA said the changes align with an executive order mandating that all federal tax payments and refunds be processed electronically.

September 18, 2025

‘We’re still the thinkers’ — a reminder for tax pros in the AI era

Tax expert Annette Nellen highlights several tax provisions in the new budget law and why that law will be the main topic of conversation at the AICPA & CIMA National Tax Conference in November. Listen to the podcast episode or read the Q&A.

September 15, 2025

IRS finalizes regulations for Roth catch-up contributions under SECURE 2.0

The final regulations are similar to the proposed regulations issued in January, with some changes that the IRS said were made in response to comments.

September 15, 2025

PEEC seeks feedback on guidance for providing tax services to attest clients

An exposure draft addresses potential threats to independence when members perform tax advisory and tax planning services. The comment deadline is Dec. 15

September 15, 2025

3 new financial planning opportunities after OBBBA

Help clients navigate a few of the legislation’s broadly applicable tax changes.

September 15, 2025

IRS releases draft form for tip, overtime, car loan, and senior deductions

The IRS on Friday released a draft of Schedule 1-A (Form 1040), a single form that consolidates the calculations of the four temporary deductions for tips, overtime, car loan interest, and seniors that are allowed under H.R. 1.

September 9, 2025

IRS warns taxpayers: Social media advice can lead to costly penalties

Misleading posts about credits like the fuel tax credit are landing taxpayers in trouble — with fines up to $5,000 for frivolous returns.

September 8, 2025

Global tax deal could hurt US companies, says letter requesting OECD guidance

A letter from the Association of International Certified Professional Accountants addresses guidance and recommendations on the Pillar Two framework co-existing with U.S. tax rules for U.S. multinational enterprises in a side-by-side system to the OECD.

September 4, 2025

Treasury posts preliminary list of jobs eligible for no tax on tips

The list has a variety of occupations that customarily receive tips, including bartenders, dancers, and digital creators.

September 1, 2025

Taxpayer’s circumstances do not warrant equitable tolling

The Tax Court held that the taxpayer did not show that he pursued his rights diligently or was prevented by extraordinary circumstances from filing his petition timely.

September 1, 2025

When does debt become worthless?

The Ninth Circuit, affirming the Tax Court, recently held that to deduct a nonbusiness bad debt, the debt must be “wholly worthless,” and if the debtor reports cancellation-of-debt (COD) income, the discharged debt is not thereby presumed to be worthless to the creditor. Facts: From 2007 to 2010, Michael R.

September 1, 2025

Tax Court denies $23 million façade easement deduction

The Tax Court denied a limited liability company’s (LLC’s) claimed charitable conservation contribution deduction under Sec. 170(h) for its donation of a façade easement because the LLC failed to establish that the building was a “certified historic structure” under Sec. 170(h)(4)(C). The court also rejected the LLC’s argument that the

August 29, 2025

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.

August 28, 2025

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.

August 25, 2025

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.

August 22, 2025

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.

FROM THIS MONTH'S ISSUE

Flip out with the latest Tech Q&A

The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.