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TOPICS / TAX

AICPA emphasizes importance of a modern IRS in statement

In a statement Friday, CEO Mark Koziel, CPA, CGMA, said the AICPA is discussing the state of the IRS with agency officials in the wake of layoffs. “A modern, functioning IRS is essential for Americans to meet their tax obligations,” the statement said.

Frozen digital asset rewards constitute gross income

Digital asset rewards from staking and other activities constitute income in the year of receipt, irrespective of whether the account is later frozen, the IRS Chief Counsel’s office determined.

FBAR penalties are not taxes imposed by the Code

Because they are imposed under Title 31, taxpayers’ foreign bank account reporting failure penalties were not subject to the Code’s procedural requirements, the Tax Court held.

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Agentic accounting has arrived: What’s hype and what’s real?

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