IRS practice & procedure

TOPICS / TAX

March 27, 2025

BOI reporting changes don’t affect CTA’s constitutionality, filing says

In a brief filed in the Eleventh Circuit, the federal government said the move to remove the beneficial ownership filing requirement for domestic companies does not affect the constitutionality of the Corporate Transparency Act.

March 26, 2025

AICPA recommends prop. regs. changes for some retirement savings plans

The AICPA submitted comments to Treasury and the IRS with recommended changes to proposed regulations for automatic enrollment requirements for most newly established 401(k) and 403(b) plans under the SECURE 2.0 Act.

March 21, 2025

BOI filing requirements for US companies, persons removed

FinCEN issued an interim final rule Friday removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.

March 19, 2025

7,000 IRS workers ‘reinstated’ — but not yet returning to work

An email from the acting IRS commissioner, citing a federal court order, says certain probationary employees will receive salaries, back pay, and benefits but are “not [to] report to duty or perform any work until receiving further guidance.”

March 18, 2025

Higher threshold for Form 1099-K reporting among AICPA priorities

In a letter to congressional finance leaders, the AICPA listed increasing the threshold to $10,000 as one of its priorities.

March 14, 2025

IRS to remain at full staff for at least 5 days if government shuts down

Acting IRS commissioner says the agency will use “existing appropriations” to remain open if Congress does not agree to a continuing resolution by the end of Friday.

March 8, 2025

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.

March 6, 2025

AICPA applauds Treasury’s suspension of BOI enforcement

A statement Thursday praised Treasury for ” reducing regulatory burden on businesses” and said the “AICPA remains committed to appropriate anti-money laundering policies.

March 3, 2025

Treasury says it won’t enforce BOI fines or penalties against U.S. citizens, businesses

A news release says Treasury won’t enforce fines or penalties against U.S. citizens or domestic reporting companies or their beneficial owners. Treasury will also issue proposed rulemaking to limit beneficial ownership information reporting to foreign reporting companies only.

March 1, 2025

Fifth Circuit affirms denial of accountable care organization’s tax exemption

Finding that the organization was not operated exclusively for the promotion of social welfare, the Fifth Circuit affirmed the Tax Court’s judgment.

March 1, 2025

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.

March 1, 2025

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.

February 27, 2025

Phish, smish, and spear phish: IRS releases 2025’s Dirty Dozen

The annual list, which began in 2002, lists 12 ways scammers try to gain confidential information from tax professionals or trick taxpayers.

February 26, 2025

Acting IRS commissioner steps down

The agency’s COO will take over for Douglas O’Donnell, who has worked for the IRS since 1986.

February 20, 2025

Thousands of workers in IRS small business division to lose jobs

An email sent to managers on Wednesday said that more than 3,500 probationary workers in the Small Business/Self-Employed division are expected to be notified Thursday that they are no longer employed with the IRS.

February 16, 2025

AICPA urges IRS to meet needs of taxpayers, preparers during filing season

“Americans deserve a fully functioning agency that can be respected by taxpayers and their preparers,” a statement by AICPA CEO Mark Koziel said Sunday as IRS officials plan for cuts in federal workforce.

February 12, 2025

Lower auto depreciation limits issued for first time in at least 3 years

The IRS issued the 2025 depreciation limitations for passenger vehicles, including those for which bonus depreciation is applied.

February 5, 2025

IRS delays resignation offer for critical tax season workers

IRS employees received an email Wednesday advising them that workers in “critical filing season positions” must work until mid-May.

February 1, 2025

Frivolous-tax-return penalty sustained

The Tax Court found all requirements of Sec. 6702(a) were met regarding the taxpayer’s zero-wage and -income return.

January 30, 2025

AICPA supports Senate discussion draft to help taxpayers, preparers

An AICPA news release mentioned 13 provisions in the bipartisan draft that have its strong support, including ones dealing with tax filing by victims of disasters, electronic notices, and callback technology.

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