The head of the nonpartisan Committee for a Responsible Federal Budget told the AICPA & CIMA National Tax Conference that extending the Tax Cuts and Jobs Act would add $5 trillion to the national debt.
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TOPICS
Tax
BOI update: 6.5 million of 32 million reports filed so far
FinCEN official says the reports “track more closely” with businesses created in 2024, which have a tighter deadline to file than businesses created earlier.
Final regs. modernize process for sale of taxpayers’ property
The regulations under Sec. 6335, which had not changed substantially since they were first issued in 1954, did not reflect modern electronic methods of submitting bids and accepting payment from bidders.
Inflation adjustments to retirement account limits issued for 2025
The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Friday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.
Fraudsters get $47 million from practitioner priority service line scheme
The losses occurred over an eight-month period ending in April, according to a report from the Treasury Inspector General for Tax Administration.
GAO recommends improvements to IRS’s private debt collection program
A U.S. Government Accountability Office report highlights a need for enforcement equity assessment and better taxpayer communication.
Line items
IRS releases updated draft of Form 1099-DA for digital assets … ERC disallowance letters go to 28K businesses, moratorium adjusted … Tax practitioner complaint leads to review of advocate phone service … Melancon: Supreme Court decisions are ‘big deal’ for tax pros … 5 new warning signs of a bad claim for pandemic-era ERC … 5 new warning signs of a bad claim for pandemic-era ERC … Funding spurs IRS improvements, but challenges remain, commissioner says
Missed due dates: Diligence and the lurking danger
The IRS’s increased enforcement efforts come at a time when claims related to late or missed filings are increasing. A docket system can help avoid these errors, but it can’t do it alone. It needs your diligence.
NIL organization denied tax-exempt status
Compensating student-athletes for their name, image, and likeness does not serve an exempt purpose, the IRS again rules.
New and enhanced energy tax credits for individuals
Help clients save money on green vehicles and home energy upgrades.
The IRS did not abuse its discretion in sustaining levy
The taxpayer did not challenge her tax liability in a CDP hearing, the Tax Court holds.
BOI reporting deadlines extended for certain victims of 5 hurricanes
The AICPA had requested that the Financial Crimes Enforcement Network extend reporting deadlines for beneficial ownership information for victims of hurricanes Beryl, Debby, Francine, Helene, and Milton.
IRS to end automatic penalties for late filing of foreign gift, bequest forms
National Taxpayer Advocate Erin Collins discussed the changes in a recent blog post. The changes have been long advocated by the AICPA.
Annual inflation adjustments announced for tax year 2025
The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.
Analysis, clarity, and a quiz: A preview of the National Tax Conference
Two tax experts detail sessions of note and what practitioners can gain from the event in mid-November in Washington. Listen to the episode or read the Q&A.
IRS processing 400K ERC claims with about $10 billion in eligibility
Commissioner Danny Werfel says the IRS has made “substantial progress” in separating eligible claims from ineligible ones.
Social Security wage base announced for 2025
The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2025. The cost-of-living adjustment for Social Security benefits for 2024 is slightly lower than last year’s COLA.
Intangible property repatriation rules finalized
The regulations terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation.
TIGTA says IRS should review $42 billion in ERC claims
The Treasury Inspector General for Tax Administration estimated that a change in policy for pre-refund examinations resulted in payment of $2 billion in erroneous employee retention credit claims.
Final regs. target syndicated conservation easement transactions
The IRS issued the final regulations identifying these abusive transactions and substantially similar ones as listed transactions that must be reported to the agency.
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