Tax news and information - Journal of Accountancy

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May 22, 2025

AICPA recommends changes to prop. regs. on PTEP, related basis adjustments

The recommendations, sent Tuesday in a letter to Treasury and the IRS, include that the IRS expressly allow taxpayers to rely on proposed regulations until they are final.

May 22, 2025

House passes budget reconciliation bill with changes to tax provisions

Early Thursday morning, the House of Representatives passed the One Big Beautiful Bill Act by one vote. The bill had been amended by the Rules Committee, and it now goes to the Senate for consideration.

May 21, 2025

Why the PTET SALT deduction is the AICPA’s ‘No. 1 priority’

An AICPA tax leader updates listeners on key points of the tax portion of the House budget bill. She also details some of the AICPA’s sticking points and potential “wins” — and explains why IRS service may soon decline. Listen to the podcast episode or read the Q&A.

May 21, 2025

AICPA: Contingent fee provision in tax bill would help unscrupulous tax preparers

In a letter to congressional committee leaders, the AICPA said Congress should strike language from the tax bill that bars Treasury from regulating contingent fees.

May 18, 2025

Reconciliation bill clears committee on second try

Sunday revote came after Republican fiscal hawks initially joined Democrats to sink the bill, which includes tax provisions approved by the House Ways and Means Committee last week.

May 18, 2025

Ways and Means approves proposed TCJA extensions and tax changes

The bill would make key portions of the TCJA permanent and create a new “senior bonus” deduction, among its many provisions. An AICPA statement said it is “deeply troubled” by the plan to curtail use of passthroughs to avoid SALT cap. The bill now heads to the House Budget Committee.

May 16, 2025

IRS reduces user fee for estate tax closing letters

The receipt of an estate tax closing letter generally indicates that the estate tax return’s IRS examination is closed. Final and proposed regulations lowered the fee by $11.

May 15, 2025

The ‘robot uprising’ and you: A CPA leader’s view on harnessing AI

An expert on artificial intelligence explains why the profession is well suited to deal with fast-moving technological changes despite saying, “Nobody can actually fully keep up.” Listen to the podcast episode or read the Q&A.

May 14, 2025

AICPA endorses some Ways and Means tax provisions, signals concern for others

One item is a “longstanding priority for the AICPA and the tax profession,” a news release said. The AICPA cited the “potential detrimental impact” of other provisions.

May 9, 2025

Are you aware of this May 30, 2025, filing deadline?

If you have a client that owns at least 10% of a foreign enterprise, they must file forms for the BE-10 survey.

May 7, 2025

Revenue agents who conduct audits lead IRS job losses

The IRS lost 11% of its staff in the first three months of 2025, with revenue agents who conduct audits accounting for the largest percentage of those who left, the Treasury Inspector General for Tax Administration said in a report.

May 2, 2025

AICPA makes recommendation for updated Form 8971 instructions

In a letter to the IRS, the AICPA recommended that the agency provide further guidance in two areas of new instructions for Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent.

May 1, 2025

HSA inflation-adjusted maximum contribution amounts for 2026 announced

Rev. Proc. 2025-19 also includes the revised maximum amount that may be made newly available for excepted-benefit health reimbursement arrangements.

May 1, 2025

The home sale gain exclusion in today’s market

With the recent surge in home prices, it’s time for advisers to brush up on this valuable tax exclusion.

May 1, 2025

Tax Court petition deadline not tolled by identity theft claim

Equitable tolling did not apply in the taxpayers’ case because they failed to establish that the identity theft had prevented them from timely filing their Tax Court petition.

May 1, 2025

Temporary relief for adequate identification of digital assets

During 2025, taxpayers may use certain alternative methods to make an adequate identification of digital assets held in the custody of a broker that are sold, disposed of, or transferred.

May 1, 2025

TIGTA recommends improvements for service to underserved, underrepresented, and rural communities

In a report released last June, the Treasury Inspector General for Tax Administration addressed how the IRS could improve its outreach to underserved communities.

May 1, 2025

Line items

Lower auto depreciation limits issued for first time in at least 3 years … AICPA supports Senate discussion draft to help taxpayers, preparers … Final regs. address taxes on gifts to taxpayers from ex-US citizens, residents … Final regs. address resolution of federal tax controversies by Appeals .. IRS testing changes to alternative dispute resolution programs … Prop. regs. address expanded annual compensation deduction limitation

April 29, 2025

AICPA comments on proposed regs. on new transfer-pricing method

The comments are in response to Notice 2025-04, which announced plans for the simplified and streamlined approach as a new transfer-pricing method under Sec. 482 regulations for pricing of baseline marketing and distribution activities.

April 21, 2025

Faulkender named fourth acting IRS commissioner this year

Treasury Secretary Scott Bessent said Michael Faulkender, who was confirmed as deputy Treasury secretary at the end of March, will step in to lead the IRS temporarily.