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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.

Line items

Business standard mileage rate increases for 2025 … Applicability date set for required minimum distribution regulations … IRS amends rules for computing the premium tax credit … IRS expands online accounts, provides enforcement update … Regs. address partnership recourse liabilities, related-party rules … IRS again delays effective date of $600 threshold for Form 1099-K reporting … IRS will accept duplicate dependent returns submitted with an IP PIN

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.

March 21 BOI reporting deadline set; further delay possible

A FinCEN alert said it would provide an update before “any further modification” of the reporting deadline, “recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.”

BOI reporting deadline extension passes US House

The bill, which provides a deadline of Jan. 1, 2026, for an estimated 32 million small businesses to file beneficial ownership information reports, comes as the BOI requirements are mired in court cases.

FinCEN hints at BOI reporting changes in court filing

If an injunction is lifted, FinCEN will extend BOI filing deadlines for 30 days and reassess the types of companies required to file beneficial ownership information reports, the government said in its filing in a Texas case.

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From The Tax Adviser

August 31, 2026

What today’s clients expect from their CPA and how firms are responding

August 31, 2026

2026 tax software survey

August 31, 2026

A risk framework for AI use in tax administration and preparation

July 31, 2026

Current developments in S corporations