Tax news and information - Journal of Accountancy

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July 1, 2025

E-filed Tax Court petition’s completed signature block is valid

The court denies the IRS’s motion to dismiss the taxpayers’ petition as not properly signed.

July 1, 2025

Deductibility of theft losses for victims of certain scams

In the case of an individual, theft losses stemming from scams through fraud and deceit are disallowed for tax years 2018 through 2025 unless the transaction was entered into for profit.

July 1, 2025

Tax Court denies limited-partner exception to self-employment tax

The court again applies a functional-analysis test, as it had in Renkemeyer and Soroban.

July 1, 2025

Line items

IRS can make it easier to leave assets to younger generations, AICPA says … Pandemic-era ERC started with good intentions, ending with frustration … AICPA recommends prop. regs. changes for some retirement savings plans … Bills dealing with tax administration, disaster victims pass House

July 1, 2025

Modernizing your tax workflow

Jorge Olavarrieta. vice president and general manager, ProTax Group, Intuit, discusses how technology can help high-volume tax firms with their biggest operational challenges.

June 28, 2025

Senate budget bill would preserve PTET SALT deduction

An AICPA statement after the bill was issued by the Senate Budget Committee lauded lawmakers for “diligent work to reject new tax increases” on passthrough business including CPA firms.

June 25, 2025

IRS staffing, budget cuts threaten 2026 filing season, taxpayer advocate says

After a successful 2025 tax filing season, the loss of over 25% of staff and a 37% drop in funding leave the status of the 2026 season in doubt, the national taxpayer advocate’s midyear report said.

June 25, 2025

AICPA proposes changes to Senate bill that would help most US businesses

Passthrough entities would lose ground compared with corporations under tax language in the Senate Finance Committee bill, the AICPA said in a letter to legislative finance leaders.

June 19, 2025

Tax provisions of Senate Finance’s version of the budget bill

The 549-page text calls for making many provisions of the Tax Cuts and Jobs Act permanent. The committee says that the SALT cap amount is “the subject of continuing negotiations.”

June 18, 2025

Lessons from a CPA whose firm delivered a ‘textbook response’ to data breach

The owner of a CPA firm in Texas told attendees at an AICPA & CIMA ENGAGE 25 session on data security that the breach was one of the hardest things she had experienced in her career, yet she came out of it with clients still viewing her positively.

June 16, 2025

AICPA makes Priority Guidance Plan recommendations to IRS

In addition to its 183 recommendations for the IRS plan, the AICPA encouraged the agency to continue to pursue tax simplification.

June 13, 2025

Supreme Court: Tax Court lacks jurisdiction after removal of levy

Reversing the Third Circuit, the Court holds that the Tax Court lacked jurisdiction over a collection due process appeal of a levy once the taxpayer’s underlying tax liability was satisfied and the IRS removed the levy.

June 13, 2025

IRS provides additional transition relief for certain digital asset brokers

The relief applies to brokers who must report certain digital asset sales and exchanges on Form 1099-DA and is in response to public comment that brokers need more time to comply.

June 12, 2025

Senate confirms Billy Long as IRS commissioner

The former Missouri congressman is the sixth head of the IRS since January. He was confirmed by a vote of 53-44.

June 12, 2025

What some state CPA leaders are saying about PTET SALT deduction

CPA societies from 53 states and jurisdictions have backed the AICPA in the PTET SALT deduction effort. On Thursday, five state CPA leaders explained more about why they want the deduction preserved.

June 11, 2025

Appeals court leaves tariffs in place, seeks expedited argument schedule

A federal appeals court extended its stay of a nationwide injunction on tariffs imposed by a trade court and proposed a schedule that would include oral arguments on July 31 in the challenge to the president’s authority.

June 9, 2025

Automatic accounting method changes list updated by IRS

On Monday, the IRS provided a list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 17 changes described as significant.

June 9, 2025

IRS budget request cuts 20% of employees in 2026, increases phone help

Treasury released the Congressional Budget Justification, which also would cut the IRS budget by 37% from the fiscal year 2025 operating plan to the fiscal year 2026 request.

June 6, 2025

53 CPA societies back AICPA in PTET SALT deduction effort

A letter from the AICPA and CPA societies in 53 states and jurisdictions criticizes the provision in the House version of the budget bill that would eliminate the state and local tax deduction for certain passthrough entities.

June 4, 2025

AICPA publishes additional resources in push to preserve PTET SALT deduction

The passthrough entity tax/state and local tax deduction remains a priority for the AICPA. The budget bill now being considered by the Senate does not allow certain service-based businesses to deduct state and local taxes.