Three former IRS leaders, speaking at the 2025 AICPA National Tax Conference, discussed the agency’s future and what happens if a shutdown occurs during filing season.
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Tax
AICPA honors service and professional contributions in tax
Arthur Auerbach, an AICPA volunteer for 23 years, and Cory Perry, the chair of the AICPA’s Organization for Economic Co-operation and Development Task Force, received the tax profession’s highest honors.
Inflation adjustments to retirement account limits issued for 2026
The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Thursday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.
Almost 1,400 IRS employees receive layoff notices, adding to staff losses
In court documents filed in a lawsuit, officials said 1,446 Treasury employees received reduction-in-force notices, including 1,399 at the IRS.
IRS ends Direct File, shifts focus to Free File upgrades and private sector
The IRS cited low usage and high costs as reasons for shuttering the program, which began during the previous administration.
Real estate tax changes that advisers need to understand
A firm partner and AICPA conference speaker breaks down rule changes related to bonus depreciation and opportunity zone investment. Listen to the podcast episode or read the Q&A.
Employers get reporting relief on tips, overtime; won’t face penalties for tax year 2025
An IRS notice says employers won’t face penalties if they don’t provide a separate accounting of cash tips and overtime compensation for tax year 2025 under H.R. 1.
Tax Court allows ordinary deduction of termination fees
Rights and obligations of an agreement pursuant to which the taxpayer paid a “break fee” terminating a proposed merger were in the nature of services, the court held, denying the IRS’s recharacterization of the fee under Sec. 1234A as a capital loss.
Sixth Circuit affirms application of split-dollar regulation
A life insurance policy’s premiums were held nondeductible by a dentist’s practice, and its increase in cash value was taxable income to the dentist.
Frivolous arguments rejected by Tax Court
Cut-and-paste “gibberish” from tax-protester websites does not produce winning arguments.
Blocking and tackling: Engagement letters for tax compliance services
Failure to have a proper engagement letter can lead to tax claims being asserted against firms. Learn how to help lower your risks.
SALT implications of M&As: Due diligence and risk mitigation
Explore a target’s unpaid state and local tax liabilities and other tax pitfalls to avoid souring a merger or acquisition.
How OBBBA alters charitable deduction strategies for 2025 and 2026
New rules could shrink an individual’s tax benefit from charitable contributions starting next year, prompting many to accelerate donations into this year. Here’s what donors and advisers need to know.
From childhood tax surprise to CPA: A profession leader’s journey
Oscar Vives, who will speak at the AICPA’s National Tax Conference on retirement strategies, says the experience of growing up with a single mother who worked multiple blue-collar jobs strengthened his resolve to use his math skills and help his family.
Social Security wage base and COLA announced for 2026
Individual taxable earnings of up to $184,500 annually will be subject to Social Security tax in 2026, the Social Security Administration said. The SSA also announced a cost-of-living adjustment of 2.8% for both Social Security and Supplemental Security Income benefits for next year.
Congress passes bill requiring IRS to clarify math error notices
The AICPA praised the Senate passage of the bill, saying it will enhance IRS operations and improve the taxpayer experience.
AICPA seeks IRS guidance on tip, overtime tax deductions for 2025
The AICPA said taxpayers and tax professionals need certainty about how to claim the deductions for 2025. The IRS has said it will not update its forms until 2026.
IRS offers relief on car loan interest reporting under H.R. 1
The agency said it is providing the relief because both lenders and the IRS need more time to comply with the new car loan interest reporting requirements added by H.R. 1.
IRS furloughs nearly half its workers, closes most operations
Under an updated contingency plan, nearly 40,000 of the approximately 74,000 IRS workers will stay on the job, including more than 24,000 in Taxpayer Services. In response to the plan, the AICPA recommended “fair, reasonable, and practical relief measures to mitigate the negative impact of the shutdown” on taxpayers and practitioners.
Annual inflation adjustments announced for tax year 2026
The IRS published annual inflation adjustments for more than 60 tax provisions for tax year 2026, in addition to changes to the standard deduction for tax year 2025.
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