The AICPA told Treasury that Notice 2025 75’s “determine and document” requirement is “ambiguous and potentially onerous” and urges replacing it with a simple safe harbor or eliminating it.
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Tax
Businesses urge Treasury to destroy BOI data and finalize exemption
Just over 100 business associations asked Treasury Secretary Scott Bessent to purge previously submitted beneficial ownership information records and quickly finalize a rule exempting U.S. companies from BOI reporting.
IRS will stay fully staffed for first 5 days of shutdown
Treasury posted a lapsed appropriations contingency plan late last week that calls for the IRS to be fully staffed through Friday during the partial government shutdown.
How to ease taxes on inherited IRAs
Inheriting retirement accounts isn’t as simple as it used to be. The 10-year drawdown rule can trigger hefty taxes for heirs. Learn how smart planning can help.
Company lacks standing to sue ERTC advisers
The court dismisses a company’s complaint for failure to show it suffered a “concrete injury” from allegedly erroneous advice to claim the employee retention tax credit (ERTC).
Court upholds IRS authority to suspend EFINs
A district court held that the IRS had not violated a tax preparer’s Fifth Amendment due process rights or the Administrative Procedure Act (APA) when it suspended the preparer’s electronic filing identification numbers (EFINs) and expelled the preparer from the IRS e-file program.
Basketball officials’ association denied Sec. 501(c)(3) status
The association failed to meet both the organizational and operational tests under Sec. 501(c)(3) and failed to qualify as a “qualified amateur sports organization” under Sec. 501(j)(2).
New law, IRS workforce cuts raise red flags for tax season, reports say
Separate reports from two federal oversight bodies warn that the IRS may struggle to maintain service levels between now and April 15, possibly causing delays in tax refunds and in getting answers by phone.
SECURE 2.0 amendment deadline extended for IRAs, other retirement plans
The IRS extended the deadline for SECURE 2.0 related amendments to IRAs, SEPs, and SIMPLE IRAs to Dec. 31, 2027, saying that additional time is needed to complete model language.
IRS releases FAQs on qualified overtime pay deduction under H.R. 1
An IRS fact sheet explains when overtime compensation qualifies for the H.R. 1 deduction and how Fair Labor Standards Act rules apply, including for federal employees.
IRS Advisory Council report defends workers, criticizes budget and staff cuts
In its annual report, IRSAC said the IRS has been through “an extraordinarily difficult year” with budget and staff cuts while preparing for numerous tax law changes. The report also noted tax practitioners’ prolonged wait times when contacting the IRS.
AICPA tax policy and advocacy successes: 2025 highlights
The AICPA’s Tax Division volunteer committees and technical resource panels can point to many positive results last year from its advocacy to Treasury, the IRS, and Congress for law changes and administrative guidance.
Prop. regs. amend Sec. 3406 backup withholding regulations
The IRS issued the proposed regulations to reflect changes made by H.R. 1 to the threshold for backup withholding for third-party settlement organizations such as PayPal, Venmo, and others.
IRS IT overhaul set to finish by 2028, former official says
After years of delays, the IRS expects to complete modernization of its fragmented IT systems by 2028, a former acting IRS commissioner said at an AICPA webcast.
IRS to start accepting and processing tax returns on Jan. 26
The IRS acknowledged that new tax provisions could affect federal taxes, credits, and deductions. The start of filing season is in line with previous years.
Electronic filing for business tax returns starts next week
The IRS said it will begin accepting business tax returns electronically next week. No date has been announced yet for individual tax returns.
AICPA calls on IRS to automate Sec. 1033 extension requests
The recommendation aims to cut delays that leave taxpayers uncertain about disaster related replacement deadlines for property.
Proposed regulations provide guidance on car loan interest deduction
In proposed regulations for the car loan interest deduction, the IRS addresses issues for taxpayers and lenders, including eligibility criteria for the deduction and information-reporting requirements.
Business standard mileage rate increases for 2026
The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 72.5 cents per mile driven, up 2.5 cents from 2025.
Tax-efficient drawdown strategies in retirement
Follow these tips to help clients draw down their retirement funds in a tax-efficient manner and avoid common mistakes.
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