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.
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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.
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.
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.
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.
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.
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.
Basis-shifting transaction-of-interest regulations to be removed
The announcement by Treasury and the IRS is a reversal from January regulations. Thursday’s notice provides immediate relief from penalties under Secs. 6707A(a), 6707(a), and 6708 for any failure by participants or material advisers to file disclosure statements required by the regulations.
Business advocacy group seeks destruction of millions of BOI records
The National Federation of Independent Business said in a letter to Treasury Secretary Scott Bessent that millions of beneficial ownership information (BOI) reports filed by domestic companies before the government dropped the BOI requirement should be destroyed.
Uniform nonresident state income tax, withholding rules get AICPA support
A Senate bill would bar states from imposing tax and withholding on out-of-state workers who work for no more than 30 days within its borders. An AICPA letter described the bill as “critically important.”
IRS can make it easier to leave assets to younger generations, AICPA says
In a letter to the IRS, the AICPA recommended changes to the final regulations for generation-skipping transfer (GST) exemption and certain GST elections that it said would make it easier and less expensive for taxpayers to file.
IRS offers 3 voluntary separation programs as RIF gains steam
The programs include one open to the workers with the most seniority and a renewal of the previous deferred resignation program.
Pandemic-era ERC started with good intentions, ending with frustration
Congress authorized the employee retention credit, which ends April 15, to help businesses suffering in the throes of COVID-19. The arrival of promoters and ERC mills brought headaches for the IRS.
IRS: 7,000 probationary workers will return to their jobs in next 10 days
“I’m just riding the government roller coaster,” says one worker, who lost her job in February, was placed on administrative leave in March, and plans to return to work later this month.
Bills dealing with tax administration, disaster victims pass House
The AICPA endorsed four of the six bills, all of which passed with bipartisan support and were forwarded to the Senate.
As time runs out for pandemic-era ERC, IRS adds 5 FAQs
The FAQs, which deal mainly with how to handle the employee retention credit on tax returns under various scenarios, are not authoritative but do provide some answers to questions about the expiration of the statute of limitation, an AICPA & CIMA tax practice and ethics manager said.
BOI reporting changes don’t affect CTA’s constitutionality, filing says
In a brief filed in the Eleventh Circuit, the federal government said the move to remove the beneficial ownership filing requirement for domestic companies does not affect the constitutionality of the Corporate Transparency Act.
AICPA recommends prop. regs. changes for some retirement savings plans
The AICPA submitted comments to Treasury and the IRS with recommended changes to proposed regulations for automatic enrollment requirements for most newly established 401(k) and 403(b) plans under the SECURE 2.0 Act.
How Trump’s opposition to global tax deal may affect businesses
The Trump administration has rejected the OECD’s initiative to reform the taxation of multinational enterprises. Learn more about the executive action in this Q&A with an international tax expert.
What happens next with the TCJA? Tax professionals are concerned
A Bloomberg Tax survey found that more than 4 in 5 respondents are moderately to very worried about the potential sunset of the Tax Cuts and Jobs Act, which expires at the end of 2025.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
