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.
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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.
BOI filing requirements for US companies, persons removed
FinCEN issued an interim final rule Friday removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.
7,000 IRS workers ‘reinstated’ — but not yet returning to work
An email from the acting IRS commissioner, citing a federal court order, says certain probationary employees will receive salaries, back pay, and benefits but are “not [to] report to duty or perform any work until receiving further guidance.”
Higher threshold for Form 1099-K reporting among AICPA priorities
In a letter to congressional finance leaders, the AICPA listed increasing the threshold to $10,000 as one of its priorities.
IRS to remain at full staff for at least 5 days if government shuts down
Acting IRS commissioner says the agency will use “existing appropriations” to remain open if Congress does not agree to a continuing resolution by the end of Friday.
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.
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.
