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.
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IRS Practice & Procedure
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.
AICPA applauds Treasury’s suspension of BOI enforcement
A statement Thursday praised Treasury for “reducing regulatory burden on businesses” and said the “AICPA remains committed to appropriate anti-money laundering policies.
Treasury says it won’t enforce BOI fines or penalties against U.S. citizens, businesses
A news release says Treasury won’t enforce fines or penalties against U.S. citizens or domestic reporting companies or their beneficial owners. Treasury will also issue proposed rulemaking to limit beneficial ownership information reporting to foreign reporting companies only.
FinCEN extends BOI reporting deadline, halts enforcement
The Financial Crimes Enforcement Network said late Thursday that it will extend the current reporting deadline beyond March 21 and will develop new regulations to reduce “regulatory burden.”
Tax Court again holds Sec. 6038(b)(1) penalties not assessable
Reconsidering its earlier holding in the case, the court again held the IRS lacks statutory authority to assess the penalties for failing to file information returns disclosing ownership in foreign corporations.
Payments for law violation are not deductible restitution
A recent Chief Counsel Advice memo determined that the deductions were disallowed as fines or penalties under Sec. 162(f).
Taxpayer denied theft loss deduction for investment loss
The Tax Court focused on the taxpayer’s role as president and managing director of the company in which he invested, along with his failure to prove a theft occurred.
Phish, smish, and spear phish: IRS releases 2025’s Dirty Dozen
The annual list, which began in 2002, lists 12 ways scammers try to gain confidential information from tax professionals or trick taxpayers.
Acting IRS commissioner steps down
The agency’s COO will take over for Douglas O’Donnell, who has worked for the IRS since 1986.
Thousands of workers in IRS small business division to lose jobs
An email sent to managers on Wednesday said that more than 3,500 probationary workers in the Small Business/Self-Employed division are expected to be notified Thursday that they are no longer employed with the IRS.
March 21 BOI reporting deadline set; further delay possible
A FinCEN alert said it would provide an update before “any further modification” of the reporting deadline, “recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.”
AICPA urges IRS to meet needs of taxpayers, preparers during filing season
“Americans deserve a fully functioning agency that can be respected by taxpayers and their preparers,” a statement by AICPA CEO Mark Koziel said Sunday as IRS officials plan for cuts in federal workforce.
BOI reporting deadline extension passes US House
The bill, which provides a deadline of Jan. 1, 2026, for an estimated 32 million small businesses to file beneficial ownership information reports, comes as the BOI requirements are mired in court cases.
Lower auto depreciation limits issued for first time in at least 3 years
The IRS issued the 2025 depreciation limitations for passenger vehicles, including those for which bonus depreciation is applied.
BOI penalties increase while reporting rules remain on hold
The Financial Crimes Enforcement Network list includes inflation-adjusted amounts for the civil monetary penalties for violating beneficial ownership information reporting rules.
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.
