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.
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TOPICS
IRS Practice & Procedure
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.
FinCEN hints at BOI reporting changes in court filing
If an injunction is lifted, FinCEN will extend BOI filing deadlines for 30 days and reassess the types of companies required to file beneficial ownership information reports, the government said in its filing in a Texas case.
IRS delays resignation offer for critical tax season workers
IRS employees received an email Wednesday advising them that workers in “critical filing season positions” must work until mid-May.
AICPA supports Senate discussion draft to help taxpayers, preparers
An AICPA news release mentioned 13 provisions in the bipartisan draft that have its strong support, including ones dealing with tax filing by victims of disasters, electronic notices, and callback technology.
Executive order’s hiring freeze causes IRS to cancel some job offers
The IRS said President Donald Trump’s executive order calling for a hiring freeze caused it to rescind all jobs offered with a start date after Feb. 8.
FinCEN says BOI reporting remains on hold
The Financial Crimes Enforcement Network (FinCEN) said Friday that while the U.S. Supreme Court did stay one nationwide injunction, one issued by a different judge in a separate case remains in effect.
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.
