In a letter to Treasury and the IRS, the AICPA seeks changes to tax reporting requirements for partnerships and S corporations.
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TOPICS
IRS Practice & Procedure
IRS announces prop. regs. on international tax law provisions in OBBBA
The proposed regulations will deal with changes included in H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act.
IRS outlines details for Trump accounts
The IRS released initial details on Trump accounts, a new type of IRA for some children. Also, a billionaire business executive pledged $6.25 billion to provide 25 million children with a $250 contribution to a Trump account.
New regs. reshape 1% stock buyback tax, drop funding rule
The IRS published final regulations that scrap the proposed funding rule and ease compliance for M&A deals, preferred stock, and netting provisions.
Notice 2025-27 provides interim guidance on corporate AMT
The notice provides an optional interim simplified method of determining whether a corporation is an applicable corporation for purposes of the corporate AMT and relief from the Sec. 6655 penalty for underpayment of estimated tax with respect to a corporation’s corporate AMT liability.
IRS approves medical deduction for IVF, denies it for surrogacy
A recent IRS ruling clarifies a key distinction of expenses for in vitro fertilization.
The ongoing fight against frivolous tax arguments
Taxpayers who make frivolous arguments in Tax Court risk the imposition of penalties by the court of up to $25,000.
IRS releases Whistleblower Office operating plan
The plan’s promised enhancements include improving claims submittal and processing and communication with whistleblowers.
Late election relief in recent IRS letter rulings
The IRS may grant a reasonable extension if the taxpayer provides satisfactory evidence of acting reasonably and in good faith and the relief will not prejudice the government’s interests.
Digital asset transactions: Broker reporting, amount realized, and basis
Final regulations provide comprehensive guidance for tax reporting of transactions involving these increasingly common assets, and the IRS has granted transition relief in key areas.
Second Circuit: Sec. 6213(a) is nonjurisdictional; tolling applies
Second Circuit holds Sec. 6213(a) deadline is nonjurisdictional.
Preparer’s intent to evade tax extends taxpayer’s limitation period
‘Intent to evade tax’ can be the intent of a taxpayer’s tax return
preparer.
AICPA asks Treasury, IRS to change approach to dual consolidated losses
A letter urges an exception to the current “all or nothing” approach that prevents U.S. companies from deducting any part of a dual consolidated loss if even a portion of the DCL was used in a foreign country.
About 1 million taxpayers to get automatic penalty relief next year
During a session at the AICPA National Tax Conference, the national taxpayer advocate said the IRS will start applying first-time abatements automatically next year.
IRS clarifies how employees can claim 2025 tip and overtime deductions
The IRS also is updating some income tax forms and instructions to help taxpayers claim the deductions.
AICPA warns that merger of IRS offices would ‘confuse’ taxpayers
The proposed merger of the Office of Professional Responsibility and the Return Preparer Office would blur “the public’s ability to perceive the distinction between credentialed, uncredentialed, and unenrolled preparers,” the AICPA said in a letter.
Is the IRS just between shutdowns? Former IRS commissioners are worried
Three former IRS leaders, speaking at the 2025 AICPA National Tax Conference, discussed the agency’s future and what happens if a shutdown occurs during filing season.
Inflation adjustments to retirement account limits issued for 2026
The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Thursday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.
Almost 1,400 IRS employees receive layoff notices, adding to staff losses
In court documents filed in a lawsuit, officials said 1,446 Treasury employees received reduction-in-force notices, including 1,399 at the IRS.
IRS ends Direct File, shifts focus to Free File upgrades and private sector
The IRS cited low usage and high costs as reasons for shuttering the program, which began during the previous administration.
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.
