IRS Proposes New Backup Withholding Rules for Third-Party Network Transactions
The IRS has issued proposed regulations that would update backup withholding rules for third-party network transactions. These changes reflect recent …
IRS Should Automate Extension Process for Disaster Victims, Says AICPA
The American Institute of CPAs (AICPA) urged the IRS to automate its process for granting extensions for taxpayers to replace …
9th Circuit Denies Rehearing in Trump Mass Layoff Suit
The full 9th U.S. Circuit Court of Appeals has declined to rehear a panel decision that allows a lower court …
Disaster Tax Relief Bill Signed Into Law
Over the holidays, President Trump signed a popular measure that provides administrative relief for victims of federally declared disasters. Disaster …
CPAs Renew Call for Lower S Corp PLR Request User Fees
The American Institute of Certified Public Accountants (AICPA) is renewing its call for the IRS and Treasury Department to establish …
$10B in New Markets Tax Credit Allocations Announced
Treasury and the Community Development Financial Institutions (CDFI) Fund announced $10 billion in New Markets Tax Credit allocations last week. …
Administration’s Shift on Cannabis Draws Criticisms From Some Republicans
As President Trump took steps to move cannabis to a less stringent classification under the Controlled Substances Act, several Senate …
Senators Push for End to IRS Hiring Freeze Ahead of Filing Season
Lawmakers are calling on Treasury Secretary and acting IRS Commissioner Scott Bessent to ramp up IRS and Taxpayer Advocate Service …
Digital Asset Cost Basis Reporting, Backup Withholding Considerations
Digital asset experts at EY reminded taxpayers of new transaction reporting obligations that will take effect next year and explored …
Carbon Capture Credit Safe Harbor Creates 2025 Backup Reporting Method
The Treasury Department and the IRS have released guidance providing a safe harbor for taxpayers claiming the tax credit for …