Featured News
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AICPA pushes for electronic payment efficiency
In a letter to Treasury, the AICPA offered feedback and recommendations regarding the executive order to cease issuing paper checks and modernize all federal disbursements.
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Auditing Standards Board proposes new fraud standard
The AICPA Auditing Standards Board (ASB) issued for public comment a proposed standard addressing the auditor’s responsibilities relating to fraud.
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IRS withdraws proposed rules on governing built-in losses, gains
The IRS withdrew proposed regulations on the treatment of built-in items of income, gain, deduction and loss that a loss corporation considers following an ownership change.
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House passes budget bill
The House passed the Senate’s version of the "One Big Beautiful Bill Act," sending it to President Donald Trump for his signature.
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IRS aware of delays in processing e-payments
The IRS said it's aware of a delay in processing some electronic payments and that some taxpayers are receiving IRS notices indicating a balance due.
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Senate passes budget bill, removes SALT deduction limit
The Senate passed its reconciliation bill on Tuesday, July 1, which removes the limit on pass-through businesses’ SALT deductions entirely.
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Senate budget bill would preserve PTET SALT deduction
A revised version of the budget bill that passed a procedural vote in the Senate would preserve the SALT deduction for certain passthrough businesses, including accounting firms.
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National Taxpayer Advocate issues mid-year report
National Taxpayer Advocate Erin Collins has released her Fiscal Year 2026 Objectives Report to Congress, highlighting a largely successful 2025 filing season while raising ongoing concerns.
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Tax firms without AI strategies will fall behind, study warns
The new report reveals a concerning divide in the tax and accounting industry, with 40% of firms having no significant plans to adopt artificial intelligence (AI) strategies.
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Taxpayer Advocate Service to launch case management platform
The IRS’s Taxpayer Advocate Service (TAS) is preparing to replace a 20-year-old case management system this summer in a move to accelerate case processing times.