Taxes May 7, 2025
IRS and Federal Government Will Stop Accepting Paper Checks as Payments
In addition to halting issuing of paper checks, the government will no longer accept paper checks as payment.
Taxes May 7, 2025
IRS and Federal Government Will Stop Accepting Paper Checks as Payments
In addition to halting issuing of paper checks, the government will no longer accept paper checks as payment.
Taxes May 7, 2025
Feds’ Latest Tool in Push to Curb Immigration: Workers’ Tax IDs
A recent agreement between the IRS and U.S. Immigration and Customs Enforcement to share immigrants’ tax information has raised growing concern about how data tied to ITINs and their holders might be used.
Taxes May 7, 2025
The Tax Blotter – May 2025
Along with casualty losses, deductions for personal theft losses remain suspended at least through the end of the year, although there are certain exceptions.
Taxes May 6, 2025
AICPA Submits Recommendations for Updated Instructions to Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent
Form 8971 is an important tax form for estates required to file a federal estate tax return. Executors file this form to report the final estate tax value of property distributed or to be distributed from the estate.
IRS May 5, 2025
IRS Has Slashed 11% of Its Workforce as of March, TIGTA Says
A new report from the Treasury Inspector General for Tax Administration provides an update on the IRS’s efforts to reduce its workforce, as well as a snapshot of IRS business units impacted.
Taxes May 5, 2025
Deloitte: Tax Executives Emphasize Transparency, Digitalization Amid Uncertainty
A new Deloitte survey found that transparency and digitalization continue to be key priorities for tax leaders around the world, while sustainability is having a bigger impact on companies in the midst of ongoing regulatory uncertainty.
Taxes May 5, 2025
Trump Wants Tax Deduction for Interest on Loans to Buy U.S.-Made Cars. Can it Happen?
The White House hasn’t provided any details of how the tax break would work, but the president touted it during the 2024 campaign and reiterated his support last month.
Taxes May 5, 2025
Trump’s Attack on Harvard’s Tax-Exempt Status Could Be a Problem for the IRS
Experts say the IRS would face an “uphill climb” if it decided to move ahead against Harvard. And that fight could potentially take years.
IRS May 2, 2025
Hundreds of IRS Appeals Workers Have Taken Buyout Offer, Reports Say
Over 300 employees who work in the IRS Independent Office of Appeals have taken the Trump administration's deferred resignation program offer with another 100 requests outstanding, the head of the office said this week.
Taxes May 2, 2025
Trump Seeks to Squeeze Drugmakers’ Revenues to Pay for Tax Cuts
President Donald Trump wants the pharmaceutical industry to shoulder part of the cost of his tax cuts, pressing Republicans to force drugmakers to accept lower prices on prescriptions covered by Medicaid.
IRS May 2, 2025
Trump Nominates Donald Korb for Second Go-Around as IRS Chief Counsel
Korb, a partner at law firm Sullivan & Cromwell who served as IRS chief counsel during the George W. Bush administration, would need to be confirmed by the Senate in order to fill the role at the agency.
Taxes May 2, 2025
Trump Renews Vow to Strip Harvard of its Tax-Exempt Status
While he did not elaborate, President Donald Trump posted to his Truth Social feed early Friday: “We are going to be taking away Harvard’s Tax Exempt Status. It’s what they deserve!”