The Internal Revenue Service has provided a safe harbor for certain kinds of trusts enabling them to stake their digital assets without jeopardizing their tax status as investment trusts and grantor trusts for federal income tax purposes. Revenue Procedure 2025-31 describes the safe harbor, but offers a limited time period
As the Senate advances a possible end to the 40-day government shutdown, the Internal Revenue Service is adjusting its plans amid a wave of layoffs and program closings. The IRS began furloughing many of its employees and closing down functions about a week after the shutdown started on Oct. 1
Analise Olszewski Citrin Cooperman, New York, announced its 2025 partner class, effective Jan. 1, 2026: Elon Altman and Jake DeVries in valuation and forensic services; Izett Barnett in the outsourced solutions practice; Matt Goldstein in business advisory solutions; Fara Panah in digital and cloud services; and Nicolas de la Vega
Insero Advisors LLC, a Regional Leader firm based in Rochester, New York, has acquired DeMott & Smith CPAs, also headquartered in Rochester. Insero Advisors, which also has offices in Ithaca, New York, ranked No. 30 on Accounting Today‘s 2025 list of Regional Leaders for the Mid-Atlantic, with $24 million in
Intuit announced a host of new agentic AI features for both TurboTax and Credit Karma users, many of which take advantage of the fact that they are now on a single Consumer Platform. TurboTax changes Through leveraging generative AI, TurboTax will now automate data entry for 90% of the most
The One Big Beautiful Bill Act’s presence, like it or not; return of beneficial ownership information; that familiar sense of dread; and other highlights from our favorite tax bloggers. The weakest link Tax Foundation (https://taxfoundation.org/blog ): The OBBBA carved out new temporary tax breaks that further shrink the income tax base, including
Ask your controller when the books for October will be closed, and the answer will come automatically: November 5, or maybe November 8 if there are complications. After all, you can’t release financials until every transaction is reconciled, every journal entry’s posted, and every variance is explained. This all takes
For more than a decade, I have been trying to dispel lingering myths that haunt the modern internal audit profession. Some of the myths are based on perceptions, such as “internal auditors are the corporate police” and “internal auditors can’t succeed unless others fail.” I have offered what I believe
Timothy Fadek/Bloomberg Federal filing relief is now available for individuals and businesses in the Sisseton-Wahpeton Oyate Tribal Nation affected by severe storms and flooding that began on June 12, 2025. These taxpayers now have until next Feb. 2 to file various federal individual and business tax returns and make payments.
Democrats on the House Ways and Means Committee are asking the Treasury Inspector General for Tax Administration to investigate a recent report that the Trump administration plans to use the Internal Revenue Service to investigate prominent Democrats as well as left-leaning tax-exempt nonprofits, while three prominent Senate Democrats have written