Private equity in the profession; green cards and exit taxes; governance for preparers; and other highlights from our favorite tax bloggers. Breathing room Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): The critical updates of Notice 2025-33, which impacts digital asset brokers and their compliance obligations under IRC Sections 6045, 3406 and related
Senate Republicans propose to cut trillions of dollars in taxes for households and businesses in their version of President Donald Trump’s signature economic package, a plan that comes at the expense of curbing health coverage for some low-income Americans and adding to US deficits. The bill would preserve Trump’s first-term
Accounting firms are reporting bigger profits and more clients, according to a new report. The report, released Monday by Xero, found that nearly three-quarters (73%) of firms reported increased profits over the past year and 56% added new clients thanks to operational efficiency and expanded service offerings. Some 85% of
Private equity firms have bought five of the top 26 accounting firms in the past three years as they mount a concerted strategy to reshape the industry. The trend should not come as a surprise. It’s one we’ve seen play out in several industries from health care to insurance, where
By any other name; poor Service; a saga continues; and other highlights of recent tax cases. Rockford, Illinois: Tax preparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income tax returns. She operated the tax prep business Sick Credit Repair Tax and Legal Services and represented herself
Pamela Au/wingedwolf – Fotolia The Internal Revenue Service has released Rev. Proc. 2025-23, which updates the list of automatic procedures for taxpayer-initiated requests for changes in methods of accounting. An “automatic change” is a change in method of accounting for which the taxpayer is eligible under Section 5.01(1) of Rev.
Jody Padar, an author and speaker known as “The Radical CPA,” and Katie Tolin, a growth strategist for CPAs, together launched a training and technology platform called XcelLabs. XcelLabs provides solutions to help accountants use artificial technology fluently and strategically. The Pennsylvania Institute of CPAs and CPA Crossings joined with
Congressional Republicans are siding with Donald Trump in the messy divorce between the president and Elon Musk, an optimistic sign for eventual passage of a tax cut bill at the root of the two billionaires’ public feud. Lawmakers are largely taking their cues from Trump and sticking by the $3
Bank job; the magic is gone; not a beautiful day in the Neighborhood; and other highlights of recent tax cases. Washington, D.C.: CPA Timothy Trifilo has been sentenced to 20 months in prison for making a false statement on a mortgage loan application and for not filing an income tax
Tech titan Elon Musk ratcheted up his offensive against Donald Trump’s signature tax bill on Wednesday, urging that Americans contact their lawmakers to “KILL” the legislation. “Call your Senator, Call your Congressman,” Musk wrote in a social media post. “Bankrupting America is NOT ok!” The post came one day after