The Treasury Department and the Internal Revenue Service are planning to withdraw regulations that labeled basis-shifting transactions among partnerships and related parties as “transactions of interest” akin to tax shelters and stop imposing penalties on them. In Notice 2025-23, the Treasury and the IRS said Thursday they intend to publish
The Trump administration is reportedly making plans to shut down the Internal Revenue Service’s Direct File free tax prep system next year. The Associated Press reported Wednesday about the plans, which come amid widespread layoffs at the IRS. Elon Musk had posted on X in February that he had “deleted”
IRS happenings; minimal talk of de minimis; new blog on the block; and other highlights from our favorite tax bloggers. Lotus operandi Welcome to the dance Opportunities and complications Taxpayer Advocate Service (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): Proposed voluntary withholding agreements in the Taxpayer Assistance and Service Act could change the game for independent
Scott Bessent ahead of an interview in Buenos Aires, Argentina, on April 14.Sarah Pabst/Photographer: Sarah Pabst/Bloomb Treasury Secretary Scott Bessent said Republicans are looking at all options to help pay for President Donald Trump’s campaign promises on tax cuts, including increasing levies on the wealthiest Americans. “We’re going to see
The Internal Revenue Service issued a notice Friday giving some breathing room to participants and advisors involved with micro-captive insurance companies. In January, the IRS issued final regulations designating micro-captive transactions as “listed transactions” and “transactions of interest,” akin to tax shelters. The service had proposed the regulations in 2023
In my work with accounting firms, I’ve lost count of how many times I’ve heard partners say some version of: “We’re paying top dollar. Why are people still leaving?” One conversation particularly sticks with me — a managing partner genuinely baffled by rising turnover despite offering excellent compensation packages. What
As AI works its way into more and more business processes, it has become increasingly important for auditors to understand where, why, when and how organizations use it and what impact it is having not only on the entity itself but its various stakeholders as well. Speaking at a virtual
A group of over 100 lawmakers reintroduced legislation in the House to expand and strengthen the Low Income Housing Tax Credit. Rep. Darin LaHood, R-Illinois, Suzan DelBene, D-Washington, Claudia Tenney, R-New York, Don Beyer, D-Virginia, Randy Feenstra, R-Iowa, and Jimmy Panetta, D-California, reintroduced the Affordable Housing Credit Improvement Act on
Donor-advised funds are continuing to grow while enjoying substantial tax deductions for charitable giving, even as many contributions go to other DAFs and private foundations instead of actual charities, according to a new report. The report, released Monday by the Charity Reform Initiative of the Institute for Policy Studies, found
The National Treasury Employees Union, which represents workers at the Internal Revenue Service among 37 federal agencies and offices, has asked a federal judge for emergency relief to preserve the union rights of federal employees while NTEU’s legal challenge to President Trump’s executive order stripping unions of collective bargaining rights