IRS reduces user fee for estate tax closing letters
Category:Tax NewsThe receipt of an estate tax closing letter generally indicates that the estate tax return’s IRS examination is closed. Final and proposed regulations lowered the fee by $11.
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Category Archives: Tax News
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May 25
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May 25
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FASB updates guidance on share-based consideration
Category:Tax NewsThe Accounting Standards Update addresses share-based consideration payable to a customer in conjunction with selling goods or services.
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May 25
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Reconciliation bill clears committee on second try
Category:Tax NewsSunday revote came after Republican fiscal hawks initially joined Democrats to sink the bill, which includes tax provisions approved by the House Ways and Means Committee last week.
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May 25
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AICPA endorses some Ways and Means tax provisions, signals concern for others
Category:Tax NewsOne item is a “longstanding priority for the AICPA and the tax profession,” a news release said. The AICPA cited the “potential detrimental impact” of other provisions.
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May 25
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AICPA gives Gold Medal Award of Distinction to Mintzer
Category:Tax NewsAndrew Mintzer, CPA, a firm leader in Los Angeles, was presented with the highest honor granted by the organization.
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May 25
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AICPA, NASBA approve new CPA licensure path
Category:Tax NewsAmendments to the Uniform Accountancy Act add a third pathway to CPA licensure: a bachelor’s degree, two years of professional experience, and passing the CPA Exam.
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May 25
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Ways and Means releases proposed TCJA extensions and tax changes
Category:Tax NewsThe 389-page bill includes numerous tax provisions, including a top individual income tax rate of 37%. An AICPA statement addressed taxes paid or accrued by partnerships or S corporations.
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May 25
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State of Play: How firms are helping smooth sustainability reporting
Category:Tax NewsThe latest data from research by the International Federation of Accountants, the AICPA, and CIMA reveals that nearly three-fourths of the largest global companies obtained assurance of sustainability disclosures in 2023, with the majority depending on audit firms. U.S. companies rank ahead of the pack when it comes to obtaining assurance but behind the pack when it comes to depending on audit firms.
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May 25
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FASB issues guidance on business combinations
Category:Tax NewsFASB published an Accounting Standards Update that is intended to improve the requirements for identifying the accounting acquirer in FASB ASC Topic 805, Business Combinations.
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May 25
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Revenue agents who conduct audits lead IRS job losses
Category:Tax NewsThe IRS lost 11% of its staff in the first three months of 2025, with revenue agents who conduct audits accounting for the largest percentage of those who left, the Treasury Inspector General for Tax Administration said in a report.
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