CPA Never under estimate the value
Treasury and the IRS proposed regulations for the education freedom tax credit, a new federal credit under Sec. 25F for contributions to organizations that provide scholarships to eligible elementary and secondary schools.
The agenda features projects on negative assurance related to comfort letter engagements, auditor independence, fraud, noncompliance with laws and regulations, and going concern. Also, the SEC is considering whether to add the CPA credential as a pathway to accredited investor qualification.
The Senate unanimously approved the Taxpayer Assistance and Service Act, a bipartisan package of 65 tax administration reforms backed by the AICPA. The measure now moves to the House.
Treasury and the IRS issued proposed and temporary regulations providing for automatic enrollment in Trump accounts after developing a structure they said overcame barriers that previously stymied the move. Treasury estimated the approach could create more than 60 million additional accounts.
A first-of-its-kind GAO analysis estimates annual federal tax fraud losses at $116 billion to $304 billion. The report said that the IRS needs a coordinated antifraud strategy. The IRS partially agreed with the recommendations but disputed aspects of the report’s methodology.
After 15 years as IRS2Go, the IRS’s taxpayer app now offers expanded access to account services under a new name. The IRS said it expects to add more capabilities to the app over time.
A TIGTA report found that IRS delays in resolving identity theft cases cost the government $124.2 million in refund interest from fiscal years 2023 through 2025. The findings echo warnings from National Taxpayer Advocate Erin Collins, who has called the wait times “unconscionable.”
New questions and answers aim to assist stakeholders with financial reporting requirements related to subsidies in Statement No. 103, Financial Reporting Model Improvements. GASB also seeks feedback on a model for voluntary digital reporting.
The IRS issued final regulations increasing the cost of an estate tax closing letter to $76 from $56, adopting without change proposed regulations issued in June.
In its annual update, the IRS increased the special per diem rates taxpayers may use to substantiate business travel expenses for the upcoming travel year and updated its list of high-cost localities.
