IRS chief Billy Long to depart
Treasury Secretary Bessent will serve as acting commissioner, as President Trump plans to nominate Long for an ambassadorship.
New tax law prompts payroll questions
The One Big Beautiful Bill Act is sparking questions among employees and payroll departments about how to handle tax breaks such as overtime pay.
32% of accountants can’t recognize AI-generated fake receipts
A third of accountants conceded in a survey they would not be able to recognize an AI-generated fake receipt if it came across their desk.
Tech News: Red Wing Software announces new CenterPoint
Plus, Stampli launches a solution for AP automation; PwC buys a fintech consultancy; and other accounting tech updates.
Three charged in plot to boost firm value before SPAC deal
The alleged accounting fraud overstated revenue of the data-insight company Near Intelligence before it was acquired in 2022 by about $25 million.
No changes to W-2, 1099, 941, withholding tables for 2025
The Internal Revenue Service won’t be changing information returns and withholding tables for 2025 for the OBBA, but changes are coming next year.
OBBBA boosts Qualified Small Business Stock tax break
The expansion of the Qualified Small Business Stock program in the One Big Beautiful Bill Act makes a powerful tax-saving strategy even more enticing.
4 ways business owners could reap big tax savings under OBBBA
But the new rules for deductions, capital-gains exclusions and estate planning merit a lot of strategic discussions for financial advisors and entrepreneurial clients.
Tax Fraud Blotter: Time’s up
Vertigo; not workin’ on the railroad; bad company; and other highlights of recent tax cases.
AICPA wants guidance on deducting domestic research
The institute sent a letter to officials at the Treasury and the IRS asking for immediate guidance on a provision of the One Big Beautiful Bill Act for deducting R&D costs.