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The Internal Revenue Service issued a revenue procedure on how businesses can take advantage of new tax breaks offered by the OBBBA and withdraw elections made under the old rules.

A Texas judge struck down a rule requiring professionals engaged in real estate closings and settlements to report information about nonfinanced transfers.

The goal of regulation should not be unnecessary burdens or barriers to entry. The goal should be confidence that taxpayers are receiving reliable guidance.

The acting head of the Securities and Exchange Commission's enforcement division said he'll focus on "quality over quantity" in bringing cases.

Americans' tax refunds are averaging about $350 higher than this time last year but so far running well below the extra $1,000 President Donald Trump promised.

The average growth rate for accounting and financial services firms has fallen from an all-time high of 13% to less than 10% today, the lowest in five years.

Stephanie Otero, the vice president small firm advocate at the AICPA, talks about the issues and opportunities that face the firms that make up the backbone of the profession.

Paul Griggs, CEO of PwC, said they plan to adjust billing model to factor in AI, potentially without even a human professional in the loop, and added that if any humans have a problem with it they have no place in this firm.

AI can now do most of the boring work, which raises the question of what the humans will be doing. According to vendors featured during the IMA's Technology Showcase, the answer is reviewing the work the AI does.

More than 1.2 million taxpayers only have until April 15 to claim a total of approximately $1.2 billion in refunds for tax year 2022.