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On July 25, 2025, the IRS released IR‑2025‑77 , announcing new interim guidance that aims to shorten audit cycle times for large corporate and international taxpayers . The change comes from the Large Business & International (LB&I) Division , which oversees some of the most complex and resource-intensive examinations in the IRS system. For CPAs, tax counsel, and in-house finance teams, this shift signals a move toward more streamlined, collaborative, and time-bound audits w

On July 24, 2025, the IRS announced expanded disaster relief for taxpayers in multiple states affected by recent severe weather. The...

The IRS has officially announced that it will sunset the FIRE system  ( Filing Information Returns Electronically) after the 2026 tax...

On July 18, 2025, former U.S. Congressman Billy Long  was officially sworn in as the new Commissioner of the Internal Revenue Service ....

On July 20, 2025, House Republicans introduced a proposal to slash the IRS enforcement budget by $2.8 billion a reduction of over 20% from current levels. The move is part of a broader budget negotiation strategy but carries significant implications for tax compliance, audit risk, and operational enforcement priorities. With several senior IRS officials resigning and projected staffing drops of 25% by year-end, this proposal would accelerate a reshaping of the agency’s foot

Western Union, the global money transfer giant, has filed a legal challenge against the IRS, arguing that the agency improperly inflated...

On July 17, 2025, the IRS released Fact Sheet FS‑2025‑03 , outlining several new deductions created under the One Big Beautiful Bill Act...

The IRS has issued new guidance outlining how workers can claim the overtime pay deduction  introduced under the One Big Beautiful Bill (OBBBA) for tax year 2025. This provision—one of the more worker-focused components of the new law—offers a significant benefit to hourly employees  and certain retirees  with part-time income. For CPAs and tax advisors, this deduction introduces new planning opportunities—and payroll reporting complexities—for the year ahead. What Happened?

The California Franchise Tax Board (FTB) has announced the next phase of its targeted outreach campaign, sending “nudge letters” to...

Arizona lawmakers are confronting a major budget dilemma following passage of the federal One Big Beautiful Bill . At the heart of the...

As part of the recently passed federal tax package the so-called One Big Beautiful Bill millions of American workers are now eligible...

In a bold move to reshape how the European Union funds its operations, the European Commission has proposed a new corporate revenue-based tax  targeting the world’s largest businesses. As EU leaders work to close budget gaps and transition away from national contributions, this policy could significantly impact multinationals—especially U.S. firms with substantial European revenue streams. What’s in the Proposal? The proposal, released in early July 2025, introduces a tiered

Millions of American workers stand to benefit from new federal deductions for tips and overtime pay , enacted under the One Big Beautiful Bill , signed into law earlier this month. While these provisions aim to reduce the tax burden for service industry and hourly workers, many eligibility and implementation details remain pending Treasury clarification. What Are the New Deductions? Tip Income Deduction Workers earning qualified tips may deduct up to $25,000  from federal tax

Electric vehicle (EV) manufacturers are launching aggressive promotions to boost sales ahead of the September 30, 2025, expiration date...

With Congress having passed the “ One Big Beautiful Bill ” , significant tax changes are about to take effect nationwide. One provision...

Today the House of Representatives agreed to the Senate-amended text of H.R. 1— the “One Big Beautiful Bill Act” —by a 218-214 vote ....

The IRS has confirmed it has eliminated over 11% of its workforce , a significant reduction that includes: 30% fewer revenue agents 10%...

In a dramatic overnight session, the U.S. Senate today passed the sweeping budget, tax, and spending package known as the “One Big...

From a LinkedIn Message to a Flagship AI Platform Every great venture begins with a spark of connection and our story follows a similar...

In a major procedural victory for Republicans, the U.S. Senate has cleared the first hurdle toward passing President Trump’s flagship tax...

The Senate’s version of the “One Big Beautiful Bill” is turning up the heat on renewable energy. In a move with wide-ranging...

As final negotiations on the “One Big Beautiful Bill” enter the home stretch, Senate Republicans are considering a key reversal:...

In a surprising shift during final negotiations over the “One Big Beautiful Bill,” Senate Republicans are signaling they may remove the...

As final negotiations continue over the sweeping Republican tax-and-spending package, one under-the-radar but impactful change has...