1099-DA rules have a gross problem in 2026 CPAs dealing with the new 1099-DA rules this year are challenged by the fact that they only report gross proceeds this year, leaving them and their clients to calculate cost basis themselves.
IRS overestimated Direct File costs before ending program The Internal Revenue Service vastly overstated the projected costs of operating the free tax prep program before terminating it, according to a new report.
IRS offers flexibility on tax deduction elections 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.
Judge nixes FinCEN residential real estate rule A Texas judge struck down a rule requiring professionals engaged in real estate closings and settlements to report information about nonfinanced transfers.
Competency matters more as tax rules grow more complex The goal of regulation should not be unnecessary burdens or barriers to entry. The goal should be confidence that taxpayers are receiving reliable guidance.
SEC lays out policing plans after enforcement head exits The acting head of the Securities and Exchange Commission's enforcement division said he'll focus on "quality over quantity" in bringing cases.
Tax refunds up, but falling short of Trump's promise 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.
Accounting firms lose ground on growth 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.
The future for small firms 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.
PwC CEO: You cannot opt out of AI 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.
