AICPA, State CPA Societies Urge Department of Education to Recognize Accounting Programs as Professional Degree Programs
https://www.aicpa-cima.com/news/article/aicpa-state-cpa-societies-urge-department-of-education-to-recognize
TSCPA News
Treasury, IRS provide guidance for individuals who received tips or overtime during tax year 2025
https://www.irs.gov/newsroom/treasury-irs-provide-guidance-for-individuals-who-received-tips-or-overtime-during-tax-year-2025
Treasury, IRS issue guidance on tax benefit for lenders on loans secured by farm or rural property under the One, Big, Beautiful Bill
https://www.irs.gov/newsroom/treasury-irs-issue-guidance-on-tax-benefit-for-lenders-on-loans-secured-by-farm-or-rural-property-under-the-one-big-beautiful-bill
Modernized e-File Production Shutdown Schedule
The IRS recently announced the production shutdown and acknowledgment retrieval schedule for the Modernized e-File (MeF) system to prepare for the upcoming tax filing season. The schedule is as follows: The shutdown for “Send Submissions” will begin at 11:59 a.m. Eastern Time on Friday, Dec. 26, 2025. Transmitters may continue to use all other service
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401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500
https://www.irs.gov/newsroom/401k-limit-increases-to-24500-for-2026-ira-limit-increases-to-7500
401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500 Read More »
Interest rates remain the same for the first quarter of 2026
https://www.irs.gov/newsroom/interest-rates-remain-the-same-for-the-first-quarter-of-2026
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FASB Improves Guidance on Purchased Loans
https://www.fasb.org/news-and-meetings/in-the-news/fasb-improves-guidance-on-purchased-loans-423314
FASB Improves Guidance on Purchased Loans Read More »
IRS Ends Direct File Program
The IRS recently announced that it ended Direct File, a program that allowed eligible taxpayers to file tax returns directly with the IRS for free. The Direct File online pilot program launched in 2023 in 12 states and expanded to 25 states for tax year 2024. Nearly 300,000 taxpayers used the program to file 2024
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Treasury, IRS provide penalty relief for tax year 2025 for information reporting on tips and overtime under the One, Big, Beautiful Bill
https://www.irs.gov/newsroom/treasury-irs-provide-penalty-relief-for-tax-year-2025-for-information-reporting-on-tips-and-overtime-under-the-one-big-beautiful-bill
Federal Reserve Cuts Rates for Second Time in 2025
The Federal Reserve recently reduced the benchmark interest rate by a quarter point in its second cut of 2025. The reduction takes the federal funds rate, the interest rate banks charge each other for short-term loans, to a target range of 3.75%-4%. The change comes after the rate-setting Federal Open Market Committee (FOMC) reduced rates
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