The Tax Adviser

The Tax Adviser is a monthly magazine published by the American Institute of CPAs. It offers tax professionals detailed, relevant, and practical insights into the latest changes in federal and state tax laws.

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How S elections go wrong and how to fix them

1 week ago | thetaxadviser.com | Tony Nitti

feature S CORPORATIONS To be an S corporation is to live dangerously. After all, in order to be taxed as an S corporation, the corporation1 must file a complete and timely election with the IRS and meet and maintain strict eligibility requirements.
Revenue agents who conduct audits lead IRS job losses

1 month ago | thetaxadviser.com | Martha Waggoner

news PRACTICE & PROCEDURE The IRS lost 11% of its staff through voluntary separations and terminations in the first three months of 2025, and the largest percentage of those who left were revenue agents who conduct audits, a government watchdog said in a report.
Treatment of digital assets transferred to employees

1 month ago | thetaxadviser.com | Rachel Simon |Catherine Davis

tax clinic GROSS INCOME Editor: Mo Bell-Jacobs, J.D.The IRS has issued extensive guidance on treating payments to employees and other service providers as compensation, including how to report such compensation and the deductions and related treatment of the payments from the company side.
FinCEN extends BOI reporting deadline, halts enforcement

1 month ago | thetaxadviser.com | Martha Waggoner

news procedure & administration The Financial Crimes Enforcement Network (FinCEN) will extend the current March 21 beneficial ownership information (BOI) reporting deadline, has suspended BOI enforcement, and will develop new regulations it says will reduce “regulatory burden,” the agency said Thursday.
Phish, smish, and spear phish: IRS releases 2025’s Dirty Dozen

1 month ago | thetaxadviser.com | Martha Waggoner

news procedure & administration Phishing, smishing, and spear phishing are all ways that scammers try to trick tax professionals into turning over confidential information, the IRS said Thursday in its annual Dirty Dozen list of scams.
Treasury says it won’t enforce BOI fines or penalties against U.S. citizens, businesses

1 month ago | thetaxadviser.com | Martha Waggoner

news procedure & administration U.S. citizens and businesses will not be subject to fines or penalties for failing to file beneficial ownership information (BOI) reports after new reporting deadlines are set, Treasury said Sunday in a news release.
Pandemic-era ERC started with good intentions, ending with frustration

1 month ago | thetaxadviser.com | Martha Waggoner

news procedure & administration The pandemic-era employee retention credit (ERC) officially ends April 15, but its legacy will live on in delayed payments to the businesses it was designed to help, fraudulent activity related to its claims, and confusion not only for taxpayers and tax professionals but also for the IRS.
As time runs out for pandemic-era ERC, IRS adds 5 FAQs

2 months ago | thetaxadviser.com | Martha Waggoner

news procedure & administration The IRS added five FAQs about the employee retention credit (ERC) on March 20, mainly discussing how to handle the pandemic-era credit on tax returns under various scenarios.
BOI reporting changes don’t affect CTA’s constitutionality, filing says

2 months ago | thetaxadviser.com | Martha Waggoner

news procedure & administration The federal government in a court brief continued to defend the constitutionality of the Corporate Transparency Act (CTA), P.L. 116-283, even though the government has, at least temporarily, eliminated the need for domestic companies to report beneficial ownership information (BOI) as part of the legislation. In the supplemental brief filed Wednesday in the Eleventh Circuit in National Small Business United et. al. v. U.S. Department of the Treasury, et al, No....
AICPA recommends prop. regs. changes for some retirement savings plans

2 months ago | thetaxadviser.com | Martha Waggoner

news procedure & administration The AICPA submitted comments to Treasury and the IRS recommending changes to proposed regulations (REG-100669-24) for automatic enrollment requirements for most newly established 401(k) and 403(b) retirement savings plans under the SECURE 2.0 Act.