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Articles

Paul Atkins Becomes SEC Chair as Trump Orders Rule Cuts at Agencies

2 days ago | tax.thomsonreuters.com | Soyoung Ho

Paul Atkins was sworn into office as chair of the Securities and Exchange Commission (SEC) on April 21, 2025. And one of the first orders of business may be a review of rules to respond to President Trump’s executive order that calls for the reduction of anti-competitive regulatory barriers.
The Child Tax Credit’s Cloudy Future

3 days ago | tax.thomsonreuters.com | Maureen Leddy

With the Child Tax Credit set to be halved at year end and competing aims among those advocating for a boosted credit, it’s unclear where lawmakers will land. Republicans agreed to a framework for extending the 2017 Tax Cuts and Jobs Act and making other tax reforms before leaving Washington for two weeks.
Pushback Against Trump Plan to End IRS Direct File

1 week ago | tax.thomsonreuters.com | Tim Shaw

Editor’s Note, 4/18/2025: Article updated with additional quote from Economic Security Project. Lawmakers and tax policy organization officials sounded off against the Trump administration’s reported intention to end the IRS’ free e-filing program after the only tax filing season it was available to taxpayers nationwide and in partnership with two-dozen state revenue agencies. About Direct File.
New SEC Leadership Will Likely Exempt More Companies From Section 404(b)

1 week ago | tax.thomsonreuters.com | Soyoung Ho

While not explicitly saying at what size a public company should begin to have its external auditor attest to management’s assessment of internal control over financial reporting (ICFR), Securities and Exchange Commission (SEC) Acting Chair Mark Uyeda called for a rethink of the current framework to simplify ongoing reporting obligations—at least for smaller public companies.
Tax Pros Talk IRS Modernization Setbacks Due to Workforce, Funding Cuts

1 week ago | tax.thomsonreuters.com | Tim Shaw

Former government officials, practitioners, and tax law and policy experts are in lockstep with their collective worries about the ramifications of ongoing IRS workforce reductions and the agency’s agreement to disclose taxpayer information to immigration enforcement officials and the integrity of the tax system broadly. Ongoing IRS developments. The IRS entered the year with approximately 100,000 employees.
IRS Drops 9 'Unnecessary' Guidance Items; Treasury Scraps Financial Regs

1 week ago | tax.thomsonreuters.com | Tim Shaw

As part of the Trump administration’s government-wide push for deregulation and smaller overall workforce, the IRS and the Treasury Department in separate announcements said it is eliminating various forms of guidance and existing regs in coordination with the Department of Government Efficiency (DOGE). (Notice 2025-22; 90 FR 15648, 4/14/2025)IRS guidance cull.
Micro-Captive Transaction Reporting Penalty Relief Issued

1 week ago | tax.thomsonreuters.com | Tim Shaw

Material advisors and certain participants in reportable micro-captive transactions will not face penalties for failing to file disclosure statements originally due at the end of April if such statements are filed within a three-month grace period, the IRS announced. (Notice 2025-24)Final regs (TD 10029) issued January 14 under Code Sec. 6011 identify transactions that are the same as, or substantially similar to, listed micro-captive transactions reportable to the IRS.
House Republicans Advance Tax Reform Blueprint as Dems Rally Against Trump Plans

2 weeks ago | tax.thomsonreuters.com | Maureen Leddy |Tim Shaw

After a false start Wednesday, House Republicans approved the Senate-amended budget framework, 216-214, setting up tax reform via the reconciliation process. Republicans can now move to nailing down the details of extending expiring Tax Cuts and Jobs Act (TCJA) provisions and putting into place other Trump administration tax promises.
SCOTUS Stays Federal Worker Rehire Order

2 weeks ago | tax.thomsonreuters.com | Tim Shaw

The Supreme Court stayed a lower district court’s preliminary injunction that required government agencies to reinstate terminated probationary employees and barred the Office of Personnel Management (OPM) from directing further firings and issuing workforce reduction guidance.
AICPA Issues Clarification on Financial Statement Standards for Client Advisory Services

2 weeks ago | tax.thomsonreuters.com | Soyoung Ho

The AICPA on April 7, 2025, published Statement on Standards for Accounting and Review Services (SSARS) No. 27, Applicability of AR-C Section 70 to Financial Statements Prepared as Part of a Consulting Services Engagement, to clarify that a practitioner does not have to apply AR-C Section 70 when financial statements are prepared as a by-product of client advisory services (CAS).