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Articles

IRS Offers 'Simplified' Corporate Alternative Minimum Tax Calculation Method

5 days ago | tax.thomsonreuters.com | Tim Shaw

The IRS issued new interim guidance for the corporate alternative minimum tax (CAMT) enacted nearly three years ago in the Inflation Reduction Act that temporarily offers a simpler calculation and set of definitions in response to feedback that pending regs are too complex.
Tax Court Again Uses Functional Test to Deem Partners Limited 'In Name Only'

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

The Tax Court, following recent precedent, determined that three partnership members were not limited partners based on their day-to-day functions and thus subject to self-employment tax. (Soroban Capital Partners LP, (5/28/2025) TC Memo 2025-52)Soroban Capital Partners LP is a limited partnership registered as a Delaware LLC, with a principal place of business in New York, New York.
CPAs Concerned About SALT, Contingent Fee Provisions in Tax Reform Bill

1 week ago | tax.thomsonreuters.com | Maureen Leddy

As congressional Republicans move forward with a reconciliation bill that would extend and revise tax provisions, the American Institute of CPAs is homing in on proposals they say could negatively impact accountants and their clients. Last week, the House passed the One Big Beautiful Bill Act (OBBBA, H.R. 1), which totaled over 1,000 pages and incorporated provisions from 11 House committees — including the taxwriting committee, Ways and Means.
House Budget: Updated Cost, Distributional Estimates

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

Budget scorers and policy think tanks have weighed in on the budget reconciliation package’s expected impact on the federal deficit and which groups of taxpayers stand to benefit the most from Republicans’ proposals. The House budget bill, titled the One Big Beautiful Bill Act (OBBBA; H.R. 1), passed 215-214 last Thursday following a marathon Rules Committee hearing and last-minute changes to the state and local tax (SALT) deduction limit.
Treasury, DOGE to Continue IRS Overhaul as Judge Blocks More Agency Downsizing

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

The head of the Treasury Department and a Department of Government Efficiency (DOGE) associate indicated the collaboration between the two agencies will proceed with a focus on systems upgrades paid for by spending cuts, but a court order temporarily bars the Trump administration from carrying out any further workforce reductions.
Expert Shares How Tax Reform May Impact the Real Estate Sector

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

The reconciliation bill that made its way through the House Thursday morning contains a plethora of tax provisions, including several of note to those in the commercial and residential real estate industry. Tyler Davis, president of Saunders Real Estate and a former tax manager at PwC, shared what he’s watching in the One Big Beautiful Bill Act (H.R. 1) — and where there is room for changes. The House passed the OBBBA with a 215-214-1 vote on May 22.
PCAOB to Form Smaller Firm Resource Group to Advise Staff

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

As the Public Company Accounting Oversight Board (PCAOB) focuses on the implementation of new standards and rules adopted in the past couple of years, including new quality control (QC) standards, Chair Erica Williams announced that the board will set up a Smaller Firm Resource Group comprised of smaller firm representatives to advise the staff.
House Rules Committee Debates One Big Beautiful Bill

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

Editor’s note: The House passed the bill the morning of 5/22 by a vote of 215-214. One member voted “present” and two did not cast votes. The Rules Committee markup ended after 10:30 p.m. ET, with members voting along party lines 8-4 to advance the proposal after incorporating certain revisions. Late-night amendments included the SALT cap proposal discussed in this article, which is current as of Wednesday afternoon, 5/21.
Senators Grill IRS Nominee on Conflicts, Experience

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

The Senate Finance Committee questioned Billy Long, President Donald Trump’s pick for IRS commissioner, about his potential conflicts of interest and tax experience during a May 20 hearing. If confirmed, Long would be the sixth person to head the IRS since the beginning of 2025. The last Senate-approved commissioner, Danny Werfel, resigned just before Trump took office. The agency is now on its fourth acting commissioner, Michael Faulkender, who is concurrently serving as Treasury deputy secretary.
Chair Atkins: SEC ‘Could Handle’ PCAOB’s Work

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

New Securities and Exchange Commission (SEC) Chair Paul Atkins said that the commission would be able to oversee public company auditors if Congress decides to consolidate the Public Company Accounting Oversight Board’s (PCAOB) functions into the commission, as part of efforts to streamline the federal government and reduce spending. “Congress outsourced those tasks to the PCAOB, and it’s up to Congress to decide where they should be housed.