If you are a U.S. citizen or resident with an interest in a foreign corporation which exceeds 9%, you are a director of a foreign company in which one or more U.S. persons hold stock which exceeds 9%, or you are related to a person who holds an interest in a foreign...
The One Big Beautiful Bill Act (OBBBA) has now been in force for almost six months, and its impact is beginning to take shape across tax administration and compliance. Key Highlights So Far Streamlined processes: Several filing and reporting requirements have been...
In 2025, the IRS significantly expanded its use of artificial intelligence (AI), shifting from pilot projects to operational tools in audits, compliance, and taxpayer services. This evolution was driven by the need to close the $688 billion tax gap, improve...
Starting September 2025, the IRS will no longer issue paper refund checks to individual taxpayers. Instead, refunds will be delivered electronically, with direct deposit as the standard method. What This Means for You Electronic refunds only: Faster, more secure, and...
The IRS announced on November 19, 2025, that it has resumed normal operations following the shutdown. Unlike previous government shutdowns, more than half of the agency’s 39,982 employees were retained on regular pay. This was possible through the IRS’ activation of...
