'A big tax year': What practitioners need to know now

It’s not even five weeks into 2025, and already there’s a bevy of news affecting tax practitioners. Melanie Lauridsen, the AICPA's vice president–Tax Policy & Advocacy, joined the Journal of Accountancy podcast amid all the tumult to update listeners on several fronts.

Lauridsen discussed the latest on beneficial ownership information (BOI) reporting and the Supreme Court, how IRS service might be affected by various executive orders, and what aspects of a new tax bill or bills are being followed closely by the AICPA.

One bit of related news happened Thursday, one day after recording. The Senate Finance Committee released a discussion draft, the bipartisan Taxpayer Assistance and Service Act, which includes provisions the AICPA strongly supports.

Resources:

• Melanie Lauridsen on LinkedIn
• The AICPA’s BOI resource center
• JofA coverage of the IRS rescinding some job offers

What you'll learn from this episode:

• A recap of court cases related to beneficial ownership information reporting requirements.
• The potential effects of an IRS hiring freeze on tax filing season.
• The role that retirements could play in future IRS service.
• Details of the AICPA’s interest in proposed Circular 230 regulations.
• Why tax legislation this year could come in pieces instead of in one bill.