Author: Editor

The Trump administration tightened long-standing eligibility requirements for clean energy tax credits, a move that could threaten the viability of hundreds of wind and solar energy projects under development. Treasury Department guidance released Friday puts new restrictions on lucrative investment and production tax credits used by renewable energy developers by setting stricter requirements on when a project is considered to have started construction.The moves, which follow an executive order by President Donald Trump ordering the Treasury Department to place new limits on the tax credits, adds to an escalating campaign against wind and solar power. The crackdown, which has led to…

The Internal Revenue Service didn’t do enough to verify the identity of callers to its Practitioner Priority Service and Business Specialty Tax telephone lines, allowing the unauthorized disclosure of tax information, the fraudulent filing of Forms 941, and the issuance of fraudulent tax refund checks, according to a new report.The report, released Friday by the Treasury Inspector General for Tax Administration, came in response to a referral from TIGTA’s Office of Investigations about a scheme involving the filing of false Forms 941, the tax return that’s filed on a quarterly basis by businesses. TIGTA assessed the policies and procedures that…

The Internal Revenue Service has acknowledged in a court filing that it is now sharing taxpayer data with the Department of Homeland Security’s Immigration and Customs Enforcement unit as part of the Trump administration’s deportation push.This marks the first time the IRS has acknowledged it’s sharing the information, Quartz reported. “In previous filings and hearings on this matter, the United States informed this Court that the IRS had neither received any request nor released any information to ICE under the terms of the MOU between DHS and Treasury dated April 7, 2025,” said the notice filed August 12. “Since then, the…

Mid-level staff is bearing the brunt of the busy season strain, according to a new survey.Distinct, a public accounting recruitment firm, polled 110 tax and audit professionals across North America and found that 54% of respondents described the 2024-2025 tax season as “somewhat” or “extremely” stressful. Senior accountants were the most affected (75%) versus associates (22%). Most associates (61%) found the season “challenging but manageable.”Nearly 80% of respondents worked over 51 hours per week. Forty-eight percent of respondents worked 51 to 60 hours, while 31% worked over 61 hours. Managers and partners were the most likely to work over 70…

Insurance firm Gallagher is tapping into a new kind of summer intern: professional athletes.Last year, the insurance giant expanded its internship program to offer positions to pro athletes, giving them a pathway to prepare for life after sports. In return, Gallagher discovered the stars also tend to shine off the field.”They know what it’s like to work hard and how long that path is to get to success,” said Chris Mead, Gallagher’s chief marketing officer. “They know what it’s like to be part of a team and how to lead one.”This year Gallagher opened the program to eight members of…