In The News—February 24, 2025

One month into his return to the White House, President Donald Trump's administration is pressing ahead with its agenda, as seen in the recent decision that resulted in the departure of 6,000 IRS employees.

In other news, international university students are reminded to fulfill their tax obligations as tax season progresses. Meanwhile, Apple has pledged half a trillion dollars to bolster American manufacturing efforts, which includes the development of an AI server facility.

Speaking of Apple, this week's trivia question revolves around the tech giant. Name the company innovator who was born on February 24, and in what year did he join the human race? The answer is at the end of the news.

IRS news

Tax Time Guide 2025: Essentials for Filing Your Return IRS.gov

As the 2025 tax filing season continues, the Internal Revenue Service encourages taxpayers to make essential preparations and be aware of significant changes that may affect their 2024 tax returns.

This announcement marks the commencement of the Tax Time Guide series. The IRS uses this guide to provide updated information to assist taxpayers in filling an accurate return. A wealth of resources and tools is also available on IRS.gov, including a dedicated special free help page accessible 24/7. Read more...

IRS Call Center Employees Among 6,000 Fired MSN

Probationary employees at the Internal Revenue Service began learning of their terminations Thursday, according to the labor union representing them.

Because some of the affected employees work at IRS call centers, the agency’s firing of some 6,000 workers also raises concerns about tax filing season, which is just ramping up. Read more...

IRS Data: Average Tax Refund Down 32% CPA Practice Advisor

A quick glance at the latest 2025 tax refund numbers may be cause for concern for those who haven’t filed yet, but the Internal Revenue Service says there’s a good reason why certain numbers are down.

Data released by the IRS last week—ending on Feb. 14—shows the average refund in 2025 is down nearly 33% when compared to the same time frame in 2024. 2025 returns are averaging $2,169, a significant decline from the 2024 average of $3,207. The total number of refunds distributed and the averages for the number of direct deposits and direct deposit refund totals are also down more than 30%. Read more...

Technology news

Apple Commits $500B to U.S. Manufacturing, AI Server Facility TechCrunch

The U.S. government is leaning hard on tech companies to make more commitments to building their businesses in the country, and Big Tech is falling in line. On Monday, Apple laid out its own plans in that area: It will spend $500 billion over the next four years in areas like high-end manufacturing, engineering, and education covering technologies like artificial intelligence and chip making.

Big projects will include a new factory in Houston, Texas, to produce servers that support Apple’s in-house AI effort, Apple Intelligence; doubling the value of Apple’s U.S. Advanced Manufacturing Fund to $10 billion; a new academy in Michigan to train people to work in next-generation factories; and more R&D. Read more...

Former TSheets Employees Start Saturn, a New Time Tracking Solution The Woodard Report

After Intuit acquired TSheets, the popular time-tracking solution that has since become QuickBooks Time, several former TSheets employees saw an opportunity to build something new—Saturn, a cloud-based time-tracking tool designed to offer businesses a simple, transparent, and efficient way to track work hours.

Saturn is designed to simplify time tracking for businesses of all sizes. Its cloud-based platform allows employees to log their work hours from any device with an internet connection, eliminating the need for traditional paper timecards and reducing administrative overhead. Read more...

Accounting news 

Treasury Sets March 21 Deadline for BOI Reporting CNBC

The Treasury Department has set a new deadline of March 21 for millions of businesses to fulfill a new reporting requirement on "beneficial ownership information," after a court order allowed the federal agency to start enforcing the measure.

The Corporate Transparency Act, which Congress enacted in 2021, requires small businesses to disclose the identity of people who directly or indirectly own or control the company. The measure aims to prevent criminals from hiding illicit activity conducted through shell companies or opaque ownership structures, according to the Treasury. Read more...

America's Running Short of Financial Advisors CPA Trendlines

Good news for accountants: America’s running short of financial advisors. Bad news for accounting: America’s running short of financial advisors.

As if the accounting industry didn’t have enough of a talent shortage, the financial advice industry may soon be looking to scarf up money-savvy professionals from other financial areas. And CPAs will be a perfect fit. Read more... 

AICPA Aims to Help Taxpayers Eligible for Disaster Tax Relief CPA Practice Advisor

In a letter submitted to the Internal Revenue Service (IRS), the American Institute of CPAs (AICPA) requested that the Department of the Treasury and the IRS consider updating Draft Publication 547, Casualties, Disasters, and Thefts, to ensure that the publication provides clear direction to taxpayers regarding the disasters that are covered by the Federal Disaster Tax Relief Act of 2023 (FDTRA).

Currently, there is a lack of clarity in the draft publication that may lead taxpayers or tax practitioners to misinterpret the criteria for qualified disaster losses. Read more... 

Mergers and acquisitions 

Impact of Fintech on Mergers and Acquisitions Strategies TechBullion

The financial technology (fintech) sector has grown quickly. It has revolutionized the financial space, influencing various aspects of business. Among these, mergers and acquisitions (M&A) strategies have seen significant shifts. Fintech has introduced new opportunities and challenges. As a result, companies are now reevaluating their approach to M&A.

Technology has reshaped financial services. Fintech solutions have enhanced efficiency, automation, and customer experience. As businesses adopt fintech, they become more competitive. Many firms now acquire fintech startups to gain an edge. This trend has led to a transformation in traditional M&A strategies. Read more... 

Other interesting things we found

U.S. Taxation of International University Students The CPA Journal

The United States has long been an attractive destination for students from other countries who want to pursue higher education, with over 850,000 international students enrolled during the academic year 2022/23.

In addition, almost 200,000 students were in the United States for Optional Practical Training (OPT), which allows for one year of training while studying in the United States. Due to the nuances of different degree programs, international students may take from four to six or more years to complete their degree programs.

While taxes may not be the first thing on an international student’s mind when planning to study in the United States, the tax consequences for these students can sometimes be significant. This article discusses one such tax issue that students, employers, and universities should be familiar with to avoid problems with respect to both income and employment taxes. Read more...