AICPA urges clarity on H.R. 1 tax rules

The American Institute of CPAs (AICPA) has asked the US Department of the Treasury and Internal Revenue Service (IRS) for guidance on the newly enacted H.R. 1, (the One Big Beautiful Bill Act). In a letter, the AICPA sought clarification on how individuals, estates and trusts should report income taxes under H.R. 1. The letter focused on Section 70111, which revises the Section 68 cap on itemised deductions. It also referenced Notice 2025‑68, where the IRS planned regulations for Section 530A Trump acc ...