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HSA inflation-adjusted maximum contribution amounts for 2025 announced
After steep increases for 2024, the health savings account maximum contribution amounts allowed by the IRS still increase for 2025, but not by as much, as the rate of inflation slowed.
Foreign trust transactions and large gifts addressed in proposed regs.
Proposed regulations from the IRS implement Secs. 643(i), 679, 6039F, 6048, and 6677, which were added or modified to prevent efforts by U.S. taxpayers to use foreign trusts and offshore arrangements to avoid U.S. taxes.
Final regs. issued for new, previously owned clean vehicle credits
The final regulations define certain terms in Sec. 30D, provide rules for personal and business use of new clean vehicles, and specify the process for dealers to become eligible entities to receive advance payments of the transferred credits.
Practitioner service improvements part of IRS strategic operating plan
The IRS aims to improve service on the tax practitioner phone line and build a better online account for tax professionals, Commissioner Danny Werfel said in a call with reporters to discuss the plan and its annual update.
Automatic accounting method changes list updated by IRS
The IRS provided a comprehensive list of changes in tax accounting methods, including 21 described as significant, to which the automatic change procedures in Rev. Proc. 2015-13 apply.
