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Lower auto depreciation limits issued for first time in at least 3 years
The IRS issued the 2025 depreciation limitations for passenger vehicles, including those for which bonus depreciation is applied.
AICPA supports Senate discussion draft to help taxpayers, preparers
More than a dozen provisions in the bipartisan draft have strong support from the AICPA, including ones dealing with tax filing by victims of disasters, electronic notices, and callback technology.
Final regs. address taxes on gifts to taxpayers from ex-US citizens, residents
The final regulations implement Sec. 2801, added to the Code in 2008, and follow up on proposed regulations issued 10 years ago.
Final regs. address resolution of federal tax controversies by Appeals
The final regulations, which include 24 exceptions to consideration of federal tax controversies by the IRS’s Independent Office of Appeals, generally follow the proposed regulations issued in October 2022.
IRS testing changes to alternative dispute resolution programs
New pilot programs involve fast-track settlements and post-appeals mediation.
Prop. regs. address expanded annual compensation deduction limitation
The regulations provide guidance on determining who is one of the “five highest compensated employees” under Sec. 162(m)(3)(C).
