Line items

Click the headlines for these full stories.

Prop. regs. amend Sec. 3406 backup withholding regulations

The IRS issued the proposed regulations to reflect changes made by H.R. 1 to the threshold for backup withholding for third-party settlement organizations such as PayPal, Venmo, and others.

IRS IT overhaul set to finish by 2028, former official says

After years of delays, the IRS expects to complete modernization of its fragmented IT systems by 2028, a former acting IRS commissioner said during an AICPA Town Hall.

AICPA calls on IRS to automate Sec. 1033 extension requests

The recommendation aims to cut delays that leave taxpayers uncertain about disaster-related replacement deadlines for property.

Proposed regulations provide guidance on car loan interest deduction

In proposed regulations for the vehicle loan interest deduction, the IRS addresses issues for taxpayers and lenders, including eligibility criteria for the deduction and information-reporting requirements.

Business standard mileage rate increases for 2026

The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 72.5 cents per mile driven, up 2.5 cents from 2025.