Tax news and information - Journal of Accountancy

TOPICS

January 28, 2026

New law, IRS workforce cuts raise red flags for tax season, reports say

Separate reports from two federal oversight bodies warn that the IRS may struggle to maintain service levels between now and April 15, possibly causing delays in tax refunds and in getting answers by phone.

January 27, 2026

SECURE 2.0 amendment deadline extended for IRAs, other retirement plans

The IRS extended the deadline for SECURE 2.0 related amendments to IRAs, SEPs, and SIMPLE IRAs to Dec. 31, 2027, saying that additional time is needed to complete model language.

January 23, 2026

IRS releases FAQs on qualified overtime pay deduction under H.R. 1

An IRS fact sheet explains when overtime compensation qualifies for the H.R. 1 deduction and how Fair Labor Standards Act rules apply, including for federal employees.

January 16, 2026

IRS Advisory Council report defends workers, criticizes budget and staff cuts

In its annual report, IRSAC said the IRS has been through “an extraordinarily difficult year” with budget and staff cuts while preparing for numerous tax law changes. The report also noted tax practitioners’ prolonged wait times when contacting the IRS.

January 16, 2026

AICPA tax policy and advocacy successes: 2025 highlights

The AICPA’s Tax Division volunteer committees and technical resource panels can point to many positive results last year from its advocacy to Treasury, the IRS, and Congress for law changes and administrative guidance.

January 9, 2026

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.

January 9, 2026

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 at an AICPA webcast.

January 8, 2026

IRS to start accepting and processing tax returns on Jan. 26

The IRS acknowledged that new tax provisions could affect federal taxes, credits, and deductions. The start of filing season is in line with previous years.

January 7, 2026

Electronic filing for business tax returns starts next week

The IRS said it will begin accepting business tax returns electronically next week. No date has been announced yet for individual tax returns.

January 6, 2026

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.

January 5, 2026

Proposed regulations provide guidance on car loan interest deduction

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

January 2, 2026

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.

January 1, 2026

Tax-efficient drawdown strategies in retirement

Follow these tips to help clients draw down their retirement funds in a tax-efficient manner and avoid common mistakes.

January 1, 2026

‘Intent to evade tax’ for purposes of Sec. 6501(c) not limited to taxpayer’s intent

The Third Circuit affirmed the Tax Court’s broad interpretation of “intent” under Sec. 6501(c)(1).

January 1, 2026

Second Circuit denies SALT cap workaround

Final regulations prohibiting a federal charitable deduction for contributions to a state or local fund for which the donor receives a state or local tax credit are upheld under a Loper Bright analysis.

January 1, 2026

FBAR penalty case dismissed on constitutional grounds

A district court held that the government violated a taxpayer’s Seventh Amendment right to a civil jury trial in an FBAR case.

January 1, 2026

Line items

Annual inflation adjustments announced for tax year 2026 … Social Security Administration head to also serve in new IRS role … Job cuts mean strong 2025 tax season may be hard to repeat, IRS watchdog warns … IRS removes associated property rule in final interest capitalization regulations … IRS withdraws prop. regs. affecting corporate spinoff transactions

January 1, 2026

Filing season quick guide — tax year 2025

This annual tax quick guide highlights dollar thresholds, tax tables, standard amounts, credits, and deductions.

January 1, 2026

Get ready for tax season

Guide clients through the significant changes in H.R. 1.

December 23, 2025

IRS updates FAQs on business interest limitation, premium tax credit

The updates reflect changes made in H.R. 1, P.L. 119–21, commonly known as the One Big Beautiful Bill Act.

FROM THIS MONTH'S ISSUE

Tax-efficient drawdown strategies in retirement

Want to stretch retirement funds and avoid tax pitfalls? This article shares tips and models for smarter drawdown strategies that maximize after-tax wealth, manage Social Security and Medicare impacts, and minimize surprises. Also see: Tax season preview and quick guide.