The IRS proposed regulations that would limit Trump account investments to low-fee stock index funds and ETFs during the growth period.
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Tax
IRS shifts approach to conservation easement disputes
The agency said it has ended its latest conservation easement settlement initiative and is creating a new office to coordinate strategy for such cases.
IRS provides guidance on rollovers between retirement plans and IRAs
Use of the sample forms and proposed rollover procedures in the guidance is optional for plan sponsors.
IRS staffing cuts delayed paper returns and refunds, report says
For most taxpayers, the 2026 filing season was normal, a government report says. Those who filed paper returns or relied on paper refund checks faced delays because of a smaller IRS workforce and technology problems.
Final rule will eliminate BOI reporting for US entities
Treasury said a final rule will permanently end beneficial ownership information reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act.
Trump account prop. regs. clarify $2,500 limit for workers
The proposed regulations, which the IRS said would affect millions of children, families, and employers, also address self-employed owners, Sec. 125 cafeteria-plan contributions, and employer matching of the government’s $1,000 pilot-program contribution.
No joke: Comedian CPA adding more to Tax Return Pizza Tracker menu
Nicole Davis, CPA, built a Tax Return Pizza Tracker and then got a trademark for it. Now she has big plans for a companion app that would touch nearly every task in a tax firm.
Final regs. issued for Sec. 3406 backup withholding rules
Final IRS regulations reflect changes made by the OBBBA to rules governing backup withholding on third-party network transactions under Sec. 3406.
IRS updates overtime deduction FAQs, adds reporting details
Workers generally may claim the overtime pay deduction only for amounts reported on Form W-2, Wage and Tax Statement, beginning in tax year 2026, according to updated IRS FAQs. The IRS also clarified that the deduction does not make overtime pay exempt from gross income.
IRS adds notices, payment features to business tax accounts
Eligible businesses and organizations can now view more digital notices, make payments on installment agreements, and obtain EIN verification documents online.
IRS guidance addresses expanded paid family and medical leave credit
The guidance explains how employers can claim the expanded credit for paid family and medical leave beginning in 2026 using a premium-based method.
IRS warns crypto holders about fake compliance portal scam
The IRS said fraudsters are mailing letters that direct digital asset holders to a bogus “Digital Asset Compliance Portal” that mimics IRS.gov to collect personal information.
Refund generated by IRS computer error is rebate refund
The $15,764 refund was recoverable under deficiency procedures, the Tax Court held.
Taxpayer’s Social Security benefits are taxable despite his subsequently repaying them
The Tax Court held that the taxpayer could not offset the income by repayments of the benefits he made in a later tax year.
NIL organization denied tax-exempt status
The IRS denied tax-exempt status to an organization formed to compensate student-athletes for the use of their name, image, and likeness (NIL), concluding that the organization served private rather than public interests and operated for a substantial nonexempt purpose.
Senate Finance Committee advances tax bill backed by AICPA
The Senate Finance Committee approved the Taxpayer Assistance and Service Act, legislation backed by the AICPA that would modernize IRS operations, expand taxpayer services, and give the IRS authority to deny, revoke, or suspend preparer tax identification numbers.
FinCEN director expects final BOI reporting rule soon
The director of the Financial Crimes Enforcement Network told a congressional subcommittee that she’s “very optimistic” that the final rule will be issued before the end of the year.
IRS raises standard mileage rates for remainder of 2026
The midyear change follows an increase in gasoline prices, according to the IRS. It is the first such midyear adjustment since 2022.
PEEC finalizes revisions to tax services independence guidance
PEEC finalized revisions to the AICPA’s independence guidance for tax services, maintaining a principles-based framework for evaluating independence threats when providing tax advisory and planning services to attest clients.
IRS designates certain CRAT arrangements as listed transactions
The final regulations target arrangements that the IRS says improperly use charitable remainder annuity trusts and annuities to eliminate ordinary income and capital gain on the sale of property.
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From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
