Tax news and information - Journal of Accountancy

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October 1, 2025

IRS removes associated property rule in final interest capitalization regulations

The final regulations make minor clarifying changes to proposed regulations issued last year.

October 1, 2025

Spouse is not entitled to sales proceeds in a judicial sale of taxpayer’s home

A taxpayer’s spouse lacked an interest in the home under state law, the Eighth Circuit held.

October 1, 2025

Flowthrough forfeiture loss deduction denied

Application of the public policy doctrine is not limited to where a criminally convicted person directly pays a fine or penalty, the Tax Court held.

October 1, 2025

IRS fails to meet its burden that a valid notice of deficiency was mailed timely

The IRS was not entitled to a presumption of proper mailing for a notice with an erroneous address that it contended the taxpayer nonetheless received timely, the Tax Court held.

October 1, 2025

Line items

AICPA supports bill that lets married domestic violence victims file taxes as single … New commissioner confident IRS can implement OBBBA’s tax provisions … IRS staff cuts could put burden on practitioners to explain OBBBA … Congress passes act allowing tax relief when a state declares disaster … AICPA: Guidance needed on catch-up contributions under Roth mandate … It’s no joke: Being nice is among this attorney’s top ways to deal with the IRS

September 30, 2025

IRS withdraws prop. regs. affecting corporate spinoff transactions

The proposed regulations were withdrawn in response to comments that criticized the proposed guidance, according to the IRS.

September 29, 2025

IRS shutdown plan: Employees stay on the job for first 5 workdays

The IRS would use money from the Inflation Reduction Act to keep the agency’s over 74,000 employees working for the first five days of a potential government shutdown.

September 29, 2025

IRS trims PTIN fee as renewal season nears

The fee reduction comes as a result of a biennial review of PTIN fees.

September 25, 2025

Professional liability risks related to Form 1065, CPA firm acquisitions

An author of the JofA’s Professional Liability Spotlight column explains the risks associated with Form 1065 and those related to CPA firm acquisitions. She also shares why a strong employee onboarding process can have risk-management advantages. Listen to the podcast episode or read the Q&A.

September 24, 2025

Paper tax refund checks on the way out as IRS shifts to electronic payments

The IRS will phase out the use of paper checks for refunds beginning Sept. 30 and will publish detailed guidance later.

September 23, 2025

IRS keeps per diem rates unchanged for business travel year starting Oct. 1

In its list of high-cost and low-cost localities, the IRS kept per diem rates for travel, meals, and incidental expenses unchanged for the new annual period starting Oct. 1.

September 19, 2025

Details on IRS prop. regs. on tip income deduction

The proposed regulations define “qualified tips” for purposes of the deduction and contain details on allowable forms of payment.

September 19, 2025

AICPA urges IRS to modernize estate and trust tax forms

In a letter to the IRS, the AICPA said the changes align with an executive order mandating that all federal tax payments and refunds be processed electronically.

September 18, 2025

‘We’re still the thinkers’ — a reminder for tax pros in the AI era

Tax expert Annette Nellen highlights several tax provisions in the new budget law and why that law will be the main topic of conversation at the AICPA & CIMA National Tax Conference in November. Listen to the podcast episode or read the Q&A.

September 15, 2025

IRS finalizes regulations for Roth catch-up contributions under SECURE 2.0

The final regulations are similar to the proposed regulations issued in January, with some changes that the IRS said were made in response to comments.

September 15, 2025

PEEC seeks feedback on guidance for providing tax services to attest clients

An exposure draft addresses potential threats to independence when members perform tax advisory and tax planning services. The comment deadline is Dec. 15

September 15, 2025

3 new financial planning opportunities after OBBBA

Help clients navigate a few of the legislation’s broadly applicable tax changes.

September 15, 2025

IRS releases draft form for tip, overtime, car loan, and senior deductions

The IRS on Friday released a draft of Schedule 1-A (Form 1040), a single form that consolidates the calculations of the four temporary deductions for tips, overtime, car loan interest, and seniors that are allowed under H.R. 1.

September 9, 2025

IRS warns taxpayers: Social media advice can lead to costly penalties

Misleading posts about credits like the fuel tax credit are landing taxpayers in trouble — with fines up to $5,000 for frivolous returns.

September 8, 2025

Global tax deal could hurt US companies, says letter requesting OECD guidance

A letter from the Association of International Certified Professional Accountants addresses guidance and recommendations on the Pillar Two framework co-existing with U.S. tax rules for U.S. multinational enterprises in a side-by-side system to the OECD.