Eligible businesses and organizations can now view more digital notices, make payments on installment agreements, and obtain EIN verification documents online.
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TOPICS
Tax
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.
Eligible taxpayers to get automatic IRS penalty relief
Under the new system, eligible taxpayers will no longer have to request penalty relief that the IRS says is routinely granted.
IRS adds online option, details for Kwong-related refund claims
Certain taxpayers with IRS online accounts can file a Kwong-related refund claim on Form 843 through a new secure application before a Friday deadline.
Corporation’s officer held personally liable for its taxes under Federal Priority Statute
A corporate officer who facilitated an insolvent company’s transfer of assets to private creditors while knowing of an outstanding federal tax debt was held personally liable for the taxes owed.
District court upholds final microcaptive reporting regulations
The IRS followed a “reasonably discerned path” in setting forth factors triggering designation of a microcaptive insurance arrangement as a listed transaction or transaction of interest, the court found.
Cannabis dispensary denied ERC
The Court of Federal Claims held that Sec. 280E, which prohibits deductions and credits for businesses trafficking in controlled substances, applies to the employee retention credit, including its refundable portion, and denied a cannabis business’s claim for a refundable ERC.
Line items
This column lists recent tax news from the Journal of Accountancy.
IRS seeks examples of incorrect CP53E notices
The request follows reports from taxpayers who said they received notices despite not expecting a refund or having already provided direct deposit information.
IRS offers gift tax safe harbor for contributions to Trump accounts
The guidance sets forth conditions for contributions to qualify for the annual gift tax exclusion and for donors to avoid filing gift tax returns.
IRS outlines AI risks, Circular 230 duties for tax practitioners
The IRS warned that AI’s risks — including fabricated outputs and data privacy concerns — require practitioners to verify results and follow existing Circular 230 rules on diligence, competence, and confidentiality.
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