Rev. Proc. 2025-19 also includes the revised maximum amount that may be made newly available for excepted-benefit health reimbursement arrangements.
Advertisement
TOPICS
Tax
The home sale gain exclusion in today’s market
With the recent surge in home prices, it’s time for advisers to brush up on this valuable tax exclusion.
Tax Court petition deadline not tolled by identity theft claim
Equitable tolling did not apply in the taxpayers’ case because they failed to establish that the identity theft had prevented them from timely filing their Tax Court petition.
Temporary relief for adequate identification of digital assets
During 2025, taxpayers may use certain alternative methods to make an adequate identification of digital assets held in the custody of a broker that are sold, disposed of, or transferred.
TIGTA recommends improvements for service to underserved, underrepresented, and rural communities
In a report released last June, the Treasury Inspector General for Tax Administration addressed how the IRS could improve its outreach to underserved communities.
Line items
Lower auto depreciation limits issued for first time in at least 3 years … AICPA supports Senate discussion draft to help taxpayers, preparers … Final regs. address taxes on gifts to taxpayers from ex-US citizens, residents … Final regs. address resolution of federal tax controversies by Appeals .. IRS testing changes to alternative dispute resolution programs … Prop. regs. address expanded annual compensation deduction limitation
AICPA comments on proposed regs. on new transfer-pricing method
The comments are in response to Notice 2025-04, which announced plans for the simplified and streamlined approach as a new transfer-pricing method under Sec. 482 regulations for pricing of baseline marketing and distribution activities.
Faulkender named fourth acting IRS commissioner this year
Treasury Secretary Scott Bessent said Michael Faulkender, who was confirmed as deputy Treasury secretary at the end of March, will step in to lead the IRS temporarily.
Basis-shifting transaction-of-interest regulations to be removed
The announcement by Treasury and the IRS is a reversal from January regulations. Thursday’s notice provides immediate relief from penalties under Secs. 6707A(a), 6707(a), and 6708 for any failure by participants or material advisers to file disclosure statements required by the regulations.
Business advocacy group seeks destruction of millions of BOI records
The National Federation of Independent Business said in a letter to Treasury Secretary Scott Bessent that millions of beneficial ownership information (BOI) reports filed by domestic companies before the government dropped the BOI requirement should be destroyed.
Uniform nonresident state income tax, withholding rules get AICPA support
A Senate bill would bar states from imposing tax and withholding on out-of-state workers who work for no more than 30 days within its borders. An AICPA letter described the bill as “critically important.”
IRS can make it easier to leave assets to younger generations, AICPA says
In a letter to the IRS, the AICPA recommended changes to the final regulations for generation-skipping transfer (GST) exemption and certain GST elections that it said would make it easier and less expensive for taxpayers to file.
IRS offers 3 voluntary separation programs as RIF gains steam
The programs include one open to the workers with the most seniority and a renewal of the previous deferred resignation program.
Pandemic-era ERC started with good intentions, ending with frustration
Congress authorized the employee retention credit, which ends April 15, to help businesses suffering in the throes of COVID-19. The arrival of promoters and ERC mills brought headaches for the IRS.
IRS: 7,000 probationary workers will return to their jobs in next 10 days
“I’m just riding the government roller coaster,” says one worker, who lost her job in February, was placed on administrative leave in March, and plans to return to work later this month.
Tax legislation, audit oversight, and other AICPA advocacy focus areas
An AICPA executive vice president details points of emphasis related to advocacy in Washington and offers advice to members on managing legislative and regulatory uncertainty. Listen to the episode or read the Q&A with Mark Peterson.
Bills dealing with tax administration, disaster victims pass House
The AICPA endorsed four of the six bills, all of which passed with bipartisan support and were forwarded to the Senate.
Deduction for theft loss and legal fees denied
The taxpayer failed to substantiate that a theft occurred or, if it did, its tax year of discovery for his investments in an alleged Ponzi scheme.
Pickleball club denied tax-exempt status
In a letter ruling, the IRS determined that a recreational community club was not a qualified amateur sports organization.
Taxpayer’s frivolous argument is once again denied
The Tax Court imposes a $25,000 frivolous-position penalty for persistent omission of wage and rental income.
Features
FROM THIS MONTH'S ISSUE
Flip out with the latest Tech Q&A
The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.
From The Tax Adviser
August 30, 2025
2025 tax software survey
July 31, 2025
