Tax news and information - Journal of Accountancy

TOPICS

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.

December 17, 2025

Corporate Transparency Act, source of BOI reporting mandate, held constitutional

Despite the Eleventh Circuit holding that the Corporate Transparency Act is constitutional, an interim rule from Treasury means that domestic companies are not subject to beneficial ownership information reporting requirements.

December 17, 2025

Even an expert says: Digital asset reporting creates headaches

At the AICPA National Tax Conference, digital assets expert Nik Fahrer, CPA, sympathized with tax pros who dread the upcoming tax season because of digital asset reporting requirements.

December 11, 2025

Why 2026 is another ‘big tax year’

Get an inside look at the AICPA’s tax advocacy focus, including improving taxpayer service and shaping IRS processes for a smoother filing season. Listen to the podcast episode or read the Q&A with the AICPA’s vice president–Tax Policy & Advocacy.

December 9, 2025

IRS clarifies health savings account changes in H.R. 1 in new notice

Among other changes, the guidance explains that bronze and catastrophic plans are considered HSA-compatible under Sec. 223.

December 8, 2025

PTEs need more notice of changes, more time to respond, AICPA says

In a letter to Treasury and the IRS, the AICPA seeks changes to tax reporting requirements for partnerships and S corporations.

December 5, 2025

IRS announces prop. regs. on international tax law provisions in OBBBA

The proposed regulations will deal with changes included in H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act.

December 4, 2025

Where CPAs stand on economic sentiment, what’s next for the JofA podcast

This episode summarizes results of a recent quarterly survey on economic and business sentiment, mentions IRS news, and previews future content. Listen to the episode or read the transcript.

December 3, 2025

IRS outlines details for Trump accounts

The IRS released initial details on Trump accounts, a new type of IRA for some children. Also, a billionaire business executive pledged $6.25 billion to provide 25 million children with a $250 contribution to a Trump account.

December 1, 2025

New regs. reshape 1% stock buyback tax, drop funding rule

The IRS published final regulations that scrap the proposed funding rule and ease compliance for M&A deals, preferred stock, and netting provisions.

December 1, 2025

Managing MNE subsidiaries during tariff shocks

Multinational enterprises’ subsidiaries need other incentives to optimize their performance if transfer pricing policies guarantee them a routine profit.

December 1, 2025

Second Circuit reverses Tax Court’s dismissal of deficiency petition

The appellate court holds that the Sec. 6213(a) deadline for filing a Tax Court deficiency petition is nonjurisdictional and subject to equitable tolling.

December 1, 2025

Tax Court denies bad-debt deduction

Advances made by a taxpayer in its business of managing an arena were not bona fide debt, and the taxpayer was not entitled to a bad-debt deduction when the advances became worthless.

December 1, 2025

Estate’s portability election held invalid

The taxpayer’s predeceased spouse’s estate failed to timely file an estate return and did not qualify for the safe harbor in Rev. Proc. 2017-34, so its portability election was invalid, the Tax Court held.

December 1, 2025

Line items

IRS finalizes regulations for Roth catch-up contributions under SECURE 2.0 … IRS releases draft form for tip, overtime, car loan, and senior deductions … IRS warns taxpayers: Social media advice can lead to costly penalties … Guidance on research or experimental expenditures under H.R. 1 issued … Draft 2026 Form W-2 includes boxes and codes for tips and overtime … Treasury posts preliminary list of jobs eligible for no tax on tips

November 24, 2025

AICPA asks Treasury, IRS to change approach to dual consolidated losses

A letter urges an exception to the current “all or nothing” approach that prevents U.S. companies from deducting any part of a dual consolidated loss if even a portion of the DCL was used in a foreign country.

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