Tax news and information - Journal of Accountancy

TOPICS

March 2, 2026

New Schedule 1-A for tips, OT, car loans, and senior deductions published

The Schedule 1-A does not differ from the draft version issued last year, but instructions for Form 1040 provide details and examples on the four temporary deductions.

March 2, 2026

Senate bill targets preparers who break the law, expands IRS reforms

The AICPA supports the Taxpayer Assistance and Service Act but seeks further improvements.

March 1, 2026

District court dismisses taxpayer’s refund claim

The court held that it lacked subject-matter jurisdiction over a taxpayer’s refund claim that did not meet the full-payment rule set forth in Flora, 357 U.S. 63 (1958).

March 1, 2026

Nondeductible W-2 wages not included in Sec. 199A deduction computation

The Tax Court determined that W-2 wages that are not deductible under Sec. 280E in calculating taxable income are not included when calculating the Sec. 199A qualified business income (QBI) deduction.

March 1, 2026

Court determines taxpayer lacked profit motive

The Tax Court applied the hobby loss rules under Sec. 183 to disallow losses from a taxpayer’s ranch.

March 1, 2026

Line items

Click the headlines for these full stories. 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 passthrough entities. IRS outlines details for Trump accounts The IRS issued a notice on the accounts, a

February 27, 2026

IRS should open Trump accounts for eligible children automatically, AICPA says

In a letter to the IRS and Treasury, the AICPA said enrolling children by default “would promote equitable access, reduce procedural barriers, and strengthen the intended reach of the program.”

February 26, 2026

GAO says tax pros helped shape IRS response to ERC issues

The report to Congress also recommends four ways for the IRS to close the chapter on the pandemic-era credit.

February 23, 2026

Anticipated applicability date for future final RMD regs. announced

The IRS said it anticipates that the future final regulations on RMDs under Sec. 401(a)(9) will apply for the distribution calendar year that begins no earlier than six months after those regulations’ appearance in the Federal Register.

February 23, 2026

AI loses ground to pros as taxpayers rethink who should do their taxes

Taxpayers are shifting back toward human tax professionals, with trust in AI for filing slipping across every generation, survey shows.

February 20, 2026

AICPA seeks guidance on Sec. 174A(c) capitalization and amortization of R&E

Requested guidance can be provided through modifications to Rev. Proc. 2025-28 and/or other published guidance.

February 19, 2026

Average tax refund rises 11%; total filings decline

The average individual tax refund is up nearly 11% in the first 10 business days of the 2026 filing season, rising to $2,290 from $2,065 last year.

February 9, 2026

IRS broadens Tax Pro Account for accounting firms and others

The update allows firms that serve larger numbers of taxpayers to manage centralized authorization file access, view client information, and streamline authorizations online.

February 9, 2026

AICPA urges Treasury, IRS to simplify Sec. 951 documentation rules

The AICPA told Treasury that Notice 2025 75’s “determine and document” requirement is “ambiguous and potentially onerous” and urges replacing it with a simple safe harbor or eliminating it.

February 6, 2026

Businesses urge Treasury to destroy BOI data and finalize exemption

Just over 100 business associations asked Treasury Secretary Scott Bessent to purge previously submitted beneficial ownership information records and quickly finalize a rule exempting U.S. companies from BOI reporting.

February 2, 2026

IRS will stay fully staffed for first 5 days of shutdown

Treasury posted a lapsed appropriations contingency plan late last week that calls for the IRS to be fully staffed through Friday during the partial government shutdown.

February 2, 2026

How to ease taxes on inherited IRAs

Inheriting retirement accounts isn’t as simple as it used to be. The 10-year drawdown rule can trigger hefty taxes for heirs. Learn how smart planning can help.

February 1, 2026

Company lacks standing to sue ERTC advisers

The court dismisses a company’s complaint for failure to show it suffered a “concrete injury” from allegedly erroneous advice to claim the employee retention tax credit (ERTC).

February 1, 2026

Court upholds IRS authority to suspend EFINs

A district court held that the IRS had not violated a tax preparer’s Fifth Amendment due process rights or the Administrative Procedure Act (APA) when it suspended the preparer’s electronic filing identification numbers (EFINs) and expelled the preparer from the IRS e-file program.

February 1, 2026

Basketball officials’ association denied Sec. 501(c)(3) status

The association failed to meet both the organizational and operational tests under Sec. 501(c)(3) and failed to qualify as a “qualified amateur sports organization” under Sec. 501(j)(2).