The AICPA said taxpayers and tax professionals need certainty about how to claim the deductions for 2025. The IRS has said it will not update its forms until 2026.
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Tax
IRS offers relief on car loan interest reporting under H.R. 1
The agency said it is providing the relief because both lenders and the IRS need more time to comply with the new car loan interest reporting requirements added by H.R. 1.
IRS furloughs nearly half its workers, closes most operations
Under an updated contingency plan, nearly 40,000 of the approximately 74,000 IRS workers will stay on the job, including more than 24,000 in Taxpayer Services. In response to the plan, the AICPA recommended “fair, reasonable, and practical relief measures to mitigate the negative impact of the shutdown” on taxpayers and practitioners.
Annual inflation adjustments announced for tax year 2026
The IRS published annual inflation adjustments for more than 60 tax provisions for tax year 2026, in addition to changes to the standard deduction for tax year 2025.
Shutdown concerns, the quest for tax guidance, the future of IRS service
An AICPA tax leader provides context on IRS operations during a shutdown, why guidance is needed in particular this year for tax practitioners, and why the definition of filing season is “a point of contention.” Listen to the podcast episode or read the Q&A.
Social Security Administration head to also serve in new IRS role
Treasury Secretary Scott Bessent said Monday that Frank Bisignano, the commissioner of the Social Security Administration, will serve in the newly created role of CEO of the IRS.
AICPA calls for fully staffed IRS regardless of shutdown length
With an Oct. 15 tax deadline looming for many and guidance needed on H.R. 1, the AICPA says it’s imperative that the IRS keep all employees on the job.
Job cuts mean strong 2025 tax season may be hard to repeat, IRS watchdog warns
Critical staff stayed on the job for this year’s tax season, but that won’t be the case in 2026, the Treasury Inspector General for Tax Administration said in a new report.
IRS removes associated property rule in final interest capitalization regulations
The final regulations make minor clarifying changes to proposed regulations issued last year.
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.
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.
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.
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
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.
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.
IRS trims PTIN fee as renewal season nears
The fee reduction comes as a result of a biennial review of PTIN fees.
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.
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.
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.
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.
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Current developments in taxation of individuals: Part 2
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