Tax news and information - Journal of Accountancy

TOPICS

October 24, 2025

Social Security wage base and COLA announced for 2026

Individual taxable earnings of up to $184,500 annually will be subject to Social Security tax in 2026, the Social Security Administration said. The SSA also announced a cost-of-living adjustment of 2.8% for both Social Security and Supplemental Security Income benefits for next year.

October 22, 2025

Congress passes bill requiring IRS to clarify math error notices

The AICPA praised the Senate passage of the bill, saying it will enhance IRS operations and improve the taxpayer experience.

October 22, 2025

AICPA seeks IRS guidance on tip, overtime tax deductions for 2025

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.

October 21, 2025

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.

October 9, 2025

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.

October 9, 2025

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.

October 8, 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.

October 7, 2025

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.

October 6, 2025

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.

October 2, 2025

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.

October 1, 2025

IRS removes associated property rule in final interest capitalization regulations

The final regulations make minor clarifying changes to proposed regulations issued last year.

October 1, 2025

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.

October 1, 2025

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.

October 1, 2025

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.

October 1, 2025

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

September 30, 2025

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.

September 29, 2025

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.

September 29, 2025

IRS trims PTIN fee as renewal season nears

The fee reduction comes as a result of a biennial review of PTIN fees.

September 25, 2025

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.

September 24, 2025