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Tax

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.

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.

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.

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

AICPA warns that merger of IRS offices would ‘confuse’ taxpayers

The proposed merger of the Office of Professional Responsibility and the Return Preparer Office would blur “the public’s ability to perceive the distinction between credentialed, uncredentialed, and unenrolled preparers,” the AICPA said in a letter.

SPONSORED REPORT

Preparing clients for new provisions next tax season

Preparing clients for new provisions next tax season

As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.

From The Tax Adviser

November 30, 2025

How a CPA and wealth adviser partnership can guide families through transition

November 30, 2025

Digital asset transactions: Broker reporting, amount realized, and basis

October 31, 2025

Recent developments in estate planning

October 31, 2025

Current developments in taxation of individuals: Part 2