TAX NEWS
- The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Thursday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.
- In court documents filed in a lawsuit, officials said 1,446 Treasury employees received reduction-in-force notices, including 1,399 at the IRS.
- The IRS cited low usage and high costs as reasons for shuttering the program, which began during the previous administration.
- An IRS notice says employers won’t face penalties if they don’t provide a separate accounting of cash tips and overtime compensation for tax year 2025 under H.R. 1.
- Oscar Vives, who will speak at the AICPA’s National Tax Conference on retirement strategies, says the experience of growing up with a single mother who worked multiple blue-collar jobs strengthened his resolve to use his math skills and help his family.
- 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.
- The AICPA praised the Senate passage of the bill, saying it will enhance IRS operations and improve the taxpayer experience.
- 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.
- 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.
- 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.
- The Trump administration has moved a step closer to joining an international agreement that would allow the Internal Revenue Service (IRS) to access information and tax Americans’ cryptocurrency …
- The United States Court of Appeals for the Sixth Circuit has affirmed the convictions and sentences of Christos Karasarides Jr. and Ronald A. DiPietro, the principal figures in a long-running illegal …
- The Treasury Inspector General for Tax Administration will examine the workforce reductions by the Trump administration and the elimination of paper checks.
- The White House has initiated a review of a proposal by the IRS, its tax agency, to track and tax U.S. citizens’ offshore cryptocurrency holdings. This The White House begins evaluation of a Treasury …
- The IRS has announced an increase in contribution limits for 401(k), 403(b), and most 457 plans for the fiscal year 2026. This update aims to benefit millions of U.S. workers, including many Latinos, …
- White House begins reviewing a Treasury plan that could reshape how Americans’ offshore crypto holdings are reported and taxed.
- The Internal Revenue Service has announced new standard deductions and federal income tax brackets for tax year 2026. The federal tax agency announced the new brackets in October, which are typically …
- The IRS is currently dealing with a significant backlog of tax returns and related processes, a situation that has arisen in the wake of the longest government shutdown in U.S. history. This backlog …
- Another year brings another inflation adjustment for the thresholds that determine how much you owe Uncle Sam.
- The IRS has announced significant tax changes for 2026, driven by inflation adjustments that could impact millions of taxpayers. These updates are designed to accommodate rising costs and may alter …