TAX NEWS
- A letter urges an exception to the current “all or nothing” approach that prevents U.S. companies from deducting any part of a dual consolidated loss if even a portion of the DCL was used in a foreign country.
- During a session at the AICPA National Tax Conference, the national taxpayer advocate said the IRS will start applying first-time abatements automatically next year.
- The IRS also is updating some income tax forms and instructions to help taxpayers claim the deductions.
- 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.
- Three former IRS leaders, speaking at the 2025 AICPA National Tax Conference, discussed the agency’s future and what happens if a shutdown occurs during filing season.
- Arthur Auerbach, an AICPA volunteer for 23 years, and Cory Perry, the chair of the AICPA’s Organization for Economic Co-operation and Development Task Force, received the tax profession’s highest honors.
- 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.
- IRS tax refund 2026 filings begin in late January, with most direct-deposit refunds arriving 10–21 days after IRS acceptance. Early filers accepted around January 26 may see refunds by February 6. New …
- Financial experts reveal eight common tax mistakes that can increase your chances of triggering an IRS audit and explain how to avoid these costly errors.
- The IRS released new guidance for no tax on tips and overtime deductions under the One Big Beautiful Bill Act. Eligible workers can claim up to $25,000 for tips and $12,500 for overtime.
- Takeaways For tax years 2025 -2028, the One Big Beautiful Bill Act (OBBBA) allows employees to take an above-the-line tax deduction on qualified overtime pay and qualified tips.
- The post IRS Sets 2026 Inflation Tax Adjustments appeared first on Self Employed.
- Donnelly concluded that traders who have not been reporting their crypto activity face increasing risk as the IRS and foreign tax agencies expand their visibility into digital asset flows. He urged …
- The credit will apply to donations made to scholarship-granting organizations that support elementary and secondary students.
- The IRS has quietly set the rules that will shape how much of your 2026 income ends up in Washington, and the changes are more modest than many taxpayers might expect. Brackets are inching higher, key …
- Navigating annual tax changes can feel daunting at times—but understanding them is key to making informed financial decisions. Firms play a vital role in unpacking these important updates, guiding …
- Older Americans could enjoy a bigger break in 2026 thanks to the new seniors’ tax deduction of $6,000 — one of the tax changes outlined in Trump’s One Big Beautiful Bill Act.