TAX NEWS
- 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.
- 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.
- 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.
- 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.
- 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.
- The final regulations make minor clarifying changes to proposed regulations issued last year.
- U.S. Sen. Jim Justice said his most recent federal issues will work themselves out as they have time and time again. Speaking during a virtual briefing with reporters from Capitol Hill Thursday …
- Wondering about a stimulus check in 2025? See Trump rebate eligibility, IRS where's my refund, get my payment status tracker by social security number …
- Americans may see larger tax refunds in 2026, thanks to the IRS updatng delays to account for Trump's retroactive tax provision, an economist says.
- Taxpayers who buy a new car assembled in U.S. may be able to deduct up to $10,000 beginning in 2025. To help sort out the details, the IRS is rolling out guidance.
- Transitional guidance released by the IRS on Oct. 21 gives auto lenders room for avoiding penalties when it comes to reporting requirements.
- The IRS has issued an update which corrects some calculations as published initially by the IRS as part of the annual inflation adjustments for the year 2026.
- The IRS is raising standard deductions for 2026 — up to $32,200 for joint filers and $16,100 for singles — along with larger credits for families, adoption …
- As usual, tax bracket thresholds were raised. Many taxpayers are getting some additional relief beginning this year, though.
- Standard tax deductions are increasing across the board, but the news is even better for those 65 years and older.
- Taxpayers may continue using the existing forms and procedures for filing their taxes in the meantime, the IRS said. The move was done with the intention of protecting taxpayers, speeding up refunds …