IRS updates FAQs on business interest limitation, premium tax credit
The updates reflect changes made in H.R. 1, P.L. 119–21, commonly known as the One Big Beautiful Bill Act.
Corporate Transparency Act, source of BOI reporting mandate, held constitutional
Despite the Eleventh Circuit holding that the Corporate Transparency Act is constitutional, an interim rule from Treasury means that domestic companies are not subject to beneficial ownership [...]
Even an expert says: Digital asset reporting creates headaches
At the AICPA National Tax Conference, digital assets expert Nik Fahrer, CPA, sympathized with tax pros who dread the upcoming tax season because of digital asset reporting requirements.
IRS clarifies health savings account changes in H.R. 1 in new notice
Among other changes, the guidance explains that bronze and catastrophic plans are considered HSA-compatible under Sec. 223.
PTEs need more notice of changes, more time to respond, AICPA says
In a letter to Treasury and the IRS, the AICPA seeks changes to tax reporting requirements for partnerships and S corporations.
Government withdraws defense of retirement fiduciary rule
The Justice Department dropped its appeal in a case challenging a Biden-era regulation, leaving financial advisers free from new fiduciary duties for now.
IRS announces prop. regs. on international tax law provisions in OBBBA
The proposed regulations will deal with changes included in H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act.
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 [...]
New regs. reshape 1% stock buyback tax, drop funding rule
The IRS published final regulations that scrap the proposed funding rule and ease compliance for M&A deals, preferred stock, and netting provisions.
