News & Updates

The IRS issued the proposed regulations to reflect changes made by H.R. 1 to the threshold for backup withholding for third-party settlement organizations such as PayPal, Venmo, and others.

After years of delays, the IRS expects to complete modernization of its fragmented IT systems by 2028, a former acting IRS commissioner said at an AICPA webcast.

The IRS acknowledged that new tax provisions could affect federal taxes, credits, and deductions. The start of filing season is in line with previous years.

The IRS said it will begin accepting business tax returns electronically next week. No date has been announced yet for individual tax returns.

The recommendation aims to cut delays that leave taxpayers uncertain about disaster related replacement deadlines for property.

In proposed regulations for the car loan interest deduction, the IRS addresses issues for taxpayers and lenders, including eligibility criteria for the deduction and information-reporting requirements.

The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 72.5 cents per mile driven, up 2.5 cents from 2025.

The updates reflect changes made in H.R. 1, P.L. 119–21, commonly known as the One Big Beautiful Bill Act.

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 information reporting requirements.

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.