The IRS recently updated frequently asked questions (FAQs) regarding changes to the limitation on the deduction for business interest expense (Fact Sheet 2025-09) and the Premium Tax Credit (Fact Sheet 2025-10) under the One Big Beautiful Bill (OBBB). For tax years beginning after Dec. 31, 2024, the OBBB amended Section 163(j) by: Allowing taxpayers to […]
https://www.irs.gov/newsroom/treasury-irs-provide-safe-harbor-for-taxpayers-claiming-the-carbon-capture-credit
Treasury, IRS provide safe harbor for taxpayers claiming the carbon capture credit Read More »
The U.S. Senate recently passed H.R. 1491, the Disaster Related Extension of Deadlines Act, which requires the IRS to treat the postponement of the federal tax return deadline due to a federally declared disaster or certain other events as an extension for purposes of calculating the limit on a tax refund. The legislation now goes to
Senate Passes Disaster Related Extension of Deadlines Act Read More »
https://www.irs.gov/newsroom/treasury-irs-allow-states-to-make-an-advance-election-to-participate-in-the-new-federal-tax-credit-for-individual-contributions-to-scholarship-granting-organizations-under-the-one-big-beautiful-bill
https://www.irs.gov/newsroom/treasury-irs-provide-guidance-on-new-tax-benefits-for-health-savings-account-participants-under-the-one-big-beautiful-bill
https://www.irs.gov/newsroom/treasury-irs-issue-guidance-on-trump-accounts-established-under-the-working-families-tax-cuts-notice-announces-upcoming-regulations
The IRS recently issued final regulations (T.D. 10037) regarding the application of the 1% excise tax on stock repurchases by publicly traded corporations under Sec. 4501. Introduced by the Inflation Reduction Act of 2022, the tax is based on the fair market value (FMV) of a corporation’s stock that certain corporations repurchase during a tax
IRS Issues Final Regulations on Stock Repurchase Excise Tax Read More »
https://www.irs.gov/newsroom/treasury-irs-provide-guidance-for-individuals-who-received-tips-or-overtime-during-tax-year-2025
https://www.irs.gov/newsroom/treasury-irs-issue-guidance-on-tax-benefit-for-lenders-on-loans-secured-by-farm-or-rural-property-under-the-one-big-beautiful-bill
The IRS recently announced the production shutdown and acknowledgment retrieval schedule for the Modernized e-File (MeF) system to prepare for the upcoming tax filing season. The schedule is as follows: The shutdown for “Send Submissions” will begin at 11:59 a.m. Eastern Time on Friday, Dec. 26, 2025. Transmitters may continue to use all other service
Modernized e-File Production Shutdown Schedule Read More »