Treasury, IRS issue guidance on Trump Accounts established under the Working Families Tax Cuts; notice announces upcoming regulations
https://www.irs.gov/newsroom/treasury-irs-issue-guidance-on-trump-accounts-established-under-the-working-families-tax-cuts-notice-announces-upcoming-regulations
IRS Issues Final Regulations on Stock Repurchase Excise Tax
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 […]
Treasury, IRS provide guidance for individuals who received tips or overtime during tax year 2025
https://www.irs.gov/newsroom/treasury-irs-provide-guidance-for-individuals-who-received-tips-or-overtime-during-tax-year-2025
Treasury, IRS issue guidance on tax benefit for lenders on loans secured by farm or rural property under the One, Big, Beautiful Bill
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
Modernized e-File Production Shutdown Schedule
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 […]
401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500
https://www.irs.gov/newsroom/401k-limit-increases-to-24500-for-2026-ira-limit-increases-to-7500
Interest rates remain the same for the first quarter of 2026
https://www.irs.gov/newsroom/interest-rates-remain-the-same-for-the-first-quarter-of-2026
IRS Ends Direct File Program
The IRS recently announced that it ended Direct File, a program that allowed eligible taxpayers to file tax returns directly with the IRS for free. The Direct File online pilot program launched in 2023 in 12 states and expanded to 25 states for tax year 2024. Nearly 300,000 taxpayers used the program to file 2024 […]
Treasury, IRS provide penalty relief for tax year 2025 for information reporting on tips and overtime under the One, Big, Beautiful Bill
https://www.irs.gov/newsroom/treasury-irs-provide-penalty-relief-for-tax-year-2025-for-information-reporting-on-tips-and-overtime-under-the-one-big-beautiful-bill
Unpacking the One Big Beautiful Bill (Part 2: Businesses)
By: Emily D. Cokeley, Ph.D., CPA, and Shelby Follis, CPA In the previous issue, we reviewed changes to the tax code introduced or extended by the One Big Beautiful Bill (OBBB), focusing on individual taxpayers. In this issue, we turn to the provisions affecting businesses. As before, our discussion is intended to assist practitioners advising […]