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 […]
Overview of OBBBA Tax Provisions for Individuals and Tax Form Implementation
By: Michelle Freeman, Ed.D., CPA, and Heath McConnell, M.Acc., CPA Legislation H.R. 1, P.L. 119-21, better known as the One Big Beautiful Bill Act (OBBBA), was signed into law by President Donald Trump on July 4, 2025. In some respects, this bill is a “Tax Cuts and Jobs Act 2.0” since it extends or permanently […]
Social Security Wage Base, COLA Set for 2026
The Social Security Administration (SSA) recently announced that individual taxable earnings of up to $184,500 annually will be subject to Social Security tax in 2026. The updated amount is an increase from $176,100 in 2025. This amount is the wage base limit that applies to earnings subject to the 6.2% OASDI tax (old age, survivors […]