IRS issues FAQs on Form 1099-K threshold under the One, Big, Beautiful Bill; dollar limit reverts to $20,000
https://www.irs.gov/newsroom/irs-issues-faqs-on-form-1099-k-threshold-under-the-one-big-beautiful-bill-dollar-limit-reverts-to-20000
Congress Passes Internal Revenue Service Math and Taxpayer Help Act
The U.S. Senate recently passed the Internal Revenue Service Math and Taxpayer Help Act, H.R. 998. Among other changes, the bill requires the IRS to provide taxpayers with specific information on notices related to a math or clerical error. Approved by the House earlier this year, the bill now goes to President Donald Trump for his […]
Treasury, IRS provide transition relief for 2025 for businesses reporting car loan interest under the One, Big, Beautiful Bill
https://www.irs.gov/newsroom/treasury-irs-provide-transition-relief-for-2025-for-businesses-reporting-car-loan-interest-under-the-one-big-beautiful-bill
IRS releases tax inflation adjustments for tax year 2026, including amendments from the One, Big, Beautiful Bill
https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2026-including-amendments-from-the-one-big-beautiful-bill
IRS Furloughs Employees, Closes Most Operations
In a notice to employees posted on its website, the IRS announced it began an agency-wide furlough on Oct. 8, 2025, and that most of its operations have closed due to the federal government shutdown. The IRS updated its contingency plan on the evening of Oct. 8, sharing that from Oct. 8 through April 30, 2026, 53.6% of the […]
Treasury, IRS provide penalty relief for remittance transfer providers who fail to deposit excise tax under the One, Big, Beautiful Bill
https://www.irs.gov/newsroom/treasury-irs-provide-penalty-relief-for-remittance-transfer-providers-who-fail-to-deposit-excise-tax-under-the-one-big-beautiful-bill
Treasury, IRS provide guidance for Opportunity Zone investments in rural areas under the One, Big, Beautiful Bill
https://www.irs.gov/newsroom/treasury-irs-provide-guidance-for-opportunity-zone-investments-in-rural-areas-under-the-one-big-beautiful-bill
Treasury, IRS issue regulations to reduce the amount of the user fee for tax professionals who apply for or renew a PTIN
https://www.irs.gov/newsroom/treasury-irs-issue-regulations-to-reduce-the-amount-of-the-user-fee-for-tax-professionals-who-apply-for-or-renew-a-ptin
IRS Announces Special Per Diem Rates
The IRS recently released Notice 2025-54, providing that the special per diem rates by which taxpayers may substantiate ordinary and necessary business expenses of travel starting Oct. 1 will remain the same as the previous year. Generally, a payer may consider substantiated for federal tax purposes an employee’s expenses incurred for employment-related travel in an amount […]
IRS to phase out paper tax refund checks starting with individual taxpayers
https://www.irs.gov/newsroom/irs-to-phase-out-paper-tax-refund-checks-starting-with-individual-taxpayers