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 […]
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 […]