The IRS has outlined key provisions of the One Big Beautiful Bill Act (P.L. 119-21), signed into law on July 4, 2025, that introduce new deductions beginning in tax year 2025. The deductions apply through 2028 and cover qualified tips, overtime pay, car loan interest,...
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GAO Report Highlights IRS Challenges To IRS Improving The Taxpayer Experience
Funding uncertainty and a constantly changing tax law environment are presenting challenges to the Internal Revenue Service as it works to meet legislative and executive mandates to improve the taxpayer experience. A July Government Accountability...
Large Corporation Audits Down As IRS Focuses On High-Income Individuals And Partnerships
Audits on high-income individuals and partnerships have increased in recent years as audits on large corporations have decreased in response to the Internal Revenue Service’s focus on the former group, the Treasury Inspector General For Tax Administration found. In...
IRS Addresses Withholding and Reporting for Uncashed and Reissued Retirement Plan Checks (Rev. Rul. 2025-15)
The IRS has released guidance clarifying the withholding and reporting obligations for employers and plan administrators when a retirement plan distribution check is uncashed and later reissued. In the scenario addressed, a plan administrator issued an $800 designated...
Treasury and IRS Withdraw Proposed Regulations on Built-in Gain and Loss (REG-125710-18)
The Treasury Department and the IRS have withdrawn proposed rules addressing the treatment of built-in income, gain, deduction, and loss taken into account by a loss corporation after an ownership change under Code Sec. 382(h). The withdrawal, effective July 2, 2025,...
Rule on Gross Proceeds Reporting by Brokers Removed from CFR, T.D. 10021
The Treasury and IRS removed this final rule from the Code of Federal Regulations (CFR) that involved gross proceeds reporting by brokers for effectuating digital asset sales. The agencies reverted the relevant text of the CFR back to the text that was in effect...
Staffing Issues Lead 2026 Challenges For IRS – NTA (IR-2025-71)
A more then 25 percent reduction in the Internal Revenue Service workforce will likely present some significant challenges on the heels of a 2025 tax season described as a "measured success," according to the Office of the National Taxpayer Advocate. In the "Fiscal...
ETAAC Issues 2025 Annual Report with Recommendations to Congress and IRS (IR-2025-72)
The Internal Revenue Service Electronic Tax Administration Advisory Committee (ETAAC) released its 2025 annual report during a public meeting in Washington, D.C., outlining 14 recommendations—ten directed to the IRS and four to Congress. ETAAC operates under the...
Supreme Court Rules Tax Court Lacks Jurisdiction Where IRS Withdraws Levy
Supreme Court Rules Tax Court Lacks Jurisdiction Where IRS Withdraws Levy (Commissioner v. Zuch, SCt.) The U.S. Tax Court lacks jurisdiction over a taxpayer’s appeal of a levy in a collection due process hearing when the IRS abandoned its levy because it applied the...
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