Taxes December 31, 2025
IRS Issues Proposed Regs on OBBBA’s Car Loan Interest Deduction
The IRS and U.S. Treasury just rolled out official guidance on a brand-new tax deduction that could save car buyers up to $10,000 in 2026.
Taxes December 23, 2025
IRS Says Guidance Forthcoming on Dyed Fuel Excise Tax Refunds
Announcement 2026-01, which was issued on Dec. 22, notes that future IRS guidance will explain the process of how eligible taxpayers can submit a dyed fuel refund claim.
Taxes December 22, 2025
IRS: States Can Make an Advanced Election to Participate in New Scholarship Tax Credit
This new credit, established under the One Big Beautiful Bill Act, is for contributions to scholarship granting organizations that serve elementary and secondary school students from low- and middle-income families.
Taxes December 11, 2025
Treasury Secretary Labels 3 Democratic Governors as ‘Grinches’ Over Their State’s Taxes
Scott Bessent targeted New York Gov. Kathy Hochul, Colorado Gov. Jared Polis, and Illinois Gov. JB Pritzker over their state's taxes amid the ongoing holiday season.
Taxes December 11, 2025
IRS Issues Guidance on New HSA Tax Benefits Under OBBBA
The Treasury Department and the IRS provided guidance in Notice 2026-05 on Dec. 9 on new tax benefits for health savings account participants under this summer's One Big Beautiful Bill Act.
Taxes December 8, 2025
AICPA Tells Treasury to Simplify Passthrough Entity Reporting Requirements
The suggestions include recommendations to help alleviate time compression constraints currently impacting the ability of tax practitioners to prepare complete and accurate returns for PTEs, specifically those with tiered structures.
Taxes December 4, 2025
Scott Bessent Under Consideration to Also Lead National Economic Council
The National Economic Council works on all economic issues out of the White House including taxes, health care and energy and serves as a key policy coordinator for those ideas and plans across the federal government.
Taxes November 25, 2025
IRS Seeks Comments on New OBBBA Tax Credit Scholarship Program
The Treasury Department and the IRS are seeking feedback on the implementation of a new federal tax credit scholarship program under the One Big Beautiful Bill Act designed to support school choice initiatives and students with education-related expenses.
Taxes November 10, 2025
Treasury Secretary Says Trump’s Proposed $2,000 ‘Dividend’ May Come Via Tax Cuts
Scott Bessent said President Donald Trump’s suggestion that Americans may receive a tariff “dividend” of at least $2,000 could come via the tax cuts passed in his signature economic policy bill earlier this year.
Income Tax October 16, 2025
Income Taxes and Puerto Rico – Feds Increase Scrutiny of Residency: 2025 Update
Recent cases show that federal prosecutors have subpoenaed client files from a major law firm, signaling that investigators are reviewing taxpayers’ actions and also the advice and documentation prepared by advisers.
IRS October 13, 2025
IRS Among Federal Agencies Hit with RIFs as Shutdown Continues
Reduction-in-force notices were sent to more than 1,400 Treasury Department employees, many of whom work at the IRS, on Oct. 10 as the Trump administration acted on its threat of ordering mass layoffs at several federal agencies in response to the government shutdown.
IRS October 6, 2025
A CEO at the IRS: Treasury Department Names Frank Bisignano to Fill New Role
Bisignano will report directly to Treasury Secretary Scott Bessent, who is also acting chief of the IRS, managing the organization and overseeing all day-to-day operations while also continuing to serve in his role as head of the Social Security Administration.