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IRS Issues Guidance on Deductions for Tips and Overtime Compensation (Notice 2025-69; IR-2025-114)
The IRS has provided interim guidance on the deductions for qualified tips and qualified overtime compensation under the One Big Beautiful Bill Act (OBBBA) (P.L. 119-21). For tax year 2025, employers ...

IRS Provides Guidance on Expanding Availability of HSAs (Notice 2026-5; IR 2025-119)
The IRS provided guidance on changes relating to health savings accounts (HSAs) under the One, Big, Beautiful Bill Act (OBBBA) (P.L. 119-21). These changes generally expand the availability of HSAs un...

Initial Questions Related to Trump Accounts Addressed (Notice 2025-68; IR 2025-117)
The IRS has answered initial questions regarding Trump accounts, which it intends to address in forthcoming proposed regulations. The guidance addresses general questions relating to the establishment...

IRS to Propose Regulations on Credit for Contributions to Scholarship Granting Organizations (Notice 2025-70; IR 2025-115)
The IRS intends to issue proposed regulations to implement Code Sec. 25F, as added by the One Big Beautiful Bill Act (OBBBA) (P.L. 119-21). Code Sec. 25F allows a credit for an individual taxpayer'...

IRS Issues Certifications for Energy Project Credit (Announcement 2025-22, 2025-23)
The IRS has disclosed the first set of certifications for the qualifying advanced energy project credit under Code Sec. 48C(e)....

IRS Provides Advanced Election Procedures for Covered States Under Code Sec. 25F (Rev. Proc. 2026-6; IR 2025-121)
The IRS and Treasury Department have provided procedures for a state to elect to be a “covered state” to participate with the Code Sec. 25F credit program for calendar year 2027 prior to identif...

IRS Withdraws Proposed Rules on Joint and Several Liability Relief (NPRM REG-132251-11; REG-134219-08)
The IRS has formally withdrawn two proposed regulations that would have clarified how married individuals may obtain relief from joint and several tax liability. The withdrawal affects taxpayers seeki...

AICPA Voices Opposition to Merging IRS OPR and RPO
The American Institute of CPAs has voiced its opposition to the Internal Revenue Service’s proposal to combine the Office of Personal Responsibility and the Return Preparer Office...

How Do I? Get back start-up expenses in starting a business as quickly as possible
The American Jobs Creation Act of 2004 (2004 Jobs Act) changed the rules for start-up expenses in both favorable and unfavorable ways. Start-up expenditures are amounts that would have been deductible...

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