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Final Regulations Issued on Car Loan Interest Deduction (TD 10054)
The Treasury Department and IRS have finalized regulations regarding the deduction of up to $10,000 in personal car loan interest by individuals for tax years 2025 through 2028. This includes regulati...

Proposed Regulations Would Deny Tax-Exempt Status to Private Schools Engaging in Racial Discrimination (NPRM REG-119986-25; IR 2026-103)
The Treasury Department and IRS have issued proposed regulations providing that a private school is not eligible for Federal income tax exemption under section 501(c)(3) if it considers race, color,...

Partnership’s Final Partnership Adjustment Timely Under Extended Limitations Period (Katanga Properties, TC)
A Notice of Final Partnership Adjustment (FPA) issued by the IRS to a partnership was timely under Code Sec. 6235 because the partnership and IRS had agreed to extend the limitations period for maki...

Disaster Tax Relief Bill Signed Into Law
The Doug LaMalfa Federal Disaster Tax Relief Certainty Act has been signed into law by President Trump....

IRS Modifies Automatic Accounting Method Change Procedures for Research Costs and Construction Contracts (Rev. Proc. 2026-32)
The IRS has modified automatic accounting method change procedures for research or experimental expenditures and certain residential construction contracts. Rev. Proc. 2026-32 modifies sections 7 an...

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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