The IRS and Treasury proposed regulations implementing Sec. 36B premium tax credit changes enacted in H.R. 1, including new eligibility and verification requirements, reporting changes, and rules governing repayment of excess advance premium tax credits.
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Individuals
Social Security wage base and COLA announced for 2027
The Social Security Administration announced a 3.6% cost-of-living adjustment for 2027 and increased the Social Security wage base to $192,300. The annual update also includes changes to retirement earnings limits and other indexed Social Security amounts that affect taxpayers and employers.
Treasury, IRS propose regulations for education tax credit
Treasury and the IRS proposed regulations for the education freedom tax credit, a new federal credit under Sec. 25F for contributions to organizations that provide scholarships to eligible elementary and secondary schools.
Cryptocurrency staking rewards are income in year received
Cryptocurrency tokens received as staking rewards are gross income in the year they are received.
IRS raises per diem rates for business travel effective Oct. 1
In its annual update, the IRS increased the special per diem rates taxpayers may use to substantiate business travel expenses for the upcoming travel year and updated its list of high-cost localities.
Erroneous refund of underpayment interest eligible for Sec. 6015(f)(1) relief
The refund gave rise to an unpaid tax liability eligible for equitable innocent-spouse relief, the Tax Court held.
IRS should automate name, address changes, AICPA says
A letter to the IRS says that processing times of six to eight weeks or longer for taxpayer name and address changes can create compliance risks and should be reduced through automation.
IRS provides guidance on rollovers between retirement plans and IRAs
Use of the sample forms and proposed rollover procedures in the guidance is optional for plan sponsors.
No joke: Comedian CPA adding more to Tax Return Pizza Tracker menu
CPA Nicole Davis built a Tax Return Pizza Tracker and then got a trademark for it. Now she has big plans for a companion app that would touch almost every task in a tax firm.
IRS updates overtime deduction FAQs, adds reporting details
Workers generally may claim the overtime pay deduction only for amounts reported on Form W-2, Wage and Tax Statement, beginning in tax year 2026, according to updated IRS FAQs. The IRS also clarified that the deduction does not make overtime pay exempt from gross income.
Planning for new charitable contribution limits
Thresholds and ceilings for individual and corporate deductions under the law known as the One Big Beautiful Bill Act may indicate a need for donation timing and other strategies.
The end of deferral: Calculating QOZ gain recognition on Dec. 31, 2026
A critical milestone in the qualified opportunity zone program looms, and understanding how to calculate the required deferred gain recognition is essential.
‘Stacking’ charitable contributions up to the 60% limit
The OBBBA sought to clarify AGI‑based charitable contribution deduction limits but instead added uncertainty over how those limits apply.
Condo casualty losses: Deductions for common-interest property
When disaster strikes a condominium or planned community, owners often pay for common-area repairs — but don’t always get the casualty loss deduction they expect. This article addresses when deductions are allowed and how communities might restructure ownership to unlock tax benefits for their residents.
Current developments in taxation of individuals: Part 3
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
Current developments in taxation of individuals: Part 2
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
Assessment of tax for excess APTC payments is invalid
The Tax Court advised a taxpayer that filing a second petition would not allow another IRS Collection Due Process review.
IRS finalizes deduction rules for tips, adds 3 eligible jobs
The final IRS regulations expand the tips deduction to 71 occupations and clarify rules on qualified tips, digital payments, and automatic gratuities.
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including
court cases, rulings, and guidance issued during the six months ending October 2025.
New Schedule 1-A for tips, OT, car loans, and senior deductions published
The Schedule 1-A does not differ from the draft version issued last year, but instructions for Form 1040 provide details and examples on the four temporary deductions.
PRACTICE MANAGEMENT
2026 tax software survey
CPAs rate their return preparation software’s performance during this year’s tax season.
