The bill extends portions of the Tax Cuts and Jobs Act, provides deductions to eliminate income taxes on certain tips and overtime pay, and addresses other tax priorities of the Trump administration.
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Individuals
Microcaptive insurance arrangements subject to new rules
To protect against certain risks, businesses can create “captive” insurance companies. The final regulations designate certain microcaptive arrangements as reportable listed transactions or transactions of interest.
Senate budget bill would preserve PTET SALT deduction
An AICPA statement after the bill was issued by the Senate Budget Committee lauded lawmakers for “diligent work to reject new tax increases” on passthrough business including CPA firms.
AICPA proposes changes to Senate bill that would help most US businesses
Passthrough entities would lose ground compared with corporations under tax language in the Senate Finance Committee bill, the AICPA said in a letter to legislative finance leaders.
Tax provisions of Senate Finance’s version of the budget bill
The 549-page text calls for making many provisions of the Tax Cuts and Jobs Act permanent. The committee says that the SALT cap amount is “the subject of continuing negotiations.”
AICPA makes Priority Guidance Plan recommendations to IRS
In addition to its 183 recommendations for the IRS plan, the AICPA encouraged the agency to continue to pursue tax simplification.
Supreme Court: Tax Court lacks jurisdiction after removal of levy
Reversing the Third Circuit, the Court holds that the Tax Court lacked jurisdiction over a collection due process appeal of a levy once the taxpayer’s underlying tax liability was satisfied and the IRS removed the levy.
Tax planning for inpatriates
Individuals relocating to the United States may face an array of income tax and information reporting issues.
Reconciliation bill clears committee on second try
Sunday revote came after Republican fiscal hawks initially joined Democrats to sink the bill, which includes tax provisions approved by the House Ways and Means Committee last week.
Ways and Means approves proposed TCJA extensions and tax changes
The bill would make key portions of the TCJA permanent and create a new “senior bonus” deduction, among its many provisions. An AICPA statement said it is “deeply troubled” by the plan to curtail use of passthroughs to avoid SALT cap. The bill now heads to the House Budget Committee.
Incentives for solar power generation systems
Tax benefits are available to taxpayers who generate their own electricity from solar power generation systems whether the system is for personal or business use.
HSA inflation-adjusted maximum contribution amounts for 2026 announced
Rev. Proc. 2025-19 also includes the revised maximum amount that may be made newly available for excepted-benefit health reimbursement arrangements.
The 50th anniversary of the EITC
As a major element of the federal government’s antipoverty efforts, the earned income tax credit has come a long way in its half-century.
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 2024.
Taxation of undocumented immigrants
Certain tax rules and considerations specifically affect undocumented immigrants in the United States and their common circumstances, such as being ineligible for certain tax credits.
Sheriff’s withdrawal from jail food account was an unauthorized loan
The Tax Court denied the IRS’s argument that the money, which the sheriff had repaid, was includible in her income as embezzled funds.
The close of deferral: Planning for the QOZ end game
Many investors in qualified opportunity zones face a large upcoming tax hit when their QOZ deferral ends. They should consider harvesting stock market losses in advance of it.
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 2024.
Planning for the AMT
Strategies can include accelerating income recognition or deferring deductions, certain tax elections, and optimal use of AMT net operating losses.
Higher threshold for Form 1099-K reporting among AICPA priorities
In a letter to congressional finance leaders, the AICPA listed increasing the threshold to $10,000 as one of its priorities.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
