Proposed regulations under Sec. 530A provide information on how to open initial Trump accounts, and proposed regulations under Sec. 6434 provide guidance on the program that provides $1,000 contributions to Trump accounts for eligible children.
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Tax
IRS seeks to scrap basis‑shifting TOI reporting regulations
If proposed regulations become final, the withdrawal would let taxpayers treat the January 2025 transaction-of-interest regulations as having never taken effect.
IRS Dirty Dozen adds new capital gains scheme for 2026
The IRS says a surge in fabricated Form 2439 filings prompted the only new addition to this year’s Dirty Dozen, underscoring how quickly tax schemes evolve.
IRS issues higher 2026 depreciation limits for passenger automobiles
The IRS issued the 2026 depreciation limitations for passenger vehicles, including those for which bonus depreciation is applied.
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.
Senate bill targets preparers who break the law, expands IRS reforms
The AICPA supports the Taxpayer Assistance and Service Act but seeks further improvements.
IRS should open Trump accounts for eligible children automatically, AICPA says
In a letter to the IRS and Treasury, the AICPA said enrolling children by default “would promote equitable access, reduce procedural barriers, and strengthen the intended reach of the program.”
GAO says tax pros helped shape IRS response to ERC issues
The report to Congress also recommends four ways for the IRS to close the chapter on the pandemic-era credit.
Anticipated applicability date for future final RMD regs. announced
The IRS said it anticipates that the future final regulations on RMDs under Sec. 401(a)(9) will apply for the distribution calendar year that begins no earlier than six months after those regulations’ appearance in the Federal Register.
AI loses ground to pros as taxpayers rethink who should do their taxes
Taxpayers are shifting back toward human tax professionals, with trust in AI for filing slipping across every generation, survey shows.
AICPA seeks guidance on Sec. 174A(c) capitalization and amortization of R&E
Requested guidance can be provided through modifications to Rev. Proc. 2025-28 and/or other published guidance.
Average tax refund rises 11%; total filings decline
The average individual tax refund is up nearly 11% in the first 10 business days of the 2026 filing season, rising to $2,290 from $2,065 last year.
IRS broadens Tax Pro Account for accounting firms and others
The update allows firms that serve larger numbers of taxpayers to manage centralized authorization file access, view client information, and streamline authorizations online.
AICPA urges Treasury, IRS to simplify Sec. 951 documentation rules
The AICPA told Treasury that Notice 2025 75’s “determine and document” requirement is “ambiguous and potentially onerous” and urges replacing it with a simple safe harbor or eliminating it.
Businesses urge Treasury to destroy BOI data and finalize exemption
Just over 100 business associations asked Treasury Secretary Scott Bessent to purge previously submitted beneficial ownership information records and quickly finalize a rule exempting U.S. companies from BOI reporting.
IRS will stay fully staffed for first 5 days of shutdown
Treasury posted a lapsed appropriations contingency plan late last week that calls for the IRS to be fully staffed through Friday during the partial government shutdown.
SECURE 2.0 amendment deadline extended for IRAs, other retirement plans
The IRS extended the deadline for SECURE 2.0 related amendments to IRAs, SEPs, and SIMPLE IRAs to Dec. 31, 2027, saying that additional time is needed to complete model language.
IRS Advisory Council report defends workers, criticizes budget and staff cuts
In its annual report, IRSAC said the IRS has been through “an extraordinarily difficult year” with budget and staff cuts while preparing for numerous tax law changes. The report also noted tax practitioners’ prolonged wait times when contacting the IRS.
AICPA tax policy and advocacy successes: 2025 highlights
The AICPA’s Tax Division volunteer committees and technical resource panels can point to many positive results last year from its advocacy to Treasury, the IRS, and Congress for law changes and administrative guidance.
Prop. regs. amend Sec. 3406 backup withholding regulations
The IRS issued the proposed regulations to reflect changes made by H.R. 1 to the threshold for backup withholding for third-party settlement organizations such as PayPal, Venmo, and others.
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.
