News

The Department of the Treasury and the Internal Revenue Service today provided guidance on the “No Tax on Car Loan Interest” provision enacted under the One, Big, Beautiful Bill.

Under a new U.S. Postal Service (USPS) rule effective December 24, 2025, the USPS has clarified that a machine-applied postmark indicates the date the item is first processed by USPS using an automated sorting machine, which may be later than the day it was received by the post office. That means a document received by the post office on time could end up with a postmark dated after the deadline.

The Internal Revenue Service today announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, while the mileage rate for vehicles used for medical purposes will decrease by half a cent, reflecting updated cost data and annual inflation adjustments.

The Internal Revenue Service today updated frequently asked questions in Fact Sheet 2025-09 PDF regarding changes to the limitation on the deduction for business interest expense (Section 163(j)) under the One, Big, Beautiful Bill.

The Internal Revenue Service today updated frequently asked questions in Fact Sheet 2025-10 PDF related to changes to the Premium Tax Credit made under the One Big, Beautiful Bill and to related provisions that no longer apply.

IRS Criminal Investigation released its Fiscal Year 2025 Annual Report PDF on Dec. 11, 2025, showcasing banner investigative results fueled by new partnerships and innovative financial investigative techniques. The report details how IRS-CI’s approximately 3,000 employees worked to safeguard the global financial system and identify $10.59 billion in financial crimes during FY25, which took place from Oct. 1, 2024, to Sept. 30, 2025.

The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2026-6 PDF allowing States, including the District of Columbia, to make an Advance Election to participate in a new tax credit for calendar year 2027. This new credit, established under the One, Big, Beautiful Bill, is for contributions to Scholarship Granting Organizations that serve elementary and secondary school students from low- and middle-income families.

The Department of the Treasury and the Internal Revenue Service today issued Notice 2026-05 PDF providing guidance on new tax benefits for Health Savings Account participants under the One, Big, Beautiful Bill. These changes expand HSA eligibility, which allows more people to save and to pay for healthcare costs through tax-free HSAs.

Lawmakers willing to pay down debt more slowly, if households benefit.

The Department of the Treasury and the Internal Revenue Service today issued a notice announcing upcoming regulations and providing guidance regarding Trump Accounts, which are a new type of individual retirement account (IRA) for eligible children.

The IRS finalized regulations for the 1% excise tax on corporate stock repurchases under Sec. 4501 — and one heavily criticized proposed provision is gone.

President Trump signed the Internal Revenue Service Math and Taxpayer Help Act into law, requiring the IRS to provide a clear explanation of tax-filing errors to taxpayers on its math error notices, identify the item that's being changed, and explain why a tax refund is higher or lower than expected.

The Internal Revenue Service encourages taxpayers to take steps now to prepare for the upcoming filing season by visiting IRS.gov/GetReady for tips on what is new and what to consider before filing. This is the first in a series of special IRS "Get Ready" reminders to help taxpayers prepare in early 2026 for the upcoming tax filing season. A little advance work preparing paperwork and organizing information now can help with filing tax returns quickly and accurately.

The Department of the Treasury and the Internal Revenue Service today issued Notice 2025-70 PDF, requesting comments on the implementation of a new tax credit for individuals established under the One, Big, Beautiful Bill. This new credit applies to contributions to Scholarship Granting Organizations that serve elementary and secondary school students from low- and middle-income families.

The IRS will provide penalty relief to about 1 million taxpayers automatically starting next year, the national taxpayer advocate (NTA) said during a session at the AICPA National Tax Conference.

An AICPA letter in response to a Treasury and IRS call for recommendations related to the “all or nothing” approach to dual consolidated losses (DCLs) asked Treasury and the IRS to consider allowing an exception so companies aren’t unnecessarily penalized.

The Department of the Treasury and the Internal Revenue Service today issued guidance for workers eligible to claim the deduction for tips and for overtime compensation for tax year 2025.

The IRS just came out of the longest government shutdown, but the deal that ended the stalemate funds the agency only through Jan. 30, just as filing season is about to begin. And that’s a concern for taxpayers and tax practitioners, two former IRS commissioners told reporters Tuesday at the 2025 AICPA National Tax Conference.

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025.

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2026.