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2026 FASB Taxonomies Now Available

December 15, 2025 The Financial Accounting Standards Board (FASB) today announced the availability of the 2026 GAAP Financial Reporting Taxonomy (GRT), the 2026 SEC Reporting Taxonomy (SRT), and the 2026 GAAP Employee Benefit Plan Taxonomy (EBPT).

Treasury, IRS allow States to make an Advance Election to participate in the new federal tax credit for individual contributions to Scholarship Granting Organizations under the One, Big, Beautiful Bill

December 12, 2025 The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2026-6 allowing States, including the District of Columbia, to make an Advance Election to participate in a new tax credit for calendar year 2027.

Treasury, IRS provide guidance on new tax benefits for health savings account participants under the One, Big, Beautiful Bill

December 9, 2025 The Department of the Treasury and the Internal Revenue Service today issued Notice 2026-05 providing guidance on new tax benefits for Health Savings Account participants under the One, Big, Beautiful Bill.

FASB Issues New Standard to Improve Interim Reporting

December 8, 2025 The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) that improves the navigability of the required interim reporting disclosures and clarifies when that guidance is applicable.

FASB Issues New Standard to Add Guidance on Accounting for Government Grants by Businesses

December 4, 2025 The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that establishes authoritative guidance on the accounting for government grants received by business entities.

Treasury, IRS issue guidance on Trump Accounts established under the Working Families Tax Cuts; notice announces upcoming regulations

December 2, 2025 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.

FASB Issues New Standard to Improve Hedge Accounting Guidance

November 25, 2025 The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) to clarify and improve hedge accounting guidance.

Treasury, IRS provide guidance for individuals who received tips or overtime during tax year 2025

November 21, 2025 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.

Treasury, IRS issue guidance on tax benefit for lenders on loans secured by farm or rural property under the One, Big, Beautiful Bill

November 20, 2025 The Department of the Treasury and the Internal Revenue Service today issued guidance for a new tax benefit for certain lenders that make loans secured by rural or agricultural real property.

Modernized e-File Production Shutdown Schedule

November 14, 2025 The IRS recently announced the production shutdown and acknowledgment retrieval schedule for the Modernized e-File (MeF) system to prepare for the upcoming tax filing season.