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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.

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.

Interest rates remain the same for the first quarter of 2026

November 13, 2025 The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2026.

401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500

November 13, 2025 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.

IRS Ends Direct File Program

November 7, 2025 The IRS recently announced that it ended Direct File, a program that allowed eligible taxpayers to file tax returns directly with the IRS for free.

Treasury, IRS provide penalty relief for tax year 2025 for information reporting on tips and overtime under the One, Big, Beautiful Bill

November 5, 2025 The Department of the Treasury and the Internal Revenue Service today issued guidance providing penalty relief to employers and other payors for tax year 2025 regarding new information reporting requirements for cash tips and qualified overtime compensation under the One, Big, Beautiful Bill.

Unpacking the One Big Beautiful Bill (Part 2: Businesses)

October 29, 2025 In the previous issue, we reviewed changes to the tax code introduced or extended by the One Big Beautiful Bill (OBBB), focusing on individual taxpayers. In this issue, we turn to the provisions affecting businesses.

Overview of OBBBA Tax Provisions for Individuals and Tax Form Implementation

October 29, 2025 Legislation H.R. 1, P.L. 119-21, better known as the One Big Beautiful Bill Act (OBBBA), was signed into law by President Donald Trump on July 4, 2025.