Treasury, IRS provide guidance on the new deduction for car loan interest under the One, Big, Beautiful Bill

Posted by on Jan 3, 2026 in Advice IR-2025-129, Dec. 31, 2025 WASHINGTON — 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. The proposed regulations issued today relate to a new deduction for interest paid on vehicle loans incurred after Dec. 31, 2024, to purchase new made-in-America vehicles...
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IRS sets 2026 business standard mileage rate at 72.5 cents per mile, up 2.5 cents

Posted by on Dec 31, 2025 in Advice IR-2025-128, Dec. 29, 2025 WASHINGTON — 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. Optional standard mileage rates are used to...
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Statement on IRS operations limited during the lapse in appropriations; regular tax deadlines remain

Posted by on Oct 28, 2025 in Advice Oct. 21, 2025 In-person services limited; IRS.gov, automated applications still available Due to the current lapse in appropriations, IRS operations are limited. However, the underlying tax law remains in effect, and all taxpayers must continue to meet their tax obligations as normal. Tax refunds will generally not be paid during this period with one key exception. For taxpayers filing a Form...
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IRS releases tax inflation adjustments for tax year 2026

Posted by on Oct 12, 2025 in Advice IR-2025-103, Oct. 9, 2025 WASHINGTON — The Internal Revenue Service today announced the tax year 2026 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2025-32 PDF provides details about these annual adjustments. Notable changes under the One, Big, Beautiful Bill The tax year 2026 adjustments...
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Treasury, IRS issue guidance listing occupations where workers customarily and regularly receive tips under the One, Big, Beautiful Bill

Posted by on Oct 11, 2025 in Advice IR-2025-92, Sept. 19, 2025 WASHINGTON — The Department of the Treasury and the Internal Revenue Service today provided guidance on “no tax on tips” provision. The One, Big, Beautiful Bill proposed regulations identify occupations customarily and regularly receive tips and define “qualified tips” eligible taxpayers may claim as a deduction. The proposed regulations list nearly 70...
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IRS to phase out paper tax refund checks starting with individual taxpayers

Posted by on Oct 10, 2025 in Advice IR-2025-94, Sept. 23, 2025 WASHINGTON — The Internal Revenue Service, working with the U.S. Department of the Treasury, today announced that paper tax refund checks for individual taxpayers will be phased out beginning on Sept. 30, 2025, as required by Executive Order 14247, to the extent permitted by law. This marks the first step of the broader transition to electronic payments. The IRS...
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Should I take More than my RMD?

Posted by on Oct 9, 2025 in Advice Taking more than your required minimum distribution (RMD) from a traditional IRA or 401(k) can be a strategic move in retirement. While it may seem counterintuitive to pay more in taxes now, a larger withdrawal can offer several long-term benefits. Here are five reasons to consider taking more than your RMD: * To Manage Future Tax Brackets: You may be in a lower tax bracket now than you...
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Need someone to prepare your tax return?

Posted by on Feb 19, 2025 in Advice There are various types of tax return preparers, including certified public accountants, enrolled agents, attorneys, and many others who don’t have a professional credential. You expect your preparer to be skilled in tax preparation and to accurately file your income tax return. You trust him or her with your most personal information. They know about your marriage, your income, your...
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IRS: Connecticut taxpayers impacted by storms qualify for tax relief; various deadlines postponed to June 17

Posted by on Jan 21, 2025 in Advice The Internal Revenue Service announced tax relief for individuals and businesses in parts of Connecticut affected by severe storms, flooding and a potential dam breach that began on Jan. 10. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency...
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Home Energy Tax Credits Info Graphic

Posted by on Jan 17, 2025 in Advice
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