Tax Policy Groups Seek Withdrawal of Partnership Basis Shifting Guidance
The IRS should withdraw guidance issued last year providing that certain partnership transactions between related parties lack economic substance when …
Thomson Reuters Tax & Accounting News
Intern Intricacies: Classifying Your Summer Help Without Getting Burned
By Debbie Tam It’s that time of year when businesses open their doors to young workers who are on school …
IRS Announces 2026 HSA and EBHRA Contribution Limits, HDHP Minimum Deductibles, and HDHP Out-of-Pocket Maximums
Rev. Proc. 2025-19 (May 1, 2025) Available at https://www.irs.gov/pub/irs-drop/rp-25-19.pdf The IRS has released the 2026 cost-of-living adjusted limits for health …
Bessent Discusses Vision for IRS, Tax Reform with Lawmakers
House appropriators questioned Treasury Secretary Scott Bessent about shifting priorities for the IRS under the Trump administration and ongoing tax …
PCAOB’s Investor Panel Seeks Nominations for Best Critical Audit Matters
For the second year, the Public Company Accounting Oversight Board (PCAOB) Investor Advisory Group (IAG) is asking the public to send in …
House Bill Would Expand Protection from State Income Taxation Under P.L. 86-272, Invalidating State Interpretations
Last Wednesday, the House Judiciary Committee advanced a version of the federal reconciliation bill that would arguably enact the most significant Congressional …
TIGTA Breaks Down IRS Workforce Reduction as More Cuts Loom
The Treasury Inspector General for Tax Administration (TIGTA) reviewed details of workforce reduction efforts taken by the IRS thus far, …
Kansas Announces Sales and Use Tax Rate Changes Effective July 1, 2025
By Ashleigh M. Paige Effective July 1, 2025, the combined Kansas state and local sales and use tax rates will …
Korb Tapped Again for IRS Chief Counsel
Sullivan & Cromwell attorney Donald Korb — who served as chief IRS legal advisor under President George W. Bush — …
Big 4 Firms Talk Tax Bill Timeline 100 Days Into Trump’s Term
Tax professionals from Big Four firms discussed when to expect movement on upcoming major tax legislation and what businesses can …
SCOTUS Clarifies Differential Pay for Reservists During National Emergencies
The Supreme Court recently issued a ruling in the case of Feliciano v. Department of Transportation, addressing the issue of differential …
IRS Appeals Chief Shares Game Plan Given Staffing Cuts
Despite staffing losses and a hiring freeze, IRS Independent Office of Appeals Chief Liz Askey is “cautiously optimistic” that her …
Can an Employee Make a Midyear Cafeteria Plan Election Change on Account of Financial Hardship?
QUESTION: One of our employees elected to contribute $2,000 to his health FSA for 2025 to help pay for anticipated …