IRS releases proposed regulations on clean fuel production credit

The IRS has proposed regulations regarding the clean fuel production credit (https://bit.ly/4kctoAO). The regs are intended to explain how clean transportation fuel makers can claim the $1-per-gallon tax credit. Created by the Inflation Reduction Act and commonly called the “45Z rule,” the credit was amended by the One Big Beautiful Bill Act (OBBBA). Among other […]

Get a Identity Protection Personal Identification Number

Before filing your 2025 income tax return, consider obtaining an Identity Protection Personal Identification Number (IP PIN). Having an IP PIN can help safeguard your tax identity. Issued by the IRS, this unique six-digit number helps prevent criminals from filing a fraudulent tax return using your Social Security number. It’s valid for one year and […]

Did the partial shutdown impact tax filings?

With the federal government recently partially shut down, you may be wondering about the effects on the IRS just as tax season opened on Jan. 26. Under a contingency plan, the IRS will use supplemental funding from the Inflation Reduction Act to keep its full staff on the job. According to the IRS, taxpayers can […]

Sell Digital Assets?

A reminder from the IRS: If you used a broker to sell or dispose of digital assets such as cryptocurrency or nonfungible tokens (NFTs) after Jan. 1, 2025, you might receive Form 1099-DA, “Digital Asset Proceeds From Broker Transactions,” this tax season. Brokers must report the gross proceeds from certain transactions to both taxpayers and […]

Missing a W-2 or 1099?

Missing a W-2 or 1099 this tax season? If your Form W-2 or Forms 1099 aren’t available by the Feb. 2, 2026, deadline for most of these forms, or if the information is incorrect, contact your employer or the payer. If you still don’t receive the missing or corrected form by the end of February, […]

What the IRS Is Saying About This Tax Season

Several observers, including the National Taxpayer Advocate, have warned that staffing cuts and new tax laws may hinder the IRS this filing season. But the U.S. Treasury Dept. remains optimistic. Addressing the USC Gould School of Law Tax Institute, Senior Advisor Don Snyder pointed out that the tax season started “on time and on schedule” […]

Not All Commuter Benefits Are Created Equal

Employer reimbursements for bicycle commuting costs, such as purchases, repairs and storage, remain taxable income to employees. That’s because the suspension of the $20-per-month tax-free benefit was made permanent by the One Big Beautiful Bill Act in 2025. Although this exclusion is gone, qualified transportation fringe benefits such as parking, mass transit passes and van […]

Still Waiting on a W-2 or 1099? Don’t Panic

Sold Crypto or NFTs? Don’t Miss This New IRS Form

Tip and Overtime Deductions may require extra effort for 2025 filings

Eligible workers can claim new federal income tax deductions on their 2025 returns for qualified tip income (up to $25,000) and qualified overtime premiums (up to $12,500, or $25,000 for joint filers). You don’t need to itemize to claim these breaks, but complex rules and restrictions apply. Both deductions begin phasing out when your modified […]