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The Treasury Department and IRS issued final regulations implementing the new deduction for qualified passenger vehicle loan interest (QPVLI), a temporary benefit created by the One, Big, Beautiful Bill Act (OBBBA) that allows individuals to deduct up to $10,000 of interest paid on certain auto loans, even if they do not itemize deductions. The final rules largely adopt the proposed regulations issued in January 2026 but include clarifications in response to public comments received by the Treasury Department.

Private foundations and donor advised funds face excise taxes for grants made to other non-profit organizations that turn out to be merely supporting organizations for other charities.

Any compensation the owner receives is subject to FICA tax, which imposes an equivalent burden. And the IRS frequently attacks owners who receive cash distributions from an S corporation...

The IRS Integrity and Verification Operations group is delaying a number of taxpayer refunds to screen for identity theft and refund fraud.

The IRS has issued guidance (Notice 2017-23) for the new provision allowing eligible taxpayers to claim up to $250,000 of R&D credit against payroll taxes.

The IRS has released new guidance on the Section 45Z Clean Fuels Production Tax Credit, introducing significant changes that affect how American farmers, ranchers, and fuel producers can access benefits from the domestic biofuels market. Notice 2026-53 provides updated emissions rate tables and addresses critical modifications mandated by the Working Families Tax Cuts, including special provisions for manure-derived fuels and regenerative agricultural practices.

In general, proposed rulemaking issued in December 2008 with respect to income inclusion under Section 409A of the Internal Revenue Code of 1986, as amended (available here) provides that if there is a Section 409A violation in a taxable year, ..

The IRS released proposed regulations (REG-135524-14) that would eliminate the requirement for individuals to attach Section 83(b) elections to their individual income tax returns for the year the election is made.

As a follow-up to our prior entry regarding Employee-Assistance Programs Available to Employers in the Wake of Hurricane Sandy, there have been two recent developments from the Internal Revenue Service of note.

In a release dated September 4, 2018, the IRS reminded taxpayers that the program that allowed for reduced civil liabilities for offshore reporting violations is coming to an end on September 28.

The IRS has issued guidance on whether transactions involving a family-owned corporation, revocable trusts, and a private foundation constitute prohibited self-dealing under Internal Revenue Code § 4941.

A constant source of friction between the IRS and taxpayers is over the classification of workers. Are the workers employees or independent contractors?

After months of negotiations and bargaining surrounding Pennsylvania’s budget, the House and Senate passed major tax code changes today.

California’s new filing requirement for like-kind property exchanges made under IRC Section 1031 covers like-kind exchanges that occur in tax years beginning on or after January 1, 2014.

On May 21, 2018, the IRS Large Business & International Division ("LB&I") announced its fourth set of compliance campaigns.

Section 41 generally allows a taxpayer to claim a 20% "regular credit" for costs exceeding a base amount.

A "net operating loss" ("NOL") arises when the amount of a taxpayer's business deductions for the current tax year exceed its gross income for the current tax.