Tax Compliance

Treasury, IRS Issue Proposed Regulations for Trump Accounts Pilot Program

The Treasury Department and IRS have issued proposed regulations for the Trump Accounts contribution pilot program, established under the Working Families Tax Cuts. These regulations provide guidance on how the Treasury will deposit a one-time $1,000 contribution into eligible children's accounts.

Proposed Regulations for Trump Accounts and Form 4547

The Department of the Treasury and IRS have issued proposed regulations for opening Trump Accounts, a pro-family initiative from the One, Big, Beautiful Bill. The regulations outline requirements for eligible individuals and the responsible parties, with a deadline for opening initial accounts by December 31st of the year the eligible individual turns 17.

IRS Schedule 1-A for Tax Year 2025 Deductions

The IRS has published new Schedule 1-A and instructions for tax year 2025, detailing how taxpayers can claim new deductions for tips, overtime, car loans, and an enhanced deduction for seniors. These changes are part of the 'One, Big, Beautiful Bill' and aim to provide significant tax benefits to eligible individuals.

Proposed Rules for Electronic 1099-DA Statements for Digital Asset Brokers

The Treasury and IRS have issued proposed regulations to ease electronic furnishing of Form 1099-DA statements for digital asset brokers. These rules offer an optional process for obtaining customer consent for electronic statements, reducing burdens associated with paper delivery. The proposed changes are effective for statements required on or after January 1, 2027.

IRS Tax Withholding Estimator Updated for Tax Law Changes

The IRS has updated its Tax Withholding Estimator to reflect changes from the 'One, Big, Beautiful Bill,' including new provisions on tips, overtime, and deductions. Taxpayers can use the updated tool to adjust their federal income tax withholding.

Florida Tax Information Publications Archive - 1998

The Florida Department of Revenue has archived its Tax Information Publications (TIPs) for 1998. These documents provide historical guidance on specific tax issues, some of which may no longer be applicable. Taxpayers are advised to review TIPs to determine current relevance.

Florida Tax Information Publications for 2025

The Florida Department of Revenue has published its 2025 Tax Information Publications (TIPs), detailing updates on various tax matters including interest rates, fuel tax adjustments, and corporate income tax. These publications provide specific guidance on tax issues that may affect taxpayers.

Illinois Tax Filings Affected by USPS Postmark Changes

The Illinois Department of Revenue (IDOR) issued a notice regarding changes to United States Postal Service (USPS) postmarks that could impact the timely filing of Illinois tax returns and payments in 2026. Taxpayers are advised to file and pay electronically or mail returns earlier to avoid late penalties.

Illinois Income Tax Changes and Scam Alert

The Illinois Department of Revenue (IDOR) issued a bulletin (FY 2026-15) detailing changes to 2025 Illinois Income Tax forms and schedules for individuals and businesses, and 2026 withholding tax forms. The bulletin also includes a scam alert regarding fraudulent communications impersonating IDOR.

Illinois Service Occupation Tax Changes for Servicepersons and Marketplace Facilitators

The Illinois Department of Revenue has issued guidance detailing changes to the Service Occupation Tax effective January 1, 2026. The bulletin clarifies that the 200-transaction threshold will be removed for out-of-state servicepersons and marketplace facilitators, and introduces destination-based sourcing for certain sales of service. These changes are outlined in Public Act 104-0006.