On September 23, 2025, the IRS announced that paper tax refund checks for individual taxpayers will be phased out beginning on September 30, 2025. However, it also indicated that, until further notice, taxpayers should continue using existing forms and procedure for filing 2024 returns on extension. The IRS has indicated that it will publish detailed guidance for 2025 tax returns before the 20...
Practitioners must annually certify that they have a written information security plan (WISP) for protecting client data when they renew their Practitioner Tax Identification Number (PTIN) each year. The IRS provides a model plan in its Publication 5708, Creating a Written Information Security Plan for your Tax & Accounting Practice. This publication was last updated in August of 2024. Pra...
The IRS recently issued a fact sheet that clarifies the cut-off date for new, used and commercial clean vehicles (EVs). The major new federal tax law that was enacted on July 4, 2025 eliminates the credits for such vehicles effective after September 30, 2025. Such vehicles acquired after that date are no longer eligible for any credit. For taxpayers to be eligible for the credit, they must ...
