Each year, after the extended due date, the IRS shuts down the e-file system to allow them to prepare it for the next tax year. This year, that will occur later than usual. The IRS recently announced the date of the shutdown scheduled for this year, which will occur on Friday, December 26, 2025, at 11:59 p.m. Eastern time. Practitioners who need to e-file late returns or returns for fiscal-...
IRS Notice 2025-62 indicates that the IRS will not impose penalties on employers for not reporting information regarding tips and/or overtime paid to employees for the 2025 tax year only, even though the employees need this information to compute the new deductions for tips and overtime on the employees’ federal income tax returns. In our upcoming seminars, we will discuss strategies to comp...
The New York Secure Choice Program is now operational. This program requires New York employers with 10 or more employees who do not offer a qualified retirement plan to automatically enroll their employees in this new state-sponsored retirement plan. Employers with 30 or more employees are required to register with the program by March 18, 2026. Employers with 15 to 29 employees are required ...
On October 21, 2025, the IRS issued transition guidance for the new deduction for car loan interest. The new deduction is effective starting in the 2025 tax year. Notice 2025-57 allows lenders to provide statements to borrowers showing the total amount of interest, and the guidance does not require such lenders to file forms with the IRS for the 2025 tax year. In our upcoming seminars, we w...
