As discussed on pages 79 to 81 of the Tax Year 2025 M+O=CPE Individual Tax Reference Book, the IRS announced that it is phasing out paper tax refund checks and the use of checks to pay tax balances due. The IRS recently issued a fact sheet that provides more details about this phaseout (https://www.irs.gov/pub/taxpros/fs-2026-02.pdf). Refunds: In the fact sheet, the IRS indicates that when ...
As discussed on pages 29 to 34 of the Tax Year 2025 M+O=CPE Individual Tax Reference Book, the new deduction for overtime pay is limited to employees who receive overtime that is required by the federal Fair Labor Standards Act. Determining if an employee is subject to the federal Fair Labor Standards Act will be one of the challenges facing practitioners this tax season. The IRS recently i...
The IRS has announced that it will reopen the e-file system on January 26, 2026. Individual income tax returns from the 2025 tax year, can be e-filed once the system reopens. In addition, if a client needs to file a prior-year return that is beyond its due date, returns from the 2024 and 2023 tax years can also be e-filed once the system reopens. If a client needs to file a late return from th...
The 2026 New York State wage base for the unemployment tax is $17,600. Page 137 of the Tax Year 2025 M+O=CPE Individual Tax Reference Book incorrectly lists it as $13,000.
As discussed in our post on January 7, 2026, the owner reporting requirements under the New York State’s LLC Transparency Act apply only to limited liability companies (LLCs) that are organized outside of the of the United States and doing business in New York. New York has now launched a site that summarizes the new rules and where foreign LLCs can submit reports about their owners. See: ht...
The IRS has released the 2026 standard mileage rate. For business travel, it is 72.5 cents per mile (up from 70 cents per mile in 2025). For medical-related travel, it falls to 20.5 cents per mile (down from 21 cents per mile in 2025). The rate for charitable use of an automobile is not subject to adjustment, and it remains 14 cents per mile. Are you registered for our last seminar this sea...
As discussed on page 78 of the Tax Year 2025 M+O=CPE Individual Tax Reference Book, the New York LLC Transparency Act, which was last amended on March 1, 2024, follows the federal law and regulations when determining which limited liability companies (LLCs) are required to report information about their beneficial owners to New York. Since the federal regulations now indicate that only entitie...
On December 31, 2025, the Treasury Department issued proposed regulations (REG-113515-25) for the new deduction for car loan interest. The new deduction for car loan interest is discussed on pages 35 to 38 of the Tax Year 2025 M+O=CPE Individual Tax Reference Book. The proposed regulations do not contain many surprises, and they provide detailed definitions and explanations, along with guid...
