IRS to Implement Mid-Season Adoption Credit Calculation Change
For families looking to adopt children, the §23 adoption credit is a valuable financial incentive that reimburses some or all of a parent’s adoption costs. Read More: https://www.tomtalkstaxes.com/p/adoption-credit-change (March 11, 2026)
Key Entity Actions to Consider Before March 15
Entities have until March 16, 2026 to take many important actions (the normal March 15, 2026 deadline falls on a Sunday, so it is moved to the next business day under §7503). Below is a list of actions to consider in the next 10 days. Read More: https://www.tomtalkstaxes.com/p/march-15-actions (March 6, 2026)
IRS Quietly Changes Tips Deduction Calculation Mid-Season
Tax professionals already have a difficult tax season due to the One Big Beautiful Bill Act (OB3 Act) tax changes. It does not help when the IRS quietly drops a material change in the calculation of one of the significant new provisions during tax season in a revised IRS form instruction. Read More: https://www.tomtalkstaxes.com/p/irs-quietly-changes-tips-deduction (March […]
The Secret of the Superseding Tax Return
In the tax world, there is rarely an opportunity for a do-over; however, if a taxpayer files a tax return and later wants to undo something on it, the taxpayer can generally file a superseding return to do so. Read More: https://www.tomtalkstaxes.com/p/the-secret-of-the-superseding-tax (February 20, 2026)
Your Overtime Deduction Questions Answered
In tax professional social media groups, the §225 overtime deduction is causing significant confusion. And rightly so — the IRS waiver of any required information reporting for tax year 2025 has made this deduction difficult to deduce correctly. Read More: https://www.tomtalkstaxes.com/p/your-overtime-deduction-questions (January 31, 2026)
Eight Key Reminders for This Tax Season
This tax season, which officially started on January 26, 2026, will be challenging, as tax year 2025 will be the first in which tax professionals will be managing new provisions under the One Big Beautiful Bill Act (OB3 Act). Taxpayers will have misconceptions about provisions (especially “no tax on Social Security”), which will further complicate […]
Five Questions to Ask Tax Clients This Year
Tax professionals often use tax organizers or questionnaires to gather information from clients to complete tax returns accurately. Many of these questions, however, are too complicated, and taxpayers can easily get them wrong through simple misinterpretation. The questions should use real language, not tax language. Read more: https://www.tomtalkstaxes.com/p/five-questions (January 19, 2026)
An Overview of the Car Loan Interest Deduction
§70203 of the One Big Beautiful Bill Act (OB3 Act) added a new deduction for qualified passenger vehicle loan interest (QPVLI) of up to $10,000 per tax year in new §163(h)(4). It does not reduce adjusted gross income (AGI), but it does reduce taxable income (i.e., a below-the-line deduction). Individuals, decedent estates, and non-grantor trusts […]
An Overview of §530A Trump Accounts
§70204 of the One Big Beautiful Bill Act (OB3 Act) established a tax-deferred savings account for children, referred to as a Trump account, in new §530A. The IRS issued preliminary guidance in Notice 2025-68, and forthcoming proposed regulations will generally conform to the notice. The information in this article is from both sources. For the 2025 […]
Last-Minute Solar: When Is the Real Deadline for the §25D Credit?
Adding solar electricity to a residence can take months, even years, from initial payment until activation. Since this process can cross tax years, there is confusion about when a taxpayer can claim the §25D residential clean energy credit. Read more: https://www.tomtalkstaxes.com/p/solar-installation (December 12, 2025)