Giving Tuesday: Donate in 2025 or 2026?
The One Big Beautiful Bill Act (OB3 Act) has several provisions directly and indirectly related to charitable giving. Due to these changes, taxpayers may be better off accelerating charitable deductions to 2025 or delaying them to 2026. Read more: https://www.tomtalkstaxes.com/p/donate-25-26 (December 2, 2025)
IRS Announces 2025 Transition Guidance for the Tips and Overtime Deductions
In Notice 2025-69, the IRS announced the full scope of transitional relief for claiming the new §224 qualified tips deduction and the new §225 qualified overtime deduction. Understanding this guidance is essential for tax professionals claiming these deductions on 2025 tax returns. Read more: https://www.tomtalkstaxes.com/p/2025-transition-tips-ot (November 21, 2025)
Draft 2025 Form 1040 Instructions Released
We are in the draft tax form season! Reviewing the 2025 draft and final forms, along with their instructions, will provide vital information for the upcoming tax season. On November 19, 2025, the IRS released the draft 2025 Form 1040 instructions. Below are some items of note for tax year 2025. Read more: https://www.tomtalkstaxes.com/p/draft-2025-form-1040-instructions (November 21, […]
An Overview of the IRS MATH Act
The Internal Revenue Service Math and Taxpayer Help Act (IRS MATH Act) reforms the IRS’s implementation of its so-called “math error” authority to adjust tax returns. Read more: https://www.tomtalkstaxes.com/p/irs-math-act (October 31, 2025)
Preparing for Next Tax Season Starts Now
October 15th just passed a few days ago; however, the 2026 filing season will be here in approximately three months. The time for making changes is now. After taking some well-deserved time off, please do an honest tax season review. Memorializing experiences now helps promote real change for the next tax season. Read more: https://www.tomtalkstaxes.com/p/preparing-for-next-tax-season-starts (October […]
2026 Inflation-Adjusted Amounts Released
The IRS released Revenue Procedure 2025-32 to announce significant inflation-adjusted amounts for tax year 2026. Selected items are discussed below. Read More: https://www.tomtalkstaxes.com/p/2026-inflation-adjusted-amounts-released (October 10, 2025)
Tax News Roundup – October 2025
This month’s Tax News Roundup reviews the following news items: Government Shutdown Update Tips Deduction Proposed Regulations Additional Postponement for Israel, Gaza, West Bank Read More: https://www.tomtalkstaxes.com/p/tax-news-roundup-october-2025 (October 8, 2025)
Using AI to Calculate Gambling Wins and Losses
Your client, Carl, loves to gamble online. For tax year 2024, he presents you with a log of all his online gambling activity from the platform he uses – and there are 337,708 individual bets, with total wagers of $6,915,615 and total wins of $6,620,455, for a total loss of $295,160. Read More: https://www.tomtalkstaxes.com/p/using-ai-to-calculate-gambling-wins (September […]
OB3 Act: New Schedule 1-A Draft Released
The IRS released a draft of the new proposed Schedule 1-A, Additional Deductions, for the new One Big Beautiful Bill Act (OB3 Act) deductions that are below-the-line: Qualified tips deduction (new §224), Qualified overtime deduction (new §225), Qualified passenger vehicle loan interest (amended §163), and Enhanced senior deduction (amended §151). The draft Schedule 1-A provides great insight […]
OB3 Act: Research Expense Guidance is Released
The IRS released Rev. Proc. 2025-28 to provide guidance related to the One Big Beautiful Bill Act (OB3 Act) changes to the deductibility of research & experimental expenses under §174 and new §174A. Warning: this guidance is hard to digest. Read More: https://www.tomtalkstaxes.com/p/ob3-act-research-expense-guidance (September 2, 2025)