Spidell's Federal Tax Minute

This week we're covering disallowed Employee Retention Credits and a recent extension to the statute of limitations on refunds.

This week, we're covering using a durable power of attorney for tax matters, in circumstances where a taxpayer may be incompetent or incapacitated.

This week, we're covering using outsourcing and artificial intelligence to review returns.

This week we're covering clarification we have received from the IRS on a handful of OBBBA provisions.

This week we're covering what practitioners can do when clients receive new IRS Notice CP53E.

This week we're covering which workers are and are not eligible for the new overtime deduction.

This week, we're covering transition relief and guidance for claiming tips and overtime deductions on 2025 tax returns.

This week we're covering a change at the U.S. Postal Service that affects postmarks and makes filing and paying electronically even more important.

This week we're talking about the tax effects of reclassifying marijuana to a Schedule III drug.

This week we're covering a list of FAQs that we have received from tax professionals regarding Trump accounts.

This week we're covering categories of gifting that don't apply to the annual and lifetime gift tax exclusions.

This week we're covering some of the new and updated forms for 2025 and 2026 following the enactment of the One Big Beautiful Bill Act.

This week, we're covering new guidance released on setting up and administering new Trump accounts.

This week we're covering things to consider regarding HSAs and FSAs before the end of the year.

This week we're covering employee emergency savings accounts and how these accounts operate.

This week, we're covering new and updated Form 1099-K FAQs that the IRS recently released.

This week we're covering draft 1099 forms with new lines for certain OBBBA deductions, and transition relief for reporting tip and overtime compensation for 2025.

This week we're comparing Trump accounts to some alternative investment accounts for children under the age of 18.

This week we're covering new IRS Form 1098-VLI for the claiming car loan interest deduction and transition guidance for the car loan interest reporting requirements.

This week we're covering updates that have been made to the 2025 Form 1040.

This week we're covering Form 1099-DA reporting requirements.

This week we're covering the recently reduced PTIN fee and the new process for signing in to the PTIN system.

This week, we're covering using a private letter ruling to waive the 60-day rollover requirement for fraudulent transfers from a retirement account.

This week we're covering some 2026 draft forms the IRS released, specifically the draft W-2, Schedule 1-A, and W-4.

This week we're covering which taxpayers are winners and which are losers under the provisions of the One Big Beautiful Bill Act.

This week we're covering further expansion of the IRS's online individual tax accounts.

This week, we're covering the expansion of IRC §529 qualified higher education expenses under the One Big Beautiful Bill Act.

This week, we're covering the new Trump accounts that were established under the One Big Beautiful Bill Act.

This week we're covering three of the enhanced credits under the One Big Beautiful Bill Act.

This week we're covering the new personal exemption for seniors under the One Big Beautiful Bill Act.

This week we're covering changes made to the state and local tax deduction limitation under the One Big Beautiful Bill Act.

This week, we're covering four important depreciation provisions contained in the One Big Beautiful Bill Act.

This week we're covering changes to charitable contribution deductions made by the OBBBA.

This week we're covering the changes to various energy credits and incentives under the OBBBA.

This week we're covering Medicare's income-related monthly adjustment amount, and what taxpayers can do to lower this monthly surcharge.

This week we're covering the tax ramifications of claiming a theft loss deduction for stolen cryptocurrency.

This week we're covering the latest expansion of the IRS's Business Tax Account online self service tool for business taxpayers.

This week, we're covering the new process for making a gift splitting election on Form 709.

This week, we're covering the tips, overtime, and auto interest provisions in the tax bill that's working its way through Congress.

This week, we're covering the pros and cons of using AI tools in your tax practice.

This week we're covering proposed changes that the pending tax bill would make to the state and local tax deduction limit.

This week, we're covering some of the key provisions in the draft tax legislation that was released on May 12.

This week, we're covering Form 1099-K matching problems and how to solve them.

This week, we're covering expanded features of the IRS's Individual Online Account tool.

This week we're covering some recent updates regarding Social Security benefits.

This week we're covering tax legislation focused on improving IRS services.

This week, we're covering the proposed changes to update Treasury Department Circular 230, which governs practice before the IRS.

This week we're covering the provisions of the Federal Disaster Tax Relief Act of 2023.

This week, we're covering some federal filing updates to be aware of for the start of the 2025 filing season.

This week we're covering some temporary relief for reporting certain digital asset transactions.

This week we're covering some recent upgrades to the IRS's Business Tax Account tool.