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White House Aims To Lower IRS Budget
The White House is looking to lower the Internal Revenue Service budget by $1.4 billion in fiscal year 2027....

Final Reg Expands, Clarifies Occupations Eligible for "No Tax on Tips" Deduction (TD 10044; IR 2026-49)
The IRS has issued final regulations for the "no tax on tips" deduction under Code Sec. 224, which was enacted as part of the the One Big Beautiful Bill Act (OBBBA) (P.L. 119-21). The final regulat...

IRS Updates FAQs on Educational Assistance Programs (FS-2026-10; IR 2026-55)
The IRS issued updated frequently asked questions (FAQs) addressing educational assistance programs under Code Sec. 127. The FAQs provide general guidance on eligibility, tax treatment of benefits, a...

IRS Issues Guidance on Designating Population Census Tracts as QOZs (Rev. Proc. 2026-14; IR 2026-45)
The IRS has issued procedures for nominating population census tracts that would be designated as qualified opportunity zones (QOZs). The tracts would designated as QOZs effective on January 1, 2027. ...

Waiver of Additions to Tax for Underpayment of Estimated Income Tax by Qualifying Farmers and Fishermen Provided (Notice 2026-24)
The IRS has provided a waiver of the addition to tax under Code Sec. 6654 for the underpayment of estimated income tax by qualifying farmers and fishermen....

Population Figures Provided for Calculating Low-Income Housing Tax Credits (Notice 2026-22)
State and local housing credit agencies that allocate low-income housing tax credits and states and other issuers of tax-exempt private activity bonds have been provided with a listing of the proper p...

IRS CEO Bisignano Defends And Deflects Before Senate Committee
Internal Revenue Service CEO Frank Bisignano promoted some of the highlights of the 2026 tax filing season before a congressional committee while deflecting questions about data leaks and other issues...

Taxpayer Advocacy Panel Releases 2025 Annual Report (IR-2026-57)
The Taxpayer Advocacy Panel (TAP) has released its 2025 Annual Report. The report highlighted accomplishments and ongoing efforts to (1) strengthen IRS delivery; (2) improve communications with taxpa...