ntpa

The IRS has officially released Schedule 1-A and accompanying instructions, giving tax professionals the roadmap needed to claim four major new tax benefits under the "One, Big, Beautiful Bill." These provisions—no tax on tips, no tax on overtime, no tax on car loans, and no tax on seniors—represent some of the most significant changes to individual taxation in recent years.

Here's everything you need to know to serve your clients effectively this filing season.

The IRS’s Criminal Investigation division (IRS-CI) recently released updated metrics showing just how central Bank Secrecy Act (BSA) data has become in identifying and prosecuting financial crimes. As tax professionals, understanding this trend strengthens your ability to support clients, recognize red flags, and appreciate how financial data intersects with enforcement priorities.

The Department of the Treasury and Internal Revenue Service (IRS) recently released interim guidance on the special depreciation allowance for qualified production property, a key tax benefit introduced by the One Big Beautiful Bill (OBBB). This guidance is essential reading for tax professionals advising businesses on depreciation planning and asset write-offs for property placed in service after mid-2025.

The Internal Revenue Service has released preliminary data from the opening weeks of the 2026 tax filing season, revealing two notable trends: average refund amounts have increased significantly year-over-year, while overall filing activity has decelerated compared to the previous season. For tax professionals, these early indicators provide valuable context for client conversations and practice management.