Kies Flags Upcoming Guidance and the 2026 Filing Season: On Nov. 20, Treasury Assistant Secretary for Tax Policy and Acting IRS Chief Counsel Ken Kies spoke at a conference where he highlighted upcoming guidance related to One Big Beautiful Bill Act (OBBBA) implementation. He specifically noted new incentives for tips and overtime, factory investments, bonus depreciation, “Trump accounts,” school choice credits. Get more details.
Guidance for the 2026 Filing Season for Taxpayers Claiming the Tip and Overtime Deduction: On Nov. 21, the Treasury Department and the Internal Revenue System (IRS) issued Notice 2025-69, providing 2025-only guidance for individuals claiming the deductions for “qualified tips” and “qualified overtime compensation” for tax years 2025–2028. Since Forms W‑2 and 1099 for 2025 will not separately report these amounts. Get more details.
Comments Requested on Tax Credits for Scholarship Granting Organizations: On Nov. 26, the Treasury Department and the Internal Revenue System (IRS) issued Notice 2025-70 announcing their intent to issue guidance under section 25F, which provides a nonrefundable individual income tax credit of up to $1,700 per year beginning in 2027 for cash contributions to state-certified scholarship granting organizations (SGOs) that fund elementary and secondary education scholarships for income-limited eligible students. Get more details.
IRS Issues Final Guidance on Corporate Stock Buyback Tax: On Nov. 21, the Internal Revenue System (IRS) issued final regulations for corporate stock repurchases under the Inflation Reduction Act. The final rules clarify their application after Dec. 31, 2022, modify exceptions for reorganizations, retirement plan contributions and regulated investment companies (RICs) and real estate investment trusts (REITs). Get more details.
Ongoing Global Tax Negotiations Include Potential One-Year Safe Habor: The interim safe harbor that simplifies tax calculations under the global minimum tax deal is reportedly being considered for a one-year extension to 2027. The proposal comes as the United States continues to press the Organisation for Economic Co-operation and Development (OECD) to adopt a side-by-side approach that would exclude U.S. multinationals from the Pillar Two global minimum tax. Get more details.
Republican Tax Writers Send Letter to POTUS on Proposed French DST Increase: On Nov. 25, 16 Republican members of the House Ways and Means Committee sent a letter to President Trump expressing significant concerns with France’s recent proposed increase in its digital services tax (DST). They highlighted that the tax unfairly targets large American digital companies and imposes substantial additional costs and threatens U.S. investment. Get more details.
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