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2026 Post-Filing Season Update2025 Tax Year-in-Review2025 Year-End Tax PlanningOne Big Beautiful Bill Act (Signed Into Law July 4, 2025)
2025 Tax Organizers

To assist you in compiling the information necessary to prepare your 2025 individual income tax return, we are providing the following list and request you provide information to the best of your ability. In connection with all items of income, if married, please indicate whether the income is the taxpayer, spouse or joint (TSJ). When submitting materials, please include original and/or corrected source documents to ensure we have all copies or at a minimum the most current version (please note the date of changes on the tax documents).


2025 Tax Return and Planning for Future Years

One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, introduces sweeping changes to the U.S. tax code affecting individual taxpayers, estate and trusts.  Some provisions are applicable in 2025 with others taking effect starting 2026.  The following is a discussion of the rules applicable to the filing of 2025 individual income taxes and 2026 at this time.


2025 Tax Return and Planning for Future Years (Continued - Part 2)

BUSINESS MEALS –For 2025 the limitation is 50% deductibility on qualifying business-related meals with clients, business associates, while traveling and meals on-site for the employer’s convenience.  Beginning 2026 employer provided meals for convenience are generally no longer deductible except if sold a fair market value to an employee in a cafeteria.


Sales & Use Tax

When you make retail purchases of goods or services in your resident state, you usually pay sales tax to the seller if the sale of such goods or services is subject to sales tax according to the law of your resident state.  The seller in turn remits the sales tax collected to the state taxing authority.  In general, when these same types of goods or services are purchased outside of your resident state, they are subject to "use tax" when the goods are brought into your resident state.


Electronic Filing Process

Internal Revenue Service regulations along with the tax authorities of Connecticut, New York and Massachusetts mandate that tax preparers electronically file individual, fiduciary and business income tax returns.  We believe that trends will continue with authorities requiring taxpayers and businesses to electronically file of more information including routine filings, responses, tax returns and tax payments.  Therefore, all 2025 income tax returns filed federally and, in the States of Connecticut, New York and Massachusetts are required to be filed using the Federal & State Electronic Filing Program (E-File).  The firm will voluntarily file individual returns electronically in the States of California and New Jersey.  We also reserve the right to electronically file in additional states as deemed appropriate and will encourage this method of filing. 


Final Regulations Issued on Car Loan Interest Deduction (TD 10054)

The Treasury Department and IRS have finalized regulations regarding the deduction of up to $10,000 in personal car loan interest by individuals for tax years 2025 through 2028. This includes regulations on information returns required to be filed by a lender or other person engage in a trade or business who receives $600 or more of qualified interest during the calendar year. The final regulations adopt the proposed regulations published in January 2026 (NPRM REG-113515-25) with some changes in response to public comments.


Proposed Regulations Would Deny Tax-Exempt Status to Private Schools Engaging in Racial Discrimination (NPRM REG-119986-25; IR 2026-103)

The Treasury Department and IRS have issued proposed regulations providing that a private school is not eligible for Federal income tax exemption under section 501(c)(3) if it considers race, color, or national or ethnic origin in any of its educational, admissions, scholarship, athletic, or other school-administered policies. Any such consideration, under the proposed regulation subsection, would be considered de facto racial discrimination. The proposed rules would apply to taxable years beginning after May 31, 2027.


Partnership’s Final Partnership Adjustment Timely Under Extended Limitations Period (Katanga Properties, TC)

A Notice of Final Partnership Adjustment (FPA) issued by the IRS to a partnership was timely under Code Sec. 6235 because the partnership and IRS had agreed to extend the limitations period for making partnership adjustments. It was determined that the extended period under Code Sec. 6235(a)(1) controlled because the statute permits adjustments until the latest of the periods specified in Code Sec. 6235(a). Accordingly, the partnership’s motion for summary judgment was denied.


Disaster Tax Relief Bill Signed Into Law

The Doug LaMalfa Federal Disaster Tax Relief Certainty Act has been signed into law by President Trump.


IRS Modifies Automatic Accounting Method Change Procedures for Research Costs and Construction Contracts (Rev. Proc. 2026-32)

The IRS has modified automatic accounting method change procedures for research or experimental expenditures and certain residential construction contracts. Rev. Proc. 2026-32 modifies sections 7 and 19 of Rev. Proc. 2025-23 to reflect changes made by the One, Big, Beautiful Bill Act (OBBBA).


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