WXC Corporation Doral Miami
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IRS provide penalty relief for tax year 2025

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued guidance providing penalty relief to employers and other payors for tax year 2025 regarding new information reporting requirements for cash tips and…
WXC Corporation Miami Doral

Treasury, IRS issue guidance on tax benefit for lenders

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued guidance for a new tax benefit for certain lenders that make loans secured by rural or agricultural real property. Notice 2025-71 PDF provides interim…
WXC Corporation Miami Doral

Interest rates remain the same for the first quarter of 2026

WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2026. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded…
WXC Corporation Miami Doral
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Form 1099-K threshold limit reverts to $20,000

WASHINGTON — The Internal Revenue Service today issued frequently asked questions in Fact Sheet 2025-08 PDF regarding the dollar threshold for filing Form 1099-K under the One, Big, Beautiful Bill. The OBBB retroactively reinstated the…
WXC Corporation Doral Miami
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Penalty relief for remittance transfer providers who fail to deposit excise tax

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued guidance providing deposit penalty relief for the first three quarters of 2026 to remittance transfer providers. Notice 2025-55 PDF provides relief in…
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Transition relief for 2025 for businesses reporting car loan interest

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today provided transitional guidance for businesses required to report car loan interest under the One, Big, Beautiful Bill. Notice 2025-57 PDF provides penalty relief…
WXC Corporation Miami Doral
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IRS releases tax inflation adjustments for tax year 2026

WASHINGTON — The Internal Revenue Service today announced the tax year 2026 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2025-32 PDF provides details…
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One Big Beautiful Bill: No Tax on Car Loan Interest

New deduction: Effective for 2025 through 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle, provided the vehicle is purchased for personal use and meets other eligibility criteria. (Lease payments do…
WXC Corporation Miami Doral
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IRS to phase out paper tax refund checks starting with individual taxpayers

The Internal Revenue Service, working with the U.S. Department of the Treasury, today announced that paper tax refund checks for individual taxpayers will be phased out beginning on Sept. 30, 2025, as required by Executive Order 14247, to the…