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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…
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Treasury, IRS issue guidance listing occupations receiving tips

The Department of the Treasury and the Internal Revenue Service today provided guidance on “no tax on tips” provision. The One, Big, Beautiful Bill proposed regulations identify occupations customarily and regularly receive tips and define…
WXC Corporation Miami Doral
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Treasury, IRS issue final regulations on new Roth catch-up rule

WASHINGTON —The Department of the Treasury and the Internal Revenue Service today issued final regulations addressing several SECURE 2.0 Act provisions relating to catch-up contributions. (Catch-up contributions are additional contributions…
WXC Corporation Doral Miami
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Sales Tax on Commercial Rentals Repealed Effective October 1, 2025

Effective October 1, 2025, the state sales tax imposed on rent or license fees for the use of real property (commercial rentals) under section 212.031, Florida Statutes (F.S.), is repealed. This means no state sales tax or discretionary sales…
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No changes to individual information returns or withholding tables

The Internal Revenue Service today announced that, as part of its phased implementation of the One, Big, Beautiful Bill Act, there will be no changes to certain information returns or withholding tables for Tax Year 2025 related to the new law. Key…
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Interest rates remain the same for the fourth quarter of 2025

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here…