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A Fifth Circuit ruling says state-law limited partners can skip self-employment tax on their share of the business even if they help run it, reversing an IRS test used in Texas, Louisiana and Mississippi.
IRS-CI's annual report shows tax fraud identifications more than doubled and search warrants rose 25%, a signal that enforcement risk is climbing even as agency staffing shrinks.
Starting with 2025 returns, the IRS plans to apply first-time abatement without a request. Filers with large balances and a clean three-year record stand to keep the most.
The annual inflation update raises deferral, IRA and total contribution ceilings, and lifts to $150,000 the wage line above which catch-up contributions must go in as Roth.
High earners will pay Social Security tax on $8,400 more of wages next year, costing up to $521 each for employee and employer. Retirees get a 2.8% raise that can nudge more benefits into taxable income.
The agency pulled back 2024 proposals that would have tightened Section 355, leaving current, more flexible law in place for owners planning to divide a closely held company.
Rev. Proc. 2025-28 lets companies with up to $31 million in gross receipts amend 2022 through 2024 returns to expense domestic research, with a July 6, 2026 deadline for the retroactive election.
More than 25,000 employees left through incentive programs and 7,315 probationary workers were fired, leaving complex filers facing slower answers and a less predictable audit pipeline.
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