Tax deductions

Cryptocurrency disposals; cosmetic compliance; paper or plastic; and other highlights from our favorite tax bloggers.

The American Institute of CPAs is asking the Treasury and the IRS for further guidance on the rules for deducting domestic research and development expenses.

The IRS handed out a hefty tax break to large corporations, ensuring that President Trump's lucrative R&D deduction doesn't increase their tax bills.

In practice, depreciation does not eliminate tax cost over time. It merely redistributes it.

The basics of the car loan interest deduction is that it must be a new vehicle assembled in the United States, with the loan being a first lien on the vehicle.

Notice 2026-11 from the IRS provides guidance on the permanent 100% additional first-year depreciation deduction provided by the One Big Beautiful Bill Act.

Tax season is starting as a number of new provisions of the One Big Beautiful Bill Act take effect.

Right now, cannabis businesses operating legally under state law still can't deduct basic costs like rent, salaries or marketing.

The tax deduction applies to new cars assembled in the U.S. purchased from 2025 through the end of 2028.

The proposed regulations relate to the new deduction for interest paid on vehicle loans incurred after Dec. 31, 2024, to purchase new made-in-America vehicles for personal use.

According to IRS Notice 2026-10, however, some other mileage rates will go down.

With no guidance available, tax practitioners and their clients have to figure out how much risk they want to take.

Wealthy taxpayers in high-tax states like California, New York and New Jersey are the biggest winners, as are workers who collect tips or overtime, and seniors.

That guidance basically asks employers to use their best efforts to provide documentation; no penalties will be imposed on those who were unable to document qualified tips and overtime.

Planning around SSI COLAs; holiday business deductions; complex decisions of inheritance; and other highlights from our favorite tax bloggers.

Just in time for Giving Tuesday, there's some good news for charities, thanks to the One Big Beautiful Bill Act, but also some new caps and limits.

In Notice 2025-69, the IRS and the Treasury offer clarifications and examples of how to claim the One Big Beautiful Bill Act deductions.

The One Big Beautiful Bill Act offers a striking example of how policy design can favor businesses over individual taxpayers, particularly young professionals.

Notice 2025-57 explains how businesses should report interest to car purchasers so they can deduct it under the OBBBA.

The American Institute of CPAs is asking for more flexibility for taxpayers who wish to claim tax deductions for overtime and tip income under the OBBA.