The Tax Professionals Blog
Highlights of Internal Revenue Bulletin 2025-18 – 4/28/2025
Posted by Lee Reams Sr., BSME, EA on
In this release, the IRS announced no new rulings or procedures were published in IRB 2025-18 for the week of April 28, 2025.
Compensation Distinguished from a Gift
Posted by Lee Reams Sr., BSME, EA on
In this article, we cover how the IRS distinguishes between gifts and compensation, what counts as a de minimis fringe benefit, and why holiday hams don’t count as taxable income.
Highlights of Internal Revenue Bulletin 2025-17 – 4/21/2025
Posted by Lee Reams Sr., BSME, EA on
This article covers key highlights from IRB 2025-17, including input on the 2025-2026 Priority Guidance Plan.
Taxable Value of Noncash Prizes
Posted by Lee Reams Sr., BSME, EA on
Winning a noncash prize is exciting—but it’s not tax-free. Learn how the IRS determines the fair market value of prizes, and how winners can dispute overvalued 1099-MISC amounts.
Highlights of Internal Revenue Bulletin 2025-16 – 4/14/2025
Posted by Lee Reams Sr., BSME, EA on
New IRS bulletin updates 2025 state housing credit limits and sets fringe benefit valuations for employer aircraft use using updated SIFL rates.