IRS Updates Form 1065 & Schedule K-1 Instructions for Tax Year 2025

Byadmin 04/06/202604/06/2026

What changed in the Form 1065 instructions for 2025? The IRS released updated Form 1065 instructions for 2025 (processing year 2026) with new direct deposit lines, a Schedule K-2 exception checkbox, and new Schedule K-1 reporting codes for partnership distributions and special transactions — including provisions from the One Big Beautiful Bill Act. If you…

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Business Tax

How to Reverse Your 163(j) Election: Claiming Your Lost Bonus Depreciation

Byadmin 03/27/202603/27/2026

Rev. Proc. 2026-17 Explained: How to Reverse Your § 163(j) Election! Are you feeling stuck with a past tax election that no longer serves your business? Discover how the new IRS guidance lets you undo your real property or farming business interest elections and reclaim massive depreciation benefits. Let’s be completely honest—navigating the…