The Internal Revenue Service ended 2024 by debuting regulations on reporting cryptocurrency transactions, amendments for outdated provisions, updates for standard mileage rates and more. And as President-elect Donald Trump gets ready for his second term in office, professionals are looking ahead to what the 2026 tax landscape will look like.

Trump was vocal throughout his campaign about working to extend many of the provisions of his landmark Tax Cuts and Jobs Act of 2017 that are set to expire at the end of this year. Recently, he rallied roughly 20 likeminded Republican House members from New York, New Jersey and California to discuss updates to state and local tax deduction caps.

Representative Nick LaLota, R-N.Y., said in an interview with Bloomberg that he and a small group of four other representatives are working to push forward a bill to “reasonably adjust” the current $10,000 cap on SALT deductions.

“There are five very salty Republicans — I would expect that somebody in his position would appreciate that dynamic and would want to provide an accommodation to get the bill passed,” he said. “The five of us have the opportunity to effectuate an even more beautiful, big bill.”

Read more: TCJA extensions or revisions: What lies ahead for 2025

Most of the current regulations will be in place for the majority of the 2025 tax season, with the steadily gaining pace of regulatory proposals making planning ahead for 2026 one of the key priorities for tax professionals.

Randy Hughes, CEO of Atlanta-based Counting Pennies and co-founder of Seven Figure Profits, said in an interview with Accounting Today that Trump’s return is a likely signal that the current tax landscape would be renewed into next year with some additional provisions.

“The most significant changes include potential new regulations around cryptocurrency transactions, increased IRS scrutiny on high earners and adjustments to clean energy credits,” Hughes said. “Most changes will not be changes to tax law, but the implementation of laws that are already in place … so being familiar with this implementation is important.”

Read more: Tax season kickoff: ‘The calm before the change’

Learn more about the IRS’s new rules on crypto reporting, accounting methodology changes and more below.

New rules from IRS on DeFi tax reporting cross the finish line

The IRS released final regulations in December for decentralized finance brokers to report sales and exchanges of digital assets on the Form 1099-DA, as well as relief measures to ease the changes.

The new requirements take effect for DeFi companies starting Jan. 1, 2027, after responses gathered in the initial stages of the regulations led the IRS and the Treasury to push back the deadline by two years. Individual cryptocurrency brokers, traders, banks and more are subject to the updated rules as of Jan. 1.

“Although the applicability date proposed by the proposed regulations applied to gross proceeds reporting for sales of digital assets effected on or after Jan. 1, 2025, the Treasury Department and the IRS agree that a delay is warranted for trading frontend service providers treated as brokers (DeFi brokers) under these final regulations,” the regulation states.

Read more: IRS finalizes regs for DeFi tax reporting

New crypto rules from IRS will create an information avalanche

Following the Jan.1 effective date of the IRS’s new 1099-DA and finalized regulations for reporting decentralized finance transactions, accountants across the profession worry that many brokers and taxpayers will struggle to quickly adapt to the changes.

“The fact that the IRS is now going to get information about the transactions, and how inaccurate the information will be, is really underappreciated at this point,” James Creech, a director in the tax advocacy and controversy practice of Top 10 Firm Baker Tilly, said in an interview with Accounting Today’s Roger Russell. “There will be a lot of people who will realize, too late, that this has taken effect.”

He further mentioned that the utility of the information gathered through Form 1099-DA reportings will vary in accuracy for the first few years as all eligible parties become familiar with the requirements and standards.

Read more: New crypto regs will generate information deluge

IRS expands waiver of eligibility for accounting method changes

The IRS’s newly debuted Revenue Procedure 2025-08 expanded the waiver of eligibility rules that allow for changes in accounting methodology where research or experimental expenses are concerned.

Expanded rules include those in Section 5.01(1)(d) and (f) of Rev. Proc. 2015-13 to accounting method changes described in Section 7.01 of Rev. Proc. 2024-23 that are made for any taxable year beginning in 2022, 2023 or 2024. 

Read more: Waiver expanded for some accounting method changes

IRS proposal seeks to add tech competency for tax professionals

Last month, the IRS and Treasury Department released jointly proposed regulations that would seek to introduce a technological competency requirement for preparers and revise many parts of Circular 230 “to account for changes in the law and the evolving nature of tax practice.”

The proposed changes are limited to affect only those who practice before the IRS, and include the following updates, among others:

• Eliminating provisions related to registered tax preparers;
• Classifying the use of certain contingent fee arrangements by practitioners as disreputable conduct;
• Establishing new standards for appraisals and the disqualification of appraisers; and
• Providing rules related to appraisers, including the standards for disqualification.

Read more: IRS proposes new requirements for tax pros

IRS increases standard mileage rate for 2025

The tax service increased its optional standard mileage rate for 2025 by three cents for vehicles driven for business purposes, while other rates remain unchanged since last year.

The rates applicable to cars, vans, pickups or panel trucks, including fully electric and hybrid vehicles, are as follow s:

• 70 cents per mile driven for business use, up three cents from 2024;
• 21 cents per mile driven for medical purposes, the same as in 2024;
• 21 cents per mile driven for moving purposes for qualified active-duty members of the Armed Forces, unchanged from last year; and,
• 14 cents per mile driven in service of charitable organizations, equal to the rate in 2024. 

Read more: IRS boosts standard mileage rate for 2025

Noble Consulting Services Inc., a wholly owned subsidiary of Katz, Sapper & Miller, a Top 50 Firm based in Indianapolis, said Tuesday that Rector & Associates, an insurance regulatory firm based in Columbus, Ohio, has joined its practice, effective Jan. 1, 2025.

Mark Alberts, founder of Alberts Actuarial Consulting LLC,  has also joined Noble as a vice president to expand Noble’s actuarial services. With the addition of Rector & Associates and Alberts, Noble plans to introduce additional services.

Rector offers transactional, financial, and compliance services for insurance companies, litigation support and expert witness services, regulatory compliance for insurance brokers and agents, and more. Alberts will lead development of an in-house actuarial department at Noble, which will provide financial examination, actuarial analysis, and form and rate review services to regulatory clients, valuation and appointed actuary services to insurers, and more.

Rector & Associates was founded in 1991 and provides insurance regulation and financial solvency consulting. Sarah Schroeder and Ed Dinkel of Rector are joining Noble as managing directors. Neil Rector, who founded Rector & Associates and is a former deputy director of the Ohio Department of Insurance, will provide ongoing consultation services to Noble.

Alberts has provided actuarial consulting services in the life insurance, annuity and supplemental health practice areas since 2008. He and his team of actuaries have worked with Noble on a contract basis for many years.

“We’re thrilled to welcome Sarah, Ed, Neil, and Mark to the Noble team,” said Noble CEO Mike Dinius in a statement. “Their exceptional expertise and client-focused approach are a perfect fit for Noble as we expand our services. Adding an in-house actuarial department is a major step, allowing us to deliver broader, more impactful services to both regulators and insurance companies. This move strengthens our ability to meet the evolving needs of our clients and ensures we remain at the forefront of the industry.”

Financial terms of the deal were not disclosed, and Noble’s revenue figures were not disclosed either.

KSM ranked No. 49 on Accounting Today‘s 2024 list of the Top 100 Firms, with $144.8 million in annual revenue. Noble employs 70 people. The combination with Rector adds two full-time people — Schroeder and Dinkel — and two contractors, including founder Neil Rector.

KSM acquired Noble in 2021, and it operates as a wholly owned subsidiary. The addition of Rector & Associates and Mark Alberts continues Noble’s growth following integration of the insurance regulatory practices of Johnson Lambert LLP and Eide Bailly LLP in 2023.

Springline Advisory, a financial and business advisory firm backed by the private equity firm Trinity Hunt Partners, has partnered with Fiske Advisory LLC, a South Florida-based business accounting, tax, business valuation and advisory services firm. 

Through the partnership, Fiske will get greater access to the resources of a larger firm. Springline Advisory will in turn expand its firm portfolio with Fiske’s business advisory services such as forensic accounting, litigation support, business valuation and tax.

“Joining forces with Springline Advisory is a natural fit,” said Sheri Fiske Schultz, managing partner of Fiske Advisory LLC, in a statement Tuesday. “Their commitment to delivering exceptional client service and their strong cultural alignment with our values of professionalism, integrity and personalized attention make this partnership a powerful opportunity. Together, we’re excited to provide even greater value to our clients, increase professional development opportunities for our teams, and to build on our legacy of excellence.”

Founded in 1972, Fiske offers litigation support accounting, business valuation, and other specialized services, Fiske is consistently ranked among the top 25 litigation support accounting firms, top local providers of business valuation services, and top women-owned businesses in the region.

“We’re thrilled to welcome Fiske as a Springline founding firm. Their sterling reputation for providing exceptional advisory services, employee-centric culture, and entrepreneurial spirit complement our shared vision for growth,” said Springline Advisory CEO Tim Brackney in a statement. “This combination underscores our dedication to forging strategic partnerships that strengthen the capabilities of traditional accounting firms, allowing us to offer a broader range of services that meet the business demands of today’s dynamic middle market.” 

“My focus in advising Fiske was to find a partner that could really accelerate their growth as an advisory business while continuing to nourish and support their strong culture,” said Gary Thomson, managing partner of Thomson Consulting and advisor on the deal. “Springline Advisory’s strategic approach to growth is impressive. Partnering with Fiske, whose solid reputation in specialized areas like litigation support and business valuation is built on years of experience and deep industry knowledge, positions Springline as a high-impact player in the accounting and advisory space and elevates their competitive advantage as demand in the market continues to grow.”

The announcement follows recent strategic transactions for Springline Advisory with Dallas-based HM&M Advisory, LLC and Clark, Raymond & Co.in Redmond, Washington.

Trinity Hunt Partners, a Dallas-based PE firm, created Springline Advisory last year. The first investment was in MarksNelson, a Kansas-based firm. In addition to MarksNelson, Springline later added Indianapolis-based BGBC Advisory and made plans to expand by adding more firms around the country that serve middle-market clients.