Top Federal Tax Policies Of 2025

By Asha Glover

The first year of President Donald Trump's second term brought the passage of this summer's budget reconciliation bill, which renewed major parts of the 2017 Tax Cuts and Jobs Act, and major staffing changes at the Internal Revenue Service. Here, Law360 looks at the most consequential developments in federal tax policy in 2025.

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10th Circ. Tosses Plumbing Co.'s Captive Deduction Bid

By Kat Lucero

The Tenth Circuit is not the proper forum for a Utah plumbing company to challenge the Internal Revenue Service's 2016 notice denying a microcaptive insurance deduction, the appeals court found Monday, citing two statutes that bar the company's arguments.

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Tariff Refunds Would Be 'A Mess,' Economic Official Says

By Natalie Olivo

It would be an "administrative problem" to issue tariff refunds in the aftermath of a potential U.S. Supreme Court ruling against the White House's trade measures, a top economic policy official said.

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Britney Spears Disputes $720K IRS Bill In Tax Court

By Kat Lucero

Britney Spears is challenging the IRS over the more than $720,000 it assessed against her in 2021, telling the U.S. Tax Court that the agency improperly increased income she received through her pass-through entity.

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IRS Seeks Input On Updates To Voluntary Disclosure Process

By Molly Moses

The Internal Revenue Service asked Monday for comments on a proposed change to its voluntary disclosure program that would require payment of all taxes, penalties and interest within three months after being conditionally approved for the program.

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Farmers Can Pay Capital Gains Tax In Installments, IRS Says

By Kat Lucero

Farmers who will pay capital gains tax on a farmland property sale to another farmer can opt to make the payments in four equal installments instead of a lump sum under guidance the IRS released Monday, implementing relief created by the 2025 budget law.

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Draft House Bill Would Clarify Tax Rules For Digital Assets

By Molly Moses

A bipartisan draft bill in the U.S. House would modernize the federal tax code for digital assets, its backers said, by establishing a "commonsense tax treatment" for regulated payment stablecoins, clarifying source-of-income rules for trading and extending existing securities-lending rules to digital assets.

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6th Circ. Vacates Pharma Salesman's $6.8M Restitution Order

By Gianna Ferrarin

The Sixth Circuit vacated a nearly $7 million restitution order against a pharmaceutical salesman convicted of healthcare fraud, finding an Ohio federal court erred in calculating that amount and apportioning liability.

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IRS To Issue Guidance For Dyed Fuel Tax Refunds

By Natalie Olivo

The IRS announced plans Monday to issue guidance for a provision under the federal budget bill regarding a tax refund process for dyed fuel.

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