Monthly US Tax Bulletin - November 2025

Key highlights:

Federal taxes

• The IRS extended the Form 6765 feedback period for claiming credit for increasing research activities, keeping Section G optional for 2025 and mandatory from 2026, with limited exceptions.
• The One, Big, Beautiful Bill Act (OBBBA) reinstates original 1099-K threshold, easing compliance for payment platforms.
• The IRS proposes easing Form 8308 reporting by limiting early disclosure to basic transaction details, and “hot assets” information reporting deferred to annual Form 1065 and Schedule K-1.
• The IRS withdraws proposed spinoff regulations on corporate separations and multi-year reporting and reverts to pre-2024 guidance until the revised guidance and procedures are issued.
• The IRS withdraws Section 382(h) proposed rules referring to computing built-in gains and losses after ownership changes and will issue a new guidance. In the interim, companies may continue using the methods as per Notice 2003-65. 

State taxes

• New York requires LLCs to report beneficial ownership starting January 2026.
• California updated its tax conformity date, but continues to diverge from federal rules on interest deductions, special depreciation, net operating losses, alternative minimum tax, research and experimental expenses and credit.
• Florida repealed the sales tax on commercial rents.
• Maine adopted new rules for taxing lease payments on tangible personal property.
• New Jersey launched a Tax Mediation Pilot programme to assist taxpayers in resolving audit controversies that involve the Corporation Business Tax (CBT) and Sales and Use Tax (SUT).

Monthly US Tax Bulletin - November 2025

The November 2025 edition of the Grant Thornton Bharat Monthly US Tax Bulletin provides a concise summary of recent key developments in federal and state taxes in the US.

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