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Pamela Au/wingedwolf – Fotolia The Internal Revenue Service has released Rev. Proc. 2025-23, which updates the list of automatic procedures for taxpayer-initiated requests for changes in methods of accounting. An “automatic change” is a change in method of accounting for which the taxpayer is eligible under Section 5.01(1) of Rev. Proc. 2015-13 for requesting the IRS commissioner’s consent for the requested year of change.The 430-plus pages of changes cover: gross income, commodity credit loans, trade or business expenses, bad debts, interest expense and amortizable bond premium, depreciation or amortization, research or experimental expenditures, elective expensing provisions, computer software expenditures, start-up expenditures…

UAW Local 5960 member Kimberly Fuhr inspects a Chevrolet Bolt EV during vehicle production on May 6, 2021, at the General Motors Orion Assembly Plant in Orion Township, Michigan.Steve Fecht for ChevroletDETROIT — General Motors plans to invest $4 billion in three American assembly plants, including moving or increasing production of two Mexican-produced vehicles to U.S. plants.The Detroit automaker announced the plans Tuesday, as there have been few indications of progress in trade talks between the Trump administration and Mexican leaders. Earlier this year, President Donald Trump implemented 25% tariffs on imported vehicles and 25% tariffs on many auto parts…

Senate Majority Leader John Thune said Republicans in his chamber expect to deliver on President Donald Trump’s campaign promises to exempt tips, overtime pay, Social Security and auto loan interest from taxes.”I think that the president as you know campaigned hard on no tax on tips, no tax on overtime, Social Security, interest on car loans — those were all things that are priorities for the administration and they were addressed in the House bill and I expect they will be in the Senate as well,” Thune told reporters.The House bill, in lieu of a direct tax cut on Social…