What should newlyweds do about their taxes after the wedding? Follow a short newlywed tax checklist: update your name with the Social Security Administration, file a change of address with the IRS if you moved, give your employer a new Form W-4 within 10 days, pick a filing status, and combine your records — the…
Who can still elect the IAS 28 fair value option after the IASB’s 2026 amendments? The updated IAS 28 fair value option extends the FVTPL election beyond classic investment funds to any entity whose main business is investing in associates, joint ventures, unconsolidated subsidiaries, cash and cash equivalents, or other independently-returning assets — aligned to…
Who can measure associates and joint ventures at fair value under IFRS? The IAS 28 fair value option is an exemption from the equity method — and on 26 June 2026 the IASB issued narrow amendments that finally pin down which entities qualify, using the ‘specified main business activities’ concept from IFRS 18. If your…
How do I get an EIN verification letter without calling the IRS? Designated officials on your IRS Business Tax Account can now log in and download an EIN verification letter instantly — no more calling and waiting weeks for Letter 147c in the mail. If you have ever tried to open a business bank account,…
How do foreign entities e-file 1042-S and 1099 forms after FIRE is retired? Through the new IRS Foreign Filer TCC Registration System. It gives foreign filers whose authorized users have no U.S. SSN or ITIN a way to obtain a Transmitter Control Code and transmit information returns electronically through IDES. The way U.S. information returns…
How do central organizations report their subordinates to the IRS in 2026? With new IRS Form 15644. Under Revenue Procedure 2026-8, every central organization that holds a group exemption letter must file Form 15644 each year, at least 30 but not more than 90 days before the close of its annual accounting period. If your…
Are all Charitable Remainder Annuity Trusts still safe to use? Yes — but a specific subset just became a reportable tax shelter. On July 8, 2026, Treasury and the IRS issued final regulations naming certain CRAT listed transactions, requiring participants and material advisors to disclose them or face penalties. Charitable Remainder Annuity Trusts have long…
Do I have to ask the IRS for penalty relief anymore? Not for the most common relief. Starting summer 2026, the IRS is replacing First Time Abate with automatic penalty relief — the new Automatic Exemption from Penalty (AEP) will waive failure-to-file, failure-to-pay, and failure-to-deposit penalties for eligible taxpayers during return processing, with no request…
Does the new Opportunity Zone regime just extend the old rules? No. The IRS Opportunity Zone transition rules in Notice 2026-40 keep the December 31, 2026 deferred-gain date, but reinvested QOF gains restart the 10-year clock and ongoing projects now need a written working-capital plan in place by year-end. The IRS has finally drawn a…
Do seasonal and part-time workers change my payroll tax obligations? No — hiring seasonal employees does not create a lighter set of federal payroll rules. Wages paid to summer, holiday, and part-time help are subject to the same federal income tax withholding, Social Security, and Medicare taxes as wages paid to your full-time staff. The…
