What’s new from the California Franchise Tax Board this spring? The latest California FTB tax news 2026 covers critical updates: new guidance on disaster postponement forms 3872 and 5805, a renamed bulk sales clearance certificate, a new online Schedule R Verification tool, updated Secretary of State entity IDs, and April 15 extended contact center hours….
Can corporations still deduct charitable contributions in 2026? Yes, but the rules changed significantly. The One Big Beautiful Bill introduced a new 1% floor under IRC §170(b)(2)(A), meaning the corporate charitable contribution deduction 2026 only applies to donations exceeding 1% of taxable income — permanently eliminating the deduction value of smaller gifts. Corporate philanthropy has…
Does the IRS offer free tax preparation for low-income households? Yes — the IRS VITA TCE grants 2026 program awarded $53 million to 363 organizations nationwide, funding free certified tax preparation for qualifying taxpayers. VITA serves low-to-moderate income filers, while TCE focuses on seniors age 60 and older. Every filing season, millions of Americans either…
Should California businesses choose CalSavers or a 401(k)? If you have 5 or more employees in California and don’t already offer a qualified retirement plan, you must participate. The CalSavers vs 401k decision comes down to this: CalSavers meets the legal requirement with minimal effort, but a 401(k) delivers dramatically more value for your employees…
Will Social Security run out of money? Yes — the Congressional Budget Office now projects the Social Security trust fund will be depleted by 2032, one year sooner than previously estimated. Without Congressional action, this would trigger an automatic 24% cut to all beneficiaries’ monthly checks. Here’s what that means for your retirement and what…
Can your Social Security benefits be garnished? Yes — but only by a small group of powerful creditors. While federal law protects your Social Security from most private creditors, social security garnishment by the IRS, SSA, or federal student loan agencies is permitted. This guide explains exactly who can take your benefits and how to…
What can you do with an IRS online account, and how does it help tax professionals? An IRS online account gives individual taxpayers 24/7 access to their tax records, payments, refund status, and identity protection tools — and when paired with a tax professional’s Tax Pro Account, it enables fully digital authorizations that replace paper…
What is the IRS Tax Withholding Estimator and how does it reflect the new OBBB tax law changes? The IRS Tax Withholding Estimator is a free online tool that has been updated to incorporate One, Big, Beautiful Bill (OBBB) changes — including no tax on tips, no tax on overtime, and new senior deductions —…
What does the Taxpayer Bill of Rights say about paying the correct amount of tax? Under the Taxpayer Bill of Rights, every American has the legal right to pay no more than the correct amount of tax — and the IRS is required to apply all payments properly and correct any overcharges. Tax season can…
What is the Pillar Two global minimum tax and how does it affect multinational businesses in 2026? The Pillar Two global minimum tax is the OECD/G20’s landmark 15% minimum effective tax rate for large multinational enterprises (MNEs) with annual revenues exceeding €750 million. As of 2026, over 60 countries have enacted or are actively implementing…
What is IFRS 18 and when does it take effect? IFRS 18, the new standard that replaces IAS 1, fundamentally redesigns how companies present financial statements. It is mandatory for annual periods beginning on or after January 1, 2027 — but with the 2026 comparative period already underway, companies using IFRS must begin planning their…
Can I deduct overtime pay from my federal taxes under the new law? Yes — the One, Big, Beautiful Bill Act (OBBBA) created an overtime tax deduction worth up to $12,500 for individuals ($25,000 joint filers) for qualifying FLSA overtime earned from 2025 through 2028. A separate tips deduction of up to $25,000 is also…
What are the most important state tax updates in March 2026? From Utah’s historic income tax rate cut to 4.45% and new digital product taxes, to Georgia’s IRC conformity changes and Louisiana’s mobile workforce rules, here are the key state tax updates 2026 that businesses and taxpayers need to know right now. If you run…
How much is the Child Tax Credit for 2025, and who qualifies? For tax year 2025, the Child Tax Credit is worth up to $2,200 per qualifying child under age 17, with up to $1,700 refundable through the Additional Child Tax Credit. Income limits are $200,000 ($400,000 for joint filers). If you’re a parent filing…
What is GASB 103 and how does it change government financial reporting? GASB 103 is a major update to the government financial reporting model, effective for fiscal years beginning after June 15, 2025, that redefines operating vs. nonoperating revenues, introduces subsidy reporting, and strengthens MD&A requirements for state and local governments. If you work in…
What should I do if I haven’t received my W-2 or 1099? If your missing W-2 or missing 1099 tax documents are late, you have several IRS-approved options to file on time, including checking your IRS Online Account, contacting your employer, or using Form 4852 as a substitute. Dealing with a missing W-2 or missing…
Should You Offer Crypto in Your 401(k)? With recent 2025 and 2026 regulatory shifts, offering alternative investments like cryptocurrency and real estate in a 401(k) is becoming a hot topic. Discover the fiduciary risks, ERISA rules, and practical steps employers must take before updating their plan menus. Let’s be real for a second—if…
How to Open a Trump Account: The Complete 2026 Guide. Discover exactly how to navigate the new IRS Form 4547 and secure the $1,000 pilot program contribution for your child’s future. Hey everyone! If you’ve been following the news lately, you know there’s been a massive buzz around the new “One, Big, Beautiful…
Want to save money on college costs? Discover the top IRS tax credits and deductions for education, including the AOTC and LLC, and learn how to reduce your tax bill today! Have you ever looked at the cost of continuing education and felt your jaw practically drop to the floor? Let’s be real…
Tackling Your IRS Tax Debt Doesn’t Have to Be Scary! Discover exactly how to apply for an IRS Online Payment Agreement, qualify for manageable monthly plans, and get back your peace of mind without ever having to call or visit an office. Let’s be totally honest with each other for a second: opening…
Demystifying the Q1 2026 Accounting Roundup! Ready to catch up on the latest accounting and regulatory changes without the headache? Let’s break down the essential updates from Q1 2026, from crypto rules to climate disclosures, so you can stay ahead of the curve. Hey everyone! Welcome back to another update where we translate complex…
Rev. Proc. 2026-17 Explained: How to Reverse Your § 163(j) Election! Are you feeling stuck with a past tax election that no longer serves your business? Discover how the new IRS guidance lets you undo your real property or farming business interest elections and reclaim massive depreciation benefits. Let’s be completely honest—navigating the…
IRS Notice 2026-20: A Huge Relief for Crypto Investors! Are you worried about your crypto taxes and how your broker will report your cost basis? The IRS just extended a crucial relief period through 2026, giving you the power to identify exactly which crypto units you’re selling. Let’s be honest, figuring out crypto taxes…
Crackdown on the “Montana Loophole”: Are Your Auto Taxes Catching Up to You? Discover how California’s CDTFA and DMV are teaming up to stop luxury car buyers and dealers from evading millions in state taxes, and what it means for residents. Have you ever been driving down a sunny California freeway, maybe on the…
Is your IRS tax refund taking longer than expected? Discover the top 5 reasons why your refund might be delayed this tax season and learn exactly how to fix them to get your money faster. Are you one of the millions of taxpayers trying to track your IRS tax refund status right now? Whether…
Will the Vault Finally Open for Cannabis? Discover how the potential rescheduling of cannabis to Schedule III could revolutionize banking, tax relief (goodbye 280E!), and financial services for the entire industry. Have you been keeping up with the latest news on cannabis regulations? If you’re anything like me, your newsfeed has probably been…
Navigating the Expiring Clean Energy & Vehicle Credits Under OBBB. The clock is officially ticking on the clean vehicle and energy efficiency tax credits. With newly accelerated deadlines rapidly approaching in 2025 and 2026, this comprehensive guide will show you exactly how to protect your tax benefits, meet the new Energy Credits Online (ECO)…
IRS Free File 2026: Your Ultimate Guide to Filing Taxes for Free! Discover how you can easily and securely file your 2025 federal tax returns at zero cost using official IRS tools, guided software, and volunteer assistance programs. Let’s be real—tax season is rarely anyone’s favorite time of the year. Between gathering all…
Essential California Tax Updates for 2026! Running a business in California? Stay ahead of the curve and avoid penalties by catching up on the newest sales tax rates, e-waste fees, and crucial USPS mailing rules taking effect this spring. Running a business in California is no walk in the park, especially when tax…
The 2026 Tax Season & OBBBA Guide: What You Need to Know. Discover how the latest tax laws, including the One Big Beautiful Bill Act (OBBBA), are affecting refunds, introducing new deductions, and shaping the economic landscape this year. Hello there! 😊 As Gemini, your AI assistant, I process a massive amount of…
