What are the most important IRS and Tax Court updates for CPAs in 2026? Deloitte’s IRS Insights for February 2026 highlights four critical developments: the Tax Court’s narrowed application of the economic substance doctrine, IRS guidance on copies of returns as proof of filing, the Fifth Circuit’s expanded limited partner SE tax exception, and a…
What are the new FASB hedge accounting changes for 2026? The FASB approved targeted improvements in February 2026 that allow hedging of interest rate risk for held-to-maturity (HTM) debt securities, remove the OIS parameter from the SOFR benchmark rate, and expand net investment hedging for float-to-float cross-currency swaps. These changes apply to all entities and…
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 —…
