Comprehensive coverage of U.S. Federal and State tax laws. Professional insights to help you navigate complex tax regulations and compliance requirements.
What are the most important international tax updates from May 8, 2026? Deloitte World Tax Advisor highlights ten cross-border developments — most notably the OECD’s Global Minimum Tax Implementation Toolkit, Korea’s Pillar Two filing notices to over 10,000 entities for the May–June 2026 first filing season, and New Zealand’s compliance simplification act — alongside Australia,…
What is a Section 127 educational assistance program and how much can employers provide tax-free? Section 127 of the Internal Revenue Code allows employers to exclude up to $5,250 per calendar year per employee from gross income for educational assistance — covering tuition, fees, books, supplies, and (through December 31, 2025, unless extended) qualified student…
Why use the IRS Withholding Estimator OBBBA update for mid-year tax planning? The IRS Tax Withholding Estimator now reflects all the new OBBBA deductions and credits — tipped income, overtime pay, car loan interest, enhanced senior deduction, plus updated family, homeownership, and charitable giving items — making mid-year withholding adjustments essential to avoid surprise balance-due…
What is the new wagering losses 90% limitation under OBBBA? Section 70114(a) of the One Big Beautiful Bill Act amended IRC Section 165(d) to limit the deduction of wagering losses to 90% of the amount lost during the year — and only to the extent of wagering gains. Treasury’s proposed regulations (REG-113229-25) implement this change…
What were the major Capitol Hill tax developments the week of May 1, 2026? The House Ways and Means Committee held a hospital-CEO hearing on healthcare costs and OBBBA impact, the House passed the FY2026 budget resolution 215-211 to launch border-security reconciliation, the chamber approved tax administration and relief bills with strong bipartisan margins, and…
What are the most important state tax updates for May 2026? Deloitte’s State Tax Matters (Issue 2026-17) highlights five income/franchise developments — California’s agribusiness three-factor apportionment ruling, Idaho’s Supreme Court fiscal-year tax rate decision, Illinois’s intercompany interest addback, Kansas’s GILTI deletion, and Kentucky’s IRC §174A modifications — plus key sales/use updates. For multistate tax teams…
What is the new ERC disallowance Form 907 extension process? The IRS announced on April 27, 2026 (IR-2026-58) a streamlined way for taxpayers facing the 2-year refund-suit deadline after an Employee Retention Credit disallowance (Letter 105-C or 106-C) to submit Form 907 via the IRS Document Upload Tool — extending administrative review time and preserving…
What are the California PTE elective tax 2026 deadlines and SB 132 changes? Qualified entities must make the PTE elective tax initial payment by June 15, 2026 — the greater of 50% of last year’s elective tax or $1,000 — or face a 12.5% reduction in PTE credit allocated to consenting partners under Senate Bill…
What are the most important international tax updates for May 2026? Deloitte’s World Tax Advisor (1 May 2026) highlights nine cross-border developments — including Australia’s revised transfer pricing for inbound distributors, Kuwait’s exemption from the 5% retention rule for Pillar Two MNEs, a UK Court of Appeal ruling on a treaty main purpose test, and…
What is the qualified opportunity zone designation process for 2027? Rev. Proc. 2026-14 sets the procedure for State CEOs to nominate census tracts as QOZs effective January 1, 2027 — implementing the OBBBA’s overhaul of Sections 1400Z-1 and 1400Z-2, which now includes a new Qualified Rural Opportunity Fund (QROF) category and a flexible “applicable start…
