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 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…
How should companies handle tariff disclosures after the IEEPA Supreme Court ruling? The Supreme Court’s February 20, 2026 6-3 ruling that the IEEPA does not authorize presidential tariff impositions has shifted the disclosure landscape — and SEC guidance now expects MD&A coverage of magnitude, mitigation, recovery, and known trends, with quantification preferred and non-GAAP adjustments…
How are the new OBBBA tax deductions performing in the 2026 filing season? More than 60 million taxpayers have claimed at least one OBBBA deduction — 34M for the senior deduction, 28M for overtime, and 7M for tipped income — even as the House Appropriations Committee advances a $10.2B FY2027 IRS budget that would cut…
What are the most important state tax updates April 2026? Multiple states moved on OBBBA conformity (Oregon, Maine, Kentucky, New Mexico), Maine created a new PTET and 2% high-income surcharge, Wisconsin extended R&D credit carryforwards to 50 years, Kentucky added a 14.25% prediction-market excise, and Washington’s new 9.9% personal income tax on income over $1M…
What are the IRS tax debt resolution options if I can’t pay what I owe? The IRS offers four main paths: short-term and long-term Installment Agreements, Offer in Compromise (OIC) for those who can prove inability to pay, Currently Not Collectible (CNC) status to pause collections, and Penalty Abatement to reduce or eliminate associated penalties….
How did the IRS 2026 filing season perform and what’s next for the agency? IRS CEO Frank Bisignano reported 134 million returns filed, a $3,400 average refund up 11%, and $2 billion collected from the agency’s five largest enforcement cases — even as House appropriators propose a 9% FY2027 budget cut. The IRS 2026 filing…
What is the foreign earned income exclusion relief under Rev. Proc. 2026-16? The IRS waives the section 911 residency and presence tests for 2025 for qualified individuals who had to leave seven specified countries due to war, civil unrest, or similar adverse conditions. If you’re a US citizen or resident who was living abroad and…
What are the biggest global tax developments in April 2026? Key global tax updates april 2026 from Deloitte’s World Tax Advisor cover the U.S. 2025 APA Report, final stock buyback excise tax rules, Belgium’s new capital gains regime, UAE’s R&D credit, Norway’s Supreme Court transfer pricing ruling, and retroactive Australian CGT changes for foreign residents….
Which jobs qualify for the new qualified tips deduction under OBBBA? The IRS final rule under Section 224 lists 68 tipped occupations across 8 categories — from servers and bartenders to barbers, delivery drivers, golf caddies, and digital content creators — capped at $25,000 per year through 2028. The long-awaited IRS final regulations on the…
How much can U.S. expats deduct for housing costs abroad in 2026? Under the foreign housing exclusion 2026 limits just released in IRS Notice 2026-25, the cap ranges from $39,870 in standard locations to $114,300 in Hong Kong, with more than 400 high-cost cities receiving upward adjustments. If you’re a U.S. citizen or resident earning…
Is an APA the right tool for your multinational’s transfer pricing strategy? An advance pricing agreement 2026 locks in an IRS-approved transfer pricing method for up to five prospective years, eliminating audit risk and double taxation for multinationals operating between the US and foreign jurisdictions. For multinational companies with intercompany transactions crossing US borders, transfer…
Planning to e-file tax returns in 2026? Everything tax professionals and CPA firms need to know about obtaining, protecting, and managing an Electronic Filing Identification Number — the EFIN application 2026 process from e-Services application to suitability checks, fingerprinting, and fraud prevention. If you are planning to e-file federal tax returns as a paid preparer…
How does the new 1% remittance tax affect LA families? The new remittance transfer tax 2026 imposes a 1% excise on cash-based international money transfers under OBBBA Section 4475. Learn exemptions, compliance tips, and how to legally reduce exposure. The remittance transfer tax 2026 is officially here. With the enactment of the One, Big, Beautiful…
Is your partnership ready for the 2026 BBA changes? Form 8979 was revised September 2025 and AAR procedures updated for 2026. Learn what LA partnerships and CPAs must know about the latest BBA partnership audit 2026 rules. If you manage a partnership, LLC, or real estate syndicate with complex K-1 filings, the IRS just handed…
Will your estate owe state tax in 2026? Federal estate tax exemption hits $15M in 2026, but 12 states plus DC impose their own state estate tax 2026 — some with thresholds as low as $1 million. Cliff states can tax your ENTIRE estate if you exceed the limit by even one dollar. When most…
Can’t pay your tax bill after April 15? The IRS just launched a new IRS tax debt help tool on April 16, 2026. Our Los Angeles CPAs explain payment plans, Offer in Compromise, and relief options for 2026. If the April 15, 2026 deadline came and went with an unpaid balance staring back at you,…
What tax legislation should you watch in 2026? Our Los Angeles CPA team breaks down the key tax bills 2026 that could reshape estate planning, disaster relief, cryptocurrency reporting, and ACA premium credits for individuals and businesses. As we move deeper into the second quarter of 2026, Washington is quietly working through a stack of…
Can you really file your taxes for free in 2026? Yes — from VITA and IRS Free File to MilTax, multiple programs let you prepare and e-file your federal return at zero cost. Plus, the W-2G reporting threshold just increased to $2,000. If you are looking for free tax filing 2026 options, you are far…
Does IRS Notice 2026-24 waive the underpayment penalty for farmers and fishermen? Yes — the farmer fisherman underpayment penalty waiver 2026 provided under IRS Notice 2026-24 waives the addition to tax under IRC §6654(a) for qualifying farmers and fishermen who did not make estimated tax payments for the 2025 tax year, provided they file their…
What are the most important multi-state tax developments in April 2026? The Deloitte State Tax Matters April 2026 report (Issue 2026-14) highlights critical developments including Utah’s new Targeted Advertising Tax, state decoupling from federal bonus depreciation rules, Maryland’s disconformity from the OBBBA, and Indiana’s limited tax amnesty program — all with significant implications for multi-state…
Do foreign athletes and performers owe U.S. taxes at the 2026 FIFA World Cup? Yes — the IRS requires nonresident alien athletes, entertainers, and businesses earning income in the United States during the 2026 FIFA World Cup to comply with federal withholding rules and file U.S. tax returns, though tax treaties may reduce or eliminate…
What are the most important ASC 740 developments in Q1 2026? The ASC 740 quarterly update 2026 covers five major areas: Rev. Proc. 2026-17 election relief for bonus depreciation, new CAMT AFSI guidance, tariff accounting under IEEPA, section 987 FX final regulations, and significant multistate legislative activity across 28 states. The first quarter of 2026…
Are foreign athletes at the 2026 FIFA World Cup subject to US taxes? Yes — the 2026 FIFA World Cup tax rules require that nonresident alien athletes and entertainers have 30% federal withholding applied to US-source income, with relief available through Central Withholding Agreements and applicable tax treaties. The 2026 FIFA World Cup is set…
Can the IRS reach property held in a trust to collect a tax debt? Yes — especially for self-settled trusts holding California real estate. The March 2026 ruling in United States v. Huckaby confirmed that an IRS tax lien trust property dispute is governed by where the property sits, not where the trust was formed….
What do Californians need to know before the FTB April 15 tax deadline? The California Franchise Tax Board has set April 15 as the 2026 filing deadline for most taxpayers. Free CalFile e-filing, CalEITC credits up to $3,756, payment plans, and one-time penalty abatement are all available to help you meet this important date. The…
What are my options for last minute tax filing before April 15? If you haven’t filed your 2025 federal tax return yet, the IRS still offers free filing through IRS Free File, in-person help via VITA and TCE sites, and a straightforward extension process — all available right up to the deadline. With the April…
Can my partnership or nonprofit now access the IRS Business Tax Account? Yes — the IRS Business Tax Account has expanded in 2026 to include partnerships, government entities, and tax-exempt organizations, giving millions more entities digital access to their federal tax information without relying on paper or phone. For years, small business owners, CPAs, and…
How are billionaires responding to new state wealth taxes? As states like Washington and California propose taxes on the ultra-wealthy, billionaire wealth tax planning strategies — including dynasty trusts, IDGTs, and charitable trust structures — are surging in popularity among high-net-worth individuals and their advisors. A wave of state-level wealth tax proposals is reshaping the…
Are scammers exploiting the One Big Beautiful Bill? Yes — OBBBA tax scams are already active in 2026, with fraudsters targeting seniors, workers, and small business owners. This guide covers every major scam type so you can protect yourself and your finances. Tax season is stressful enough on its own. But whenever Congress passes major…
