Are the Opportunity Zone rules changing? Yes. In IRS Notice 2026-40, the Treasury Department and the IRS announced that they intend to issue proposed regulations on Qualified Opportunity Zones under Internal Revenue Code §§ 1400Z-1 and 1400Z-2, as amended by the One, Big, Beautiful Bill Act (OBBBA). The notice provides transitional guidance for investments made…
Is the SALT deduction cap going away in 2026? No. Federal courts continue to uphold the SALT deduction cap, with a New Jersey federal court dismissing another constitutional challenge in May 2026. But there is relief: the One Big Beautiful Bill raised the cap from $10,000 to $40,000 beginning in 2025, with a 1% annual…
Can I open and manage a Trump Account online? Yes. The IRS now lets taxpayers view and submit Trump Account elections directly inside their IRS Individual Online Account using Form 4547, Trump Account Election(s). A Trump Account is a new tax-advantaged account for a child under 18 with a valid Social Security number, created by…
What are the IRS tax year 2026 inflation adjustments? The IRS officially released IRS inflation adjustments 2026 under Revenue Procedure 2025-32, including a standard deduction increase to $32,200 for married filing jointly couples, revised marginal tax brackets, higher EITC limits, and a $15 million estate tax exclusion — all shaped by the One Big Beautiful…
What does IRS Notice 2026-7 change about the corporate alternative minimum tax? Notice 2026-7 provides additional interim guidance on the CAMT, focusing on adjusted financial statement income (AFSI) adjustments for tax-deductible repairs, Section 197 intangibles, domestic research amortization under Section 174A, film and TV production costs, and low-cost materials. It also modifies troubled company guidance…
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…
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…
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…
Navigating the New Clean Energy Tax Credits! 🌿 The IRS and Treasury have just dropped massive updates for the 45Z and PFE rules under the One, Big, Beautiful Bill (OBBB). Let’s break down exactly what this means for clean fuel producers and energy innovators! Hey everyone! Let’s be real—keeping up with the ever-changing landscape…
2026 Tax Season is Here, and It Brings Great News for Seniors! Discover the new enhanced deductions, EITC updates, and free resources available to help you navigate your 2026 tax return smoothly and keep more money in your pocket. Let’s be real for a second—doing taxes is rarely anyone’s favorite activity. If you’re…
