Entries by admin-wxc

,

Guidance on the Permanent Expansion of Paid Family and Medical Leave

WASHINGTON — The Department of the Treasury and the Internal Revenue Service (IRS) issued Notice 2026-28 PDF, providing guidance on the employer credit for paid family and medical leave (PFML) under the Working Families Tax Cuts (WFTC). The WFTC makes permanent and expands eligibility and coverage for employers offering PFML benefits to employees. “Hardworking Americans […]

,

Rules to protect refundable tax credits from abuse by illegal aliens

WASHINGTON — The Department of the Treasury and the Internal Revenue Service issued proposed regulations to apply and clarify the federal law regarding the eligibility requirements for taxpayer-funded refundable individual income tax credits, delivering on President Trump’s commitment to enforce our nation’s laws and ensuring tax benefits are reserved for American taxpayers. “Under President Trump, […]

,

IRS launches digitally authenticated Tax Compliance Report

New report provides secure, on-demand access through IRS Individual Online Account IR-2026-97, Aug. 20, 2026 WASHINGTON — The Internal Revenue Service today announced a digitally authenticated Tax Compliance Report available through IRS Individual Online Account. Taxpayers can securely obtain and download the report when applying for a job, a loan, a government benefit, or another […]

,

Interest rates remain the same for the fourth quarter of 2026

WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2026. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the new rates: 7% for overpayments (payments made in excess of […]

,

IRS simplifies penalty relief, introduces automatic process for eligible taxpayers

WASHINGTON — The Internal Revenue Service today announced a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time, reducing the need for them to request assistance. The new Automatic Exemption from Penalty will replace the long-standing First Time Abate administrative relief and is designed to simplify […]

,

Safe harbor for contributions to Trump Accounts under the Working Families Tax Cuts

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2026-25 PDF providing a gift tax reporting safe harbor for certain contributions to Trump accounts created under the Working Families Tax Cuts. Under this safe harbor, if certain requirements are met, contributions made by individual donors to Trump accounts in […]

,

U.S. States signed up to participate in the federal scholarship tax credit program

WASHINGTON — The Internal Revenue Service announced that 27 states have elected to participate in the Federal Scholarship Tax Credit (FSTC) program, which enables eligible taxpayers to claim a federal tax credit for qualified contributions to Scholarship Granting Organizations (SGOs) providing scholarships for qualified elementary and secondary education expenses. For taxpayers to claim the tax credit […]

,

IRS announce intent to issue proposed regulations for tax-exempt organization

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued Notice 2026-36 PDFannouncing intent to issue proposed regulations addressing the tax on excessive compensation and excess parachute payments to employees of tax-exempt organizations under the One, Big, Beautiful Bill. “The new law strengthens the accountability of tax-exempt organizations by expanding tax compliance […]

,

Taxpayers can now view and submit Trump Account elections in their IRS Individual Account

WASHINGTON — The Internal Revenue Service today announced new features in IRS Individual Accounts that allow taxpayers to view and submit Trump Account elections, making it easier to invest in these tax-advantaged accounts. Through IRS Individual Account, taxpayers can securely access their tax information and complete common tasks online, including: View the latest submission status of […]