In a significant regulatory change, the Financial Crimes Enforcement Network (FinCEN) has finalized a rule that permanently eliminates Beneficial Ownership Information (BOI) reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act (CTA). The final rule became effective upon its publication in the Federal Register on August 11, 2026. Under the revised…
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Tag: New Guidance
Understanding IRS Notice CP53E: Why You May Receive a Refund You Shouldn’t Cash (Yet)
A recent Executive Order 14247, “Modernizing Payments To and From America’s Bank Account” has introduced updates to available direct deposit options. Under these changes, individual taxpayers may now be able to provide a new or updated bank account for receiving their tax refund via direct deposit, provided certain conditions are met. If you or your…
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2026 Charitable Contribution Tax Law Changes Explained
Beginning January 1, 2026, significant changes to the federal tax treatment of charitable contributions will take effect. These updates impact individual taxpayers across all income levels as well as corporations, altering how and when charitable gifts generate a tax benefit. Understanding these new rules is essential for effective tax planning and informed charitable giving. Charitable…
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Key 2026 Tax Changes: Meal Expense Deductions and New Gambling Loss Limits
Effective January 1, 2026, several federal tax law changes are set to take effect that may impact both businesses and individual taxpayers. Two of the most notable updates involve meal expense deductions and gambling loss limitations. Understanding these changes now can help you plan ahead, avoid surprises, and ensure expenses are categorized correctly. Meal Expense…
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IRS Releases Substantive Guidance on the Treatment of Research and Experimental Expenditures Under Section 174
On September 8, 2023, the IRS released pre-regulatory guidance concerning the requirement to capitalize and amortize specified research and experimental (SRE) expenditures under Internal Revenue Code Section 174, as revised by the 2017 Tax Cuts and Jobs Act (TCJA). Notice 2023-63 is the long-awaited substantive counterpart to the procedural guidance initially released last winter (and…
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