IRS Makes Rare Midyear Change to Mileage Rates
In Announcement 2026-11, the IRS has announced that starting July 1, 2026, the revised standard mileage rates are: (1) Business: 76 cents per mile (up from 72.5 cents per mile) (2) Medical and moving: 23.5 cents per mile (up from 20.5 cents per mile) The mileage rate that applies to the deduction for charitable contributions… View Article Read Entire Article
IRS Makes Rare Midyear Change to Mileage Rates
In Announcement 2026-11, the IRS has announced that starting July 1, 2026, the revised standard mileage rates are: (1) Business: 76 cents per mile (up from 72.5 cents per mile) (2) Medical and moving: 23.5 cents per mile (up from 20.5 cents per mile) The mileage rate that applies to the deduction for charitable contributions… View Article Read Entire Article
Understanding the Tax Consequences of Canceled Debt
When you borrow money and are legally obligated to repay it, you have a debt. If a creditor later forgives that debt or agrees to accept less than the full amount owed, the unpaid balance is generally regarded as canceled debt. Cancellation can occur for various reasons, such as when a creditor formally forgives a… View Article Read Entire Article
Upcoming Change to Postmark Regulations
The U.S. Postal Service is changing its postmark date system effective December 24, 2025 — and the update could impact whether your tax return or payment is considered filed on time. Because the new rule ties the postmark date to automated processing rather than drop-off, delays could create unexpected filing issues. Learn what this USPS postmark rule change means for your tax deadlines and how to protect yourself.
Read Entire Article
IRS Retirement Plan Changes for 2026
The IRS retirement plan changes for 2026 include higher contribution limits and updated income phase-out ranges for IRAs and workplace retirement plans. The Internal Revenue Service has issued a release explaining changes in retirement plan limits for 2026. The provisions can be complex, so current and prospective plan participants should work with a financial professional.
Read Entire Article
Illinois Tax Amnesty Program: October 1–November 17, 2025
The Illinois Tax Delinquency Amnesty Act allows eligible taxpayers to pay outstanding state tax liabilities and receive a waiver of certain penalties and interest during the amnesty period.
Read Entire Article
Executive Order 14247 Requiring Electronic Tax Payments and Refunds
Beginning October 1, 2025, federal tax payments and refunds will move fully electronic under Executive Order 14247. This significant shift impacts how taxpayers submit estimated tax payments and how the IRS issues refunds.
Read Entire Article
BOI Reporting Obligations Reinstated
BOI reporting is now enforceable.The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is the agency that enforces the Corporate Transparency Act (CTA). Recently, FinCEN sent out a notice indicating a new deadline of March 21, 2025, for small businesses to comply with its beneficial ownership information (BOI) reporting requirement.
Read Entire Article
BOI Rules Are Back In Effect – WAIT! No They’re Not
All over the business world, accountants, lawyers, financial executives, and journalists are scrambling to keep up with the latest soap opera in the financial community: what’s happening with the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting rules. The big question many businesses are asking right now is: Is BOI reporting on hold?
Read Entire Article