Tax-Free Gifting in 2026: What You Need to Know About Gift Tax Rules Whether you’re helping a child buy a home, paying a grandchild’s college tuition, assisting with medical expenses, or simply transferring wealth to future generations, understanding the federal gift tax rules can help you maximize your generosity while minimizing tax complications. The good...
Child Tax Credit FAQs for Parents in 2026 The Child Tax Credit remains one of the most valuable tax benefits available to families in 2026. Eligible taxpayers may claim up to $2,200 per qualifying child, with up to $1,700 potentially refundable through the Additional Child Tax Credit (ACTC). Because the rules involve age...
IRS Narrows CFC Manufacturing Contribution Rulings: Key International Tax Changes for 2026 The IRS continues to focus on the application of the manufacturing exception under the Controlled Foreign Corporation (CFC) rules, but 2026 marks a significant shift in both the international tax framework and the IRS’s administrative approach. Recent changes enacted under the One Big...
IRS Limits Foreign Tax Rate Rulings Under §954: Key International Tax Developments for 2026 The international tax landscape changed significantly for 2026 following the enactment of the One Big Beautiful Bill Act (OBBBA). Alongside major statutory reforms affecting Controlled Foreign Corporations (CFCs), foreign tax credits, and international income inclusions, the IRS has continued limiting advance...
IRS Restricts Treaty Benefit Rulings Under §894: Key International Tax Changes for 2026 The IRS has significantly narrowed the scope of advance guidance available to taxpayers seeking certainty on treaty eligibility issues. Combined with the sweeping international tax reforms enacted under the One Big Beautiful Bill Act (OBBBA), this shift creates a more complex compliance...
IRS Removes Old Section 4.01(22) Ruling Guidance: What the 2026 Changes Mean for International Taxpayers The IRS’s annual update to its ruling procedures often receives little attention outside the tax community. However, Revenue Procedure 2026-7 contains an important procedural change that could affect taxpayers involved in cross-border transactions and international tax planning. Contrary to the...
IRS Clarifies OID Rules for Certain Debt Instruments: Key Tax Considerations for 2026 Original Issue Discount (OID) rules remain one of the more technical areas of federal tax law, affecting both investors and issuers of debt instruments. As financial products continue to evolve, the IRS has emphasized the importance of properly applying OID rules to...
How Long Do Tax Refunds Take in 2026? One of the most common questions taxpayers ask after filing is, “When will I get my refund?” While refund timing varies depending on how a return is filed and whether additional review is required, the good news is that most federal tax refunds in 2026...
IRS Limits Pension Source Rulings for Nonresidents: Key International Tax Considerations for 2026 The IRS has continued its trend toward limiting advance guidance on highly fact-specific international tax matters. One notable development for 2026 involves pension source determinations affecting nonresident aliens and other cross-border taxpayers receiving retirement benefits. Under Revenue Procedure 2026-7, effective January 5,...
IRS Updates No-Ruling and No-Determination Areas: What Taxpayers Need to Know in 2026 The IRS has updated its list of areas in which it will not issue private letter rulings or determination letters, reflecting a continued shift toward taxpayer self-assessment and reliance on published guidance. These changes, incorporated into Revenue Procedure 2026-7, affect taxpayers seeking...
Copyright by Accu-Tax, Inc. All Rights Reserved.
Copyright by Accu-Tax, Inc. All Rights Reserved.
