GIMBEL ABRAMS + SINGER LLP

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2026 Post-Filing Season Update 2025 Tax Year-in-Review 2025 Year-End Tax Planning One Big Beautiful Bill Act (Signed Into Law July 4, 2025)

IRS Launches Digitally Authenticated Tax Compliance Report (IR 2026-97)
The IRS launched a digitally authenticated Tax Compliance Report available through the IRS Individual Online Account. Taxpayers can obtain and download the report when applying for a job, a loan, a go...

Rates Used in Computing Special Use Value Issued (Rev. Rul. 2026-14)
The 2026 interest rates to be used in computing the special use value of farm real property for which an election is made under Code Sec. 2032A were issued by the IRS.In the ruling, the IRS lists th...

IRS Creates New Office to Handle Conservation Easement Cases (IR 2026-95)
The IRS has announced a new Office of Conservation Easements to improve how conservation easement cases are handled and to provide more consistent tax administration. The new office will bring togethe...

IRS Reminds Taxpayers to Protect Client Data With Written Information Security Plan (IR 2026-92)
The IRS and Security Summit partners reminded tax professionals to protect client data with a Written Information Security Plan. Under the Gramm-Leach-Bliley Act, tax and accounting professionals are ...

IRS Warns Taxpayers to Beware of Charitable Donation Scams and Improper Deduction Claims (Tax Tip 2026-58)
The IRS has reminded taxpayers to be careful when making charitable donations because scams can lead to financial loss and incorrect tax deductions. The agency said scammers often create fake charitie...

IRS Reminds Taxpayers to Keep Records of Charitable Donations (Tax Tip 2026-57)
The IRS has reminded taxpayers who make charitable donations to keep complete and organized records of their contributions throughout the year. The agency said good records can make filing a tax retur...

IRS Expands Business Tax Account With New Online Features (IR 2026-87)
The IRS has added new features to its Business Tax Account (BTA) to help eligible businesses and organizations manage their federal tax responsibilities online. The agency said users can now view mo...

IRS Highlights Role of Whistleblowers in Tax Administration (IR 2026-84)
The IRS has highlighted the important role of whistleblowers in exposing fraud, reducing the tax gap and strengthening compliance. The National Whistleblower Day, on July 20, commemorates the nation�...

IRS Increases Optional Standard Mileage Rate for the Remainder of 2026 (Announcement 2026-11)
The IRS has announced an increase in the optional standard mileage rate for the remainder of 2026. Optional standard mileage rates are used by employees, self-employed individuals, and other taxpayers...

IRS Updates Premium Tax Credit Table, Required Contribution Percentage (Rev. Proc. 2026-26)
The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage plan years beginning in calendar year 2027. The percenta...

Final Regulations on QDOTs Issued (TD 10050)
Final regulations under Code Sec. 2056A have been adopted, applicable specifically to the estates of decedents that are passing property in a qualified domestic trust (QDOT) to (or for the benefit o...

IRS Reminds Businesses About Tax Rules for Seasonal and Part-Time Employees (Tax Tip 2026-53)
The IRS has reminded businesses that seasonal and part-time employees must generally follow the same federal tax withholding, Social Security and Medicare tax rules as full-time employees. The agency ...

IRS Advises Newly Married Couples to Update Tax Information Before Filing Season (Tax Tip 2026-54)
The IRS has advised newly married couples to update their tax information before the next tax filing season. The agency said marriage can change a couple's taxes, so taking a few simple steps now can ...

IRS Explains Taxpayers’ Right to Challenge IRS Decisions and Be Heard (Tax Tip 2026-51)
The IRS has reminded taxpayers that they have the right to question an IRS decision if they believe it is incorrect. This right is part of the Taxpayer Bill of Rights and helps make sure taxpayers a...

National Taxpayer Advocate Releases FY 2027 Objectives Report to Congress (IR 2026-79)
The National Taxpayer Advocate has released the Fiscal Year 2027 Objectives Report to Congress, concluding that the IRS generally conducted a successful 2026 filing season despite significant operatio...

AZ - Updated local tax rate table released
Arizona's Department of Revenue released the transaction privilege tax (TPT) rate chart effective October 1, 2026. It includes rate changes for San Tan Valley and Tusayan. Transaction Privilege and Ot...

CA - Adjusted interest rates announced for first half of 2027
For the period from January 1, 2027, through June 30, 2027, California has determined that the adjusted interest rate is 7% for personal income tax underpayments and overpayments and corporation franc...

CO - Guidance for utilities updated
Colorado updated its sales and use tax guidance for utilities. The guidance explains that gas and electric service furnished and sold for commercial consumption, steam consumed or used by the purchase...

GA - DNA testing services found nontaxable while kits taxed
Georgia ruled that a taxpayer’s DNA testing services sourced to Georgia are not subject to sales and use tax, that the services and specimen-collecting kits do not create a taxable bundled transacti...

IL - Guidance issued on foreign diplomat exemptions
Illinois issued a guidance publication on sales and hotel tax exemptions for foreign diplomats. The guidance explains how diplomats certify that a purchase is tax exempt, the different kinds of tax ex...

IN - Noble County increases county innkeeper's tax rate
Effective January 1, 2027, Noble County increases its county innkeeper‘s tax rate from 5% to 8%. The county innkeeper's tax, which is in addition to state sales tax, is a county tax on the rental of...

IA - Bitcoin mining computer hardware not tax exempt
Petitioner is an Iowa company whose primary business activity is mining Bitcoin. Petitioner uses application-specific integrated circuit (ASIC) hardware to mine the cryptocurrency. With the ASIC hardw...

MA - Residential exemption denied when LLC holds record title
The Massachusetts Appeals Court reversed an Appellate Tax Board decision and held that a residential property tax exemption did not apply because the taxpayer was the limited liability company (LLC) t...

MI - Reminder issued on home heating tax credit deadline
Michigan Governor, Gretchen Whitmer, has reminded taxpayers that renters and homeowners have until September 30, 2026 to submit a claim for the home heating tax credit. Applicants must meet certain in...

NJ - Net operating loss deduction temporarily capped
New Jersey is temporarily capping the corporate business tax net operating loss deduction at $1 million, for privilege periods ending on or after July 31, 2026 but before July 31, 2030. For privilege ...

NY - Cloud-based document management services properly deemed taxable prewritten computer software
The New York Tax Appeals Tribunal upheld an administrative law judge’s decision that a company’s cloud-based document management services were properly subject to sales and use tax as prewritten s...

OH - 2026 fourth quarter PAT average wholesale prices released
Ohio has released the petroleum activity tax (PAT) statewide average wholesale prices for the fourth quarter of 2026.The average prices per gallon for the quarter are:$3.041 for unleaded gasoline$3.71...

PA - Beef processing not manufacturing under LTEA
The Commonwealth Court held that for purposes of the Local Tax Enabling Act (LTEA) a beef processor does not qualify for the manufacturing exemption. The taxpayer operated a large-scale beef-processin...

WI - DOR bulletin issued
The Wisconsin Department of Revenue has issued Wisconsin Tax Bulletin Number 234 (July 2026). The Bulletin includes:Income and Franchise Tax Updates and Reminders;Sales and Use Tax Updates and Reminde...

Gimbel Abrams + Singer LLP has a 80+ year tradition of specializing in integrated tax planning, business advisory and financial planning services.

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American Institute of Certified Public Accontants