Eligibility Requirements Waived for Individuals in Haiti, Ukraine, Democratic Republic of the Congo, South Sudan, Iraq, Lebanon, and Mali Claiming Foreign Earned Income Exclusion (Rev. Proc. 2026-16)
The IRS has issued a waiver for individuals who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse conditions
IRS Announces Delayed Applicability Date for Proposed RMD Regulations (Announcement 2026-7)
The IRS expects to delay the applicability date of proposed regulations on required minimum distributions (RMDs) until the distribution calendar year that would begin 6
IRS Proposes Regulations on Trump Accounts and $1,000 Pilot Contribution Program (NPRM-REG-117270-25; NPRM-REG-117002-25; IR 2026-31; IR 2026-33)
Proposed regulations under Code Sec. 530A, providing guidance on making an election to open a Trump account, and under Code Sec. 6434, relating to the Trump account
Final Regulations Amend List of Qualified Nonpersonal Use Vehicles to Include Unmarked Emergency Vehicles (TD 10043)
The IRS has finalized regulations to include unmarked vehicles used by firefighters, members of rescue squads, or ambulance crews in the list of “qualified nonpersonal
IRS CEO Defends OBBBA Tax Provisions Before House Committee
Internal Revenue Service CEO Frank Bisignano highlighted the early successes of the tax provisions in the One Big Beautiful Bill Act before the House Ways
Guidance Provided on Withdrawing Election for Excepted Trade or Business for §163(j) Limit (Rev. Proc. 2026-17)
The IRS has released guidance on the withdrawal of an election to be an excepted trade or business for the Code Sec. 163(j) business interest limitation for
2026 Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued (Rev. Proc. 2026-15)
The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2026 and the lease inclusion amounts for business vehicles
Answers Sought On Tax Refund Delays
About 830,000 taxpayers are having their tax refunds held up due to the move away from paper checks and Democratic leadership on the House Ways
Tim Flaherty Recognized in RBJ’s 2026 Power List for Accounting & Insurance
Tim Flaherty has been recognized in the Rochester Business Journal’s 2026 Power List for Accounting & Insurance. The people on this list are considered leaders
FS CPAs Recognized in Rochester Business Journal’s In the Lead: Best Legacy Businesses 2026
FS CPAs has been recognized in the Rochester Business Journal’s next installment of their In the Lead recognition program — In the Lead: Best Legacy
IRS Urges Taxpayers to Create an Individual Online Account for Security and Convenience (IR 2026-21)
The IRS has encouraged all taxpayers to create an IRS Individual Online Account to access tax account information securely and help protect against identity theft. It emphasized
IRS Responds to FAQs on Modernizing Payments to Counter Fraud, Inefficiency and More (FS-2026-2; IR 2026-13)
The IRS issued answers to frequently asked questions (FAQs) about the implementation of Executive Order 14247, Modernizing Payments to and from America’s Bank Account. The