As discussed in our post on January 7, 2026, the owner reporting requirements under the New York State’s LLC Transparency Act apply only to limited liability companies (LLCs) that are organized outside of the of the United States and doing business in New York. New York has now launched a site that summarizes the new rules and where foreign LLCs can submit reports about their owners. See: ht...
The IRS has released the 2026 standard mileage rate. For business travel, it is 72.5 cents per mile (up from 70 cents per mile in 2025). For medical-related travel, it falls to 20.5 cents per mile (down from 21 cents per mile in 2025). The rate for charitable use of an automobile is not subject to adjustment, and it remains 14 cents per mile. Are you registered for our last seminar this sea...
As discussed on page 78 of the Tax Year 2025 M+O=CPE Individual Tax Reference Book, the New York LLC Transparency Act, which was last amended on March 1, 2024, follows the federal law and regulations when determining which limited liability companies (LLCs) are required to report information about their beneficial owners to New York. Since the federal regulations now indicate that only entitie...
On December 31, 2025, the Treasury Department issued proposed regulations (REG-113515-25) for the new deduction for car loan interest. The new deduction for car loan interest is discussed on pages 35 to 38 of the Tax Year 2025 M+O=CPE Individual Tax Reference Book. The proposed regulations do not contain many surprises, and they provide detailed definitions and explanations, along with guid...
Effective in November 2025, the New York State Department of Taxation and Finance will inactivate Online Services accounts for taxpayers who have not used their account within the past 3 years. However, the State indicated that this will not affect practitioner Online Services account access for such taxpayers, so even if the client’s own Online Services account is closed, due to inactivity,...
For the first time in recent years, New York will not be a credit reduction state for federal unemployment tax purposes for the 2025 tax year. The IRS has released the final version of Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, and Schedule A (Form 940) and instructions, which confirm that employers in New York will receive the full credit for state unemployment taxe...
The 2026 federal lifetime unified estate and gift tax exclusion is $15,000,000, up from $13,990,000 in 2025. In addition, the annual federal gift tax exclusion in 2026 is $19,000 per person per year (unchanged from 2025). The 2026 New York estate tax exclusion is $7,350,000, up from $7,160,000 in 2025. (There is no gift tax in New York State.) Are you registered for one of our upcoming s...
IRS Notice 2025-69 provides more guidance regarding the new deductions for tips and overtime. Since information is not required to be reported by employers to employees for the 2025 tax year, the IRS has provided a series of methods and examples for employees to follow in determining the amount of these deductions for the 2025 tax year. For tips, the notice indicates that employees can use fou...
As discussed on pages 47 to 50 of the Tax Year 2025 M+O=CPE Individual Tax Reference Book, Trump accounts are effective for the 2026 and later tax years and are for children under the age of 18 as of the close of the calendar year. The IRS has issued Notice 2025-68, which provides preliminary guidance for these new accounts. The notice also indicates that the Treasury Department plans to issue...
Each year, practitioners must renew their PTINs with the IRS. In July 2025, the IRS announced that the sign-in for the PTIN renewal would require ID.me instead of entering a username and password, as has been done in the past. The IRS recently announced that it will add Login.gov as an alternative method for practitioners to sign into the PTIN system when renewing their PTINs. In our upcomi...
