Bigger tax refunds anticipated in 2026 due to Trump tax law and IRS delay
Potential Tax Refund Changes in 2026 According to a recent economist’s report, the tax and spending bill signed by President Donald Trump in July could lead to significant tax refunds or lower tax bills for Americans, particularly for wealthier individuals, in 2026. Nancy Vanden Houten, chief economist at the University of Oxford, suggests that up […]
Congress approves legislation to address IRS ‘math error’ notifications and its implications for taxpayers.
The Senate has passed a bill that aims to revise the way the IRS notifies taxpayers about basic errors on their tax returns. Known as the Internal Revenue Service Mathematics and Taxpayer Assistance Act—or the IRS MATH Act—it made its way through the House earlier this year and is now awaiting the President’s signature. Currently, […]
IRS Provides Short-Term Help for Many Americans
New Interim Measures for Auto Loan Interest Reporting The Treasury Department, along with the IRS, has rolled out new interim measures to assist companies and lenders in adapting to recent reporting requirements. These changes relate to interest payments on auto loans initiated under President Trump’s One Big Beautiful Bill (OBBB). These interim measures include options […]
Action Against Progressive Organizations by the IRS Is Long Overdue
IRS Audit of Left-Wing Groups Under Trump Administration Reports suggest that the Trump administration is initiating a significant IRS audit targeting left-leaning organizations for potentially misusing their tax-exempt status. This move, if accurate, isn’t portrayed as a simple partisan attack or a response to prior IRS actions against conservative groups. Rather, it seems to be […]
IRS implements significant change in handling tax returns: What to expect next
IRS Phases Out Paper Check Tax Refunds The Internal Revenue Service has decided to stop offering taxpayers the option to receive refunds as mailed checks. This change marks a significant shift in how refunds are processed. According to statements from the IRS and the U.S. Treasury, the transition away from paper checks has officially begun. […]
Friday Footnotes: Discredit PwC and Risk Your Pension; Most IRS Functions Are Inactive | 10.10.25
Footnotes Footnotes offers a selection of narratives about the accounting field, curated by actual individuals, and is published every Friday at 5pm ET. Audit Missing State Library Inventory Data Valued at $215 MillionA recent audit from the Comptroller of Public Accounts revealed that over $215 million in assets belonging to the Connecticut State Library were […]
IRS unveils income tax brackets and standard deductions for 2026; here’s what’s different
IRS Announces New Tax Brackets and Deductions for 2026 The Internal Revenue Service (IRS) has released updated federal income tax brackets and standard deductions for the year 2026, which may offer some relief to taxpayers getting ready for next year’s filings. Typically, the IRS makes these adjustments in October or November to address “bracket creep.” […]
IRS retracts guidance on back pay for furloughed employees
The IRS recently pulled back on its earlier statement regarding back pay for employees affected by the government shutdown. In a Thursday announcement, the agency indicated that it would offer more detailed information soon, explaining the situation related to furloughed workers. The IRS noted that prior communications about furloughs didn’t accurately reflect the stipulations of […]
IRS reveals 2026 tax updates including increased standard deductions and tax brackets
The IRS revealed its annual adjustments for various tax provisions on Thursday, which also reflect changes made under the One Big Beautiful Bill Act (OBBBA). These adjustments will be effective for the tax year 2026. For that year, the standard deduction is set to rise to $16,100 for single filers and $32,200 for couples filing […]
IRS unveils 2026 tax brackets: Where do you fit in?
Millions of Americans might experience a financial uplift due to an inflation adjustment to the tax code recently revealed by the IRS. The changes, which relate to rising costs for food, rent, gas, and other things, will take effect starting with the 2026 tax year, meaning they’ll apply to returns submitted in 2027. For instance, […]