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IRS Will Phase in $600 Form 1099-K Reporting Threshold in 2026

CPA Practice

Tax reporting requirements for online marketplace sellers and gig workers who receive payments via apps like PayPal and Venmo will change dramatically in 2026 when the new $600 Form 1099-K reporting threshold kicks in. The IRS announced on Nov. The IRS announced on Nov.

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Transfer Minority Business Interests to Take Advantage of the Expanded Lifetime Estate and Gift Tax Exemptions Before 2026

Anders CPA

The looming sunset of the expanded lifetime estate and gift tax exemption will arrive on January 1, 2026. As of January 1, 2026, the current lifetime estate and gift tax exemption will be cut in half and adjusted for inflation. Key Takeaways: As of 2024, the lifetime estate and gift tax exemption stands at $13.61

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A Crucial Window for Estate Planning: Preparing for 2026 Changes

CPA Practice

1, 2026, and—absent new legislation before then—will revert to approximately $7 million for individuals and $14 million for married couples, subject to inflation adjustments. million for individuals and $27.22 million for married couples). However, these exemption amounts are set to expire on Jan. million exemption for married couples.

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How Your Business Can Prepare For and Respond to an IRS Audit

RogerRossmeisl

By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over $10 million will also see audit rates increase tenfold by 2026. The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals.

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Nearly a Quarter of Office Space in the U.S. Will Be Empty by 2026

CPA Practice

office space will be vacant by early 2026, according to a new report from Moody’s and first reported by Bloomberg. By Sarah Lynch, Inc. TNS) The office is getting emptier—and will soon reflect the new world of work. Twenty-four percent of U.S. That’s up from the 19.8 percent reported in in the fourth quarter of 2023.

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What Might Be Ahead as Many Tax Provisions are Scheduled to Expire?

RogerRossmeisl

With this date getting closer each day, you may wonder how your federal tax bill will be affected in 2026. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025.

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Disabled Family Members May Be Able to Benefit from ABLE Accounts

RogerRossmeisl

law made changes that will allow more people to be eligible for these accounts, beginning in 2026. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses. The SECURE 2.0

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