IRS Proposes New Rules for Refundable Tax Credits: What Taxpayers Need to Know
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) recently announced proposed regulations aimed at clarifying eligibility requirements for certain refundable tax credits. The proposal is intended to strengthen enforcement of existing federal law and ensure that taxpayer-funded refundable benefits are distributed only to individuals who meet the legal eligibility requirements. The proposal does not create new tax credits or eliminate existing credits.
Big Tax Savings: IRS Expands the Paid Family and Medical Leave Credit
The Internal Revenue Service (IRS) released Notice 2026-28, offering businesses crucial guidance on the permanently expanded Paid Family and Medical Leave (PFML) tax credit under Section 45S. This change stems from the One Big Beautiful Bill Act (OBBBA), which made the temporary tax incentive permanent and significantly expanded its reach. If your business offers or is considering offering paid leave, these new rules can heavily offset your costs. What is the Section 45S Tax
IRS Rolls Out Digital Notices, EIN Verifications, and Payment Tools in Business Tax Account
The Internal Revenue Service has announced new and expanded features for Business Tax Account (BTA) users, giving eligible businesses and organizations more ways to view digital notices, make payments, and access and manage federal tax account information online. Business Tax Account is an online self-service platform that allows authorized users of certain entity types to securely access and manage their federal tax records and information. The IRS continues to add features
IRS rolls out new automatic penalty relief program for eligible taxpayers
This summer, the IRS’s new Automatic Exemption from Penalty or AEP will replace the long-standing First Time Abate administrative relief. AEP is designed to eliminate the need to contact the IRS to request relief and reduce burden for those with a timely compliance history. Eligibility AEP applies to eligible original returns beginning with tax year 2025 and 2026 quarterly returns and future tax periods. Taxpayers qualify if they have a history of filing on time and paying
Virginia Legislation Expands RetirePath Program
Beginning July 1, 2026, Virginia businesses are required to register and facilitate RetirePath if they have five or more employees, have operated for at least two years, and do not offer a qualified employer‑sponsored retirement plan. The new state law lowers the eligible employer threshold from employers with 25 employees to five employees and includes part-time workers, allowing more small businesses and workers to participate starting in 2026. Approximately 35,000 elig