WASHINGTON − The Internal Revenue Service today issued guidance that provides an extension of tax relief for farmers and ranchers in most states and other regions who sold or exchanged livestock because of drought conditions. Under the guidance, those affected may take more time to replace their livestock and defer tax on any gains from the forced sales or exchanges. “Large swaths of the United States continue to experience drought conditions, distressing hard-working American farmers and...

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. Rather, it...

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 Credit? Credit...