• Self-employment tax & limited partners — The IRS is challenging the self-employment tax exemption for LLC limited partners, especially those in management roles, with courts siding with the IRS
  • October 15th tax deadlines — Extended deadlines for personal 1040 returns, C corporation returns, SEP IRA funding, and excess IRA contribution withdrawals
  • FinCEN Form 114 (FBAR) — Filing requirements for foreign financial accounts exceeding $10,000 and the steep penalties for non-compliance
  • Educator expense deduction — Increased to $350 per teacher (up to $700 for married couples) and expanded to include preschool teachers
  • Student loan interest deductibility — Parents paying children's student loans can't deduct the interest unless they're legally liable on the debt
  • IRS FAQs as legal authority — IRS frequently asked questions don't constitute binding legal precedent; reliance on them is limited
  • Excessive refund claim penalty — A 20% penalty that may apply to excessive refund claims
  • Employee Retention Credit (ERC) updates — ~14,900 claims still pending in various stages of IRS review
  • Excess Social Security withholding — Employees who worked multiple employers and exceeded the 2026 wage base ($184,500) can claim the excess on their 1040
  • Self-employed health insurance & Medicare premiums — Medicare premiums can be deducted as self-employed health insurance for S corp owners and LLC members if properly reported
  • 1040 changes — New above-the-line charitable deduction for non-itemizers (up to $2,000 for joint filers) and Schedule A itemized deduction updates
  • Proposed stimulus checks — Discussion of a proposed $5,000 stimulus contingent on Republican mid-term election results, with concerns about budget deficit impact
  • 2026 tax brackets — Seven brackets unchanged since 2018, with the top bracket starting at $768,700 (joint) / $640,000 (single)
  • Proposed new income tax brackets — Roosevelt Institute income-growth statistics and a proposal for up to seven new upper-income brackets reaching a top rate of 70%
  • Tribal tax credit scam warning — Alert about a new scam involving fake tribal tax credits being sold to taxpayers

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