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Tax Insights
A New Balance of Power: What the 120th Congress Means for Federal Tax Legislation
The 2026 midterm elections have shifted the balance of power in Congress. Democrats have taken control of the Senate with at least 54 seats, compared with 44 for Republicans. Two races, in Alaska and Mississippi, are still undecided. In the House of Representatives, Democrats have secured control of the chamber with at least 255 seats,…
What Your Year-End Close Says About Your Finance Function
Year-end close does more than finalize the prior year’s financial results. It provides an important assessment of how well the accounting function is operating and where improvements should be prioritized in the year ahead. Year-end puts more pressure on accounting departments than a typical month-end close. In addition to normal reporting responsibilities, teams are managing…
Charitable Giving and Education Savings in 2026
Charitable Contributions For 2026, donors who itemize may claim a tax deduction for contributions of cash of up to 60% of AGI and for contributions of noncash assets held more than one year, up to 30% of AGI. The OBBBA made the 60% ceiling for cash gifts to public charities permanent. Donation amounts in excess…
International Year-End Tax Planning 2026
Most OBBBA international provisions apply to tax years beginning after December 31, 2025, so 2026 is the first year in which calendar-year groups compute net CFC tested income (NCTI), foreign-derived deduction eligible income (FDDEI) and the revised base erosion and anti-abuse tax (BEAT) under the new rules. This summary addresses the rules that govern 2026…
Why R&D Tax Credit Audits Can Be Won or Lost on Documentation, Not Technical Merit
Many taxpayers assume that if they perform legitimate research and development activities, they are automatically entitled to claim the federal Research & Development (R&D) tax credit under Internal Revenue Code (IRC) §41. While technical innovation is certainly a prerequisite, recent IRS guidance and court decisions have highlighted a reality that many businesses overlook: R&D tax…
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