George Korbakes & Co., LLP

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	George Korbakes & Co., LLP

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2026 Post-Filing Season Update 2025 Tax Year-in-Review 2025 Year-End Tax Planning One Big Beautiful Bill Act (Signed Into Law July 4, 2025)

IRS Provides Indexing Adjustments for Applicable Dollar Amounts (Rev. Proc. 2026-22)
The IRS has issued indexing adjustments for the applicable dollar amounts under Code Sec. 4980H(c)(1) and (b)(1), which are used to determine the employer shared responsibility payments (ESRP). This...

IRS Updates Conservation Easement Guidance; Warns of Abusive Tax Shelter Risks (IR 2026-63)
The IRS has updated its Conservation Easement website to expand guidance on abusive conservation easement transactions. In the announcement, the IRS stated that promoter-driven conservation easement...

IRS Informs Taxpayers On Filing Amended Returns To Correct Errors
The IRS has advised individual taxpayers that errors in a filed federal return may be corrected by submitting an amended return where key items affecting tax liability have changed. Amendments are gen...

IRS Highlights Digital Tools for Small Businesses During National Small Business Week (Tax Tip 2026-38)
The IRS has highlighted several digital tools and resources available to help small businesses and entrepreneurs manage their tax responsibilities during National Small Business Week. These tools are...

IL - Cannabis excise tax excluded from local sales tax
Illinois issued a general information letter discussing the cannabis purchaser excise tax and local taxes on the gross receipts of retailers selling cannabis. The state excise tax is a tax collected f...

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