George Korbakes & Co., LLP

Tax Alerts

Tax Briefing(s)

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)

2027 Inflation Adjustments for Health Savings Accounts Released (Rev. Proc. 2026-24)
The IRS has released the 2027 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2027, the annual limitation on deductions under Code Sec. 223(b)(2) for a...

IRS Adds New Trump Account Features to IRS Individual Accounts (IR 2026-68)
The IRS has introduced new online features that allow taxpayers to view and submit Trump Account elections through their IRS Individual Account. The new tools are meant to make the process easier, fa...

IRS and Security Summit Partners Launch New Fraud Prevention Framework (IR 2026-75)
The IRS and its Security Summit partners have announced a new framework to better protect taxpayers from identity theft and tax fraud. The updated approach is designed to improve information sharing a...

IRS Highlights Verified Social Media and e-News Resources for Tax Information
The IRS has encouraged taxpayers to use official IRS social media accounts and e-News services to stay informed and avoid false tax information online. Social media can be a helpful way to get updates...

ETAAC Report Highlights Technology, AI and Taxpayer Service Priorities (IR 2026-77)
The IRS Electronic Tax Administration Advisory Committee released its 2026 annual report with 18 recommendations aimed at improving electronic tax administration and taxpayer service. Six recommendati...

Inflation Adjusted Credit Rate for Carbon Dioxide Sequestration Released (Notice 2026-29)
The IRS has released the inflation adjustment factor for the credit for carbon oxide sequestration under Code Sec. 45Q for 2026. The inflation adjustment factor is 1.4639, and the credit is $29.28 p...

IRS Issues Nonconventional Source Fuel Reference Price for 2025 (Notice 2026-30)
The IRS has published the reference price under Code Sec. 45K(d)(2)(C). The credit period for the nonconventional source production credit under Code Sec. 45K ended on December 31, 2013, for facili...

2026 Marginal Production Percentage Depletion Rates Announced (Notice 2026-35)
The IRS has announced the applicable percentage under Code Sec. 613A to be used in determining percentage depletion for marginal properties for the 2026 calendar year. Code Sec. 613A(c)(6)(C) defi...

IL - Unitary combined reporting rules adopted and amended
Illinois adopted and amended rules on unitary combined reporting groups to implement a change in how a group determines nexus and the apportionable income of each group member. Effective for tax yea...

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