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)

IRS Issues Whistleblower Alert to Address Potential Fraud (IR 2026-54)
The IRS has issued a Whistleblower Alert highlighting concerns about the misuse, diversion or fraudulent use of federal funds by tax-exempt organizations, individuals and businesses. The IRS encoura...

Applicable Terminal Charge and SIFL Rates for Determining Value of Noncommercial Flights on Employer-Provided Aircraft Issued (Rev. Rul. 2026-8)
For flights taken during the period from January 1, 2026, through June 30, 2026, the terminal charge is $54.48, and the SIFL rates are: $.2980 per mile for the first 500 miles, $.2272 per mile for 501...

IRS Releases Excludable or Deductible Foreign Housing Expenses for 2026 (Notice 2026-25)
The IRS has provided the foreign housing expense exclusion/deduction amounts for tax year 2026. Generally, a qualified individual whose entire tax year is within the applicable period is limited to ma...

IRS Reports Over 4 Million Children Enrolled in Trump Accounts Pilot Program (IR 2026-42)
The IRS has announced that more than 4 million children were enrolled in tax-favoured Trump Accounts, with over 1 million qualifying for a $1,000 federal contribution under a pilot program. The enrolm...

IRS Expands Business Tax Account Access to Partnerships, Governments and Tax-Exempt Organizations (IR 2026-46)
The IRS expanded access to its Business Tax Account platform to partnerships, government entities and tax-exempt organizations. The expansion improved digital service and reduced administrative burden...

IRS Reports Timely Refund Processing and Increased Electronic Filing (IR 2026-43)
The IRS delivered timely refund processing during the tax year at issue. Most refunds were issued within 21 days, and returns were processed without delay. The IRS reported that a majority of individu...

IL - Treatment of Canadian pension income discussed
Illinois issued a general information letter discussing the treatment of Canadian public and private pension income under the U.S.-Canada tax treaty, federal law, and Illinois tax law. The determinati...

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