Short summaries of tax law changes, regulations, and trends that matter to Michigan families and business owners, and to clients on both sides of the border. We review the news every week.
The IRS has published the inflation adjusted figures for tax year 2026 (the return you file in early 2027). The standard deduction rises to $16,100 for single filers, $32,200 for married couples filing jointly, and $24,150 for heads of household.
Read moreTreasury announced on April 15, 2026 that the statutory trigger for an automatic rate cut was not met, so the individual and fiduciary rate remains 4.25 percent for tax year 2026.
Read moreFinCEN's final rule, announced August 11, 2026, permanently removes the Corporate Transparency Act reporting requirement for U.S. companies and U.S. persons. Foreign reporting companies still report for their foreign beneficial owners.
Read moreThe 2025 federal tax law added temporary deductions for qualified tips (up to $25,000), qualified overtime (up to $12,500, or $25,000 joint), an additional $6,000 deduction for individuals 65 and older, and up to $10,000 of interest on a qualifying new vehicle loan, each with income phaseouts.
Read moreStarting with payments made in 2026, the reporting threshold for Forms 1099-NEC and 1099-MISC rises from $600 to $2,000 and will be indexed for inflation from 2027. The Form 1099-K threshold for payment apps and marketplaces is restored to $20,000 and more than 200 transactions.
Read moreInformation here is general and is not advice for your situation. For advice about your situation, contact us.
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