Millan and Company, P.C.

Good News for 2026: A New "Universal" Tax Break 🏦

You don't have to itemize to see a tax benefit from your generosity anymore. Under the new OBBBA rules, the "Universal Charitable Deduction" is now permanent for cash deductions:

✅ $1,000 for single filers
✅ $2,000 for married couples filing jointly

If you take the standard deduction, this is a clean, "above-the-line" win for your 2026 return. However, for those with higher giving goals, the rules for itemizing have also changed- including a new 0.5% AGI floor.

We’ve broken down the "New Math" so you can plan your impact with precision.

Learn more: https://tinyurl.com/2026CharityGiving

What if April 15th was just another Tuesday?

The proposal to eliminate federal income tax in favor of a tariff-based revenue model sounds like a dream for high-net-worth individuals, but the "math" of wealth preservation could become more complex.

We are looking at a potential paradigm shift from income-based taxation to consumption-based costs. For business owners, this means:
✅ Reimagining liquidity without a federal "bite."
✅ Navigating skyrocketing costs for imported materials and equipment.
✅ Shifting focus to state-level residency and SALT planning.

In a shifting fiscal landscape, starting these conversations early is essential for evaluating how 'speculative' policies might eventually impact the traditional tax planning toolkit.

Read the full analysis here:
https://tinyurl.com/MillanCPA2026

Happy New Year in 2026 from Millan + Company 🎉

2026 Estate Tax Planning: Exemptions, Gifting + Strategies

The federal estate tax exemption is changing again in 2026 — and for many families, the window for proactive planning is narrowing.

Our latest Insight breaks down:
• Updated estate & gift tax exemptions
• Gifting strategies to preserve generational wealth
• How trusts and lifetime planning can reduce future tax exposure

Whether your estate is straightforward or complex, understanding the rules ahead of time can help you make more informed decisions — and avoid costly surprises down the road.

👉 Read the full article — link in the comments below ⬇️

Wishing a joyful holiday season to all.

Our office will be closed beginning December 24th and reopening on December 29th.

Despite the recent appellate court overturn re: constitutionality of BOI reporting requirements for most U.S. businesses, and the related privacy concerns, the interim policy rule means domestic companies are still not subject to the requirements -for now. We will post any updated guidance on this topic as material changes are made.

Corporate Transparency Act, source of BOI reporting mandate, held constitutional Despite the Eleventh Circuit holding that the Corporate Transparency Act is constitutional, an interim rule from Treasury means that domestic companies are not subject to beneficial ownership information reporting requirements.

Stay informed with Millan + Co.’s 2026 IRS Tax Calendar -your guide to federal filing deadlines and payment dates for individuals, businesses and nonprofits.

The calendar outlines the key 2026 IRS due dates for submitting tax forms, making quarterly payments, and fulfilling other federal tax obligations.

https://millancpa.com/2026-irs-tax-calendar-deadlines-forms

Wishing all a memorable and restful Thanksgiving holiday.

Our offices will be be closed from Thursday the 27th through Sunday the 30th - reopening on Monday, December 1st.

2026 tax updates are here — and they directly affect LLCs, S corps and partnerships.

From QBI and SALT to bonus depreciation and §179, our latest Millan & Co. guide explains how business owners can plan wisely for the new year.

📘 See the full breakdown: https://millancpa.com/insights/2026-irs-tax-rules-for-llcs-s-corps-partnerships

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For new OBBB tip and overtime reporting rules- employers won’t face penalties for missing separate cash tip or overtime details. 2025 is a transition year before enforcement.

Read more at https://nstp.org/article/penalty-relief-provided-tax-year-2025-information-reporting-tips-and-overtime

Treasury and IRS grant 2025 penalty relief for new OBBB tip and overtime reporting rules. Employers won’t face penalties for missing separate cash tip or overtime details. 2025 is a transition year before enforcement.

Read more at https://nstp.org/article/penalty-relief-provided-tax-year-2025-information-reporting-tips-and-overtime

2026 IRS Tax Brackets, Standard Deductions, Capital Gains +AMT

📊 Planning ahead? The new numbers are out for the coming tax year. See how the updated income brackets, standard deductions, capital-gain thresholds and AMT shifts affect you.

💼 Income nearing a bracket threshold? Or planning a Roth conversion? The 2026 adjustments matter.

Plan well for your 2026 tax strategy with this clean breakdown:
https://millancpa.com/insights/2026-irs-tax-brackets-standard-deductions-capital-gains-amt