Shah & Trivedi CPA, PLLC

IRS reminder: Information return e-file system transitioning to a new platform

IRS reminder: Information return e-file system transitioning to a new platform | Internal Revenue Service IR-2026-99, Aug. 24, 2026 — The Internal Revenue Service today reminded information return filers who currently use the Filing Information Returns Electronically (FIRE) system to prepare now for the system’s retirement and transition to IRIS before the 2027 filing season.

IRS reminder: Extension filers can use IRS Free File this summer

IRS reminder: Extension filers can use IRS Free File this summer | Internal Revenue Service IR-2026-101, Aug. 26, 2026 — The Internal Revenue Service today encouraged taxpayers who requested an extension to file their 2025 federal tax return as soon as possible, rather than waiting until the Oct. 15 deadline.

If you get an email, text, letter or call that claims to be from the IRS — or if you see social media posts about how to get a big refund — it might be a scam or bad tax advice.

Tax scams | Internal Revenue Service What to know and do about tax scams, IRS impersonators and identity theft.

IRS updates FAQs about the limitation on the deduction for business interest expense

IRS updates FAQs about the limitation on the deduction for business interest expense | Internal Revenue Service IR-2026-94, Aug. 19, 2026 — The Internal Revenue Service today updated frequently asked questions about the limitation on the deduction for business interest expense.

IRS, Security Summit remind tax pros they need a Written Information Security Plan to protect client data

IRS, Security Summit remind tax pros they need a Written Information Security Plan to protect client data | Internal Revenue Service IR-2026-92, Aug.18, 2026 — The Internal Revenue Service and Security Summit partners today reminded tax professionals to protect client data with a Written Information Security Plan.

S-corporation rules continue to be an area to watch

The AICPA's latest annual review of S corporation developments covers legislation, court decisions and IRS administrative developments affecting S corporations and shareholders during the year ending March 2026.

For clients filing 1120-S, this makes it especially important to review shareholder basis, distributions, compensation, K-1 reporting and eligibility issues rather than simply carrying forward prior-year treatment.

. Important partnership reporting change

The IRS finalized regulations concerning §6050K reporting for sales or exchanges of certain partnership interests. Partnerships generally have additional time to calculate and furnish certain information to partners—generally until the due date of the partnership return rather than January 31. The final regulations became effective May 20, 2026.

This is particularly relevant when preparing Form 1065 and Schedule K-1s involving partnership-interest transactions.

2025 Form 1065/K-1 changes

For tax year 2025 returns being prepared in 2026, the IRS issued updated Form 1065 and Schedule K-1 instructions. Most of the form remains similar to 2024, but there are some changes, including a direct-deposit section for overpayments and a new Schedule K exception checkbox related to Schedule K-2.

IRS expands Business Tax Account features — August 6, 2026

The IRS announced expanded features for the Business Tax Account (BTA), including the ability for eligible businesses to:

View digital IRS notices
Make payments online
View account information
Schedule payments up to one year in advance
Manage federal tax obligations electronically

References:
IRS – Business Tax Account expanded features
Journal of Accountancy – IRS adds notices and payment features to business tax accounts

Average Business Loan Rates in August 2026

Average Business Loan Rates in July 2026 ompare business loan rates starting at 6.72%.

More than half the U.S. States signed up to participate in the federal scholarship tax credit program enacted under the One, Big, Beautiful Bill

More than half the U.S. States signed up to participate in the federal scholarship tax credit program enacted under the One, Big, Beautiful Bill | Internal Revenue Service IR-2026-76, June 8, 2026 — The IRS announced that 27 states have elected to participate in the Federal Scholarship Tax Credit (FSTC) program, which enables eligible taxpayers to claim a federal tax credit for qualified contributions to Scholarship Granting Organizations (SGOs) providing scholarshi...