Ray Accounting & Tax Consulting

🚨 Important ACA Premium Tax Credit Update for Tax Year 2026 🚨

Beginning with 2026 tax returns, the repayment rules for the ACA Premium Tax Credit have changed significantly.

If you received more Premium Tax Credit than you were eligible for, you will generally be required to repay the entire excess amount when filing your federal tax return.

⚠️ The previous repayment caps that protected many lower- and middle-income taxpayers have been eliminated.

If you receive health insurance through the Marketplace, it's more important than ever to report income and household changes promptly to avoid an unexpected tax bill.

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email 🙌

Eligible taxpayers may receive automatic penalty relief, IRS Tax Tip 2026-59, July 30, 2026

Eligible taxpayers may receive automatic penalty relief | Internal Revenue Service Tax Tip 2026-59, July 30, 2026 — Taxpayers with a history of filing and paying on time may now have an easier path to receive penalty relief.

IRS will implement a new Automatic Exemption from Penalty (AEP) program

IRS kills First Time Abate, replaced by Automatic Exemption This is not a minor procedural tweak. It changes how penalty relief gets delivered to millions of taxpayers, and what we owe our clients as their advisors.

🇪🇸🇺🇸 Spain wins the World Cup → $51M prize… but the IRS wants a cut?

Because the 2026 tournament was hosted in the US, a big chunk of the winnings could face up to 30% US withholding tax (~$15M+), sparking bipartisan backlash on Capitol Hill.

Nuance matters: The prize goes to Spain’s federation (which may get exemptions), players are taxed on their share, and the US-Spain tax treaty could slash the final bill significantly.

Still, government taxing World Cup champions? Fair or overreach?

🙌 Have a question about filing a tax return or another tax-related matter? Feel free to reach out. Call/Text/Whatsapp/Email 🙌

World Cup champion Spain just won $50 million - and the IRS gets a cut Home News MarketWatch World Cup champion Spain just won $50 million - and the IRS gets a cut World Cup champion Spain just won $50 million - and the IRS gets a cut Provided by Dow Jones Jul 20, 2026, 12:49:00 PM Andrew Keshner 'It doesn't make a difference who wins the game. The IRS will get a piece...

Business owner sentenced to over four years in prison for $100m COVID-19 tax credit scheme | Internal Revenue Service April 7, 2026 — A Nevada woman was sentenced yesterday to 54 months in prison and three years of supervised release for conspiring to defraud the United States by fraudulently claiming nearly $100 million in COVID-19 related employment tax credits.

Trump’s $10 Billion IRS Suit Hits Snag With Skeptical Judge (1) A judge questioned whether President Donald Trump’s $10 billion lawsuit against the Internal Revenue Service and the US Treasury can proceed with Trump effectively in control of both sides of the litigation.