Beavers Tax & Accounting

10/01/2026

Treasury and IRS Issue Proposed Regulations to Implement the Education Freedom Tax Credit

IR-2026-117, Oct. 1, 2026

WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations to implement the new Federal Scholarship Tax Credit under section 25F, commonly known as the Education Freedom Tax Credit, the first federal tax credit supporting private contributions for K-12 scholarships. Under the proposed regulations, eligible taxpayers may claim an annual credit of up to $1,700 for qualifying contributions, or up to $3,400 for married couples filing jointly. Treasury and the IRS also issued companion temporary regulations to establish key procedures for states and Scholarship Granting Organizations to prepare for the launch of the tax credit on Jan. 1, 2027.

IR-2026-117: The Trump administration advances the establishment of America’s first nationwide school choice program Internal Revenue Service (IRS) sent this bulletin at 10/01/2026 10:15 AM EDT IRS Newswire October 1, 2026 The Trump administration advances the establishment of America’s first na...

09/14/2026

Estimated taxes aren’t just for the self-employed

Typically, people who are self-employed pay their federal income tax by making estimated tax payments. However, they aren’t the only ones that may need to pay estimated tax. Federal income tax is a pay-as-you-go tax. Which means the tax must be paid as income is earned or received during the year. The two ways federal taxes are paid are either through withholding or estimated tax.

Taxpayers who receive income from sources not subject to withholding or don’t have enough withheld, may have to make estimated tax payments. The next estimated tax payment due date is Sept. 15. Let’s take a closer look at who may have to pay estimated tax to ensure they are meeting their tax obligations.

Who may pay estimated tax
Self-employed individuals typically pay their tax this way. Even if a taxpayer isn’t self-employed, they still may have to pay estimated tax if they receive income from sources such as:

Interest
Dividends
Alimony
Capital gains
Royalties
Rents
Prizes and awards
Generally, individuals, including sole proprietors, partners, and S corporation shareholders, must make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed. Estimated tax is used to pay not only income tax but other taxes such as self-employment tax and alternative minimum tax.

Tax Tip 2026-69: Estimated taxes aren’t just for the self-employed Internal Revenue Service (IRS) sent this bulletin at 09/14/2026 12:31 PM EDT IRS Tax Tips Sept. 14, 2026 Issue Number: Tax Tip 2026-69 Estimated taxes aren’t just for the self-employed withholding next estimated tax payment due d...

09/10/2026

IRS reminder: Direct Pay offers free, easy way to pay taxes

IR-2026-109, Sept.10, 2026

WASHINGTON — The Internal Revenue Service today reminded taxpayers who have bank accounts that Direct Pay offers a free, secure way to pay federal taxes directly from a checking or savings account.

Direct Pay is available on IRS.gov and allows taxpayers to make one-time payments from their bank account without signing in or paying fees. Taxpayers answer a few basic questions to verify their identity, and no registration is required. For individual payments, Direct Pay uses information from a prior-year tax return selected by the taxpayer. For business payments, Direct Pay verifies the business name and employer identification number (EIN) against IRS records.

"As the IRS continues to support the broader federal effort to modernize payments to and from the government, Direct Pay gives taxpayers a free, secure, and convenient way to pay directly from a bank account,” said IRS Chief Executive Officer Frank J. Bisignano. "This is part of our ongoing effort to make it easier for taxpayers to interact with the IRS and take care of their tax responsibilities online.

https://content.govdelivery.com/accounts/USIRS/bulletins/42974fe?reqfrom=share

IR-2026-109: IRS reminder: Direct Pay offers free, easy way to pay taxes Internal Revenue Service (IRS) sent this bulletin at 09/10/2026 09:35 AM EDT IRS Newswire September 9, 2026 Issue Number: IR-2026-109 Inside This Issue IR-2026-109, Sept.10, 2026 WASHINGTON — The Internal Revenue Service toda...

09/02/2026

Tax transcripts: Know the different types and how to get them

Taxpayers may need to access their tax records or transcripts for many different reasons. It could be needed for filing a tax return, applying for a mortgage or loan, to name a couple of reasons.

There are several different kinds of tax transcripts available to taxpayers for free. Here’s what’s available, what they are and how they can be obtained.

What are the different transcript types?

Tax return transcripts show most line items from the taxpayer’s original Form 1040-series tax return, along with any forms and schedules, but doesn't show any changes made after the original return was filed. It’s available for the current and three prior tax years and is often used for life events such as mortgages or financial aid.
Tax account transcripts show basic information such as filing status, taxable income, and payment types. Unlike the tax return transcripts, this one will show changes made after the original return was filed and is generally available for the current and nine prior tax years.
Record of account transcripts combine the tax return and tax account transcripts above into one complete transcript. This transcript is available for the current and three prior tax years.
Wage and income transcripts show data from information returns we receive such as Forms W-2, 1098, 1099, and 5498. The transcript will only display information return documents that have been filed with the IRS which may not reflect all the information return documents issued to the taxpayer. This transcript is available for the current and nine prior tax years.
Verification of non-filing letter states the IRS has no record of a processed Form 1040-series tax return as of the date of the request. It doesn't indicate whether the taxpayer was required to file a return for that year. This letter is available after June 15 for the current tax year or anytime for the prior three tax years.

Tax Tip 2026-65: Tax transcripts: Know the different types and how to get them Internal Revenue Service (IRS) sent this bulletin at 08/26/2026 11:39 AM EDT IRS Tax Tips Aug. 26, 2026 Issue Number: Tax Tip 2026-65 Tax transcripts: Know the different types and how to get them several different kinds o...

08/04/2026

Eligible taxpayers may receive automatic penalty relief

Taxpayers with a history of filing and paying on time may now have an easier path to receive penalty relief.

This summer, the IRS’s new Automatic Exemption from Penalty or AEP will replace the long-standing First Time Abate administrative relief. AEP is designed to eliminate the need to contact the IRS to request relief and reduce burden for those with a timely compliance history.

Eligibility
AEP applies to eligible original returns beginning with tax year 2025 and 2026 quarterly returns and future tax periods. Taxpayers qualify if they have a history of filing on time and paying any tax due in the previous 3 years (or 12 consecutive quarters for quarterly returns).
When eligible, penalties are not assessed during processing for:

Failure to file
Failure to pay
Failure to deposit
Eligible taxpayers do not need to take action to receive this relief. If the IRS applies AEP, the taxpayer will receive a notice that the relief was granted. Not all returns are eligible for AEP. Some returns like ones filed only in response to specific transactions or infrequent events (such as Form 706, U.S. Estate Tax Return or Form 709 Gift Tax Return) generally are not eligible.

Tax Tip 2026-59: Eligible taxpayers may receive automatic penalty relief Internal Revenue Service (IRS) sent this bulletin at 07/30/2026 10:17 AM EDT IRS Tax Tips July 30, 2026 Issue Number: Tax Tip 2026-59 Eligible taxpayers may receive automatic penalty relief Eligibility Administrative penalty re...

08/04/2026

axpayer rights include being able to appeal an IRS decision in an independent forum

Taxpayers have the right to appeal an IRS decision in an independent forum. What this means is they are entitled to a fair and impartial administrative appeal of most decisions made by the IRS, including many penalties. This is another one of the ten rights that make up the Taxpayer Bill of Rights. Understanding these rights helps taxpayers if they need to work with IRS on a personal tax matter.

Important facts about this right:

The IRS Office of Appeals must be independent and separate from the IRS office that initially reviewed the case. Generally, Appeals will not discuss a case with the IRS to the extent that those communications appear to compromise the independence of Appeals.
When taxpayers don't agree with an IRS decision, they can refer to Publication 5, Your Appeal Rights and How To Prepare a Protest If You Don't Agree, for details on how to appeal.
Taxpayers who receive a statutory notice of deficiency, which is a notice proposing additional tax, may file a timely petition with United States Tax Court to dispute the proposed adjustment before they must pay the tax.
Taxpayers have the right to receive a written response regarding a decision from the Office of Appeals.
Generally, taxpayers may file a refund suit in a United States District Court or the United States Court of Federal Claims if:

06/30/2026

Exciting News: Notice: Our Clarkesville office is currently closed and is Moving to Cornelia near the Zaxbys / Goodwill starting August 1st. If you need an appointment or tax help before August our Toccoa office is only 15 minutes away.

05/04/2026

National Small Business Week 2026: Avoid the scam

It’s National Small Business Week, and the IRS is sharing resources and highlighting key topics each day throughout the week. One of those topics is scams. Back in March, the annual Dirty Dozen list of common tax scams was announced. These scams and schemes target taxpayers, businesses of all sizes and tax professionals. Let’s look at a couple that could affect businesses and entrepreneurs as well as tax professionals supporting small businesses.

Spear-phishing and malware campaigns targeting businesses and tax professionals
Tax pros and businesses can be targets of “new client” or “document request” emails that deliver malicious links or attachments to steal client data or access systems.

Businesses, tax pros, and individuals should always be cautious of any suspicious requests or unusual behavior before sharing any sensitive information or responding to an email.
Warning signs may include unexpected requests for sensitive information, mismatched or unfamiliar sender addresses, urgent payment demands, or links directing users to websites that do not clearly originate from IRS.gov.
Be aware that by gaining access to a hacked email account, scammers can locate a genuine email from a previous victim's email account sent to their tax professional.
Bogus “Self-Employment Tax Credit”

Scammers are promoting a broad “self-employment tax credit” which can lead to inaccurate filings.
Many taxpayers do not qualify for these credits. Taxpayers should rely on trusted sources like Publication 334, Tax Guide for Small Business (For Individuals Who Use Schedule C) and qualified tax professionals, not social media promotions, when determining eligibility for credits.
Additional tips to avoid the scam

Businesses can take proactive steps to safeguard their business and employees by using anti-malware/anti-virus software with automatic updates and requiring strong passwords with multi-factor authentication. Only enter personal data on secure websites (https) to prevent unauthorized access. See Publication 5961, Protect your business from tax scams PDF, for more information.
Protect the Employer Identification Number. Keep it secure and up to date. Use Form 8822-B, Change of Address or Responsible Party — Business, to make any necessary EIN updates promptly, ensuring its integrity and minimizing the risk of identity theft or fraudulent activity

https://content.govdelivery.com/accounts/USIRS/bulletins/415bc5c?reqfrom=share

IRS Tax Tip 2026-37: National Small Business Week: Avoid the scam Internal Revenue Service (IRS) sent this bulletin at 05/04/2026 11:21 AM EDT IRS Tax Tips May 4, 2026 Issue Number: Tax Tip 2026-37 National Small Business Week 2026: Avoid the scam National Small Business WeekDirty Dozen Spear-phishi...

04/22/2026

Tax return filed: Here are ways to check the status of a tax refund

Taxpayers who filed their federal tax returns and are owed a refund may be wondering about the status. There are several options for people to check.

A new feature in Individual Online Account lets taxpayers opt in to receive email notifications when there’s an update to their refund status. Taxpayers still have the option to check their refund status without signing in with Where’s my Refund?

Other ways to check refund status

IRS mobile app
Automated hotline- refunds: 800-829-1954 or amended returns 866-464-2050
Refund statuses are available as soon 24 hours after the current filing year tax return is e-filed. The IRS issues most refunds in less than 21 days.

In some cases, a refund could be delayed. A few reasons for this are:

Making a common mistake. These include forgetting to sign the return or making a math error.
Claiming the Additional Child Tax Credit. This credit can be complicated and requires more time to review.
Failing to include bank account information for direct deposit.
Filing an amended return. The IRS must compare the two returns as well as review both.
Requesting injured spouse relief which requires the IRS to manually process the case.

IRS Tax Tip 2026-33: Tax return filed: Here are ways to check the status of a tax refund Internal Revenue Service (IRS) sent this bulletin at 04/21/2026 10:22 AM EDT IRS Tax Tips April 21, 2026 Issue Number: IRS Tax Tip 2026-33 owed a refund Individual Online AccountWhere’s my Refund Other ways to...

04/02/2026

There are three ways to get an extension until October 15 to file your tax return:
• Pay online and check the box
• Use Free File
• Request an extension by mail using Form 4868

See: www.irs.gov/extensions