Nov 6, 2026Firm news
New: weekly Tax Court lessons and daily case summaries
Our advisors now summarize every new U.S. Tax Court opinion and publish a Monday review of what the court decided the prior week.
Source: VG CPA PC
Updates
What's changing and what it means for you.
Regulatory and tax developments across IRS, state and local tax, DCAA and government contracting, offshore reporting and audit standards, with a link to our guidance on each.
Advisor briefings
Latest updates, newest first
Our guidance
Nov 5, 2026Firm news
New Offshore Disclosure & SDOP practice page
Guidance on the Streamlined Domestic and Foreign Offshore Procedures, PFIC reporting and late FBAR strategy is now on our site.
Source: VG CPA PC
Sep 29, 2026DCAA & GovCon
SBA final rule revises its programs, including 8(a), to remove “constitutional concerns”
SBA published a final rule titled Removing Constitutional Concerns From SBA Programs. Current and prospective 8(a) participants should review how eligibility and certification are affected.
Source: Federal Register
Sep 24, 2026DCAA & GovCon
SBA proposes changes to small business size standards
Proposed size standard changes can affect whether a contractor qualifies for set-aside awards. Check your primary NAICS codes against the proposal.
Source: Federal Register
Sep 9, 2026Audit & PCAOB
PCAOB amends QC 1000 ahead of its December 15, 2026 effective date
The amendments aim to reduce compliance costs of the new quality control standard. QC 1000 and the amendments take effect December 15, 2026, subject to SEC approval.
Source: Deloitte DART
Aug 14, 2026Offshore & FinCEN
FinCEN revises beneficial ownership information reporting requirement
FinCEN issued a final rule revising BOI reporting. Business owners should confirm whether their entities still have a filing obligation.
Source: Federal Register
Jul 1, 2026Offshore & FinCEN
IRS removes Delinquent FBAR Submission Procedures
The IRS took down the page that described penalty relief for late FBARs when all income had been reported. Get advice on reasonable cause or the Streamlined procedures before filing late FBARs.
Source: EY Tax News
Jun 11, 2026DCAA & GovCon
SBA proposes a new social disadvantage test for 8(a) eligibility
The proposal would replace the former presumption with a single individualized test. Comments closed July 13, 2026.
Source: Legal 500
Feb 20, 2026State & local tax
Virginia moves to fixed-date IRC conformity and makes its PTET permanent
HB 29 conforms Virginia to the Internal Revenue Code as of December 31, 2025, adopts most 2025 federal changes, and removes the sunset on the elective pass-through entity tax. Virginia decouples from Section 174A R&E expensing, the Section 168(n) allowance, increased Section 179 limits and bonus depreciation.
Source: EY Tax News
2026 report yearState & local tax
Texas franchise tax no-tax-due threshold rises to $2.65 million
For 2026 and 2027 reports, entities with revenue at or below $2,650,000 owe no franchise tax but may still need to file a Public Information or Ownership Report by May 15.
Source: Texas Comptroller
Oct 9, 2025IRS & federal tax
IRS releases 2026 inflation adjustments reflecting the 2025 tax law
New 2026 brackets, standard deduction amounts and other inflation-adjusted figures, including changes from the 2025 budget reconciliation law, apply to returns filed in 2027.
Source: Journal of Accountancy
Aug 28, 2025Audit & PCAOB
PCAOB postpones QC 1000 effective date to December 15, 2026
The PCAOB delayed its new firm quality control standard by one year to give registered firms more time to design and test their systems.
Source: PCAOB
Aug 25, 2025DCAA & GovCon
Agencies adopt Revolutionary FAR Overhaul text for Part 31 cost principles
Class deviations replace FAR Part 31 with the FAR Council's RFO model text. Review how the rewritten cost principles affect allowability and incurred cost submissions.
Source: U.S. Department of Energy
Jun 27, 2025State & local tax
California extends its elective pass-through entity tax through 2030
SB 132 extends the PTE elective tax, which was set to expire after 2025, through tax year 2030.
Source: Crowe
U.S. Tax Court
Latest Tax Court opinions, summarized
Every new T.C., memorandum and summary opinion, with the issue, the holding and why it matters.
Murphy Hollow, LLC and Hales Gap, LLC v. Commissioner
- Issue
- Two LLCs bought adjacent Tennessee tracts for roughly $1,350 an acre and, a year later, donated them and claimed deductions of $26.7 million and $19.4 million.
- Holding
- Both deductions were denied in full because neither entity obtained a qualified appraisal; the managers knew the appraiser would overstate value. The 40% gross valuation misstatement penalty applies, plus the 20% penalty on the remainder for Murphy Hollow.
- Why it matters
- A deduction can be lost entirely, not just reduced, when the people running the deal knew the appraisal was inflated.
Butler v. Commissioner
- Issue
- A father claimed head of household status, the child tax credit and the earned income tax credit for two sons who were also claimed by their mother.
- Holding
- The court sustained the IRS: he did not show the children lived with him for more than half the year, so he could not claim them or head of household status. The IRS conceded the accuracy-related penalty.
- Why it matters
- Separated parents claiming the same children need records of where the children slept, night by night.
Pinckney v. Commissioner
- Issue
- A tax-preparation business owner's 2008 and 2009 returns were examined; the civil exam was suspended during criminal proceedings and later resumed.
- Holding
- The court sustained nearly all adjustments, including gross receipts of about $377,000 and $341,000 versus roughly $200,000 and $143,000 reported, disallowed cost of goods sold, and treated the business as a disregarded entity subject to self-employment tax. His procedural objections were rejected.
- Why it matters
- Bank deposits drive gross receipts; a civil case can resume years later after a criminal case.
Bialer v. Commissioner
- Issue
- A whistleblower challenged the IRS Whistleblower Office's denial of his award claim relating to dividend-withholding schemes.
- Holding
- The court denied his motions to add documents to the administrative record and granted summary judgment to the IRS, finding no abuse of discretion in the denial.
- Why it matters
- Whistleblower cases are reviewed on the administrative record, so the claim file has to be complete when it is submitted.
Official sources
Latest rules and proposals from the Federal Register
New IRS, procurement, SBA and FinCEN rules pulled straight from the Federal Register.
IRS & federal tax
IRS · Treasury regulations
- Guidance on Eligible Investments for Trump Accounts; HearingNov 4, 2026 · Proposed rule
- Guidance Under Section 355 Concerning Device and Active Trade or Business; Partial WithdrawalOct 21, 2026 · Proposed rule
- Regulations Regarding Payment of Tax by Commercially Acceptable MeansOct 19, 2026 · Final rule
- Non-Applicability of Section 357(c) to Consolidated GroupsOct 16, 2026 · Final rule
- Premium Tax CreditOct 15, 2026 · Proposed rule
DCAA & GovCon
FAR · DFARS · SBA
- GSAR Implementation of Executive Order 14275, Acquisition of Utility ServicesOct 5, 2026 · Proposed rule
- Removing Constitutional Concerns From SBA ProgramsSep 29, 2026 · Final rule
- Small Business Size StandardsSep 24, 2026 · Proposed rule
- GSAR Implementation of Executive Order 14275, Federal Supply Schedule Ordering ProceduresSep 22, 2026 · Proposed rule
Offshore & FinCEN
FinCEN · BSA
- Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets; WithdrawalOct 6, 2026 · Proposed rule
- Geographic Targeting Order on Certain Money Services Businesses Along the Southwest BorderSep 4, 2026 · Final rule
- Beneficial Ownership Information Reporting Requirement RevisionAug 14, 2026 · Final rule
Start a conversation
Not sure how an update affects you?
Send us the notice or the rule. A senior advisor will reply within one business day.