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Understanding the “New” 2026 Employee Catch-Up Limitation
Beginning in 2026, individuals aged 50 and older who earn more than $150,000 in prior‑year-wages will see a significant change in how they can make catch‑up contributions to their workplace retire...

Understanding the Overtime Income Deduction
The One Big Beautiful Bill Act (OBBBA) introduced a major tax change for workers who earn overtime pay. A new tax provision allows eligible individuals to deduct certain overtime compensation direct...

Understanding the Qualified Tips Deduction
As we approach the close of the 2025 tax year, proactive planning remains essential. Recent legislative changes enacted under the One Big Beautiful Bill Act (OBBBA) introduces a significant new tax be...

Understanding the New “Trump Accounts”
The One Big Beautiful Bill Act (OBBBA) created a new tax‑advantaged savings vehicle known as the Trump Account. These accounts are designed to encourage long‑term savings and investment for Amer...

IRS Issues FAQs on Deduction for Qualified Overtime Compensation (FS-2026-1; IR 2026-10)
The IRS issued frequently asked questions (FAQs) addressing the new deduction for qualified overtime compensation added by the One, Big, Beautiful Bill Act (OBBBA). The FAQs provide general informatio...

Proposed Regulations Issued on Car Loan Interest Deduction (NPRM REG-113515-25; IR 2025-129)
Proposed regulations regarding the deduction for qualified passenger vehicle loan interest (QPVLI) and the information reporting requirements for the receipt of interest on a specified passenger vehic...

IRS Provides Interim Guidance on Amendments to Bonus Depreciation Under OBBA; Proposed Regulations Forthcoming (Notice 2026-11; IR 2026-06)
The IRS has released interim guidance to apply the rules under Regs. §§1.168(k)-2 and 1.1502-68, with some modifications, to the the acquisition date requirement for property qualifying for 100 p...

2026 Standard Mileage Rates Released (Notice 2026-10; IR 2025-128)
The IRS released the optional standard mileage rates for 2026. Most taxpayers may use these rates to compute deductible costs of operating vehicles for: business, medical, and charitable purposes So...

IRS Issues FAQs on Limitation on Deduction for Business Interest Expense (FS-2025-9; IR 2025-126)
The IRS issued frequently asked questions (FAQs) addressing the limitation on the deduction for business interest expense under Code Sec. 163(j). The FAQs provide general information to taxpayers and...

IRS Lists FAQs on Premium Tax Credit (FS-2025-10; IR-2025-127)
The IRS issued frequently asked questions (FAQs) addressing updates to the Premium Tax Credit. The FAQs clarified changes to repayment rules, the removal of outdated provisions and how the IRS will tr...

IRS Grants Relief for Farmers Deferring Tax on Land Sales (Notice 2026-3)
The IRS issued guidance providing penalty relief to individuals and corporations that make a valid Code Sec. 1062 election to defer taxes on gains from the sale of qualified farmland. Taxpayers who ...

IRS Extends Transition Period for PFML Programs (Notice 2026-6)
The IRS has extended the transition period provided in Rev. Rul. 2025-4, I.R.B. 2025-6, for states administering paid family and medical leave (PFML) programs and employers participating in such prog...

Health Care Is The Key Legislative Priority To Kick Off 2026
Addressing health care will be the key legislative priority a 2026 starts, leaving little chance that Congress will take up any significant tax-related legislation in the coming election year, at leas...

Fifth Circuit Rejects "Passive Investor" Rule for Code Sec. 1402(a)(13) Exception (Sirius Solutions, L.L.L.P., CA-5)
The Fifth Circuit Court of Appeals held that a "limited partner" in Code Sec. 1402(a)(13) is a limited partner in a state-law limited partnership that has limited liability. The court rejected the "...

EGP & Company P.C. is a trusted Massachusetts based CPA and consulting firm providing tax planning, compliance, and business advisory services to individuals and closely held businesses. Since 1986, we've built our reputation on integrity, expertise, and a sincere commitment to helping our clients flourish. Our expertise spans a wide range of industries, and our team of seasoned professionals works collaboratively to deliver responsive and personalized service. EGP is an attractive alternative to national CPA firms for clients who value exceptional service, deep expertise, and meaningful results. We strive to combine the capabilities of a large firm with the accessibility and attentiveness of a local practice.