Elite Tax and Consulting

11/03/2026

Good news for business owners: the 20% QBI deduction is now permanent, and it got better for 2026. 🧡

The One Big Beautiful Bill Act made the Qualified Business Income (QBI) deduction under Section 199A permanent, removing the uncertainty of scheduled sunsets. And for tax year 2026, two changes are worth your attention:

• A new $400 minimum deduction for taxpayers with at least $1,000 of qualified business income from an active trade or business where they materially participate. If your income is low enough that the normal 20% calculation produced little or nothing, this guarantees a deduction.
• Expanded phase-in ranges: $75,000 for single filers and $150,000 for joint filers, phasing in the W-2 wage and other limitations more gradually.

Both the $400 minimum and the $1,000 threshold adjust for inflation starting in 2027.

Why it matters: whether you operate as a sole proprietor, partnership, S corporation, or LLC, QBI can be one of the largest deductions available to owners. With the deduction now permanent and the rules evolving, it's worth revisiting your entity structure and income-timing strategy before year-end.

Questions about how QBI applies to your business? Reach out. We're here year-round.

General information, not individualized tax advice.

Elite Tax and Consulting
elitetaxandconsulting.com

11/03/2026

Attention businesses that file 1099s: the IRS's FIRE system is shutting down, and there's a hard deadline. ⏰

The IRS will retire its Filing Information Returns Electronically (FIRE) system this month. Businesses must transition to the Information Returns Intake System (IRIS) before filing 2026 information returns in the 2027 filing season.

Key dates:
• Nov. 9: last day to make changes to FIRE Transmitter Control Code (TCC) applications
• Nov. 19 at 3 p.m. ET: last day to file information returns through FIRE
• Starting Jan. 1, 2027: IRIS is the only platform for e-filing information returns, including current-year, prior-year, and corrected filings

Important: existing FIRE credentials and TCCs do NOT carry over to IRIS. You must complete a new IRIS Application for TCC, and the application process can take up to 45 days, so if you file 1099s, W-2Gs, or other information returns, the time to apply is now.

What IRIS offers: a free IRIS Taxpayer Portal for filing up to 100 returns at a time (manual entry or CSV upload), and IRIS Application to Application for larger volumes through third-party software.

Don't wait until January to find out your old credentials don't work. Need help getting your information returns ready for year-end? We're here year-round.

General information, not individualized tax advice.

Elite Tax and Consulting
elitetaxandconsulting.com

11/02/2026

Made a mistake with a retirement plan or IRA? There's now an easier way to fix it. ✅

On October 22, Treasury and the IRS issued two revenue procedures that update the correction program for employee retirement plans and create a brand-new one for IRAs.

Revenue Procedure 2026-34 expands the Employee Plans Compliance Resolution System (EPCRS), replacing the prior Revenue Procedure 2021-30. Effective now, EPCRS includes the Self-Correction Program, Voluntary Correction Program, and Audit Closing Agreement Program for sponsors of qualified plans, 403(b) plans, SEP arrangements, and SIMPLE IRA plans to make corrections and keep providing benefits on a tax-favored basis.

Revenue Procedure 2026-33 establishes the IRA Compliance Resolution System (ICRS), a first-of-its-kind correction program for IRAs, enacted as part of the SECURE 2.0 Act. It lets IRA custodians and IRA owners request correction of certain eligible inadvertent failures caused by service-provider errors. Effective May 1, 2027.

ICRS also creates a new process for waiving the 60-day rollover requirement, transitioning from private letter rulings over 2027 and 2028. Existing automatic waiver and self-certification procedures remain free.

Simple retirement account errors no longer need to become costly, drawn-out fixes. Plan sponsors and IRA owners should review how these programs apply.

Questions? Reach out. We're here year-round.

General information, not individualized tax advice.

10/31/2026

Happy Halloween from Elite Tax and Consulting! 🎃👻

Wishing all our clients and friends in the Fargo-Moorhead area a fun and safe Halloween. Enjoy the trick-or-treating, the costumes, and maybe a little too much candy.

The only thing scarier than Halloween? Unreconciled books heading into year-end. 😬 We're here if you need us.

Elite Tax and Consulting
elitetaxandconsulting.com

10/30/2026

A penny saved is a penny earned. And we can help you save a lot more than that. 🧡

Between year-end tax planning, bookkeeping cleanups, and making sure every deduction you're entitled to actually gets claimed, there's real money hiding in most small business books this time of year.

Let's find yours. Reach out for a year-end planning session: we're here year-round, not just at tax time.

Elite Tax and Consulting
elitetaxandconsulting.com

10/30/2026

Selling C corp stock? The QSBS exclusion might save you serious money. 💰

The qualified small business stock (QSBS) exclusion under Section 1202 lets shareholders of qualifying C corps exclude part or all of the gain on a sale, and it's one of the most underused year-end planning tools we see.

For stock acquired after July 4, 2025, the exclusion is tiered by holding period:
• 50% of the gain excluded after 3 years
• 75% excluded after 4 years
• 100% excluded after 5 years

Key limits:
• Per-issuer lifetime exclusion cap: $15 million (up from $10 million)
• Corporation gross asset limit: $75 million at issuance (up from $50 million)
• Both limits adjust for inflation after 2026

Stock acquired before July 4, 2025 generally remains under the prior rules: 100% exclusion after a 5-year holding period.

Why this matters now: holding periods run from acquisition. Every day you wait pushes out when a bigger exclusion kicks in, so if a sale is on the horizon, the timing deserves a hard look before year-end.

Qualifying isn't automatic. The stock must be original issuance from a qualifying domestic C corporation meeting active business requirements, among other rules.

Planning a sale? Let's review whether QSBS applies before you sign anything.

General information, not individualized tax advice.

Elite Tax and Consulting
elitetaxandconsulting.com

10/30/2026

More than 30 million workers claimed the No Tax on Overtime deduction, with an average benefit of over $3,100. 💰

Here's what workers and business owners should know about this deduction under the Working Families Tax Cuts:

If you receive qualified overtime compensation, you may deduct the pay that exceeds your regular rate of pay, as required under the Fair Labor Standards Act.

Key details:
• Maximum annual deduction: $12,500, or $25,000 for joint filers
• Phases out if modified adjusted gross income exceeds $150,000, or $300,000 for joint filers
• Available whether you itemize or take the standard deduction
• Valid Social Security number required; married taxpayers must file jointly
• For 2026, employers report qualified overtime compensation in box 12, code TT on Form W-2

If you worked overtime this year, make sure the deduction isn't missed on your return. And employers: accurate W-2 reporting starts with good payroll records.

Questions about how this applies to you or your employees? Reach out anytime. We're here year-round, not just at tax time.

General information, not individualized tax advice.

Elite Tax and Consulting

At Elite Tax and Consulting, we offer tax & accounting services including bookkeeping, tax preparation & more to help your firm thrive. Call us today!

10/29/2026

Trick or treat? Don't get tricked by tax credit scammers. 🎃

The IRS issued a Halloween warning about misleading tax credit schemes spreading on social media. Here's what to watch for:

Fake credits: Scammers are promoting nonexistent "Tribal Tax Credits" or "Native American Tax Credits," encouraging taxpayers to purchase them to falsely reduce tax liability or generate large refunds. These credits don't exist.

"Self-employment tax credit": There's no single broad "self-employment tax credit." While self-employed individuals may qualify for certain credits, this claim often leads to inaccurate filings.

Fuel Tax Credit misuse: Most taxpayers are NOT eligible. It's generally limited to business owners meeting specific requirements, such as non-taxable off-highway business use.

Red flags of an abusive scheme:
• Promises of larger refunds or tax savings
• Offers to buy credits for far less than their value
• Claims credits are limited or you must act fast
• References to government agreements that aren't publicly available
• Legal opinions that can't be verified
• Requests to sign a nondisclosure agreement before getting basic info

Report tax fraud at IRS.gov/submitatip.

If you've seen one of these promotions online, check with a trusted tax professional before claiming anything. We're here year-round to help you sort fact from fiction.

General information, not individualized tax advice.

Elite Tax and Consulting
elitetaxandconsulting.com

At Elite Tax and Consulting, we offer tax & accounting services including bookkeeping, tax preparation & more to help your firm thrive. Call us today!

10/28/2026

Employers, there's a new benefit to consider: Trump Account contribution programs.

Treasury and the IRS issued proposed regulations (REG-101355-26) covering employer contributions to Trump Accounts under the Working Families Tax Cuts. Key points:

• Employers can make tax-free contributions of up to $2,500 per year to the Trump Account of an employee or their dependents.
• A Trump Account contribution program generally must be a separate written plan for the exclusive benefit of employees, provide for contributions to the Trump Accounts of employees or their dependents, and satisfy requirements including nondiscrimination rules.
• Eligibility and contributions must not discriminate in favor of highly compensated employees or their dependents. The proposed regulations clarify how those rules apply alongside dependent care assistance programs.

Separately, parents can open a Trump Account for a child with a Social Security number using Form 4547 through their IRS Individual Online Account before the year the child turns 18. Children born 2025 through 2028 may also elect a $1,000 pilot program contribution.

If you're an employer weighing this benefit, the framework is now clearer. It's a good time to review how a program would fit your team. Reach out to discuss.

General information, not individualized tax advice.

Elite Tax and Consulting

At Elite Tax and Consulting, we offer tax & accounting services including bookkeeping, tax preparation & more to help your firm thrive. Call us today!

10/27/2026

Life is like accounting. Everything must be balanced. ⚖️

The same goes for running a business: work and rest, growth and stability, income and expenses. When your books are balanced, decisions get easier and surprises get smaller.

If your books need a tune-up, or you just want a second set of eyes before year-end, we're here year-round. Reach out anytime.

Elite Tax and Consulting
elitetaxandconsulting.com