TTown Financial Tax Services

03/11/2026

TTown Tax Brief — November 3, 2026

Confirmed IRS guidance: Vehicle-loan interest deduction

The IRS issued practical guidance today on the temporary deduction for interest paid on qualifying new-vehicle loans. This clarifies existing law rather than creating a new deduction.

Key requirements include:

* Maximum deduction of $10,000 annually.
* Available to taxpayers who itemize and those claiming the standard deduction.
* Phaseout begins when modified adjusted gross income exceeds $100,000, or $200,000 for joint filers.
* The VIN must be reported on the return.
* Cars, minivans, SUVs, pickup trucks and motorcycles can qualify.
* The vehicle must be new, weigh under 14,000 pounds and have final assembly in the United States.
* The loan must have originated after December 31, 2024, be secured by the vehicle and finance a personal-use purchase.
* Leases and business-use vehicles do not qualify. Qualifying refinanced interest may remain eligible.

Why it matters: Clients may assume every new vehicle, U.S. brand, lease or refinanced loan qualifies. The income phaseout, assembly location and loan requirements must be tested separately.

TTown action:

* Add motorcycles and refinanced loans to training examples.
* Request the VIN, purchase contract, original and refinancing documents, interest statement and personal/business-use information.
* Verify final assembly through the vehicle label or NHTSA VIN Decoder⁠.
* Update intake forms and software workpapers for the MAGI phaseout and $10,000 limit.
* Do not rely solely on the manufacturer’s name or dealership statement.

Source: IRS Tax Tip 2026-79⁠, published November 3, 2026.

Ready-to-post client tip

🚗🏍️ Bought a new vehicle with financing? Interest on some new cars, trucks, SUVs, minivans and motorcycles may qualify for a federal deduction of up to $10,000. Used vehicles, leases and business-use vehicles do not qualify. Save your VIN, purchase contract and loan-interest statement for TTown.

02/11/2026

TTown Tax Brief — November 2, 2026

No new material tax-law or cybersecurity release was posted today, but several federal and Alabama deadlines expire today.

Confirmed: Federal business-return deadline cluster

The IRS calendar lists November 2 as the deadline to:

* File third-quarter Form 941 unless all required deposits were made timely and in full; qualifying employers then have until November 10.
* File third-quarter Form 720.
* Deposit cumulative FUTA tax exceeding $500.
* File Form 2290 for taxable heavy vehicles first used in September.
* File Form 730 and pay tax on wagers accepted during September.

Why it matters: Missed returns, payments or deposits can trigger separate penalties and interest.

TTown action: Run a final client-status report; obtain missing payroll and excise records; transmit returns; confirm e-file acceptance; and retain EFTPS or payment confirmations. Document clients who have not provided records or approved filing.

Disaster-relief distinction: Qualifying Alabama Hurricane Isaias taxpayers generally have until February 4, 2027, for covered employment and certain excise-tax returns. However, employment and excise deposits are not generally postponed beyond the specific deposit-relief period previously announced. Verify location and eligibility before changing a deadline.

Sources: IRS fourth-quarter tax calendar⁠; IRS Alabama disaster-relief notice⁠.

Confirmed: Alabama business-license renewals due today

Today is the extended deadline for Alabama state and county business privilege-license renewals. Renewals postmarked by November 2 are timely; delinquency penalties begin November 3. This is separate from the Alabama Business Privilege Tax return.

TTown action: Contact outstanding clients, complete renewals today and retain the postmark, receipt or electronic confirmation.

Source: ALDOR Business License Due Date Reminder⁠, posted September 22, 2026.

Ready-to-post client tip

⚠️ Business tax deadline: Several federal payroll and excise-tax returns—and Alabama state and county business-license renewals—are due today, November 2. Keep your filing and payment confirmations, and contact TTown immediately if your records have not been submitted.

29/10/2026

TTown Tax Brief — October 28, 2026

Confirmed emerging cybersecurity risk: Fake remote workers

Treasury warned that North Korean IT-worker networks are using stolen identities, fabricated résumés and AI-generated personas to obtain remote positions with U.S. businesses. Once hired, some have used company access to install malware, steal sensitive information or extort employers.

Why it matters: TTown hires remote workers and handles taxpayer Social Security numbers, income records and banking information. One fraudulent applicant could create a serious data breach and preparer-compliance problem.

TTown action:

* Add remote-worker impersonation to the Written Information Security Plan.
* Conduct live interviews and complete lawful identity and employment-authorization verification before granting access.
* Independently verify references and unexpected payroll-account changes.
* Give each worker an individual login, MFA and only the access required for their position.
* Do not provide tax-software, email, cloud-storage or client-portal access before onboarding is complete.
* Review account, device and location logs for unusual activity.
* Train hiring staff to escalate conflicting identities, repeated technical excuses, requests for cryptocurrency payment or demands to use unknown remote-access software.

Source: U.S. Treasury announcement⁠, published October 28, 2026.

Current federal deadline reminder

Today is the federal deposit date for semiweekly payroll taxes on wages paid October 21–23. The next major business deadline is November 2, including third-quarter Forms 941 and 720, certain FUTA deposits and Form 2290 for vehicles first used in September. Existing Alabama disaster relief must be checked separately for eligible clients.

TTown action: Review the payroll and business-return calendar, verify EFTPS confirmations and contact clients immediately about missing records.

IRS, Alabama and proposed-guidance check

No new material IRS tax-law, return-preparation or paid-preparer announcement was posted today.

No new material ALDOR filing, tax-software or general Alabama tax change was identified today.

No new broadly applicable Treasury tax proposal requiring immediate TTown action was identified.

Ready-to-post client tip

🚨 Hiring remote workers? Treasury warns that scammers are using stolen identities and AI-generated profiles to get access to U.S. businesses. Verify applicants before giving them access to payroll, financial systems or customer information—and use individual logins with multifactor authentication.

29/10/2026

TTown Tax Brief — October 29, 2026

Confirmed family-tax update: Claiming children’s Trump Accounts

The IRS highlighted Trump Accounts today. Treasury automatically enrolled eligible children beginning October 1, but a parent or authorized guardian must claim and activate the account before managing it or allowing regular family and employer contributions.

Children with valid Social Security numbers who will not turn 18 during the account-establishment year may qualify for an account. The special $1,000 Treasury contribution has narrower requirements: the child must be a U.S. citizen born from January 1, 2025, through December 31, 2028, have a valid SSN and have an eligible Form 4547 election submitted.

Today’s separate $250 donation applies only to eligible children in Brooklyn ZIP code 11234, not Alabama families.

Why it matters: Alabama parents may mistakenly believe automatic enrollment automatically provides the $1,000 contribution—or respond to fraudulent activation messages.

TTown action:

* Add a Trump Account question to family-client intake and tax-class training.
* Help eligible families understand Form 4547 without requesting their account password or verification code.
* Verify that names, birth dates and SSNs match Social Security records.
* Keep records separating personal, employer and government contributions because their future tax treatment can differ.
* Direct clients only to IRS Trump Accounts⁠ or TrumpAccounts.gov⁠.

Alabama and pending-guidance check

No new material ALDOR tax-law, filing-system, software or preparer-compliance announcement was identified today. ALDOR’s most recent broad tax announcement remains the previously reported Hurricane Isaias relief.

No new broadly applicable Treasury tax proposal requiring immediate TTown action was identified.

Ready-to-post client tip

👶 Does your child have a Trump Account? Automatic enrollment does not mean every child automatically receives the $1,000 Treasury contribution. Eligible families must claim the account and elect the contribution. Use only official government websites, and never share passwords or verification codes.

22/10/2026

🚨🚨 ATTENTION TRUSSVILLE, BIRMINGHAM & SURROUNDING AREAS! 🚨🚨

🚗💰 DRIVERS NEEDED! READY TO WORK?

We’re looking for serious, dependable individuals ready to get started! 💪🏾🔥

📅 TODAY — OCTOBER 22, 2026
📍 Walmart — Trussville, AL
⏰ 1:00 PM SHARP! NO LATE ARRIVALS!

✅ Applications
✅ Interviews
✅ Training starts today!

📲 BEFORE THE MEETING: Send your driver’s license (front & back), phone number, and email to 334-409-4709.

🔥 STOP SCROLLING AND TAKE THAT FIRST STEP TOWARD YOUR NEXT OPPORTUNITY!

📢 TAG SOMEBODY LOOKING FOR WORK & SHARE THIS POST!

21/10/2026

🚨💰 THE CLOCK IS TICKING, BUSINESS OWNERS! ⏰🔥

BABYYYY, stop watching everybody else chase opportunities when you could be preparing for YOURS! 💼👑

💰 Different grants become available throughout the year!

🔥 DO YOU NEED A GRANT WRITER OR HELP GETTING YOUR BUSINESS SET UP FOR FUNDING?

✅ New & existing businesses
✅ Grant research & writing
✅ LLC & EIN setup assistance
✅ Business plans & funding preparation
✅ Step-by-step application support

📅 OCTOBER 31, 2026 — FEATURED GRANT DEADLINE!

🚫 Closed weekends! Don’t wait until the last minute!

📲 CALL 334-407-4709

💜 FREE INDEED EMPOWERMENT CENTER INC.

💬 Comment GRANT or BUSINESS below and let’s talk!

Eligibility varies by program. Funding is not guaranteed. Service fees may apply.

21/10/2026

TTown Tax Brief — October 20, 2026

Confirmed workflow guidance: Review Tax Pro Account and CAF access

The IRS issued a new security reminder advising firms to review phishing controls, update their Written Information Security Plan and use IRS Tax Pro Account to manage client authorizations. Firms can review active powers of attorney and tax-information authorizations, withdraw obsolete authorizations and control which employees may use the firm’s CAF number. This is operational guidance—not a new tax-law requirement.

Why it matters: Former workers, unnecessary client authorizations or mishandled CAF access can create privacy and account-security exposure.

TTown action:

* Review active Forms 2848 and 8821 and withdraw authorizations no longer needed.
* Compare business CAF access against the current staff roster.
* Remove access promptly for separated workers.
* Verify MFA, software updates and the Written Information Security Plan.
* Train staff never to open unexpected “new client” attachments or links.
* Use IRS.gov directly when accessing Tax Pro Account.

Ready-to-post client tip:

🔐 Protect your tax information: TTown uses secure authorization procedures when representing clients before the IRS. Never approve an unfamiliar authorization request or send passwords and security codes by email or text.

IRS Tax Tip 2026-75—published October 20, 2026⁠

Alabama and pending-guidance check

No new material ALDOR tax-law, filing or software announcement—and no new broadly applicable Treasury proposal—was identified today.

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

16/10/2026

TTown Tax Brief — October 16, 2026

Confirmed Alabama change: Automatic storm extension

ALDOR expanded its earlier case-by-case relief. Alabama taxpayers who reside or operate a business in the 40 designated Hurricane Isaias counties now automatically have until February 4, 2027, to file individual income-tax returns originally due October 15, 2026. No request to ALDOR is required.

This extension does not postpone 2025 income-tax payments that were due April 15, 2026. Other Alabama filings still require case-by-case relief.

TTown action:

* Update qualifying clients’ Alabama deadlines to February 4.
* Keep proof of residence or business location in an eligible county.
* Continue tracking unpaid balances, interest and payment penalties.
* Request individual relief for other tax types or affected clients outside the designated counties.

Ready-to-post client tip:

📅 Alabama storm extension: Qualifying taxpayers in designated Hurricane Isaias counties now have until February 4, 2027, to file Alabama individual income-tax returns that were due October 15. April tax payments were not extended. Contact TTown to confirm your eligibility.

Official ALDOR announcement—published October 15, 2026⁠

Confirmed federal update: Automatic adoption-credit refunds

The IRS has started adjusting more than 50,000 accounts involving unused 2020–2024 Adoption Tax Credit carryforwards claimed on 2025 returns. Eligible taxpayers generally do not need to amend. Refunds or account adjustments should continue through the end of 2026, followed by an IRS notice.

TTown action: Identify affected adoption-credit clients, monitor their IRS accounts, and tell them not to amend solely for this adjustment. Review each notice against the filed return and determine whether any refund was applied to another debt.

Ready-to-post client tip:

👨‍👩‍👧 Adoption Tax Credit update: The IRS is automatically reviewing certain 2025 returns with unused adoption credits from prior years. Most affected taxpayers should not need to amend. Keep any IRS notice and contact TTown before taking additional action.

IRS announcement IR-2026-123—published October 16, 2026⁠

Training and workflow: Tax Professional Awareness Week

The IRS announced training for the week of October 19, including an October 21 refundable-credit webinar and resources addressing Form 8867 due diligence, Schedule C errors, identity theft, cybersecurity and Tax Pro Account. This is training guidance—not a new tax-law requirement.

TTown action: Register appropriate staff for the October 21 webinar and assign refresher training on Form 8867, Schedule C documentation and cybersecurity. Save completion records in personnel or compliance files.

Ready-to-post client tip:

✅ Accurate tax preparation starts with continuing education. TTown is reviewing the latest IRS training on refundable credits, due diligence, business-income reporting and taxpayer-data protection as we prepare for the 2027 filing season.

IRS announcement IR-2026-124—published October 16, 2026⁠

Proposals and pending guidance

No additional broadly applicable Treasury proposal or new federal preparer mandate requiring immediate workflow changes was identified today.

14/10/2026

TTown Tax Brief — October 14, 2026

Confirmed: Alabama offers case-by-case storm penalty relief

Published October 13: ALDOR will consider relief from late-filing penalties when Hurricane Isaias damage or disruptions prevent timely filing. This is not an automatic statewide extension or an announced waiver of tax, interest or late-payment penalties. Official ALDOR announcement⁠.

Why it matters: Affected clients facing tomorrow’s filing deadline may need an individual relief request.

TTown action: Document the disruption, affected returns and relevant dates. Request relief through the appropriate ALDOR division: individual income tax 334-353-0602, pass-through entities 334-242-1033, or sales/use tax 334-242-1490. Keep a record of the request and outcome; do not assume federal relief applies.

Client-ready tip:
“Storm damage keeping you from filing Alabama taxes? ALDOR may consider late-filing penalty relief individually. Contact TTown promptly and keep records of how the storm affected you.”

Proposed—not final: Premium Tax Credit eligibility rules

Announced October 14: Treasury and IRS proposed tighter Marketplace insurance Premium Tax Credit eligibility and advance-payment verification rules, including eligibility changes beginning in 2027. Related HHS implementation guidance remains pending. Federal Register publication is scheduled for October 15. IRS announcement⁠.

Why it matters: Marketplace clients may face additional eligibility documentation requirements.

TTown action: Add this to tax-class monitoring and intake planning. Distinguish enacted statutory changes from proposed implementation rules; do not change return calculations solely because of this proposal.

Client-ready tip:
“Have Marketplace health insurance? Proposed federal rules could change eligibility checks for premium assistance. Keep your coverage and income records, and verify requirements before making changes.”

No other material new preparer-compliance or cybersecurity development was identified today.

14/10/2026

💼 BUILD IT. GROW IT. FUND IT! 💰

Business owners, don’t overlook grant opportunities! Professional grant-writing assistance is available through Free Indeed Empowerment Center Inc.

📞 205-721-7204