Goldenthal & Suss Consulting PC
G&S Monthly
Tax insights, advisory updates, and regulatory guidance for our clients and friends. Delivered the first of each month.
Current Issue
November 2026
Volume I · Issue 14
Social Security Wage Base Rises to $192,300 for 2027
The Social Security Administration has set the 2027 wage base at $192,300, up from $184,500, so employees and employers at the cap will each pay up to $11,922.60 in OASDI tax. Beneficiaries will also see a 3.6% cost-of-living adjustment starting in January. Employers should update payroll systems now, and higher earners and self-employed clients may want to revisit their 2027 withholding and estimated payments.
New Federal Scholarship Tax Credit: What Scholarship Organizations Need to Know
Treasury and the IRS issued proposed regulations on Oct. 1 for the new Federal Scholarship (Education Freedom) Tax Credit. Starting Jan. 1, 2027, eligible taxpayers can claim a nonrefundable credit of up to $1,700 for cash gifts to state-approved scholarship-granting organizations. Participating organizations must spend at least 90% of gross receipts on scholarships and meet expanded conflict-of-interest rules, and the first state lists are due Feb. 15, 2027. Schools and nonprofits interested in participating should begin building compliance procedures now.
IRS Expands Retirement Plan Correction Program and Launches One for IRAs
Revenue Procedure 2026-34, effective Oct. 22, updates the Employee Plans Compliance Resolution System (EPCRS) used by sponsors of 401(k), 403(b), SEP and SIMPLE IRA plans to fix plan errors. A companion procedure creates the new IRA Compliance Resolution System, effective May 1, 2027, which will also become the path for requesting waivers of the 60-day rollover deadline. Plan sponsors, including nonprofit and educational employers with 403(b) plans, should review whether any open errors can now be corrected more simply.
Tax Tips
Do a Year-End Withholding Check
The IRS is urging taxpayers to use its Tax Withholding Estimator before year-end, especially after a marriage, new child, or job change. Business owners and gig workers should confirm their estimated payments are on track to avoid surprises at filing time.
Lock Down Your IRS Online Account
The IRS recommends safeguarding your IRS online account credentials and requesting an Identity Protection PIN, which helps prevent someone else from filing a return in your name.
Update Travel Reimbursement Policies
The IRS raised per diem rates for business travel effective Oct. 1, 2026. Employers using per diem reimbursements should update their policies and payroll settings for the new rates.
Nonprofit Hospitals: Document Community Benefit
Tax-exempt hospitals' community benefit activity is facing increased scrutiny. Make sure Schedule H reporting, community health needs assessments, and financial assistance policies are current and well documented.
QuickBooks
Clean Up Vendor Records Before 1099 Season
In QuickBooks, review your vendor list now: confirm each contractor has a W-9 on file, check the 'Track payments for 1099' box, and map payments to the correct 1099 accounts. A November cleanup makes January's 1099-NEC filings much faster.
Upcoming Tax Due Dates
Form 941 for Q3 2026 due (Oct. 31 falls on a Saturday); also Form 720 quarterly excise tax return
Form 941 for Q3 2026 due for employers who deposited all taxes on time; employees report October tips to employers
Extended Form 990, 990-EZ and 990-PF due for calendar-year exempt organizations (Nov. 15 falls on a Sunday); monthly depositors' October payroll tax deposit due
Archive
Past Issues
October
2026
- Federal Grant Rule Overhaul on Hold Until at Least December 11
- New W-2 Codes for Tips and Overtime Start With 2026
- The IRS Launches a New Mobile App
- Extended Filers: October 15 Is the Final Deadline
September
2026
- FIRE System Is Being Retired — Time to Prepare for IRIS
- IRS Expands Business Tax Account — Now Reaching More Nonprofits and Government Entities
- Congress Passes Disaster Tax Relief Bill; AICPA Pushes for Permanency
- Overtime Deduction FAQs Updated
August
2026
- A New Type of Tax-Advantaged Account for Children
- Choosing the Right Business Funding Solution
- Plan Now for Deferring Tax on Advance Payments
- Single? You Still Need an Estate Plan
July
2026
- Simple Retirement Solutions for Small Business Owners
- How Renting Out Your Vacation Home Affects Your Taxes
- Revisit Your Emergency Fund Goals
- Backup Withholding: What Businesses Should Know
June
2026
- Take Advantage of Expanded QSB Stock Tax Benefits
- Reducing IRS Audit Risk for Small Businesses
- How an Educational Assistance Program Can Strengthen Your Benefits Package
- Get Ahead With a Midyear Tax Review
May
2026
- Turn a Real Estate Sale Into a Tax-Smart Strategy
- Before You Shred: Know Which Tax Records to Keep
- Plan Carefully to Minimize Taxes on Your Inheritance
- How Hiring Your Child This Summer Can Reduce Taxes
April
2026
- What to Know If You Receive an IRS Notice
- The IRS Criteria for Distinguishing Hobbies From Businesses
- Common Growth Mistakes Small Businesses Make
- Are College Scholarships Really Tax-Free?
March
2026
- What's New for Retirement Catch-Up Contributions in 2026
- Businesses Regain Immediate Deduction for R&E Expenses
- IRS Expands Digital Asset Reporting with New Form 1099-DA
- Don't Let the AMT Catch You Off Guard
February
2026
- Unlock Bigger Deductions on Rental Real Estate
- Estate Planning for 2026 and Beyond
- Taking Control with Self-Directed IRAs
- 2026 Tax Law Changes for Businesses
January
2026
- Can You Claim a Tax Deduction for Tips or Overtime Income?
- Businesses: Act Soon for Clean Energy Tax Incentives
- Make Smart Choices With a Sudden Windfall
- 2026 Tax Law Changes for Individuals
December
2025
- How Does the New Tax Deduction for Car Loan Interest Work?
- NOL Deductions Can Ease the Pain of Business Losses
- The Tax Implications of Remote Work
- Simplify Expense Reporting With High-Low Travel Per Diem Rates
November
2025
- Bonus Depreciation and Other Year-End Tax-Saving Tools
- 5 Smart Tips for Individual Year-End Tax Planning
- Throwing a Party for Your Workforce? Know the Tax Rules
- Make Sure Every Donation Counts
October
2025
- Year-End Tax Planning Strategies
- Business Entity Selection and Tax Implications
- Retirement Plan Contribution Deadlines
- QuickBooks Year-End Checklist
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