Tax

Revenue Procedure 2026-14: Qualified Opportunity Zone Nominations Procedure

The IRS has issued Revenue Procedure 2026-14 providing detailed procedural guidance to the Chief Executive Officer of each State, territory, and the District of Columbia for nominating population census tracts to be designated as Qualified Opportunity Zones (QOZs) effective January 1, 2027. The guidance implements amendments made by Section 70421 of the One, Big, Beautiful Bill Act (Public Law 119-21) to Internal Revenue Code Sections 1400Z-1 and 1400Z-2. This revenue procedure supersedes Rev. Proc. 2018-16 and governs the nomination, certification, and designation process for QOZs under the updated statutory framework, including new provisions for Qualified Rural Opportunity Funds.

Asymmetries in International Trade in Goods Statistics: UK Measured Against EU and Non-EU Partners, 2022 to 2024

HMRC has published an official statistics announcement for an asymmetry study covering trade in goods between the UK and its EU and non-EU partner countries by value (imports and exports) for the calendar years 2022 to 2024. The release is scheduled for 26 June 2026 at 9:30am. This announcement does not impose any compliance obligations or create new regulatory requirements — it is a forward-looking notice of an upcoming statistical publication.

Confirm Participator Loans Repaid to HMRC by Deadline

HMRC has published guidance requiring companies to confirm that participators have fully repaid any loans declared on Company Tax Returns. The guidance also requires companies to confirm that no other loans were made to participators in the 30 days before the end of the accounting period or the 30 days after the official filing date. The tool can be used by company officers (such as directors or company secretaries), participators (such as shareholders, directors, or loan creditors), or agents authorised to act for the company.

Business Tax Account Expansion to Partnerships and Governments

The Internal Revenue Service announced the expansion of its Business Tax Account online platform to include partnerships, federal/state/local governments, Indian tribal governments, and tax-exempt organizations. These entities join sole proprietors, S corporations, and C corporations that previously had access. The BTA platform provides secure access to view tax balances, make payments, download notices, view transcripts, and request compliance checks.

QOZ Census Tract Nomination Procedures Under One, Big, Beautiful Bill

The Treasury Department and IRS issued Revenue Procedure 2026-14 providing states with nomination procedures for designating census tracts as Qualified Opportunity Zones (QOZs) under the One, Big, Beautiful Bill. The OBBB makes the QOZ tax incentive permanent, with the first new round of designations effective January 1, 2027. States may nominate eligible low-income community census tracts from July 1, 2026 through a 90-day period (extendable by 30 days). The guidance identifies 25,332 eligible census tracts, of which 8,334 are entirely rural areas. State nomination limits are capped at 25% of their low-income community count, with a minimum of 25 tracts for states containing 25-99 low-income communities.

Carrier Summary Report, Terminal Operator Report, and ExSTARS Extension Comment Request

The IRS published a notice requesting public comments on three information collection activities: the Carrier Summary Report, the Terminal Operator Report, and a request for extension of time to file an Excise Summary Terminal Activity Reporting System (ExSTARS) Information Return. The notice opens a 62-day public comment period closing June 8, 2026. This is a standard information collection request under the Paperwork Reduction Act.

Burden Related to Treatment of Distributions to Foreign Persons

The IRS published a notice requesting public comments on burden estimates related to the treatment of distributions to foreign persons under information collection activities. The comment period closes June 8, 2026. This notice does not impose new reporting or recordkeeping requirements but seeks input from affected parties on existing burden estimates.

Simplified Municipal Telecommunications Tax Rate Changes Effective July 2026

Effective July 1, 2026, two Illinois municipalities will impose new Simplified Municipal Telecommunications Tax rates. Carlyle's combined rate increases from 8.65% to 13.65% (a 5.00 percentage point local rate change). Danvers' combined rate increases from 8.65% to 14.65% (a 6.00 percentage point local rate change). The combined rate reflects the State Telecommunications Excise Tax rate of 8.65% plus the applicable local rate. Taxpayers may verify rates using the MyTax Illinois Tax Rate Finder at mytax.illinois.gov for July 2026.

Automatic Idaho Income Tax Filing Extension

The Idaho State Tax Commission announces that individual taxpayers who cannot file their 2025 Idaho income tax return by the April 15 deadline can qualify for an automatic six-month extension by paying either 80% of their estimated 2025 tax liability or 100% of the total tax reported on their 2024 return. The extension applies to filing only, not to payment—taxes owed after April 15 accrue 6% annual interest, and a payment penalty applies even with a valid filing extension. Taxpayers must file their return by October 15, 2026 to qualify.

EU Cigarette Excise Tax Analysis – Ireland Highest at €10.71

This Tax Foundation analysis presents EU cigarette excise tax rates as of January 1, 2026, showing Ireland at the top with €10.71 per 20-pack, followed by France (€8.09) and the Netherlands (€7.77), while Bulgaria has the lowest at €2.03. Ten EU member states increased excise duties compared to 2025, with Belgium raising by the most (€0.56), followed by Latvia (€0.39), Estonia (€0.24), Czechia (€0.24), Finland (€0.22), Lithuania (€0.16), Hungary (€0.14), Sweden (€0.13), Germany (€0.11), and Croatia (€0.11). EU average excise duty is €4.22 per pack (64.3% of retail selling price), with total tax (excise plus VAT) averaging 81.55% of retail price. EU minimum rates of €1.80 per 20-pack and 60% of retail price have remained unchanged since 2014, though updates to the Tobacco Tax Directive are expected.

R&D Tax Reliefs for Creative Industries Form CT600P (2026 Version 3)

HMRC published version 3 of Corporation Tax form CT600P (2026) for creative industries on 6 April 2026. The form is used to claim various R&D tax reliefs and expenditure credits including Film Tax Relief, Animation Tax Relief, Video Games Tax Relief, Theatre Tax Relief, Orchestra Tax Relief, Museums and Galleries Exhibition Tax Relief, Audio-Visual Expenditure Credit, and Video Games Expenditure Credit. Related guidance CT600P guidance is available separately on GOV.UK to assist filers with completing the supplementary page.

IRS Internal Revenue Bulletin 2026-15

The IRS Internal Revenue Bulletin for April 6, 2026 (2026-15) compiles revenue rulings, final regulations, and notices including federal tax rates for April 2026, extension of temporary relief for digital asset identification methods, and final regulations adding unmarked vehicles used by firefighters or rescue squad or ambulance crew members as a new type of qualified nonpersonal use vehicle. Affected parties include brokers holding digital assets in custody, government units providing unmarked vehicles to emergency personnel, and employees who use those vehicles.

Alabama March 2026 Monthly Tax Collection Abstract

The Alabama Department of Revenue published the March 2026 Monthly Tax Collection Abstract on April 3, 2026, reporting statewide tax receipts across all divisions including income tax, sales and use tax, motor vehicle taxes, and business license taxes. The report provides year-over-year comparison data for tax professionals, government agencies, and policymakers tracking Alabama's revenue trends.

California Tax Filing Deadline and Free Filing Options

The California Franchise Tax Board (FTB) issued a press release on April 3, 2026, reminding Californians that April 15, 2026 is the deadline to file and pay 2025 state taxes. The release promotes free electronic filing through CalFile and in-person assistance via the Volunteer Income Tax Assistance (VITA) program, and highlights the California Earned Income Tax Credit (CalEITC) worth up to $3,756 for eligible low-income taxpayers, which may also qualify filers for the Young Child Tax Credit and Foster Youth Tax Credit. FTB also advises on scam protection, payment plans for balances under $25,000, and one-time penalty abatement for eligible filers who file on time despite inability to pay.

ABLE Account Contribution Information and Distributions Forms Comment Request

The IRS is requesting comments on Forms 5498-QA and 1099-QA under the Paperwork Reduction Act. These forms relate to ABLE (Achieving a Better Life Experience) accounts used by individuals with disabilities to save for qualified expenses tax-free. Comments are due June 5, 2026.

Substitute Mortality Table Ruling for Pension Plans

The IRS Tax Exempt and Government Entities Division has granted a private letter ruling permitting a pension plan taxpayer to use substitute mortality tables for male and female non-annuitant populations under section 430(h)(3) of the Internal Revenue Code and section 303(h)(3) of ERISA. The approval is effective for a period of up to 1 plan year beginning January 1, 2026, covering Plan 1 populations. The ruling amends the taxpayer's previous substitute mortality table approval granted in 2019, and the taxpayer has committed to submitting a new ruling request before June 2026 for the plan year commencing January 1, 2027.

USPS Postmark Changes: Impact on Filing and Payment Deadlines

The Iowa Department of Revenue has released guidance explaining how recent USPS postmark policy changes may affect the timeliness of tax filings. The USPS updated its Domestic Mail Manual effective December 24, 2025, altering postmark procedures that determine whether mailed returns, payments, and appeals are considered timely filed. Taxpayers who mail documents to the Iowa DOR should review this guidance to ensure proper filing.

GRA Launches ITAS to Usher in a Fully Digital Tax Era

The Ghana Revenue Authority (GRA) officially launched the Integrated Tax Administration System (ITAS) at the Accra West Area Office and Kaneshie Taxpayer Service Centre, marking the start of a two-month pilot phase before full national rollout targeted for September 2026. The system will replace the existing GITMIS system and Taxpayer Portal, delivering a taxpayer-centric digital platform built in roughly nine months—half the original 18-month timeline. The Kaneshie TSC has been designated as the standard-bearer office responsible for mastering the system and training other offices nationwide.

IRS ruling substitute mortality tables pension plans

IRS ruling substitute mortality tables pension plans

Six Tips for Filing Idaho Taxes

The Idaho State Tax Commission published six tax filing tips on April 2, 2026, as the April 15 income tax deadline approaches. The tips cover new conformity deductions (standard deduction amounts, senior deduction, tips from wages, car loan interest, and overtime compensation), e-filing benefits, free filing programs for taxpayers with AGI at or below $89,000, free in-person volunteer tax preparation sites, return completeness requirements, and guidance on responding to Tax Commission letters requesting additional information.

Trump Tariffs One Year After Liberation Day Analysis

The Tax Foundation published a podcast episode one year after President Trump's April 2, 2025 Liberation Day tariff announcements, analyzing whether the promised investment boom, massive revenue, debt reduction, and lower prices materialized. Analysts Kyle Hulehan and Erica York examine empirical data on the economic impact of the sweeping reciprocal tariffs. The episode includes linked resources tracking tariff developments, court rulings on tariff authority, and research on import tariff effects on exports and food prices.

Williamsburg County Capital Projects Tax Rate Change

Williamsburg County is adding a new Capital Projects Tax effective May 1, 2026, raising its Sales Tax rate to 8 percent. Lexington County has extended its School District Tax effective March 1, 2026, with its Sales Tax rate remaining at 7 percent. Aiken County is reimposing its Capital Projects Tax effective May 1, 2026, maintaining its Sales Tax rate at 8 percent. Retailers should begin collecting the Capital Projects Tax when making sales and deliveries in affected counties on the respective effective dates.

Welsh MTD Guidance on Creating Digital Income Records

HMRC has published Welsh-language guidance explaining how to create and keep digital records of income and expenses from self-employment and property under the Making Tax Digital (MTD) for Income Tax scheme. The guidance covers compatible software requirements, digital linking methods between software products, which records must be stored digitally (amount, date, and category for each transaction), and when digital record-keeping must begin based on accounting period end dates. Affected sole traders and property landlords must use MTD-compatible software to create and store digital records, submit quarterly updates to HMRC, and continue retaining original supporting documents for Self Assessment.

Making Tax Digital Income Tax Guide for Sole Traders

HMRC has published a comprehensive guide for sole traders and landlords on Making Tax Digital for Income Tax, a new digital tax reporting system replacing parts of the traditional Self Assessment process. The programme introduces mandatory quarterly digital updates, new digital record-keeping requirements, and a points-based penalty system. Affected businesses must sign up, obtain compatible software, and begin submitting quarterly updates according to phased income thresholds ranging from £50,000 down to £20,000 over three tax years starting April 2026.

Adjust Self-Employment and Property Income for MTD

HMRC has published guidance on how self-employed individuals and property owners must adjust their digital records before submitting their annual tax return under Making Tax Digital for Income Tax. The guidance covers claiming reliefs such as the £7,500 Rent-a-Room allowance, making tax adjustments for disallowable expenses, accounting adjustments for prepayments and accruals under traditional accounting, and recording capital allowance claims. Individuals using calendar update periods who started MTD in the 2025 to 2026 tax year must also make a specific adjustment to include income and expenses from 1 to 5 April 2025.

Defnyddio'r Cynllun Troi Treth yn Ddigidol ar gyfer Treth Incwm

HMRC's Making Tax Digital (MTD) for Income Tax introduces quarterly digital reporting requirements for sole traders and landlords with qualifying income. Eligibility thresholds are staggered: those with qualifying income exceeding £50,000 in tax year 2024-2025 must comply from 6 April 2026; those over £30,000 from 6 April 2027; and those over £20,000 from 6 April 2028. Affected parties must use compatible software to maintain digital records, submit quarterly updates, and file their annual Self Assessment tax return through the same software.

Adjusting Self-Employment and Property Income for MTD

HMRC guidance in Welsh explains how self-employed individuals and property income earners using Making Tax Digital for Income Tax should adjust the data they have sent via quarterly updates before completing and submitting their Tax Return. The guidance covers claiming reliefs such as Rent a Room relief (up to £7,500), tax adjustments for disallowable expenses, accounting adjustments for prepayments and accruals, capital allowance claims, and adjustments required when the accounting period does not align with the tax year (6 April to 5 April).

IDOR On-Site Vehicle Tax Payment Services at Chicago DMV

The Illinois Department of Revenue (IDOR) has introduced on-site vehicle tax payment services at the Secretary of State's Chicago Flagship Center located at 125 W. Monroe St., enabling customers to complete tax and title/registration steps in a single visit. The service accepts cash, check, money order, debit card, and credit card payments, and supports forms RUT-25, RUT-25-LSE, RUT-50, and ST-556 during business hours of Monday through Friday, 7:30 a.m. to 5:00 p.m.

Arkansas March 2026 General Revenue Report Posted

The Arkansas Department of Finance and Administration posted the March 2026 General Revenue Report on April 2, 2026. The report is available as a PDF attachment. This is a routine state fiscal reporting announcement providing monthly general revenue data for Arkansas.

Married Louisiana Couple Arrested for Felony Tax Fraud

William T. Lewis and Jill A. Lewis of Madisonville were arrested on April 1, 2026, in Osceola County, Florida and transported to Louisiana to face felony charges. The couple allegedly submitted false amended state income tax returns claiming wages and withholding from a nonexistent employer for tax years 2021 through 2024, resulting in the theft of $50,700 in fraudulent refunds and the attempted theft of an additional $32,113. Each was booked on 11 counts of filing false public records, 11 counts of computer fraud, 9 counts of theft, and 2 counts of attempted theft. They are the 79th and 80th persons arrested under a joint anti-tax fraud initiative of the Louisiana Department of Revenue and the state attorney general's office.

State Sales Tax Revenue Totaled $4 Billion in March

Texas Comptroller reported state sales tax revenue totaled $4 billion in March 2026, a 10 percent increase compared to March 2025. This marked the fastest rate of growth in state sales tax collections since February 2023, driven by double-digit gains in wholesale trade, construction, and mining sectors, while the manufacturing sector grew approximately 7 percent. The retail trade sector recorded its largest monthly gain since June 2022, with electronic shopping receipts up more than 16 percent year-over-year.

MTD for Income Tax Screening Equality Impact Assessment

HMRC published a Screening Equality Impact Assessment for Making Tax Digital (MTD) for Income Tax on 2 April 2026. The assessment demonstrates that equality considerations are incorporated into HMRC's decision-making processes to ensure MTD initiatives do not unlawfully discriminate against customers with protected characteristics. This document completes HMRC's internal equality screening review for the MTD for Income Tax programme.

Correction to 2025 Instructions for Form 3468: Geothermal and Solar Energy Credit Percentages

The IRS issued a correction to pages 20 and 21 of the 2025 Instructions for Form 3468, adding limited exceptions within the text and tables for applicable percentages under Part VI, Section A (Geothermal Energy Credit, line 1b) and Section B (Solar Energy Credit, line 3b). The correction introduces new percentage tiers based on beginning of construction dates, including transitional percentages (30% before 2025, 10% for 1/1/25–6/15/25, 0% after 6/15/25) for properties meeting PWA requirements or a limited exception. Taxpayers who filed their returns before March 27, 2026 may file an amended return to apply the corrected credit amounts.

2026 State Tax Data Compares All 50 States Across 40+ Measures

The Tax Foundation released the 2026 edition of Facts & Figures, comparing all 50 states across 40+ measures of tax rates, collections, and burdens. The publication, distributed to every state legislator and governor since 1941, includes an interactive web tool and downloadable PDF. This is an informational resource providing comparative state tax data and rankings, not a regulatory instrument imposing obligations.

Georgia Income Tax Cut and Property Tax Reform Analysis

This Tax Foundation analysis examines two Georgia tax reform proposals: HB 1116, which would create a 3 percent annual levy limit on homestead property taxes and establish a 10-year Local Homestead Option Sales Tax mechanism for localities to redirect sales tax collections toward property tax relief; and SB 476, which represents the first step toward eliminating Georgia's state income tax by raising the standard deduction to $50,000 for single filers and $100,000 for married filers, reportedly exempting two-thirds of individual taxpayers, and retroactively lowering the individual and corporate income tax rate from 5.49 percent to 4.99 percent effective January 1. The analysis cautions that while income tax reductions benefit state economies, complete elimination could cause unintended consequences by improperly taxing business inputs, and that swapping property taxes for sales taxes reduces revenue efficiency and weakens the link between local taxes paid and local services received.

West Virginia Enacts 5% Income Tax Rate Cut Under SB 392

West Virginia SB 392 was passed and signed into law on March 31, 2026, reducing income tax rates by 5% for all West Virginia taxpayers. The new rates, codified under W. Va. Code § 11-21-4j, are effective June 12, 2026, retroactive to January 1, 2026. Withholding tables have been updated for the 2026 tax year to reflect the change, with the traditional two-earner table adjusted for the retroactive nature of the reduction.

Alcoholic Products Producer Approval (APPA) Requirements

HMRC published guidance effective 1 February 2025 establishing that all producers of alcoholic products must hold an Alcoholic Products Producer Approval (APPA) before commencing production. Producers include those who alter alcohol by volume, product classification, or produce alternative alcoholic products, but exclude importers of finished products, third-party storage operators, and bottlers who do not alter the product. The guidance details exemptions for domestic-use and research producers, and clarifies that packagers of bulk product are not classified as producers.

Waiver of Estimated Tax Penalties for Farmers and Fishermen

The IRS has issued Notice 2026-24 waiving the section 6654 addition to tax for underpayment of estimated income tax by qualifying farmers and fishermen for the 2025 taxable year. The waiver applies to any qualifying taxpayer who files a calendar-year 2025 tax return and pays any tax due in full by April 15, 2026 — an extension from the standard January 15/March 1 deadlines. Taxpayers who already filed and reported the section 6654 addition may request abatement by filing Form 843 with the notation 'Request for Relief under Notice 2026-24'. The IRS corrected Form 8995 instructions on January 27, 2026, and some taxpayers and preparers could not complete returns until updated software became available on February 23, 2026.

Vaping Duty Stamps: Dimensions, Security Features, Purchase Limits, and Digital Activation Requirements

HMRC has published final guidance on the UK Vaping Products Duty stamp scheme, effective 1 April 2026. Transitional stamps (physical security features only) will be available until 31 August 2026; digital stamps with scannable codes for supply-chain tracing become mandatory from 1 October 2026, with full market compliance required by 1 April 2027. Only HMRC-approved purchasing operators (UK manufacturers, warehousekeepers, and UK representatives) may purchase stamps from the appointed supplier, subject to rolling 3-month purchase limits and mandatory reconciliation and security controls.

VAT Import One Stop Shop Scheme for an Intermediary: Service Availability and Issues

HMRC published guidance on 1 April 2026 detailing service availability and known issues affecting the VAT Import One Stop Shop (IOSS) scheme for intermediary online services. The page serves as a centralised reference point for intermediaries using the IOSS to track system status and technical problems. Businesses relying on IOSS for VAT reporting on low-value imported goods should monitor this page for real-time updates on service disruptions.

Application Withdrawal for Excise Warehousekeeper

HMRC has published guidance for applicants seeking to withdraw their excise warehousekeeper application for alcohol, tobacco and vaping products before approval is granted. The withdrawal process may be completed online via the Government Gateway portal or by written correspondence to HMRC, with a stated aim to review submissions within 45 working days. This guidance clarifies that withdrawal is only possible prior to approval—once approved, applicants cannot withdraw their application.

Vaping Products Duty: £2.20 Per 10ml and Payment Procedures

HMRC has published guidance on the new Vaping Products Duty, effective 1 April 2026, setting a flat rate of £2.20 per 10ml of vaping liquid (equivalent to £0.22 per 1ml). The duty applies to all vaping liquid whether or not it contains nicotine, and is payable at the point of manufacture for domestic production or at customs declaration for imports. Businesses must register for and use HMRC's Manage your Vaping Products Duty online service, with monthly payments due by the 15th of each month. HMRC will use the greatest volume figure when packaging, invoice, or delivery note information conflicts, and has specified measurement precision requirements (nearest 0.1ml for products under 1 litre, nearest 1ml for 1 litre or more).

Vaping Products Duty and Vaping Duty Stamps Force of Law Notice

HMRC published a Force of Law Notice on 1 April 2026 confirming that notices issued under Part 4 of the Finance Act 2026, the Vaping Products (Production, Duty Stamps and Commencement) Regulations 2026, and the Vaping Duty Stamps (Requirements, Reviews and Appeals) Regulations 2026 carry the force of law. The page provides links to the attached legal text but contains no new compliance obligations, penalties, or deadlines beyond those already established in the referenced primary and secondary legislation.

Most US States Underfund Highways with Road Tax Revenues

Tax Foundation research finds that only two states—Maryland and New Jersey—fully cover their highway spending with road user tax revenues in FY 2023. The remaining 48 states and the District of Columbia must supplement road funding from other general revenue sources. The national average fell from 73.0 percent to 66.5 percent coverage, with Alaska (17.4 percent) and North Dakota (26.8 percent) covering the smallest shares of roadway expenditures. Idaho, Tennessee, Georgia, Wyoming, and South Carolina each saw their coverage shares drop by more than 15 percentage points from prior years.

2025 Original Issue Discount Treasury Tables Available

The IRS has published the 2025 Original Issue Discount (OID) Tables for Treasury Instruments, which include Section I-C on Inflation-Indexed Debt Instruments, Section II on Stripped Components of U.S. Treasury and Government-Sponsored Enterprises, and Section III-A covering Short-Term U.S. Treasury Bills issued at a discount maturing January 2025 through December 2026. The tables are available for download as a compressed ZIP file. Additional sections of the 2025 OID Tables will be released at a later date.

Liberation Day Tariffs: President Trump Tariffs & Trade Policy

Liberation Day Tariffs: President Trump Tariffs & Trade Policy

Hybrid Writing Down Allowance Calculator

HMRC published guidance and a calculator for determining the hybrid Writing Down Allowance rate when an accounting period spans the date the main rate changed from 18% to 14%. The rate changed on 1 April 2026 for Corporation Tax and 6 April 2026 for Income Tax. The guidance provides an 8-step manual calculation method and an example showing a company with a January to December 2026 accounting period arriving at a hybrid rate of 14.99%.

Secretary of State Entity Identification Numbers for California Tax Filings

Since 2025, the California Secretary of State has been issuing 12-digit alphanumeric entity identification numbers to newly formed corporations, limited liability companies, and limited partnerships. Tax filers using software or FTB's Web Pay application must enter only the numeric digits—the system will display an error message if dashes, spaces, or alpha characters are entered. This notice clarifies the numeric-only input requirement for all entity types registered with the Secretary of State.

Correction to Individual Shared Responsibility Child Dependent Penalty Amount

The California Franchise Tax Board has corrected a rounding error in the 2025 indexing of the Individual Shared Responsibility penalty for dependent children. The corrected penalty amount is $475 per dependent child, revised upward from the previously published amount of $450. FTB has updated the personal health care mandate webpage, tax professionals webpage, and individual shared responsibility penalty estimator to reflect the correct amount. The FTB 3853 Instructions are under revision and anticipated to be completed by the end of the following week.

Tell HMRC About Option to Tax on Property When Cancelling VAT Registration

HMRC has published guidance requiring businesses cancelling their VAT registration to report any option to tax on land or buildings they own or have disposed of. The guidance specifies required information including property addresses, land registry title numbers, purchase dates, and details of previous owners and purchasers, to be submitted via Government Gateway. Businesses with five or more properties can use a bulk template submission service.