Correction to Individual Shared Responsibility Child Dependent Penalty Amount
The California Franchise Tax Board issued a correction to the Individual Shared Responsibility penalty amount for dependent children, raising it from $450 to $475 per child due to a rounding error in 2025 indexing. Updated penalty information has been posted to the personal health care mandate webpage, tax professionals webpage, and the individual shared responsibility penalty estimator.
Secretary of State Entity Identification Numbers for Tax Filings
The California Franchise Tax Board issued guidance clarifying that the Secretary of State's new 12-digit alphanumeric entity identification numbers require only numeric digits for tax filings and payments. Taxpayers using software or FTB's Web Pay application must enter only the numeric portion, as the system will reject alpha characters, dashes, or spaces.
Electronic Tax Communications Consent Directions
HMRC issued new directions (SI 2003/282) on electronic communications consent procedures, revoking the previous directions from 8 March 2018. The directions specify that registered users of Self Assessment Online or Making Tax Digital for Income Tax services must provide or withdraw consent through HMRC Online Services. Other persons may provide consent in writing. The new directions take effect on 1 April 2026.
Directions on Electronic Communications for Tax Purposes
HMRC issued updated directions under the Income and Corporation Taxes (Electronic Communications) Regulations 2003, replacing the 2014 directions with revised procedures for secure mailbox delivery of tax information. The new directions take effect from 1 April 2026 and apply to registered users of Self Assessment Online and Making Tax Digital for Income Tax services.
Option to tax property when cancelling VAT registration
HMRC published guidance for businesses cancelling their VAT registration on disclosing option to tax information for land and buildings. Businesses must provide property addresses, land registry title numbers, purchase dates, and details of previous and subsequent owners when submitting their deregistration request.
Publication 1099 General Instructions for Information Returns
The IRS has converted the General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G) from standalone instructions to Publication 1099. This is a formatting reorganization that consolidates the instructions into a new publication format. The change affects employers, financial institutions, brokers, and other entities that file information returns for tax year 2026.
Education Tax Credit Scholarship Values for 2026-2027
The NH Department of Revenue Administration issued Technical Information Release 2026-001 announcing the adjusted allowable average value of Education Tax Credit scholarships for the 2026-2027 program year. The program year runs from July 1, 2026 through June 30, 2027. This routine annual adjustment updates scholarship values that participating businesses and nonprofits use to determine tax credit amounts under the Education Tax Credit Program.
Rateable value changes 2026 revaluation England Wales statistics
Rateable value changes 2026 revaluation England Wales statistics
MTD Income Tax Penalties Replace Self Assessment Rules
HMRC has published guidance on new penalties for Making Tax Digital for Income Tax, effective from April 2026. The new regime introduces a points-based late submission penalty system with a threshold of 4 penalty points triggering a £200 penalty, and introduces more proportionate late payment penalties based on payment timing. Taxpayers must submit quarterly updates by 7 August, 7 November, 7 February, and 7 May each year.