Housing Cost Amount Limitations for Foreign Earned Income Exclusion 2026
The IRS issued Notice 2026-25 providing adjusted limitations on housing expenses for qualified individuals claiming the foreign earned income exclusion under IRC Section 911 for tax year 2026. The notice updates location-specific housing cost limitations for expatriates, replacing the general $39,870 limitation with city-by-city amounts based on relative housing costs. For example, limitations range from $40,600 (Estonia Tallinn) to $114,300 (Australia Sydney) depending on location. The base housing amount for 2026 is $21,264.
Revenue Procedure 2026-14 - Qualified Opportunity Zone Nominations Procedure
The IRS issued Revenue Procedure 2026-14 to provide guidance to State CEOs on the procedural requirements for nominating population census tracts as Qualified Opportunity Zones (QOZs) for designation effective January 1, 2027. The guidance implements amendments made by Section 70421 of the One, Big, Beautiful Bill Act (OBBBA) to IRC Sections 1400Z-1 and 1400Z-2. Nominating authorities must follow the prescribed process to designate low-income community census tracts as QOZs.
Confirm Participator Loans Repaid to HMRC by Deadline
HMRC published guidance explaining how companies can confirm to HMRC that participators have fully repaid loans declared on Company Tax Returns. The guidance covers who can use the online tool (company officers, participators, and authorized agents), what information is required (company UTR, loan details from CT600A supplementary pages), and the confirmation requirement regarding loans in the 30 days before and after the accounting period.
Asymmetries in international trade in goods statistics: UK measured against EU and non-EU partner countries
HMRC has announced the release of asymmetry statistics covering trade in goods between the UK and its EU and non-EU partners by value for calendar years 2022 to 2024. The statistics will be published on 26 June 2026 at 9:30am. This is a statistical methodology release rather than a regulatory change affecting compliance obligations.
QOZ Census Tract Nomination Procedures Under One, Big, Beautiful Bill
The IRS and Treasury Department issued Revenue Procedure 2026-14 establishing the nomination process for Qualified Opportunity Zones under the One, Big, Beautiful Bill, which permanently extends the QOZ tax incentive. The guidance identifies 25,332 eligible low-income census tracts, of which 8,334 are entirely rural areas. State CEOs may begin nominating tracts on July 1, 2026, with designations effective January 1, 2027.
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.
Simplified Municipal Telecommunications Tax Rates
The Illinois Department of Revenue issued bulletin FY 2026-19 informing telecommunications service providers of new Simplified Municipal Telecommunications Tax rates effective July 1, 2026. Carlyle's combined rate increases from 8.65% to 13.65%, while Danvers' combined rate increases from 8.65% to 14.65%. The state rate remains fixed at 8.65% with local additions of up to 6.00%.
Automatic Idaho Income Tax Filing Extension
The Idaho State Tax Commission issued a notice informing taxpayers about automatic six-month extensions for filing 2025 Idaho income tax returns. To qualify, taxpayers must pay either 80% of their 2025 estimated tax liability or 100% of their 2024 tax obligation by the April 15, 2026 deadline. The extended filing deadline is October 15, 2026.