Wallcrest Tax Desk
Income tax, capital gains, deductions and filing — the rules that decide what you keep.
Notice 2026-54 covers qualifying areas in 49 states, the District of Columbia and Puerto Rico. Anyone whose replacement window was due to close at the end of 2026 now has until the end of their next tax year.
Wallcrest Tax Desk · 1m ago · 2 min read
Form 1040-ES sets four dates: April 15, June 15, September 15 and January 15. Clearing one of two tests is what keeps the underpayment penalty away.
1m ago · 3 min
Proposed regulations under section 530A define what the accounts can be invested in. ESG index funds are excluded outright, and comments close October 20.
1m ago · 3 min
A federal rule limits the tax savings families can get from shifting investment income to children, and it catches more households than the name suggests.
1m ago · 4 min
Notice 2026-53 supplies the 2026 emissions rate table for the section 45Z credit, drops indirect land use change from the calculation, and bars negative emissions rates for everything except manure.
1m ago · 3 min
Selling a primary residence can shield large capital gains from tax, but the ownership-and-use tests, partial exclusions, and basis rules trip up many sellers.
1m ago · 4 min
Proposed regulations under section 128 cap the annual exclusion at $2,500 per employee, borrow the nondiscrimination machinery of dependent care plans, and add a new Form W-2 code.
1m ago · 3 min
Revenue Ruling 2026-17 sets the applicable federal rates for September 2026. The mid-term AFR is 4.49% annually, the long-term AFR is 5.12%, and the section 382 long-term tax-exempt rate is 3.88%.
1m ago · 3 min
A little-known provision of the tax code lets eligible early investors in small C-corporations exclude some or all of their gain from federal tax, but the rules are strict and easy to trip up.
1m ago · 4 min
Rev. Rul. 2026-16 holds that ICE Endex is a qualified board or exchange, which is the gateway to year-end mark-to-market and the 60/40 capital gain split. The holding is conditional on the exchange keeping its CFTC registration.
1m ago · 3 min
T.D. 10053, carried in the Internal Revenue Bulletin dated August 31, tells payment apps and online marketplaces they generally must not hold back tax until a seller crosses both tests in the same year.
1m ago · 3 min
Crude averaged $63.40 a barrel in 2025, $2.51 above an inflation-adjusted threshold of $60.892. Notice 2026-46 turns that gap into a 6.27-point cut.
1m ago · 2 min
FIRE, the platform businesses have used to transmit information returns electronically, closes for good at 3 p.m. Eastern that day. From January 1, 2027, IRIS is the only route - including for prior-year filings and corrections.
1m ago · 2 min
Revenue Ruling 2026-15 holds the quarterly rates flat for the quarter beginning October 1. The individual rate stays at 7% while a two-year Treasury note yields 4.19%.
1m ago · 2 min
Effective August 19, no further uniform settlement letters will go out under the May program. Roughly 1,125 cases were eligible; the standard terms are gone.
1m ago · 3 min
Most non-spouse beneficiaries who inherit an IRA after 2019 must empty the account within a decade, and in many cases owe annual withdrawals along the way.
1m ago · 4 min
A higher bracket taxes the next unit of income, not all of it. Confusing the two produces genuinely bad decisions.
1m ago · 6 min
Freelancers, retirees with investment income, and small-business owners can avoid IRS penalties by understanding the safe harbor thresholds for quarterly payments.
1m ago · 4 min
A federal surtax on interest, dividends, capital gains, and other investment income kicks in above set income thresholds that have never been indexed for inflation.
1m ago · 4 min
Tax is generally due on disposal, not on paper growth. Which disposals count, and what you can offset, decides the bill.
Yesterday · 6 min
