SW ACCOUNTING & CONSULTING CORP

Accounting | Tax | M&A | Payroll Solutions
KR & US CPA | x-PwC/Deloitte CPA | 15+ Years of Experience
Tailored for startups, individuals & businesses

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

The House just voted 408–17 to let fraud and scam victims deduct their losses on their federal taxes again.

HR 9500 also waives the 10% penalty on fraud-induced IRA withdrawals and extends the refund window. Senate next.

#TaxReform #IRS
https://t.co/uX1EvDiS4X

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

The clean fuel credit (§ 45Z) just got rewired by the OBBBA.

IRS Notice 2026-53: ILUC out, negative rates banned (except manure), feedstocks must be US/MX/CA, animal manure gets its own rate.

What producers must change for 2026 ↓

#TaxCredit #IRS
https://t.co/l735EI45fG

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

A new $1,700 federal credit for individual cash gifts to scholarship charities starts Jan 1, 2027 — IRC Section 25F.

But only if your state has filed Form 15714 to opt in, and only for SGOs on the IRS list. 30 states are in so far.

#IRS #TaxCredit
https://t.co/yi6Etkdr6K

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

The IRS just replaced IRS2Go with a new mobile app.

You can now check refunds, view balances, make payments, read notices, pull transcripts, and access your IP PIN — from your phone.

IR-2026-114

#IRS #TaxTips
https://t.co/Ushkmh3qYr

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

Kwong v. United States: the Court of Federal Claims held Sec. 7508A(d) auto-postponed the 2-year refund deadline for the entire COVID window.

The government just appealed. On its reading, the postponement ended 60 days after the incident date.

#Tax
https://t.co/kEr38Ao6wb

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

New IRS per diem rates just dropped. 🧳

Notice 2026-60: $329 high-cost / $230 other CONUS (up $10 / $5). Tucson, San Mateo, Albuquerque, and Cody are now high-cost.

Effective Oct 1, 2026.

#IRS #PerDiem
https://t.co/Zhzl8A6a4W

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

International tax update, Sept 27: Australia opens consultation on major R&D Tax Incentive reforms, Hong Kong's 2026 Policy Address unveils new tax measures, and the OECD publishes its 2026 report on tax reforms across 92 jurisdictions.
https://t.co/RH84Hvgul1

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

State tax update, Sept 27: New Jersey pauses letter rulings for 60 days from Oct 1, California SB 1349 queues R&D, water's-edge and like-kind exchanges for a five-year LAO review, and Washington remands a B&O nexus case for a full evidentiary hearing.
https://t.co/pirQF7pRyE

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

Federal tax update, Sept 27: Senate Finance advances the Taxpayer Assistance and Service Act (S. 5441), Treasury opens an opportunity zone comment window (Notice 2026-55), and JCT corrects four OBBBA technical points — including business meals.
https://t.co/49oiFvtuOc

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

The IRS Business Tax Account is now open to partnerships, S corps, C corps, and tax-exempt orgs — not just sole props.

View balances, pay online, pull notices and transcripts. Access is per person via https://t.co/IgtAVZcc96.

#IRS #SmallBusiness
https://t.co/3FXIzHjNRH

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

IFRS 15 vs ASC 606 — ten years in, still not fully converged.

Different collectibility thresholds, an ASC 606 election for shipping and handling, and no US GAAP onerous-contract concept can all shift reported revenue.

#IFRS15 #ASC606
https://t.co/HqENEKflL4

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

Are we a foreign private issuer for the SEC? The line is set by Rule 405: 50% or less US voting ownership, or, if more, no US-contacts trigger. FPIs file Form 20-F, not 10-K — and slower staleness dates.

#SEC #IPO
https://t.co/i8t77ptHto

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

IRS Notice 2026-54 is out.

If your county — or any contiguous county — is on the Appendix, your section 1033(e) livestock replacement period is extended another year.

Drought is not a drought-free year.

#IRS #Tax
https://t.co/xIPHtNvTwe

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

California is going to audit your cybersecurity program.

CCPA Article 9 kicks in for large businesses: first audit period starts Jan 1, 2027; executive certification due April 1, 2028. Evidence-based — SOC 2 alone won't do.

#Cybersecurity #CCPA
https://t.co/hnJvJSJV8D

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

New York's Access to Personnel Records Act takes effect Nov 8, 2026.

Employers must produce an employee's personnel file within 10 business days of a written request — no cost. Fines up to $2,500 per violation.

#NYLabor #HRCompliance
https://t.co/wxyxRNW1Cu

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

Pitched a "Tribal Tax Credit" at a discount? IRS (IR-2026-112) says it doesn't exist — and claiming one is a false return with penalties and possible criminal charges. 🚩

Red flags: NDA before disclosure, secret interagency deal, urgency.

#IRS #TaxScam
https://t.co/3UqvKJqelr

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

California FTB update: 2027 interest rates rise to 7%, LP/LLC first-year tax drops to $400, a $350M Competes Tax Credit window reopens, and dormant entities can get back taxes abated. What CA business owners should do now:
https://t.co/o9Vwkt9uf9

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

International tax update: Australia tightens software royalty withholding, OECD reviews digital-platform & transfer pricing rules, US Treasury rewrites CFC rules (comments due 10/26), Thailand locks in 7% VAT through 2027. Full breakdown on blog.
https://t.co/VVktL34RPV

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

This week's state tax update: California will tax SaaS & digital products starting 2027, Philadelphia switches to destination-based local sales tax on Oct 1, and a Maryland court struck down its digital ad tax. What business owners need to know:
https://t.co/RbLMAlWHcz

[SW ACCOUNTING & CONSULTING CORP @SWCPAS]

Federal tax update for business owners: a new BOI reporting rule, easier R&D cost accounting, fresh Canada tariffs on autos and dairy, clarified interest expense limits, and a digital asset tax bill moving through Congress.
https://t.co/LnFFyAlcyD