07/01/2026
🚨 MILLIONAIRES TAX CONSULTANTS | TAX INDUSTRY NEWS ROUNDUP 🚨
The tax world is changing rapidly, and successful tax professionals stay ahead of the headlines, not behind them.
What we're watching this week:
📌 1. IRS Processing Update
The IRS reported issuing more than 90 million refunds during the 2026 filing season. Electronic filing continues to perform well, but the agency is still working through a significant backlog of correspondence and account adjustments. Tax professionals should encourage clients to use electronic filing and direct deposit whenever possible.
📌 2. Important Small Business Deadline
Small businesses claiming research and experimental (R&E) expenses may have a July 6, 2026 deadline to make certain retroactive elections through amended returns or Administrative Adjustment Requests. Business owners with qualifying research activities should review their eligibility immediately.
📌 3. Mid-Year Tax Planning Season Has Begun
Now is the ideal time to:
✔️ Review withholding
✔️ Estimate quarterly tax obligations
✔️ Evaluate business deductions
✔️ Plan equipment purchases
✔️ Maximize retirement contributions
✔️ Review entity structure before year-end
Waiting until tax season often limits available planning opportunities.
📌 4. Tax Law Changes Continue to Develop
Businesses and individuals should continue monitoring implementation of recent federal tax law changes affecting deductions, reporting requirements, depreciation, business incentives, and individual tax planning strategies. Every new provision creates both compliance responsibilities and planning opportunities.
📌 5. Protect Yourself From Tax Fraud
A recent high-profile court case serves as a reminder that taxpayers can face significant challenges even when a dishonest preparer commits fraud.
Always:
• Review every return before signing.
• Keep copies of all tax documents.
• Work with qualified, ethical professionals.
• Ask questions if something doesn't look right.
💡 Our Professional Insight
The biggest tax savings rarely come from preparing a return, they come from proactive planning throughout the year. The businesses building wealth are meeting with their tax advisors before year-end, not after.
At Millionaires Tax Consultants, we help individuals, entrepreneurs, and tax professionals stay informed, remain compliant, and identify strategic opportunities to legally reduce tax liability while building long-term wealth.
📈 Tax knowledge creates tax strategy.
💰 Tax strategy creates wealth.
Follow Millionaires Tax Consultants for weekly tax industry updates, IRS news, business strategies, and practical insights designed to help you make informed financial decisions.
