July 2026 Newsletter

IRS Announces Major Change to Protect Taxpayer Rights -

On July 8th, 2026, the IRS announced that it has introduced the Automatic Exemption from Penalty (AEP) program. This will provide penalty relief automatically to many eligible taxpayers rather than requiring them to request relief. This will help hundreds of thousands of taxpayers and save countless hours waiting to speak with an agent or pay their tax professional to advocate on their behalf. This is a major win for American taxpayers, and it will help free up the IRS phone lines for agents to help taxpayers with issues that require direct attention. Click here to read the full IRS announcement. IRS simplifies penalty relief, introduces automatic process for eligible taxpayers. July 8,2026

Key Upcoming Dates -

September 15th – Third quarter estimated tax payments due for individuals, self-employed persons, and businesses.

September 15^th - final day to file corporate taxes on calendar year-end 2025 businesses

October 15^th – final day to file individual tax returns.

Recent Blog Posts -

Why Did I Not Get the Full $40,000 SALT Deduction?

The Augusta Rule: How to rent out your home to earn tax-free rental income.

The Hidden 2026 Tax Change Affecting Workplace Coffee & Snacks

Medicare Surtax and NIIT Rules Affecting North Atlanta Taxpayers

The tax filing deadline for 2025 is about two months away for corporations, pass-through entities, and partnerships. Individual tax returns are due in three months. There is plenty of time to make adjustments and learn about ways to reduce income taxes in 2026. Our tax professionals work closely with our clients to help reduce taxes and make their financial lives a bit easier. We continue to monitor changes in federal tax legislation to ensure our clients remain compliant while preserving every dollar they are entitled to. Our CPAs, Enrolled Agents, and the entire team at Killingsworth Spencer work hard to help our clients understand the choices that matter to them.

Disclaimer: This post is for general information only and should not be taken as legal or financial advice