General information only. Not tax, legal or investment advice. A planning idea named here is not a recommendation for any person. Prem Tax and Accounting Corp is a CPA firm, not a law firm. Tax rules change often and figures are for the tax year shown: confirm with the official source or a qualified adviser before you act. Read the full notice. Book a 10-minute call.

Current Topics

Current tax topics: what the new law means for you now

Short guides to the new tax law, year-end moves for 2026 and 2027, retirement choices, annuities and recent court cases, from a U.S. CPA firm in Aurora, Illinois. Every number names its tax year.

Prepared by Prem Tax and Accounting Corp. Last reviewed November 6, 2026. Figures as of November 6, 2026.

Current Topics explains the 2025 tax law, Public Law 119-21 (which most people call the One Big Beautiful Bill Act), in plain English. We add year-end moves for tax years 2026 and 2027, retirement choices, annuities and recent court cases.

What changed lately

Coming November 9, 2026: final car-loan interest regulations take effect.
November 6, 2026: we opened this section. Its pages use the 3.6 percent Social Security increase for 2027, announced October 14, 2026.
November 5, 2026: the IRS issued its 2027 inflation adjustments (Revenue Procedure 2026-35).
November 5, 2026: Treasury and the IRS announced 6,576 new opportunity zone tracts, effective January 1, 2027.

The One Big Beautiful Bill Act

What lasts, what ends, and how to plan and advise around it.

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Pass-through and corporate updates

Section 199A, entity tax, depreciation, R&E expensing, QSBS and information returns.

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Year-end planning: tax year 2026

Checklist, figures and moves to make before December 31, 2026.

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Year-end planning: tax year 2027

Early planning for 2027 with the figures published so far.

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Smart retirement decisions

Timing, taxes and benefits: RMDs, Roth conversions, Social Security, Medicare.

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Deferring income with annuities

How deferred annuities are taxed, exchanged and paid out, and the cautions.

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Recent cases and rulings

Verified decisions and rulings: what each holds and why it matters.

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The seven groups

The new tax law: what lasts and what ends.
Pass-through and corporate: business deductions and expensing.
Year-end 2026: moves to finish by December 31.
Year-end 2027: early planning and sunset dates.
Retirement: required minimum distributions, Roth conversions, Social Security and Medicare.
Annuities: how they are taxed, exchanged and paid out.
Cases: recent decisions and rulings, explained.

Dated updates are listed on our what changed page. For this year's amounts, see Important for 2026.

A plain notice

This is general information from a CPA firm, not tax, legal or investment advice, and a planning idea is not a recommendation for anyone. Rules change, and each figure names its tax year. Read the full notice and check the official source before you act.

Official sources

Keep reading

Please read: general information only

This page gives general information and education about current federal and state tax topics, including recent legislation, planning ideas, retirement and annuity rules, and court decisions. It is not tax, legal, accounting, investment, insurance or other professional advice, and it is not a substitute for advice from a qualified CPA, attorney or other adviser who knows your facts. Reading it does not create a CPA-client or any other professional relationship with Prem Tax and Accounting Corp. Prem Tax and Accounting Corp is a CPA firm, not a law firm. It does not sell insurance or investment products, and it does not recommend, rate or sell any annuity, fund or other product. A planning idea, a strategy name or an example here is not a recommendation to take or avoid any action.

Tax rules, thresholds, rates and deadlines change often, and Congress, the IRS, the courts and the states change how they apply them. Guidance on recent legislation is still being issued. We checked the figures against the official sources named on the page on the date shown (last reviewed November 6, 2026), but we do not promise that this page is complete, current or free of errors, and we do not update it the moment a rule changes. Where the rules are unsettled or guidance is still pending we say so. Amounts for a future year are labelled planning figures until the IRS or another agency publishes them. Examples use invented numbers and are for illustration only.

To the fullest extent the law allows, Prem Tax and Accounting Corp and its owners and staff are not responsible for any loss or decision that results from using this page. Links to government and other websites are for convenience and we do not control them.

This content is copyrighted by Prem Tax and Accounting Corp. Copying it in bulk, scraping it, or using it to train artificial intelligence systems requires our written permission.

Questions about how the new tax law or your year-end moves apply to you? Keshav Agrawal is a U.S. CPA and a Chartered Accountant (CA) from India. We prepare U.S. and Illinois returns, plan with you, and work alongside your financial adviser, insurance agent or attorney. We sell no investment or insurance products. Book a 10-minute call or send us a message.

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