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

Pass-through and corporate updates for small businesses

Public Law 119-21 changed the rules for owners of partnerships, S corporations, sole proprietorships and small corporations. These guides show which changes last, which end, and which still await IRS rules.

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

Public Law 119-21, often nicknamed the One Big Beautiful Bill Act, changed a good deal for small business owners. Some changes have no end date, some are temporary, and a few still wait for IRS regulations. Our three short guides cover the pieces we see most often in Aurora, Naperville and Chicagoland.

Your deduction and state tax: the 199A deduction and the Illinois entity tax, with thresholds for 2025 to 2027.
Equipment and research: bonus depreciation, section 179 and research costs.
Stock, corporations and forms: QSBS, the 21 percent corporate rate and 1099 reporting.

The 20 percent business deduction and the state tax your business can pay for you

Section 199A is permanent at 20 percent, with a wider 2026 phase-in and a $400 minimum. See the thresholds, the SALT cap and the Illinois entity tax election.

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Equipment and research costs: what a small business can deduct right away

Bonus depreciation is permanent at 100 percent, section 179 limits rose, and research costs are deductible again. Figures for 2025 to 2027, plus Illinois.

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Qualified small business stock, C corporations and the new 1099 thresholds

New small business stock tiers, the 21 percent corporate rate and the $2,000 threshold for Forms 1099-NEC and 1099-MISC. Tax years 2025 to 2027 and Illinois.

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Every page marks a rule as settled law, temporary, guidance pending or unsettled, and puts the tax year beside each number. The IRS announces next year's amounts each October or November, so we re-check these pages then. For this year's other figures see our 2026 numbers and the tax calendar. To talk it through, see our services.

Common questions

Which of these rules end?

The higher SALT cap steps back to $10,000 in 2030, and the factory-building deduction needs construction to begin before 2029. The rest have no end date, though Congress can change any law.

Do these rules apply in Illinois?

Some do and some do not. Illinois starts from federal AGI, adds back bonus depreciation and, from 2026, excluded QSBS gain. Each guide says where.

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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