Digital Assets Archives

Summer 2026 Tax Updates Business Owners, Investors & California Taxpayers Should Know

By Office Staff|2026-06-24T14:26:07-07:00June 24, 2026|Categories: Tax Planning|Tags: California Franchise Tax Board, Digital Assets, Employee Retention Credit, Qualified Small Business Stock, Tax Notices|0 Comments

Summer may feel like a quiet time for tax planning, especially after the spring filing rush. In reality, some of the most important tax planning windows open midyear, when business owners, real estate investors, individuals, and families still have time to make informed decisions before the end of the year.

This summer, several federal tax updates deserve attention. Some involve deadlines. Others are focused on Internal Revenue Service (IRS) account access, digital assets, qualified small business stock (QSBS), Health Savings Accounts (HSAs), disaster relief, and Employee Retention Credit claims (refundable tax credits for businesses and non-profits that kept employees on their payroll during pandemic-related government shutdowns or significant revenue declines). And for California taxpayers, the state’s Franchise Tax Board (FTB) identity verification notices deserve a closer look.

In this post, we explain what has changed, who may be affected, and what steps you may need to take before the next tax season catches you by surprise. First up, summer deadlines.

Summer 2026 Tax Deadlines for Individuals and Business Owners

Two July deadlines stand out for taxpayers and business owners.

First, July 6, 2026, marks the deadline for certain Section 174 elections tied to research and experimental expenditures. These rules may matter for businesses with software development, product development, engineering, scientific research, or other innovation-related costs.

Second, July 10, 2026, marks an extended deadline tied to possible COVID-era refund claims for penalties and interest. This deadline stems from litigation involving whether certain filing and payment deadlines received automatic disaster-related postponement during the COVID-19 disaster period (Jan. 20, 2021 – July 10, 2023).

Here’s what that means in plain English: Some taxpayers who paid penalties or interest connected to COVID-era filing or payment timing may have a potential refund claim. The rules remain technical, and the IRS may challenge claims depending on the facts, so it’s best to ask about this during your Summer 2026 Mid-Year Tax Appointment with us here at SWC.

IRS Business Tax Account Access: What Business Owners Should Review in Summer 2026

The IRS has continued to expand online access for business taxpayers. For S corporations and C corporations, certain individuals, known as Designated Officials, can use the IRS Business Tax Account to view information such as Continue reading… Continue reading… Continue reading…

Catching Up With Recent Changes at the IRS

By Office Staff|2025-11-14T13:07:03-08:00November 14, 2025|Categories: Taxes|Tags: 2026 Tax Rules, Digital Assets, IRS|0 Comments

That old adage about death and taxes deserves another look. Since 1913, the U.S. tax code has kept changing, and the Internal Revenue Service (IRS) issues updates every year that can affect you. Of course you can always rely on the experts here at SWC to keep you posted on recent changes.

Like what, you ask. Here’s just three recent changes that have popped up on our radar screen that you’ll want to know about:

The rollout of the newly created Form 1099-DA, which expands reporting requirements for digital asset transactions
Increased liability for employers who use third-party payers to process their payroll transactions
The discontinuation paper check refunds to individual taxpayers

In this post, we highlight each change in turn, whom it is likely to impact, and how to navigate the new rules and procedures. The goal, of course, is to leave you well prepared for tax season 2026. Our next post will focus on additional changes you need to be aware before we meet with you during your October – December 2025 Year-End Tax Projection meeting.

First up, there’s going to be a new IRS form for reporting digital asset transactions.

New Form for Reporting Digital Asset Transactions

To formalize the reporting of digital-asset transactions and improve compliance, the IRS has developed a new Form 1099-DA. According to the IRS, a digital asset is any computerized representation of value recorded on a cryptographically secured distributed ledger like the blockchain or any similar technology. Digital assets include the following:

Cryptocurrencies, such as Bitcoin, Ethereum, Solana, Dogecoin, and others that can be used as payment or held as investments
Stablecoins, such as Tether, USDC, Dai, Ethena USDe, and others that are digital tokens attached to the value of fiat currencies
Non-fungible tokens (NFTs), such as Render, Immutable, FLOKI, and GALA, all of which are unique digital certificates of ownership tied to digital art, collectibles, or games
Tokenized assets that represent ownership in real-world assets, such as real estate shares or commodities

As a taxpayer, here’s what you need to know about digital assets: Continue reading… Continue reading… Continue reading…