Goldenthal & Suss Consulting PC
G&S Monthly
Tax insights, advisory updates, and regulatory guidance for our clients and friends. Delivered the first of each month.
Current Issue
October 2026
Volume I · Issue 13
Federal Grant Rule Overhaul on Hold Until at Least December 11
OMB's proposed rewrite of the Uniform Guidance (2 CFR 200), originally slated to take effect October 1, is on pause. The stopgap funding law signed September 2 bars OMB from finalizing it, or a substantially similar rule, through December 11, 2026. For now the current rules, including the $1 million Single Audit threshold, still govern existing and new awards. Grantees should keep complying with today's requirements while watching for what Congress does after the deadline.
New W-2 Codes for Tips and Overtime Start With 2026
Beginning with 2026 Forms W-2, employers must separately report qualified overtime in Box 12 with code TT and qualified tips with code TP, so employees can claim the new deductions. Qualified overtime is generally only the half-time premium required under the Fair Labor Standards Act, not the full time-and-a-half. If you aren't already tracking these amounts per employee, set that up now rather than reconstructing the year in January.
The IRS Launches a New Mobile App
The new IRS app replaces IRS2Go and lets taxpayers check refund and amended-return status, view account balances and payment activity, see select notices and letters, pull transcripts, and retrieve an Identity Protection PIN. It's a free download from the Apple App Store and Google Play. Existing IRS2Go users are updated automatically. Watch out for look-alike apps and download only from the official store listings.
Tax Tips
Extended Filers: October 15 Is the Final Deadline
If you extended your 2025 individual return, it's due October 15. There is no further extension, so send us any outstanding documents as soon as possible.
Give Your Withholding a Year-End Checkup
A new job, marriage, a new child or a big change in income can leave your withholding off. The IRS's free Tax Withholding Estimator shows whether to file a new Form W-4 while there's still time to adjust this year.
Lock Down Your Tax Account With an IP PIN
An Identity Protection PIN is a six-digit number that stops anyone else from filing a return using your Social Security number. Any taxpayer who can verify their identity can opt in through their IRS online account or the new IRS app.
Private Schools: Proposed Rules on Tax-Exempt Status
Treasury and the IRS have proposed regulations, not yet final, that would revoke 501(c)(3) status for private schools with racially discriminatory policies in admissions, scholarships or programs, for taxable years beginning on or after May 31, 2027. Independent school clients should review their admissions and financial-aid criteria with counsel.
QuickBooks
Set Up Overtime and Tips as Separate Pay Types
With new W-2 reporting for 2026, check your QuickBooks payroll setup now. Make sure overtime and tips are recorded under their own pay types rather than folded into regular wages. It's far easier to correct a pay type in October than to rebuild a year of payroll history at W-2 time.
Upcoming Tax Due Dates
Employees: Report September tip income of $20 or more to employers (Form 4070)
Individuals: Extended deadline to file 2025 Form 1040 and pay any tax due
Corporations: Extended deadline for 2025 calendar-year Form 1120
Employers: Deposit September payroll and nonpayroll withholding if the monthly deposit rule applies
Employers: File Form 941 for the third quarter (November 10 if all deposits were made on time and in full)
Nonprofits: Extended deadline for calendar-year 2025 Form 990
Archive
Past Issues
September
2026
- FIRE System Is Being Retired — Time to Prepare for IRIS
- IRS Expands Business Tax Account — Now Reaching More Nonprofits and Government Entities
- Congress Passes Disaster Tax Relief Bill; AICPA Pushes for Permanency
- Overtime Deduction FAQs Updated
August
2026
- A New Type of Tax-Advantaged Account for Children
- Choosing the Right Business Funding Solution
- Plan Now for Deferring Tax on Advance Payments
- Single? You Still Need an Estate Plan
July
2026
- Simple Retirement Solutions for Small Business Owners
- How Renting Out Your Vacation Home Affects Your Taxes
- Revisit Your Emergency Fund Goals
- Backup Withholding: What Businesses Should Know
June
2026
- Take Advantage of Expanded QSB Stock Tax Benefits
- Reducing IRS Audit Risk for Small Businesses
- How an Educational Assistance Program Can Strengthen Your Benefits Package
- Get Ahead With a Midyear Tax Review
May
2026
- Turn a Real Estate Sale Into a Tax-Smart Strategy
- Before You Shred: Know Which Tax Records to Keep
- Plan Carefully to Minimize Taxes on Your Inheritance
- How Hiring Your Child This Summer Can Reduce Taxes
April
2026
- What to Know If You Receive an IRS Notice
- The IRS Criteria for Distinguishing Hobbies From Businesses
- Common Growth Mistakes Small Businesses Make
- Are College Scholarships Really Tax-Free?
March
2026
- What's New for Retirement Catch-Up Contributions in 2026
- Businesses Regain Immediate Deduction for R&E Expenses
- IRS Expands Digital Asset Reporting with New Form 1099-DA
- Don't Let the AMT Catch You Off Guard
February
2026
- Unlock Bigger Deductions on Rental Real Estate
- Estate Planning for 2026 and Beyond
- Taking Control with Self-Directed IRAs
- 2026 Tax Law Changes for Businesses
January
2026
- Can You Claim a Tax Deduction for Tips or Overtime Income?
- Businesses: Act Soon for Clean Energy Tax Incentives
- Make Smart Choices With a Sudden Windfall
- 2026 Tax Law Changes for Individuals
December
2025
- How Does the New Tax Deduction for Car Loan Interest Work?
- NOL Deductions Can Ease the Pain of Business Losses
- The Tax Implications of Remote Work
- Simplify Expense Reporting With High-Low Travel Per Diem Rates
November
2025
- Bonus Depreciation and Other Year-End Tax-Saving Tools
- 5 Smart Tips for Individual Year-End Tax Planning
- Throwing a Party for Your Workforce? Know the Tax Rules
- Make Sure Every Donation Counts
October
2025
- Year-End Tax Planning Strategies
- Business Entity Selection and Tax Implications
- Retirement Plan Contribution Deadlines
- QuickBooks Year-End Checklist
Stay Informed
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