Stewart N Grant, CPA, P.C.

04/15/2026

The last tax return has left the building. Here's to putting another tax season behind us.

03/19/2026

Misleading tax advice on social media

• There’s a lot of tax related misinformation on social media. Don’t be tempted by the promise of a larger refund. These viral “tax hacks” often encourage taxpayers to file returns with false information or claim credits they don’t qualify for, leading to refund delays, audits, penalties, or worse. Only follow trusted advice from the IRS, tax professionals, and other reputable sources.

01/20/2026

https://www.facebook.com/share/p/1BF7bzV21q/

IR-2026-02, Jan. 8, 2026 — The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the nation’s 2026 filing season. This year, several new tax law provisions of the One, Big, Beautiful Bill become effective, which could impact federal taxes, credits and deductions.

01/13/2026

The IRS has announced that E-file will open on January 26th and my office is ready to go.

The following is a sample refund table:

File by -----> Refund as early as:

*Jan. 26, 2026 Feb. 6, 2026 *
Feb. 2 Feb. 13 *
Feb. 9 Feb. 20 **
Feb. 16 Feb. 27**
Feb. 23 Mar. 6
Mar. 2 Mar. 13
Mar. 9 Mar. 20
Mar. 16 Mar. 27
Mar. 23*** Apr. 3 ***
Mar. 30*** Apr. 10 ***
Apr. 6 *** Apr. 17 ***
Apr. 13*** Apr. 24 ***

01/02/2026

HAPPY NEW YEAR!

Tax organizers start to go out today for all client's for whom I prepared tax returns for in 2025.

The IRS is expected to open e-file in late January and officially kick off tax season. However, as soon as you have your information ready, you may certainly drop it off at any time.

Please note, as of today, Virginia has not conformed to the OBBB. That means items that are deductible for federal purposes such as no tax on tips, car loan interest, etc. are still taxable to Virginia.

Here's hoping for very prosperous new year!

12/11/2025

Tax time is almost here!

As usual, all clients for whom my firm prepared tax returns last year will receive a tax organizer right after the first of the year to assist in gathering complete tax information for the upcoming tax filing season.

Given all the tax changes that have occurred with the OBBB, all clients must complete the tax questionnaire to ensure that nothing is missed.

As a reminder, in accordance with the 2015 PATH ACT, any tax return claiming refundable tax credits is automatically delayed until mid February regardless of when filed. For all other returns, the earlier you file, the faster the refund will be processed.

Have a very Merry Christmas and a Wonderful New Year!

12/06/2025

How to open a Trump account

The enrollment process for Trump accounts is not quite ready, as the IRS just posted a draft Form 4547 in its tax forms. Once finalized, the form can be used to establish an account.

The form asks for the parent or guardian’s information and the child’s name, Social Security number, and home address. Filers can also indicate whether their child qualifies for the $1,000 pilot program contribution (see below*).

Form 4547 can be filed at any time, including at the time of an income tax return. The form can either be sent with the e-filed tax return or mailed to the IRS or, starting in mid-2026, submitted digitally through trumpaccounts.gov. Once the form is submitted, from May 2026, the Treasury Department will send information to the filer indicating the authentication process to activate the account.

*U.S. citizens born between Jan. 1, 2025, and Dec. 31, 2028, have a special benefit — an initial $1,000 funded by the Treasury into any Trump account established under those terms.

Special Note: Except for those who qualify for the pilot program, a 529 plan may remain a better option for college savings.

11/17/2025

As we approach a new filing season, please take note of the following important change:

The Tax Cuts and Jobs Act limited the state and local tax deduction (SALT) to 10,000. This eliminated itemizing deductions for a great many taxpayers. The OBBB increased this deduction to 40,000. Thus some taxpayers may once again find it beneficial to itemize if they have a large amount of state and local property taxes.

For instance, last year if your real estate taxes, property taxes, and income taxes totaled 30,000, you could only deduct 10,000. This year you will be able to deduct the entire 30,000.

For very high income taxpayers (500k AGI) the limit reverts back to the 10k

11/17/2025

Is the $200 or $400 state tax rebate issued in 2025 taxable on your federal return when you file in 2026?

It depends. For most people, probably not. However, IF you itemized deductions for 2024 AND you took a state income tax deduction, it may be partially or fully taxable.

In addition, they are now talking about a federal $2,000 tariff rebate. IF that happens, it will not affect your tax return at all.

09/28/2025

I received a $200 or $400 deposit or check from the state of VA, is it legit?

Yes! The state of Virginia is issuing tax rebates to those who filed 2024 income tax returns and paid a tax. If you had a direct deposit refund, the rebate will be paid by direct deposit. Otherwise, you will be issued a check.

All rebates are supposed to be issued by October 15. If you have not yet filed, make certain to file a 2024 tax return on time to be eligible for the rebate.

09/19/2025

Treasury, IRS issue guidance listing occupations where workers customarily and regularly receive tips under the One, Big, Beautiful Bill

IR-2025-92, Sept. 19, 2025

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today provided guidance on “no tax on tips” provision. The One, Big, Beautiful Bill proposed regulations identify occupations customarily and regularly receive tips and define “qualified tips” eligible taxpayers may claim as a deduction. The proposed regulations list nearly 70 separate occupations of tipped workers, from bartenders to water taxi operators.

Treasury and IRS request comments from the public within 30 days to be made through Regulations.gov. Complete instructions on submitting comments can be found in the proposed regulations. Comments on the proposed regulations are due by Oct. 23, 2025.

List of occupations that receive tips Treasury Tipped Occupation Code, provides a three-digit code and descriptions for the occupations listed within the proposed regulations. The proposed regulations group the occupations into eight categories:

100s – Beverage and Food Service
200s – Entertainment and Events
300s – Hospitality and Guest Services
400s – Home Services
500s – Personal Services
600s – Personal Appearance and Wellness
700s – Recreation and Instruction
800s – Transportation and Delivery

Definition of qualified tips In order to claim the deduction, a worker must both be in an occupation on the list and receive qualified tips. The proposed regulations provide a definition of qualified and not qualified tips which includes the following factors:

Qualified tips must be paid in cash or an equivalent medium, such as check, credit card, debit card, gift card, tangible or intangible tokens that are readily exchangeable for a fixed amount in cash, or another form of electronic settlement or mobile payment application (excluding most digital assets) denominated in cash.

Qualified tips must be received from customers or, in the case of an employee, through a mandatory or voluntary tip-sharing arrangement, such as a tip pool.

Qualified tips must be paid voluntarily by the customer and not be subject to negotiation. Qualified tips do not include some service charges. For instance, in the case of a restaurant that imposes an automatic 18% service charge for large parties and distributes that amount to waiters, bussers and kitchen staff; if the charge is added with no option for the customer to disregard or modify it, the amounts distributed to the workers from it are not qualified tips.

Any amount received for illegal activity, prostitution services, or pornographic activity is not a qualified tip.

09/16/2025

IMPORTANT REMINDER:

October 15th is the final filing deadline for all 2024 individual income tax returns. If you still haven't filed, your days of procrastination are over and it is time to file your tax return(s).