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WXC Corporation

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Doral, FL
WXC Corporation

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Bookkeeping, Payroll, Tax Services

10/15/2026

The Department of the Treasury and the Internal Revenue Service (IRS) have issued proposed regulations to end federal tax-exempt status for private schools that engage in racial discrimination, delivering on President Trump's Executive Orders ending discrimination and restoring merit-based opportunity.

“Under President Trump, this Administration is standing up for America’s students by ensuring racial discrimination has no place in American education,” said Treasury Secretary Scott Bessent. “Schools rebranding race-based preferences as equitable, inclusive, or diversity-enhancing does not change their discriminatory nature. Today’s Treasury and IRS proposed regulations establish a clear standard, and the institutions that continue to use discriminatory practices will no longer receive the benefits of federal tax-exempt status.”

“Private educational institutions that promote discriminatory practices will no longer be afforded the benefits of federal tax-exempt status,” said IRS Chief Executive Officer Frank J. Bisignano. “Today’s proposed regulations put institutions on notice and schools that continue to engage in racial discrimination should expect to lose that status.”

10/13/2026

The Internal Revenue Service today announced a digitally authenticated Tax Compliance Report available through IRS Individual Online Account.

Taxpayers can securely obtain and download the report when applying for a job, a loan, a government benefit, or another service that requires tax compliance information.

Financial institutions, government agencies, and other organizations that receive the report can use its built-in digital certificate to confirm its authenticity. The certificate also helps protect taxpayer information and maintains the integrity of the report.

10/08/2026

The Department of the Treasury and the Internal Revenue Service issued proposed regulations to apply and clarify the federal law regarding the eligibility requirements for taxpayer-funded refundable individual income tax credits, delivering on President Trump’s commitment to enforce our nation’s laws and ensuring tax benefits are reserved for American taxpayers.

The proposed regulations apply PRWORA to four individual income tax credits: the adoption tax credit, the child tax credit, the American opportunity tax credit, and the earned income tax credit.

To receive the refunded portion of an affected credit:

The taxpayer must be a U.S. citizen, U.S. national, or qualified alien on the date the taxpayer files the federal income tax return first claiming the affected credit. Qualified aliens include lawful permanent residents, asylees, refugees, and certain other groups defined or specified under PRWORA.
The taxpayer must declare on the tax return, under penalty of perjury, that the taxpayer is eligible to receive the refunded portion of the credit.
For a joint return, only one spouse must be a U.S. citizen, U.S. national, or qualified alien.

10/06/2026

The Department of the Treasury and the Internal Revenue Service (IRS) issued Notice 2026-28 PDF, providing guidance on the employer credit for paid family and medical leave (PFML) under the Working Families Tax Cuts (WFTC). The WFTC makes permanent and expands eligibility and coverage for employers offering PFML benefits to employees.

08/19/2026

The Department of the Treasury and the Internal Revenue Service today issued Notice 2026-36 PDFannouncing intent to issue proposed regulations addressing the tax on excessive compensation and excess parachute payments to employees of tax-exempt organizations under the One, Big, Beautiful Bill.

“The new law strengthens the accountability of tax-exempt organizations by expanding tax compliance requirements for certain organizations paying excessive compensation and excess parachute payments to their executives,” said IRS Chief Executive Officer Frank J. Bisignano. “It broadens the scope of tax from a limited group of executives to potentially any highly compensated employee.”

The OBBB expanded the application of excise tax on excess compensation by broadening the definition of covered employee of an applicable tax-exempt organization (ATEO). Previously, this tax applied to the five highest-compensated employees for the tax year. Now the tax may apply to any employee with compensation exceeding $1 million in a tax year or an excess parachute payment.

08/12/2026

The Internal Revenue Service announced that 27 states have elected to participate in the Federal Scholarship Tax Credit (FSTC) program, which enables eligible taxpayers to claim a federal tax credit for qualified contributions to Scholarship Granting Organizations (SGOs) providing scholarships for qualified elementary and secondary education expenses.

For taxpayers to claim the tax credit of up to $1,700, they must contribute to an SGO located in a state that elects to participate in the FSTC program and submits a list of qualified SGOs. State participation in the program, enacted under the One, Big, Beautiful Bill, is voluntary.

“It’s encouraging to see that 27 states have already signed up to participate in this program that promotes and supports elementary and secondary education,” said IRS Chief Executive Officer Frank J. Bisignano. “We are hopeful that additional states will decide to participate.”

08/05/2026

The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2026-25 PDF providing a gift tax reporting safe harbor for certain contributions to Trump accounts created under the Working Families Tax Cuts.

Under this safe harbor, if certain requirements are met, contributions made by individual donors to Trump accounts in a given year will not be subject to gift tax reporting requirements for that year.

“By granting this relief, the IRS has responded to concerns raised by taxpayers who planned to make contributions to a Trump account but worried such donations would trigger the gift tax reporting rules,” said IRS Chief Executive Officer Frank J. Bisignano. “The relief granted will reduce the potential burden placed on friends and family who want to put money into a Trump account.”

07/30/2026

The Internal Revenue Service today announced a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time, reducing the need for them to request assistance.

The new Automatic Exemption from Penalty will replace the long-standing First Time Abate administrative relief and is designed to simplify the process and reduce burden for those with a timely compliance history.

“Automatic Exemption from Penalty reflects the IRS’ commitment to making the payment of taxes owed simpler and more consistent,” said IRS Chief Executive Officer Frank J. Bisignano. “By automatically applying penalty relief, the IRS recognizes that taxpayers who historically pay on time should not have to make a formal request for relief that is routinely granted.”

05/26/2026

These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. Accordingly, these FAQs may not address any particular taxpayer’s specific facts and circumstances, and they may be updated or modified upon further review. Because these FAQs have not been published in the Internal Revenue Bulletin, they will not be relied on or used by the IRS to resolve a case. Similarly, if an FAQ turns out to be an inaccurate statement of the law as applied to a particular taxpayer’s case, the law will control the taxpayer’s tax liability. Nonetheless, a taxpayer who reasonably and in good faith relies on these FAQs will not be subject to a penalty that provides a reasonable cause standard for relief, including a negligence penalty or other accuracy-related penalty, to the extent that reliance results in an underpayment of tax. Any later updates or modifications to these FAQs will be dated to enable taxpayers to confirm the date on which any changes to the FAQs were made. Additionally, prior versions of these FAQs will be maintained on IRS.gov to ensure that taxpayers, who may have relied on a prior version, can locate that version if they later need to do so.

More information about reliance is available. These FAQs were announced in IR-2026-55.

Address

8750 NW 36th Street, Suite 540
Doral, FL
33178

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Telephone

(305) 676-6576

Website

http://www.wxccorporation.com/

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