Suheyla Ciftci, CPA, Inc., A Professional Accountancy Corporation

Suheyla Ciftci, CPA, Inc., A Professional Accountancy Corporation SUHEYLA CIFTCI, CPA, Inc. A Professional Accountancy Corporation

A CPA firm located in California, USA.

A CPA Firm - Public Accounting:
New Business Start-up, Accounting, Income Tax Returns, Sales Tax Return, Payroll, Payroll Tax Returns, Accounting System Establishment, Budgeting, Forecasting, Business/Tax Consulting, Seller's Permit & Business License Company Founder: Dr. Suheyla Ciftci, CPA

Dr. Suheyla Ciftci's Professional Background:

Professional Licenses:
- Certified Public Accountant (CPA),

State of California
- Certified Public Accountant (CPA), State of Arizona

Practiced public accounting in Arizona and California, USA. Professional experience in accounting, financial management, company formation formalities, financial analysis, financial reporting, financial and tax consulting, budgeting (operational, financial and project budgets), forecasting, cost analysis, individual income taxes, business income taxes (profit entities), payroll, sales taxes, establishment of financial and administrative systems, procedures and policies, internal control system establishment, inventory system management, purchasing system management, treasury and cash flow management, inter-company accounts management, month-end and year-end closing formalities, fixed asset management and business advisory services (in Turkey & USA). Worked in private sector in financial management and non-management positions, such as Accountant, Senior Accountant, Chief Accountant, Financial Reporting Specialist, Assistant Financial Controller, Financial Controller and Director of Financial Affairs (in Turkey & USA).

09/02/2026

TREASURY, IRS PROPOSES RULES TO PROTECT REFUNDABLE TAX CREDITS FROM ABUSE BY ILLEGAL ALIENS

IR-2026-93, Aug. 19, 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.

“Under President Trump, the days of illegal aliens collecting taxpayer-funded benefits are over. The federal law is clear, and Treasury is enforcing it,” said Treasury Secretary Scott Bessent. “American taxpayers should not be forced to foot the bill for benefits going to those who are barred by law from receiving them. These proposed regulations end the abuse, protect the integrity of the tax system, and put Americans first.”

“Refundable tax credits, like the Earned Income Tax Credit (EITC), were enacted to help low-to-middle income American families and workers receive critical financial support,” said IRS Chief Executive Officer Frank J. Bisignano. “Today's proposed regulations ensure that federally funded benefits are reserved for eligible taxpayers and protect the integrity of every taxpayer dollar.”
Background

The Treasury and IRS proposed regulations to strengthen enforcement of the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA) by clarifying that the refunded portion of certain refundable individual income tax credits are federal public benefits and establishing clear rules governing who is legally eligible to receive them.

This action cracks down on the abuse of taxpayer-funded refundable individual income tax credits and ensures that illegal aliens and other non-qualified aliens barred by federal law do not receive public benefits, which they are ineligible to receive.

Under PRWORA, only U.S. citizens, U.S. nationals, and qualified aliens are eligible to receive federal public benefits. The proposal follows legal analysis by the Department of Justice’s Office of Legal Counsel concluding that the refunded portions of the affected credits are federal public benefits.
Proposed regulations

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.

Only the refunded portion of the affected credits is treated as a federal public benefit. The refunded portion is the aggregate amount of the affected refundable credits that exceeds the income tax liability imposed for the tax year. A taxpayer who is not qualified to receive the refunded portion may still claim any portion of an affected credit for which the taxpayer otherwise qualifies that generally offsets income tax liability.

The proposed regulations would apply to tax years ending on or after the date the regulations are published as final regulations.

Treasury and the IRS will seek public comments and requests for a public hearing on all aspects of the proposed regulations. Complete instructions for submitting comments are included in the proposed regulations.

Source: IRS

09/02/2026

TREASURY, IRS ISSUE PROPOSED REGULATIONS ON ELIGIBLE INVESTMENTS FOR TRUMP ACCOUNTS UNDER THE WORKING FAMILIES TAX CUTS

IR-2026-96, Aug. 20, 2026

The Department of the Treasury and the Internal Revenue Service issued proposed regulations on eligible investments for Trump Accounts, a new type of traditional IRA under the Working Families Tax Cuts.

“These proposed regulations will provide clarity for trustees and beneficiaries of Trump Accounts, thus encouraging eligible participants to invest in low-fee mutual funds and ETFs that will grow on a tax-deferred basis potentially over their entire lives,” said IRS Chief Executive Officer Frank J. Bisignano. “Funds deposited in Trump Accounts enable American children to start investing now and enjoy years of compound earnings for their future college, retirement and other needs.”

Eligible investments for Trump Accounts:

Funds in a Trump Account may only be invested in eligible investments during the growth period, which begins when the account beneficiary’s initial Trump Account is established and ends on Dec. 31 of the calendar year in which the account beneficiary turns age 17. After the growth period, the eligible investment restrictions no longer apply.

For Trump Accounts, an eligible investment generally is a mutual fund or exchange traded fund that tracks an equity index of primarily U.S. companies, such as the S&P 500 index, does not use leverage, and has annual fees and expenses of no more than 0.1 percent of the balance of the investment in the fund.

If an account beneficiary does not select an eligible investment offered by the trustee, funds in a Trump Account automatically will be invested during the growth period in an eligible investment selected by the trustee.

The proposed regulations provide rules for determining whether an investment is an eligible investment and procedures for a trustee to ensure that funds are invested in an eligible investment. These regulations generally would apply to tax years beginning on or after Jan. 1, 2026.

Request for comments:

These proposed regulations take into account stakeholder comments regarding eligible investments that were made in response to Notice 2025-68, issued in December 2025.

Treasury and the IRS also now request additional comments from interested parties by Oct. 20, 2026. Complete instructions on submitting comments can be found in the proposed regulations.

Sign up for a Trump Account and the pilot program:

Parents, guardians, and other authorized individuals, can use IRS Individual Online Account to complete Form 4547, Trump Account Election(s) to open a Trump Account for a child with a Social Security number if the election is made before the calendar year in which the child turns age 18. If that child is a U.S. citizen born in 2025 through 2028, the parent or other individual who qualifies to make the election can check a box on Form 4547 to elect a $1,000 pilot program contribution for the child’s Trump Account.

Visit trumpaccounts.gov for more information on Trump Accounts. For more information on the provisions of the new legislation, see Working Families Tax Cuts Provisions on IRS.gov.

Source: IRS

09/02/2026

WHAT EMPLOYERS NEED TO KNOW ABOUT THE ENHANCEMENTS TO THE PAID FAMILY AND MEDICAL LEAVE TAX CREDIT

Employers, including small businesses, that provide paid family and medical leave to their employees may be eligible for an employer tax credit. Several enhancements have been made to this credit under the Working Families Tax Cuts.

Here’s an overview of the employer credit for Paid Family and Medical Leave, including the recent changes.

What is the employer credit for PFML?

Employers who meet the requirements can claim a general business tax credit from 12.5% to 25% of wages paid to qualifying employees for up to 12 weeks of family and medical leave per taxable year.

Employers can offer up to 12 weeks of paid family and medical leave to employees for the following reasons:
Having a baby, adopting or fostering a child
Taking care of their own serious health condition or for their spouse, child, or parent
Dealing with a situation of a close relative who is a member of the Armed Forces and on covered active duty
Taking care of a close relative who is seriously ill or an injured covered servicemember

Key enhancements:
The credit is now permanent.
Expanded eligibility: Employers can claim the credit for employees with six months of service and for part-time employees working 20 hours or more per week.
Expanded coverage: Employers can claim the credit for insurance premiums paid to provide leave, or wages paid during leave.
State and local mandates: Employers can count leave provided under state or local mandates toward the eligibility for this federal tax credit, but not toward the credit calculation.

Ways to claim the credit:

Employers can claim the credit using one of these methods:
New premium-based: Based on qualifying premiums the employer paid for PFML insurance policies
Wage-based: Based on the wages paid while the employee is on PFML

Learn more about each method in Notice 2026-28. It compares the two methods, addresses how to allocate the qualifying premiums, and how to elect between the premium method and the wage method.

Source: IRS

09/02/2026

INTEREST RATES REMAIN THE SAME FOR THE FOURTH QUARTER OF 2026

IR-2026-98, Aug. 21, 2026

The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2026.

For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the new rates:
7% for overpayments (payments made in excess of the amount owed), 6% for corporations.
4.5% for the portion of a corporate overpayment exceeding $10,000.
7% for underpayments (taxes owed but not fully paid).
9% for large corporate underpayments.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate determined during July 2026. See the revenue ruling for details.

Revenue Ruling 2026-15 announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2026-36, dated Aug. 31, 2026.

Source: IRS

09/02/2026

TAX TRANSCRIPTS: KNOW THE DIFFERENT TYPES AND HOW TO GET THEM

Taxpayers may need to access their tax records or transcripts for many different reasons. It could be needed for filing a tax return, applying for a mortgage or loan, to name a couple of reasons.

There are several different kinds of tax transcripts available to taxpayers for free. Here’s what’s available, what they are and how they can be obtained.

What are the different transcript types?
Tax return transcripts show most line items from the taxpayer’s original Form 1040-series tax return, along with any forms and schedules, but doesn't show any changes made after the original return was filed. It’s available for the current and three prior tax years and is often used for life events such as mortgages or financial aid.
Tax account transcripts show basic information such as filing status, taxable income, and payment types. Unlike the tax return transcripts, this one will show changes made after the original return was filed and is generally available for the current and nine prior tax years.
Record of account transcripts combine the tax return and tax account transcripts above into one complete transcript. This transcript is available for the current and three prior tax years.
Wage and income transcripts show data from information returns we receive such as Forms W-2, 1098, 1099, and 5498. The transcript will only display information return documents that have been filed with the IRS which may not reflect all the information return documents issued to the taxpayer. This transcript is available for the current and nine prior tax years.
Verification of non-filing letter states the IRS has no record of a processed Form 1040-series tax return as of the date of the request. It doesn't indicate whether the taxpayer was required to file a return for that year. This letter is available after June 15 for the current tax year or anytime for the prior three tax years.

Ways to get transcripts:
Register to use Individual Online Account to view, print, or download all transcript types listed above.
Order a transcript by mail or call the automated phone transcript service at 800-908-9946. This typically takes between 5 to 10 calendar days for delivery.
Request any transcript listed above by submitting Form 4506-T, Request for Transcript of Tax Return.

A transcript isn't a photocopy of a taxpayer’s actual return. If a copy of the original return is needed, they can submit Form 4506, Request for Copy of Tax Return. Refer to the form for the processing time and fee.

Source: IRS

09/02/2026

WHAT TAXPAYERS SHOULD KNOW ABOUT IRS THIRD PARTY AUTHORIZATIONS

Taxpayers can give a third party the authority to help with federal tax matters. Depending on the type of authorization, this could be a family member or friend, or a tax professional, attorney or business.

There are different types of third-party authorizations with specific roles assigned. Additionally, taxpayers who want to have a third party represent them must formally grant them permission to do so.

Different types of third-party authorizations:
Power of Attorney – Allows someone to represent a taxpayer when resolving tax matters with the IRS. With this authorization, the representative must be an individual authorized to practice before the IRS and Form 2848, Power of Attorney and Declaration of Representative must be completed. A POA can do several things, such as:
Represent, advocate, negotiate and sign on behalf of the taxpayer
Argue facts and the application of law
Receive tax information for the matters and tax years/periods specified by the taxpayer
Receive copies of IRS notices and communications
Tax Information Authorization – Appoints a person to review or receive a taxpayer's confidential tax information for the type of tax for a specified period using form 8821.
Third Party Designee – Designates a person on the taxpayer's tax form to discuss that specific tax return and tax year with the IRS.
Oral Disclosure – Authorizes the IRS to disclose the taxpayer's tax info to a person the taxpayer brings into a phone call or meeting with the IRS about a specific tax issue.

Revoking a third-party authorization:

A taxpayer can choose to revoke any authorization at any time:
Power of Attorney stays in place until the taxpayer revokes the authorization or the representative withdraws it.
Tax Information Authorization stays in effect until it is revoked by the taxpayer or the designee withdraws it.
Third Party Designee generally expires one year from the due date of the tax return, not counting extensions.
Oral disclosure, unless it’s stated otherwise, is automatically revoked once the conversation has ended. If the taxpayer wants additional oral disclosure exceeding the original request, a new authorization will be required.

Source: IRS

09/02/2026

NEW PROPOSED REGULATIONS FOR THE SAVER’S MATCH PROGRAM

Treasury and the IRS will propose regulations regarding the federal Saver’s Match program, which begins in 2027.

The Saver’s Match will provide eligible taxpayers with a maximum 50% match on the first $2,000 of qualified retirement savings contributions made to an employer-sponsored retirement plan or IRA, up to $1,000 annually, and will be paid for eligible taxpayers starting in 2028, based on contributions made for the 2027 tax year.

This replaces the Saver’s Credit for retirement savings contributions and helps taxpayers participate in eligible retirement savings programs.

Regulations.gov outlines anticipated rules for implementing the program and request public comments to help develop proposed regulations. Comments can be submitted at Regulations.gov by October 5, 2026.

Source: IRS

09/02/2026

PROPOSED REGULATIONS FOR EMPLOYER CONTRIBUTIONS TO TRUMP ACCOUNTS

Treasury and the IRS recently proposed regulations to help employers establish programs that make tax-free contributions to Trump Accounts for employees or their dependents.

The proposed rules explain how employers can contribute up to $2,500 a year and clarify that contributions must be offered fairly and not favor highly compensated employees.

The public comment period is open and goes through Sept. 25. A public hearing is scheduled on Oct. 15. Instructions for submitting comments are in the proposed regulations.

https://www.federalregister.gov/documents/2026/08/11/2026-16314/employer-contributions-to-trump-accounts-and-nondiscrimination-rules-for-dependent-care-assistance

Source: IRS

09/02/2026

UPDATE TO FAQS ON “NO TAX ON OVERTIME” DEDUCTION

The IRS recently updated the FAQs about the “No Tax on Overtime” Deduction under the Working Families Tax Cuts.

Notable changes include:
The removal of information that was applicable only to the 2025 tax year
Clarification on the limits and timing of the qualified overtime compensation deduction
Additional information on coverage and exemptions under the FLSA.
Detailed information on Form W-2, Form 1099-MISC, and Form 1099-NEC requirements applicable to employers and payors of qualified overtime compensation
Information on federal income tax withholding procedures related to qualified overtime compensation
Information on the requirement that qualified overtime compensation must be separately reported on Form W-2 to claim the deduction

Full details are available in Fact Sheet 2026-13.

Source: IRS

09/02/2026

GUIDANCE ON PERMANENT EXPANSION OF PAID FAMILY AND MEDICAL LEAVE

Treasury and the IRS are providing new guidance to help employers claim the expanded federal tax credit for paid family and medical leave under the Working Families Tax Cuts.

The changes include:
Permanent expansion of the credit
Broader eligibility for employers with part-time workers and employees with at least six months of service
New option to claim the credit for insurance premiums as well as wages paid during leave

These changes encourage businesses to offer up to 12 weeks of paid family and medical leave and give employers clearer rules for claiming the enhanced tax credit.

See the news release for details.
https://www.irs.gov/newsroom/treasury-irs-issue-guidance-on-the-permanent-expansion-of-paid-family-and-medical-leave-under-the-working-families-tax-cuts

Source: IRS

Address

PO Box 743026
Los Angeles, CA
90004

Opening Hours

Monday 9am - 6pm
Tuesday 9am - 6pm
Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 6pm

Telephone

+12132585154

Website

Alerts

Be the first to know and let us send you an email when Suheyla Ciftci, CPA, Inc., A Professional Accountancy Corporation posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Suheyla Ciftci, CPA, Inc., A Professional Accountancy Corporation:

Shortcuts

Share

Category