Meridian Ledger Advisors (demo)

Client Briefing · Week of July 3, 2026

Summer Tax and Compliance Update

The past few weeks have brought significant shifts in tax regulations and administrative processes. We have summarized the most important changes below to help you stay organized and compliant throughout the summer. Please review these updates to see how they might impact your personal or business planning.

Opportunity Zones are now a permanent part of the tax code

Recent legislation has turned the Opportunity Zone program from a temporary, closing window into a permanent planning tool. While the original urgency to reinvest by the end of 2026 has changed, new rules for how these investments are measured and incentivized—including special provisions for rural projects—are now in effect.

What this means for you: If you have capital gains, it is worth a conversation with your accountant to see how this new permanent structure fits into your long-term investment strategy.

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Automatic penalty relief is coming to eligible taxpayers

The IRS is replacing the manual 'First Time Abate' request process with a new, automatic program for penalty relief. Taxpayers with a consistent three-year history of filing and paying on time will now have certain late-filing or late-payment penalties removed automatically by the IRS during processing.

What this means for you: Maintaining a clean compliance history is now even more valuable, as the system will automatically look out for you if a rare, minor mistake occurs.

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Reporting thresholds for 1099 forms have increased

The threshold for reporting certain payments on Form 1099-MISC and 1099-NEC has risen to $2,000, and will be adjusted for inflation in the future. While this may reduce the number of forms you need to file, it does not change the fact that the income you receive or pay remains taxable.

What this means for you: Focus on keeping clean vendor records regardless of the reporting threshold to avoid IRS mismatches later.

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New federal scholarship tax credit available in select states

Twenty-seven states have now joined the Federal Scholarship Tax Credit program, which allows qualifying taxpayers to claim a federal tax credit of up to $1,700 for donations made to eligible scholarship organizations. Participating states are managing the specific organizations that qualify.

What this means for you: If you are interested in education-based charitable giving, check if your state is participating to see if you can claim this new credit.

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Disaster relief loans available for Wisconsin and New York

The SBA is offering low-interest loans to businesses, nonprofits, and residents in designated counties in Wisconsin impacted by recent severe storms and flooding. A separate disaster declaration has also been issued for New York following recent flooding events.

What this means for you: If your property or business was affected by these storms, please let us know so we can help you assess your eligibility for low-interest recovery loans.

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We hope this update helps you stay ahead of the curve. If you have questions about how these changes affect your specific situation, please reach out to our office to schedule a time to talk.

Prepared for clients of Meridian Ledger Advisors (demo).

Meridian Ledger Advisors is a fictional demonstration brand. This briefing is general information, not tax, legal, accounting, or investment advice.

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