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76 cents per mile, Trump Account safe harbor, and a very bad day in Tax Court | JWellsTax Break 2026-07-20
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76 cents per mile, Trump Account safe harbor, and a very bad day in Tax Court | JWellsTax Break 2026-07-20

IRS raises the business mileage rate for the back half of 2026 and issues a gift tax safe harbor for certain Trump Account contributions, while the Tax Court holds FCRA attorney fees aren't deductible

Notice 2026-10 set the business standard mileage rate for 2026 at 72.5 cents per mile.

IRB 2026-29 (Announcement 2026-11) set the business standard mileage rate for the second half of 2026 at 76 cents per mile.

Rev. Proc. 2026-25 provides a gift tax reporting safe harbor for certain Trump Account contributions.

Eiler v. Comm., 167 T.C. No. 3 T(2026)

Comm. v. Banks, 543 U.S. 426 (2005)

Treasury Press Release sb0563: Treasury Announces Frank Bisignano to Lead Next Phase of Trump Accounts Expansion

Piton Holdings LLC v. Comm., 167 T.C. No. 4 (2026)

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