Deadlines & Rates
IRS Sets the 2027 Numbers: Bigger Standard Deduction, $20,000 Gift Exclusion
These figures are for 2027, not the return you’ll file this spring. If you make annual family gifts, you can give $20,000 per person starting January 1, 2027.
On November 5 the IRS released its annual inflation adjustments for tax year 2027 (Rev. Proc. 2026-35), covering nearly 70 provisions for returns filed in 2028. The standard deduction rises to $33,200 for married couples filing jointly, $16,600 for single filers and $24,925 for heads of household. The 37% top rate starts at $793,650 of taxable income for joint filers and $661,375 for singles, and the maximum child tax credit goes to $2,300, with up to $1,800 refundable.
For estate and gift planning, the annual gift exclusion climbs to $20,000 per recipient, up from $19,000, and the estate tax exclusion rises to $15.48 million per person for 2027 deaths. The AMT exemption increases to $144,700 for joint filers and $93,000 for others.
Source: Journal of Accountancy
Indiana
Indiana’s Gas Tax Holiday Gets Another Month — Now Through December 4
Fuel retailers and farm operations get another month at the lower cost. Keep fuel records split by period so the GT-103 and MF-360 filings line up later.
The gas tax holiday we flagged last week as ending November 4 didn’t. That day Governor Braun updated his energy emergency declaration, and the Department of Revenue now says it won’t collect the gasoline use tax or the gasoline excise tax through December 4, 2026. The two taxes together add more than 60 cents a gallon at current rates. Diesel tax remains in effect.
A separate order keeps the waiver that lets farmers and timber harvesters run dyed diesel in vehicles hauling farm and timber products on Indiana roads for as long as the energy emergency lasts. On the reporting side, distributors report the suspended gallons as exempt on GT-103 returns for May 2026 through January 2027, and retailers who were charged gas use tax for a suspended period should settle it with their distributor, not through a DOR refund claim.
Source: Indiana Department of Revenue
Investing
New Opportunity Zones Named for 2027, With Extra Incentives for Rural Areas
If you expect a large capital gain from selling a business, farmland or stock, ask us whether an Opportunity Zone investment makes sense before you sell.
Treasury and the IRS announced on November 5 that 6,576 census tracts across all 50 states, the territories and D.C. will become Qualified Opportunity Zones on January 1, 2027, keeping that status for ten years. Of those, 2,594 are rural, and last year’s tax law added enhanced incentives for investing in rural zones.
Opportunity Zone funds let investors defer and potentially reduce tax on capital gains they reinvest in these areas. The full list and map are on the CDFI Fund’s website, so you can check whether a property or business you’re considering in Tippecanoe County or elsewhere in Indiana falls inside a new zone.
Source: IRS Newsroom (IR-2026-132)
Small Business
Your CPA Can Now Make IRS Payments for Your Business Online
If you want us handling IRS payments for your business, make sure we have a current power of attorney on file. Just ask and we’ll send one over.
The IRS said on November 6 that authorized tax professionals can now use Tax Pro Account to make payments for business clients: balance-due payments in full or in part, amended-return payments, extension payments, payments on proposed assessments, and federal tax deposits. Until now, practitioners could see a business’s balance and payment history there but couldn’t pay on its behalf.
The professional must have the right authorization on file for that client and tax matter. Tax Pro Account already lets practitioners make payments and set up payment plans for individual clients.
Source: IRS Newsroom (IR-2026-134)