November 2026 Tax Updates: FIRE Sunset, 2027 Adjustments, and Year-End Moves

This month brings several significant tax updates that require immediate attention from Florida business owners and individuals. The most pressing item is the retirement of the Filing Information Returns Electronically (FIRE) system, which is scheduled to end on November 19, 2026. If your business files information returns, you must transition to the Information Returns Intake System (IRIS) before this deadline to avoid filing issues next year.

Beyond the system change, the IRS has released the 2027 inflation adjustments and confirmed a permanent charitable deduction for those who take the standard deduction. These changes offer specific opportunities for year-end planning and cash flow forecasting. Staying on top of these tax updates ensures you are prepared for the upcoming filing season.

Tax updates: FIRE System Retires on November 19, 2026

The IRS plans to retire the FIRE system in November 2026. Domestic filers and foreign filers who meet the registration requirements for IRIS should prepare to use that platform. Eligible foreign filers whose authorized users do not have a U.S. taxpayer identification number may need to register through the Foreign Filer Transmitter Control Code (TCC) Registration System instead.

There are two critical deadlines to remember. November 9, 2026, is the last day to make changes to Information Returns Applications for Transmitter Control Codes. After this date, applications become read-only. The final deadline is November 19, 2026, at 3 p.m. Eastern Time, which is the last day to electronically submit information returns through FIRE.

Beginning in January 2027, IRIS will replace FIRE as the electronic filing platform for information returns. This includes current-year returns, prior-year returns, and corrections. You should complete any remaining FIRE activities now and begin preparing to use IRIS for the 2027 filing season.

• Visit the IRIS webpage for registration requirements and resources.
• Foreign filers unable to meet IRIS authentication should start TCC registration now.
• Ensure your software provider is ready to support the transition to IRIS.

2027 Inflation Adjustments Released

Revenue Procedure 2026-35 details the updated standard deduction and tax brackets for 2027. This guidance is essential for accurate year-end tax planning and cash flow forecasting. The inflation-adjusted items are generally determined by reference to Section 1(f) of the Internal Revenue Code.

Taxpayers should note that these adjustments are based on the Code as in effect on November 5, 2026. If amendments to the Code are enacted for 2027 after that date, additional guidance may determine whether these adjustments remain applicable. It is wise to monitor these changes as the year progresses.

Understanding these shifts helps you estimate your tax liability more accurately. For a deeper look at how these numbers affect your deductions, see our guide on 2027 tax inflation adjustments.

Permanent Charitable Deduction for Non-Itemizers

The Working Families Tax Cuts provides a permanent above-the-line deduction for cash charitable contributions for those who take the standard deduction. This is a simple year-end tax break that extends a benefit to taxpayers who generally do not itemize.

Beginning with tax year 2026, individuals who do not itemize may deduct up to $1,000 of qualifying cash contributions. Married taxpayers filing jointly may deduct up to $2,000. These contributions must be made to certain qualified charitable organizations.

Only qualifying cash contributions are eligible; noncash contributions do not qualify. You should keep records of these contributions, such as receipts or bank records, to support the deduction on your return. This change makes it easier to support local nonprofits while managing your tax liability.

• The deduction is available only to taxpayers who do not itemize deductions.
• Contributions to donor advised funds or supporting organizations do not qualify.
• Keep detailed records including the organization name, date, and amount.

Year-End Planning: SALT Cap and Medicare Premiums

With the 2026 SALT deduction cap in place, itemizers should review their state and local tax payments. While Florida has no personal state income tax, residents may still have property taxes and other local taxes that affect their itemized deduction strategy. High earners should also consider how their 2026 adjusted gross income affects 2028 Medicare premiums.

Medicare premiums are based on your income from two years prior. Therefore, your 2026 AGI will influence the premiums you pay in 2028. This is a critical factor for year-end planning, especially if you are close to a bracket threshold. You may want to adjust your retirement contributions or other deductions to manage your AGI.

For a broader look at strategies to implement before the year ends, review our article on five tax moves to make before year-end. These steps can help you optimize your position for both current and future tax years.

New Opportunity Zone Designations

Treasury and the IRS announced Qualified Opportunity Zone designations for over 6,500 communities. This creates new potential investment opportunities for Florida business owners. The new designations will become effective on January 1, 2027, and retain this designation for ten years.

The Working Families Tax Cuts permanently renewed the Opportunity Zone tax incentive and added enhanced incentives for investment in eligible rural communities. This provides long-term certainty for investors and entrepreneurs looking to commit capital to overlooked areas.

If you are considering investment in a new zone, it is important to verify the specific census tract and its eligibility. These tax updates can significantly impact your investment strategy, so consult with a professional to ensure you are making informed decisions.

You may also find these helpful: 2026 Year-End Bookkeeping Checklist for Small Businesses and Why do I owe taxes this year 2026?.

How SK Financial can help

Navigating these tax updates can be complex, especially when balancing system transitions with year-end planning. Our team at SK Financial CPA can help you manage the transition from FIRE to IRIS and ensure your information returns are filed correctly. We also provide strategic advice on charitable deductions and Opportunity Zone investments.

To discuss how these changes affect your business or personal taxes, contact us to book a consultation. We are here to help you stay compliant and make the most of the new opportunities available this year. See our tax preparation services.