The IRS Could Owe You Money Thanks to a Pandemic-Era Court Ruling
Tax and Financial News
June, 2026
Here’s something that flew under the radar for most people: a court decision from late last year could put money back in your pocket if you got hit with IRS penalties during COVID. But you need to act fast! For some taxpayers, the deadline to file a claim is July 10.
What This Case Is Actually About
Remember when COVID was declared a federal disaster? That designation wasn’t just symbolic. It triggered real protections under the tax code, specifically Section 7508A, which lets the IRS push back deadlines and waive penalties when taxpayers are caught up in a disaster. We’re talking about failure-to-file and failure-to-pay penalties here, and those fees can add up to almost 50 percent of what you already owe, which is brutal!
The Kwong v. United States decision came down from the Court of Federal Claims in November 2025, and it changed the game. The court said the nationwide COVID emergency created a mandatory postponement running from Jan. 20, 2020, through July 10, 2023. Everything that came due in that window should have been bumped to July 11, 2023. In other words, a lot of people may have been penalized when they shouldn’t have been.
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Understanding Cost of Goods Manufactured
Accounting News
June, 2026
When it comes to the latest report for March 2026 manufactured goods orders, according to the United States Census Bureau’s May 4 report, the government agency reported a 1.5 percent bump in orders for the nation’s manufacturers, growing to $630.4 billion. Understanding concepts like Cost of Goods Manufactured (COGM) is essential to smooth operations.
The cost of goods manufactured (COGM) reflects the total manufacturing costs a company incurs during a particular accounting period to complete goods. It includes direct materials used, direct labor, and manufacturing overhead. COGM helps businesses manage inventory levels and serves as a key input for calculating the cost of goods sold (COGS) reported on the income statement.
COGM Formula:
The standard formula is:
COGM = Beginning Work-in-Process (WIP) Inventory + Total Manufacturing Costs – Ending Work-in-Process (WIP) inventory
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6 Financial Changes to Make in 2026
Tip of the Month
June, 2026
Summer’s here, school’s out and vacations are ahead. That’s why now might be the perfect opportunity to carve out some time to make some positive changes in your financial life. Here’s a few ideas to get you started that are are significant, not too big or too small, and well within your reach.
Set Up a Safety Net
Rising costs and an uncertain geopolitical landscape make this more important than ever. If you already have sturdy savings, great. Having a three-to-six-month surplus is super smart. You never know when your fridge might go out, or you might have unexpected medical expenses. That said, consider increasing your contribution amount. If you’re living paycheck to paycheck, look where you might cut costs and get started. Putting away a little each month goes a long way. One smart way to boost this money is to open a high-yield savings or checking account. You can make balance transfers from your brick-and-mortar bank and glean higher interest rates from online funding sources.
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