November 26, 2025
The IRS's first 2026 get-ready notice is mostly about paperwork and direct deposit, but for high earners the run-up to January 1 also means a last chance to use several rules before they tighten under the new tax law.
National Philanthropic Trust says grants from its donor-advised funds grew 20% to $6.61 billion in fiscal 2025, a surge that coincides with new limits on the charitable deduction starting in 2026.
Starting with 2025 returns, the IRS plans to apply first-time abatement without a request. Filers with large balances and a clean three-year record stand to keep the most.
CMS set 2026 premiums and income-related surcharges based on 2024 tax returns. A single dollar over a bracket line can add thousands of dollars a year for a married couple.
The annual inflation update raises deferral, IRA and total contribution ceilings, and lifts to $150,000 the wage line above which catch-up contributions must go in as Roth.
The 2025-26 budget adds a refundable Working Pennsylvanians Tax Credit worth up to $805 and cuts the corporate rate again, while high earners keep one of the lowest flat rates in the country.
A new equal-weight US stock fund will accept in-kind contributions under Section 351, a decades-old rule that lets investors with embedded gains diversify without an immediate tax bill.
At 95, Warren Buffett converted 1,800 Class A shares into B shares worth more than $1.3 billion and said he will accelerate gifts while his children can still run the foundations.
Shareholders backed a 12-tranche restricted stock grant worth up to $1 trillion. The tax mechanics behind it apply, at smaller scale, to every executive holding performance shares.
Justices on both sides pressed the administration on emergency tariff powers. If the tariffs fall, importers' refunds may hinge on customs deadlines that start running long before a ruling.
Two amendments passed on November 4, 2025 bar Texas from ever taxing capital gains, estates, inheritances or gifts, a permanent guardrail high earners weighing a move should understand.
The mayor-elect's proposed surtax on income above $1 million would stack on New York's already steep state and city rates, though it still needs the governor's and legislature's approval.
The District is weighing emergency legislation to reject expensing, tips, overtime and standard deduction changes from the July federal law for 2025, reopening numbers already baked into estimates.