A new argument against wealth taxes focuses less on rates and revenue than on what enforcement would require: deeper IRS access to household balance sheets, asset valuations, and disputes over private holdings.
A House Ways and Means Committee vote moved legislation that would undo the 90% cap on deducting gambling losses, but Congress still must act before Jan. 1, 2027 for the change to matter.
The IRS told a federal appeals court that a lower-court decision in Kwong v. United States could retroactively unsettle tax filing, payment, assessment, and collection actions taken during the pandemic.
A House committee voted 38-5 to undo the 90% cap on gambling loss deductions and restore a 100% deduction retroactive to Jan. 1, 2026, a move that could reverse taxable “phantom” income for some players.
Early 2027 estimates point to higher federal income-tax thresholds, with the top 37% bracket potentially starting at $793,650 for joint filers and $661,375 for single filers.
Treasury and the IRS have proposed rules saying private schools and universities that engage in racial discrimination would not qualify for federal tax-exempt status, though the proposal is not yet final.
The higher SALT deduction cap opens a larger federal write-off for some homeowners in high-tax areas, but a phase-down above $500,000 of MAGI and regional gaps sharply limit who benefits.
A House Ways and Means Committee vote moved forward legislation that would reverse the 90% cap on deducting gambling losses against winnings before the rule is set to apply to 2026 tax years.
A new policy paper argues Congress still has not resolved when staking and mining rewards should be taxed, leaving taxpayers to rely on IRS guidance as court disputes continue.
A House tax panel advanced a measure on Sept. 16 that would restore a full federal deduction for gambling losses in 2026, reversing a rule that can create taxable income even when a bettor breaks even.
The IRS said SECURE and SECURE 2.0 retirement plan changes do not all share one document deadline, with timing depending on whether an amendment is required or discretionary and when an item appears on the Required Amendments List.
The House Ways and Means Committee approved legislation that would repeal the new 90% cap on gambling loss deductions, but the change still needs House, Senate and presidential approval before 2027.
Australia’s Treasury is considering a response to the Bendel trust ruling, according to AFR, a sign that a court decision expected to bring certainty for private businesses may instead trigger another legislative rewrite.
A SECURE 2.0 rule now requires many workers age 50 and older with prior-year wages above $150,000 to put 401(k) catch-up contributions into a Roth account, ending the upfront federal tax break on that slice.
The IRS said some SECURE and SECURE 2.0 retirement plan amendments may be due after Dec. 31, 2026, depending on when the agency places a provision on its Required Amendments List.
Treasury and the IRS have proposed rules that would make broad racial nondiscrimination a condition of Section 501(c)(3) status for private schools, with comments due November 3 and a proposed start after May 31, 2027.
A new example making the rounds among retirement planners shows how affluent couples in their early 60s may use low-income years before age 73 to shift a large 401(k) into Roth accounts while managing tax brackets and Medicare surcharges.
The IRS says new sample forms and standardized rollover procedures are meant to streamline plan-to-plan and plan-to-IRA transfers, while Treasury weighs tougher limits on paper checks and other hurdles.
IRS Notice 2026-54 gives eligible farmers and ranchers in drought-stricken areas more time to replace livestock sold because of drought and defer tax on gains from those forced sales.
The IRS said eligible farmers and ranchers in 49 states, the District of Columbia and Puerto Rico may get more time to replace livestock sold because of drought and defer tax on related gains.
Noble Tax Relief said it has expanded attorney-led IRS collection defense services in the Chicago area, targeting taxpayers facing liens, levies, wage garnishments and other federal enforcement actions.
Fair Tax Solutions said it is hosting a free Marietta workshop on IRS tax-debt resolution options, highlighting installment plans, offers in compromise, penalty relief, appeals, and currently not collectible status.
The Texas tax resolution firm said it is offering representation for IRS collections, wage garnishments, bank levies, unfiled returns, and certain state tax matters for individuals and small business owners.
Families funding Trump Accounts in 2026 have until Dec. 31, but employer contributions and pretax paycheck deferrals can also count toward the $5,000 annual cap and raise overfunding risk.