8 stories from the week to September 6, 2026, in the order they matter to someone who pays the top rate.
September 4, 2026 at 12:22 PM PDT
The Fourth Circuit ruled a businessman recklessly failed to report Hong Kong and Swiss accounts, and that a penalty near 30% of the statutory maximum was not grossly disproportional.
T.D. 10054 finalizes the deduction for interest on loans for new U.S.-assembled vehicles, but income phaseouts that begin at $100,000 and $200,000 limit its value for high earners.
The IRS used National Payroll Week to urge a paycheck checkup. For employees paid partly in restricted stock, the flat 22% supplemental rate often falls well short of the tax actually owed.
Rev. Proc. 2026-32 updates the automatic change procedures for Section 174A research expensing and residential construction contracts, with a shorter Form 3115 and relief for returns already filed.
Fidelity's second-quarter data shows seven-figure 401(k) accounts jumped from 645,000 to 769,000 as stocks rallied, leaving more savers with large pretax balances that will eventually be taxed.
Cerulli says 84% of bank executives worry about talent retention and 41% of advisors value product breadth, a dynamic that puts more private funds in front of clients whose tax filings grow more complex.
A Cerulli Associates study finds 55% of financial advisors offer estate planning and 40% offer income tax planning, even as practices court affluent households and shop for planning software.
Companion rulings in Bruyea and Christensen say neither the U.S.-Canada nor U.S.-France tax treaty lets a foreign tax credit offset the net investment income tax, exposing expatriates to double taxation on investment income.
General information, not tax, legal or investment advice.