68 stories from the week to September 20, 2026, in the order they matter to someone who pays the top rate.
September 20, 2026 at 2:46 AM PDT
An independent candidate for Florida governor said he would seek voter approval for a new 9.9% Florida personal-income tax on taxable personal income above $1 million, with revenue dedicated to a restricted trust.
A new push to remove Social Security’s wage cap would extend the 6.2% payroll tax above $184,500 in 2026, raising costs for top earners while only partly narrowing the program’s funding gap.
Washington public-sector unions are spending heavily to preserve the state’s new 9.9% tax on household earnings above $1 million ahead of the November vote on Initiative 645.
The IRS said farmers and ranchers in drought-hit counties across 49 states and other regions may get extra time to replace draft, dairy, or breeding livestock and defer tax on gains from forced sales.
A press release from a New York tax law firm says its founder has represented more than 2,000 taxpayers over 26 years, underscoring how quickly IRS options can narrow once levy notices advance.
State income tax rules in 2026 still vary widely, from nine states with no tax on wages to California’s 13.3% top rate, with bracket thresholds and local taxes often mattering as much as the headline rate.
Six Nobel Prize-winning economists endorsed California’s Proposition 40, a ballot measure for a one-time 5% tax on billionaires, adding momentum to a closely watched state tax fight.
A little-known fee-shifting rule can let some taxpayers recover administrative and litigation costs from the IRS, but only if they meet strict tests on net worth, procedure and the government's position.
A draft Form 1040 released Sept. 18 would, for the first time, ask about a filer’s citizenship status, a procedural change that could matter for compliance, privacy concerns, and return preparation.
A September 18 report highlighted how Realty Income’s monthly REIT payouts are generally taxed as ordinary income in a taxable account, while qualified Roth IRA distributions can avoid federal tax entirely.
New IRS guidance explains how employers can claim the permanent Section 45S paid family and medical leave credit, including a new insurance-premium method that starts with 2026 tax years.
A first required minimum distribution of about $37,700 at age 73 can push a retiree with a $40,000 Social Security benefit into the 85% taxable-benefit zone under long-frozen federal thresholds.
A September 18 report highlighted a costly rental-property mistake: owners who skipped depreciation deductions may still face basis reduction and recapture tax when they sell.
A report on the Walton family’s use of charitable lead annuity trusts highlights how CLATs can shift future appreciation to heirs at a low gift-tax value, though higher rates make the math tougher in 2026.
The IRS’s proposed Trump Account regulations outline how employers may make up to $2,500 of qualifying contributions in 2026 and 2027, while adding plan, payroll, reporting, and nondiscrimination requirements.
Texas appellate judges sharply questioned a comptroller rule that could redirect local sales tax revenue from cities tied to online retailer fulfillment centers, raising stakes for municipalities and businesses operating in the state.
A House Ways and Means Committee vote moved forward legislation to repeal the 90% cap on gambling loss deductions, a change supporters say can create taxable income even for bettors who break even.
A Sept. 17 report highlighted how Realty Income’s monthly REIT dividend can be shielded from federal tax inside a qualified Roth IRA, while the same payments in a taxable account are generally taxed at ordinary income rates.
IRSA told investors it will hold a shareholder meeting on Oct. 22 to vote on up to ARS 211 billion of dividends, governance items, and the proposed absorption of two companies into its Argentine operating company.
A new IRS automatic penalty-relief program covers some filing and payment penalties, but it does not extend to key international information returns, leaving potentially steep exposure for cross-border filers.
The IRS has released Notice 2026-53 for the Section 45Z clean fuel credit, while DOE updated its 45ZCF-GREET model, changing emissions calculations, manure pathways, and foreign feedstock eligibility.
A proposed Treasury and IRS rule would make racial nondiscrimination an explicit condition of Section 501(c)(3) status for private schools, with potential effects on scholarships, admissions, financing and charitable giving.
A September 17 ruling said Ukraine’s tax authority cannot begin a documentary unscheduled desk audit before properly serving the taxpayer with the audit order and notice.
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.
Rep. Young Kim said she questioned Treasury Secretary Scott Bessent about early feedback on TRUMP Accounts and whether Congress should pair the program with financial literacy efforts for young Americans.
New IRS guidance gives eligible farmers and ranchers in drought-affected areas more time to replace breeding, dairy, and draft livestock and defer tax on gains from forced sales.
The IRS said farmers and ranchers forced to sell breeding, dairy, or draft livestock because of drought may get more time to replace animals and defer tax on gains in most of the country.
A new look at the Texas Senate race shows sharply different tax agendas, from new household deductions under Ken Paxton to higher taxes on billionaires and corporations under James Talarico.
A House tax-writing committee advanced H.R. 10357 after proposing a narrow $10 exemption for certain crypto fees, new wash-sale rules, stablecoin basis changes, and ordinary-income treatment for staking rewards.
The Treasury Department and IRS last month proposed treating the refunded portions of four tax credits as federal public benefits, a change the IRS chief said is appropriate under a 1996 law.
The IRS said farmers and ranchers in 82 Nebraska counties may get more time to replace draft, dairy, or breeding livestock sold because of drought and defer tax on eligible gains.
New projections reported Sept. 15 suggest the IRS could raise 2027 federal income tax brackets by 3.2%, modestly widening thresholds across all seven rates if the agency follows through this fall.
A House tax committee moved forward on legislation that would add a narrow $10 crypto fee exception, extend wash-sale limits to digital assets, and set ordinary-income rules for mining and staking.
The IRS said farmers and ranchers forced to sell breeding, dairy or draft livestock because of drought can get more time to replace animals and defer tax on related gains.
Maryland has asked a circuit court to review tax court rulings that invalidated its digital advertising tax, keeping a legal fight alive over a levy tied to education funding and more than $500 million already collected.
A House tax package filed September 15 would exclude certain crypto network fees of $10 or less from gain-or-loss recognition and, for the first time, apply wash-sale rules to digital assets.
House tax writers released a 114-page digital asset bill ahead of a September 16 markup, proposing a $10 fee exemption, crypto wash-sale rules, and ordinary-income treatment for mining and staking rewards.
Senate Finance Committee questions for Jim Gadwood and Andrew De Mello could shape how the IRS handles audits, taxpayer privacy disputes, and court challenges under the Trump administration.
California voters will decide in November whether to impose a one-time 5% tax on the assets of roughly 250 billionaires, a proposal that could raise up to $100 billion but also faces competing measures that could block it.
New projections reported Sept. 14 suggest the IRS could lift all seven federal income tax brackets by 3.2% for 2027, a larger adjustment than the 2.7% increase used for 2026.
NetChoice sued Illinois over a new digital advertising tax and a social media platform fee, arguing the measures target specific speakers and may raise First Amendment, commerce clause, and due process issues.
Treasury and the IRS have proposed regulations that would deny tax-exempt status to private schools with discriminatory policies, with the rules slated to apply to taxable years beginning on or after May 31, 2027.
A Utah divorce buyout highlights a federal tax rule that can spare the spouse receiving cash today while shifting the home’s embedded capital gain to the ex who keeps the property.
New IRS guidance outlines a 2026 emissions rate table, a 2025 safe harbor, and transition rules for the Section 45Z clean fuel production credit, with added detail for manure-derived fuels and regenerative practices.
A report on Florida Senate nominee Angie Nixon said she owed nearly $14,000 to the IRS and about $17,600 in federal student loans, putting attention on payment-plan rules and debt disclosure requirements.
General information, not tax, legal or investment advice.