The best explainers on each story we cover, from advisors, institutions and newsrooms.
Mail ballots go out October 5. Prop 3 removes the 2030 end date on California's 10.3% to 12.3% rates, which reach single filers above about $371,000 and couples above $743,000.
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.
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 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.
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.
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.
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.