The best explainers on each story we cover, from advisors, institutions and newsrooms.
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.
A first required minimum distribution can raise taxable income twice: once through the IRA withdrawal itself and again by pulling more Social Security benefits over long-frozen taxability thresholds.
A growing bipartisan discussion in Washington about raising or removing Social Security’s payroll tax cap could shift more of the program’s funding burden to top earners while helping reduce future benefit cuts.
A proposed Treasury and IRS rule would let private schools, colleges, and trade schools lose 501(c)(3) status for using race-based preferences, raising immediate questions for donors, boards, and planned gifts.
The Justice Department said a new $1.776 billion fund would compensate people alleging they were wrongly targeted by the Biden administration, after President Trump dropped his $10 billion IRS lawsuit.
A federal judge said Trump and his lawyers used a $10 billion IRS lawsuit to pursue taxpayer-funded benefits and audit protections, raising fresh questions about the legal status of the settlement.
A growing retirement playbook for higher-asset couples is to use the low-income years after work ends for Roth conversions, then delay Social Security to 70 to raise lifetime and survivor benefits.
A Treasury and IRS proposal would let private schools lose Section 501(c)(3) status for race-based admissions, scholarships, or programs, raising donor, endowment, and financing stakes across the sector.
A California appeals court said San Francisco’s voter-approved Empty Homes Tax conflicts with state law, leaving a levy of $2,500 to $20,000 per vacant unit unenforceable for now.
A September 12 reminder from a Naperville enrolled agent firm underscores a federal tax rule many divorced filers miss: a state divorce order does not bind the IRS on a joint return, though relief may still be available under Section 6015.
AppraiseItNow said it now offers expedited appraisal reports for Forms 8283, 709, and 706 nationwide, a service aimed at taxpayers, executors, attorneys, and advisors facing tight filing deadlines.
With the IRS promoting Direct Pay ahead of the September 15 deadline, households with tender offers, IPO sales or large gains face a 7% interest charge on underpaid installments.
An art broker who spent a partner's unrestricted wire on a separate painting owed tax on the money in the year it arrived, the court held, because nothing at the time made it a loan or a deposit.
REG-116506-25 would require opportunity funds to report investor dispositions, have zone businesses attest to compliance and follow new decertification steps, with comments due October 16.
Fidelity's record count of 769,000 401(k) millionaires puts a spotlight on pretax balances that required distributions will force out at 73 or 75, often alongside taxed Social Security and higher Medicare premiums.
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.