The best explainers on each story we cover, from advisors, institutions and newsrooms.
In Estate of Fields, the court upheld a $1.8 million estate tax deficiency and a negligence penalty, finding a Texas family limited partnership had no real purpose beyond an estate tax discount.
A federal judge vacated IRS Notice 2025-42 on June 6, restoring a bright-line path to begin construction, but an expected appeal leaves project owners and tax-equity investors weighing real risk.
The IRS 2025 Data Book shows audit exposure rising steeply with income, with the sharpest jump above $5 million, and about $175,000 of proposed tax per closed audit at the very top.
Lawmakers sent voters HJR 1-F, which would lift the non-school homestead exemption to $250,000 by 2028, cap non-homestead assessment growth at 5% and make new residents wait four years.
Anthropic's confidential IPO filing, made after a $65 billion round at a $965 billion valuation, gives current and former staff a narrowing window to settle basis, QSBS and residency questions.
Rev. Proc. 2026-24 lifts health savings account contribution caps by $100 and $250 for 2027 and confirms that small direct primary care fees no longer block eligibility.
Treasury's new app and a matching IRS online election tool let parents activate a child's Trump Account weeks before contributions and the $1,000 federal deposit begin.
Albany's late budget creates a five-year surcharge on luxury New York City second homes, extends a higher corporate tax rate through 2029 and leaves personal income tax rates unchanged.
The 4% surtax on income above $1 million has now overshot its original $2 billion revenue projection for a third straight year, fueling interest from other states in copying the approach.
The IRS says tens of millions of filers claimed the new overtime, senior and car-loan breaks. For households earning well into six figures, the income limits erase most of them, leaving a shorter list.
CNBC reported OpenAI could confidentially file IPO paperwork within days, giving staff and alumni a narrowing window to settle basis records, QSBS eligibility, 83(b) history and residency before shares become tradable.
Partnerships in more than 1,100 disputed conservation easement cases get a time-limited settlement. The penalty doubles after 90 days, and litigated cases have recovered about 6% of claimed deductions.
The AI chipmaker sold 30 million shares ahead of its Nasdaq debut. For employees holding restricted stock units and incentive options, the listing turns paper wealth into taxable income and hard timing choices.
The IRS announced a way for business owners facing an Employee Retention Credit disallowance to extend the two-year deadline for administrative appeal or a refund lawsuit, but only if they act before six months remain.
The 2026 Wealth Report counts 251,352 Americans worth $30 million or more, the largest population of any country, and traces where that wealth is flowing across private capital, real estate and alternative assets.
The Howard Jarvis Taxpayers Association's Local Taxpayer Protection Act qualified for California's November 2026 ballot, threatening to cap city transfer taxes like LA's Measure ULA at a fraction of their current rate.
The IRS reminded taxpayers that Form 4868 pushes the filing deadline to October 15, but any balance owed is still due April 15, a distinction that matters most for K-1 recipients and business owners who routinely extend.
Early 2026 filing-season data shows refunds up 11%, overtime deduction claims double the projection, and the SALT cap increase delivering roughly a quarter of the new law's tax cuts to high-income households.
Guidance issued April 6 opens a nomination window this summer for a renewed Opportunity Zone map, giving investors with large capital gains a new, recurring vehicle to defer and reduce tax on reinvested profits.
House Bill 463, passed on the final day of Georgia's session, speeds rate cuts toward 3.99%, raises standard deductions and drops several credits, reshaping the math for high earners weighing a Southeast move.
Northwestern Mutual's 2026 Planning & Progress Study found the self-reported retirement number keeps climbing, and the gap is even wider for savers who hold most of their nest egg in pretax accounts.
New York's estate tax exemption does not phase out gradually. Cross 105% of it and the whole estate is taxed from dollar one, a design that can cost a family hundreds of thousands more than staying just under the line.
The IRS says a quarter of enrollees qualify for the $1,000 federal seed deposit, giving affluent families a new window to layer Trump Accounts with 529 plans and gifting strategies.
Republicans are debating a follow-up to last year's tax overhaul, with defense and border funding competing against Ways and Means for a seat in any new package.