Tax Law and International Tax Law

Jared Walczak of the Tax Foundation joins the GeTtin' SALTy podcast to examine the growing movement to eliminate real property taxes in the United States, using Ohio as a detailed case study. The discussion explores the fiscal challenges of replacing property tax revenue, the impact on local government accountability, and alternative policy solutions like levy limits and circuit breaker programs that address taxpayer concerns without dismantling the property tax system.

Check your mail and respond immediately. NYC mailed Pied-à-Terre surcharge notices to owners of high-value residences without confirming primary vs. secondary status; respond promptly using the notice's web link and PIN to avoid a substantial surcharge.

Since our March 11, 2026 post, the 2026-2027 New York State Budget has amended Real Property Tax Law § 458-a(11) again. Part EE of Chapter 59 of the Laws of 2026 restores local discretion, which means the 100% Disabled Veterans Tax Exemption is no longer automatic for school districts and instead may be offered only if the district adopts a resolution.

When adding a partner or outside investor to your business, understanding the tax implications is crucial for both personal and business finances. This comprehensive guide explores entity structure considerations...

The One Big Beautiful Bill Act has fundamentally transformed Section 1202's qualified small business stock (QSBS) tax benefits, introducing tiered holding periods that allow partial capital gains exclusions...

Illinois has enacted legislation that decouples the state’s income tax from the federal exclusion for gain from the sale of Qualified Small Business Stock (QSBS).

Jared Walczak of the Tax Foundation joins the GeTtin' SALTy podcast to examine the growing movement to eliminate real property taxes in the United States, using Ohio as a detailed case study. The discussion explores the fiscal challenges of replacing property tax revenue, the impact on local government accountability, and alternative policy solutions like levy limits and circuit breaker programs that address taxpayer concerns without dismantling the property tax system.

The forms support the final Section 987 regulations issued in December 2024, which provide guidance for determining taxable income, loss, and earnings and profits for qualified business units (QBUs) that use a different functional currency than their owners. The regulations apply to tax years beginning in 2025.

Something labeled “defective” usually does not work properly. The intentionally “defective” grantor trust, or “IDGT,” however, is a proven workhorse for tax-efficient business succession planning. A carefully planned and executed IDGT transaction enables business owners to transfer significant value in trust for the benefit of younger generations, with remarkable tax efficiency, while retaining control over the business. Two seemingly contradictory tax attributes of the IDGT underlie its tax efficiency.

Although IRS enforcement efforts have evolved, estate and gift tax examinations remain an area of focus, particularly for high value estates and sophisticated wealth transfer transactions.

The IRS and Treasury Department have issued new guidance addressing how contributions to Trump Accounts are treated for federal gift tax purposes, creating a safe harbor for qualifying donors. Revenue Procedure 2026-25 establishes specific requirements that allow certain contributions to be treated as completed gifts of a present interest, eligible for the annual gift tax exclusion without requiring Form 709 filing. Understanding these requirements is critical for donors to ensure compliance and avoid unnec

S corporation shareholders who elected to defer the Section 965 transition tax under the Tax Cuts and Jobs Act face ongoing compliance obligations and potential acceleration risks. Understanding the strict filing deadlines, triggering events, and annual reporting requirements is essential to avoid unexpected tax liabilities and costly penalties that can arise from routine business transactions or estate planning activities.