Tax Law and International Tax Law

The Supreme Court unanimously ruled on whether a Michigan county violated constitutional protections when it sold a foreclosed property at public auction for significantly less than its assessed value to satisfy a tax debt. The case examines the meaning of "just compensation" under the Fifth Amendment's Takings Clause and whether keeping proceeds beyond taxes owed constitutes an excessive fine under the Eighth Amendment.

State and local governments are increasingly targeting second homes with new taxes to boost revenue and address housing shortages, with creative legislation like Rhode Island's "Taylor Swift tax" and New York's "Pied-a-terre tax" leading the charge.

New York has introduced a surcharge on high-value residential properties in New York City that are not used as primary residences, effective July 1, 2026.

The Court of Justice of the European Union has ruled that loan servicing by an original lender after transferring loans to a purchaser does not qualify for VAT exemption, potentially creating significant tax costs for securitisation structures. This decision fundamentally challenges how credit management services are treated when the legal relationship between lender and borrower is severed, raising critical questions about VAT recovery in special purpose vehicle arrangements.

You wouldn’t buy a restaurant or bar without doing a “walk-through,” checking staff and clientele and kicking the floorboards for rats or cockroaches.

California’s 2026–27 budget package has advanced materially since Gov. Gavin Newsom’s May Revision. The operative tax trailer bill, SB/AB 122, would extend California’s sales and use tax to digital prewritten software...

On June 18, 2026, the Massachusetts Supreme Judicial Court (SJC) held that a proposed initiative petition, No. 25-18, to reduce the Commonwealth’s personal income tax rate from 5% to 4% cannot appear on the November...

The IRS has issued Revenue Procedure 2026-25, offering welcome relief to individuals who contribute to “Trump accounts,” the new tax-favored savings vehicles for minors created under Section 530A...

As Cadwalader approaches its merger with Hogan Lovells on July 1, the firm reflects on eight years of BrassTax publication, which has provided clear insights on major tax developments from the 2017 Tax Cuts and Jobs Act to cryptocurrency taxation and energy tax credits. The publication will integrate into the combined firm's platform over the summer, promising expanded coverage with a broader group of contributors in the fall.

Connecticut has transformed into a trust-friendly jurisdiction through comprehensive statutory reforms, including the Uniform Trust Code, Directed Trust Act, and extended perpetuities period allowing trusts to last 800 years. How do these modern trust-planning tools balance with Connecticut's rigorous estate tax regime and the state's position as the only jurisdiction imposing both estate and gift taxes?

The Internal Revenue Service has announced significant increases to Affordable Care Act penalty levels for 2027, with employers facing substantially higher costs for non-compliance with healthcare coverage requirements.

McDermott Will & Schulte’s Family Office Symposium 2026 brought together more than 425 single-family office executives and industry leaders for insightful conversations, shared perspectives, and meaningful connections.