United States: Income Tax

The United States cryptocurrency regulatory landscape has undergone its most dramatic transformation in history. The signing of the GENIUS Act into law on July 18, 2025 — the first comprehensive federal crypto statute ever enacted — marks a before-and-after moment for American digital asset law.

Washington voters will decide the future of the state’s new 9.9% tax on annual taxable income above $1 million after a repeal initiative qualified for the November ballot.

California's Proposition 40 would impose a one-time excise tax of up to 5 percent on billionaires' worldwide net worth, measured as of December 31, 2026, but based on residency as of January 1, 2026. The measure faces significant legal challenges and could be nullified by competing ballot initiatives that have also qualified for the November 2026 ballot.

A healthcare provider and his spouse discovered a $65,000 tax refund opportunity after switching to a more strategic accounting firm. Through a comprehensive review of prior-year returns, advisors identified an underutilized Qualified Business Income deduction that their previous firm had missed, demonstrating the value of proactive tax planning and responsive advisory services.

In New Jersey, irrevocable trusts can sometimes be modified through a process called decanting, which allows trustees to transfer assets into a new trust with different terms. Understanding when decanting is available under common law, what discretion trustees must have, and what tax and fiduciary risks are involved is essential for anyone administering or benefiting from an irrevocable trust in the state.

The One Big Beautiful Bill Act introduces Section 25F of the Internal Revenue Code, establishing a federal tax credit of up to $1,700 annually for individual taxpayers who contribute to eligible Scholarship Granting Organizations beginning in 2027. States must voluntarily elect to participate and identify qualifying SGOs, which face federal requirements for scholarship distributions, student eligibility verification, accounting practices, audits and reporting obligations. As the U.S. Department of the Treas

On June 16, 2026, Governor Pritzker signed Public Act 104-0468 into law. The Illinois Act makes two significant income tax changes: it decouples Illinois from the federal qualified small business stock (“QSBS”) gain exclusion under Code Section 1202 and further restricts the use of corporate net operating loss (“NOL”) carryover deductions.

The Treasury Department and IRS have released proposed regulations governing employer contributions to Trump accounts and employee pre-tax contributions through Trump Account Contribution Programs (TACPs). These regulations establish nondiscrimination requirements, contribution limits, and operational guidelines that employers must follow when implementing these tax-advantaged savings programs.

The Treasury Department and IRS have released proposed regulations addressing nondiscrimination rules for dependent care assistance programs under Code section 129, marking the first guidance on these rules in over 45 years. These regulations provide detailed frameworks for the four required nondiscrimination tests and offer practical correction mechanisms for testing failures.