United States: Income Tax

In response to constrained global diesel supplies and rising fuel costs, the Treasury Department is directed to provide temporary tax relief for farmers, truckers, and other affected taxpayers. The order mandates deferral of diesel excise taxes incurred between October and December 2026, while also directing agencies to explore options for permanently forgiving these deferred obligations. Implementation requires coordination across Treasury, IRS, Agriculture, and Transportation departments to balance relief

Many taxpayers that may be entitled to refunds of IRS interest and penalty payments under more generous interpretations of the COVID relief rules will likely have only a few months (until July 10, 2026) to file refund claims to protect their rights. Some deadlines may run even sooner.

For globally mobile high-net-worth individuals (HNWI), tax filing season is far more than an administrative obligation. It serves as a critical annual checkpoint in an increasingly complex environment shaped by cross-border reporting, enhanced enforcement and strategic planning considerations.

The U.S. Department of Treasury has issued guidance on employer-sponsored Trump Account contribution programs, creating new tax-advantaged opportunities for employers to support employee savings for their children's future. Employers must navigate complex requirements analogous to dependent care assistance programs, including nondiscrimination rules, written plan documents, and compliance obligations under both the Internal Revenue Code and potentially ERISA. What are the key design considerations, tax impl

The Second Circuit has affirmed the Tax Court’s rulings against Soroban Capital Partners LP, holding that the firm’s three principals were not “limited partners” for purposes of the self-employment tax exclusion found in I.R.C. § 1402(a)(13), despite formally holding limited partner status under Delaware law. Under the Internal Revenue Code, a partner’s distributive share of partnership income is generally treated as self-employment income subject to the 15.3 percent self-employment tax on income up to $184,500 in 2026 (2.9 percent rate above that threshold), which funds Social Security and Medicare. Section 1402(a)(13), however, excludes from that tax the distributive share of a “limited partner, as such,” other than guaranteed payments for services rendered.

Recent US court rulings have confirmed that foreign tax credits cannot offset the Net Investment Income Tax for American citizens living abroad, creating an additional layer of taxation even when income is already taxed in their country of residence. These decisions raise critical questions about the long-term viability of maintaining US citizenship for entrepreneurs and business owners who have permanently established their lives outside the United States.

The September 2026 Wealth Management Update covers critical developments in estate planning, including updated AFRs and Section 7520 rates, comprehensive analysis of NYC's new pied-à-terre tax...

Georgia's 2026 legislative session brought significant state tax changes, including updated IRC conformity rules that deliberately diverge from federal law in key areas. While the state adopted many provisions from the federal One Big Beautiful Bill Act, it declined to follow federal treatment of tips, overtime pay, SALT deductions, and bonus depreciation—creating important compliance considerations for businesses operating in the state.

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.