News & Analysis as of

Income Taxes

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Foster Swift Collins & Smith

Tax Folks Update: Key Compliance Obligations for Brokers and Taxpayers Under Form 1099-DA

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Brokers and their investor customers in digital assets should prepare, and tax professionals should prepare to assist, with reporting proceeds from certain digital asset transactions. See IRS FS-2025-06, Sept. 25, 2025....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Crypto Payrolls: Opportunities and Compliance Considerations for Global Employers

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In today’s rapidly evolving global workforce, innovative companies are exploring compensation models that incorporate cryptocurrency, such as Bitcoin, Ethereum, and stablecoins like USDC, EURC, or emerging euro-pegged options...more

Offit Kurman

So, The IRS Has Selected Your Return for Audit

Offit Kurman on

The Internal Revenue Service (“IRS”) audits 1% to 2% of small business income tax returns annually for one of two reasons: (1) something about the return (or information reported on the return) flagged the return for a closer...more

Mayer Brown

Principales mesures issues de la loi de finances pour 2026

Mayer Brown on

Le 2 février 2026, le projet de loi de finances pour 2026 (le « PLF 2026 ») a été considéré comme définitivement adopté dans le cadre de la procédure de l’article 49.3 de la Constitution. Cette version définitive du PLF 2026...more

Mayer Brown

US Treasury Issues Final and Proposed Regulations Under Section 892 Affecting Foreign Government Investors

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The US Treasury Department and the Internal Revenue Service (IRS) have issued final regulations and new proposed regulations under Section 892 of the Code,1 significantly clarifying when foreign governments and their...more

Weintraub Tobin

Employer Compliance Update: Qualified Overtime and Tip Reporting After the One, Big, Beautiful Bill Act

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The One, Big, Beautiful Bill Act of 2025 (OBBBA) was signed into law on July 4, 2025. While its reach is broad, this article covers new employer tax reporting obligations. Under the OBBBA, employers must separately report...more

Mayer Brown

Fundamental Changes to the United Kingdom's Taxation of Carried Interest Regime

Mayer Brown on

WHAT HAPPENED? The Finance Bill 2025/26 proposes substantial changes to the United Kingdom taxation of carried interest....more

Spilman Thomas & Battle, PLLC

Significant Changes to Student Loans Now in Effect

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Last year’s enactment of the “One Big Beautiful Bill Act” (OBBBA) included significant changes to the federal student loan system. New borrowers will be impacted starting July 1, 2026, while current borrowers will see shifts...more

Fisher Phillips

Employer Checklist for February 2026

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Here are the top 10 workplace compliance items you should tackle in February 2026, based on the latest labor and employment law updates...more

Cole Schotz

Sirius Victory for Limited Partners

Cole Schotz on

On January 16, 2026, in Sirius Solutions v. Commissioner, the U.S. Court of Appeals for the Fifth Circuit held that limited partners in a partnership may qualify for an exemption from self-employment tax on their distributive...more

Cadwalader, Wickersham & Taft LLP

Please Mister Postman: New Postmark Rules May Complicate Filing Deadlines

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Effective December 24, 2025, the United States Postal Service (“USPS”) finalized new regulations governing postmarks “clarifying” that postmarks are not necessarily indicative of the date an item was mailed or received by the...more

Stinson LLP

Update on Limited Partner Exception to Self-Employment Tax Liability: Fifth Circuit Decision Revives the Issue

Stinson LLP on

In the summer of 2025, we issued an alert on this subject, U.S. Tax Court Issues Ruling on Self-Employment Tax Exception for Limited Partners (06.11.2025). The case discussed in that alert was the third of a series of...more

Amundsen Davis LLC

GRATs and CLATs: Trust Strategies to Maximize Wealth Transfer

Amundsen Davis LLC on

For many years, certain trusts have proven exceptionally effective for wealthy individuals and to transfer some of their assets to the next generation that minimizes gift and estate taxes. Two of the most powerful tools in...more

Fisher Phillips

The Auto Dealer’s Guide to New “No Tax on Overtime” Rules: Key Tips to Avoid Surprises Under the Hood

Fisher Phillips on

Auto dealerships might be surprised by some important nuances in the “No Tax on Overtime” rules that rolled out nationwide last year, and now is the time to get familiar with the fine print and set expectations before driving...more

Ballard Spahr LLP

IRS Releases FAQs Addressing the New Deduction for Qualified Overtime Compensation

Ballard Spahr LLP on

On January 23, 2026, the Department of Treasury and the Internal Revenue Service (IRS) issued Fact Sheet 2026-01, providing answers to frequently asked questions (FAQs) about the new “Deduction for Qualified Overtime...more

Dickinson Wright

A Smart Way to Plan for High State Income Taxes: The Nevada ING Trust

Dickinson Wright on

As a trust and estates and tax attorney, I am frequently asked by clients (and colleagues) if there are options to reduce the income tax burden they expect to pay on portfolio income or when they expect to experience a...more

Husch Blackwell LLP

Deadline for 65-Day Rule Quickly Approaching: Capitalize on Tax Advantages Now

Husch Blackwell LLP on

How many times have you prepared your income tax returns for the previous year, only wishing you knew then what you know now, so you could go back and make more advantageous tax decisions? Typically, the choices you make...more

FBT Gibbons LLP

Avoiding IRS Accuracy Penalties for a Substantial Underpayment of Tax

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There are over 150 types of penalties in the Internal Revenue Code (IRC). One frequent penalty that the Internal Revenue Service (IRS) asserts is the accuracy penalty under IRC Section 6662....more

Herbert Smith Freehills Kramer

Luxembourg’s new carried interest tax regime is in force

Herbert Smith Freehills Kramer on

The new carried interest regime applicable to Luxembourg‑resident individuals provides for: A reduced personal income tax rate of 11.45% on contractual carried interest, i.e. carried interest not materialised through a...more

Adler Pollock & Sheehan P.C.

A Sirius Exception for Limited Partner Taxation

Adler Pollock & Sheehan P.C. on

On January 16, 2026, the United States Court of Appeals for the Fifth Circuit issued a ruling defining the term “limited partner” as used in the Internal Revenue Code of 1986, as amended (the “Code”). The Court held that a...more

Venable LLP

New Prize Tax Rules Raise the 1099 Threshold for Sweepstakes and Contests

Venable LLP on

Among the many changes included in the One Big Beautiful Bill Act (OBBBA) is one relevant to brands and agencies running sweepstakes, contests, and other consumer promotions. ...more

Paul Hastings LLP

Analyzing the Impact of Proposed Section 892 Regulations on Sovereign Wealth Funds and Other Foreign Governmental Investors

Paul Hastings LLP on

On Dec. 15, 2025, the IRS published proposed regulations under Section 892 of the Internal Revenue Code that provide additional guidance relating to the taxation of foreign government income from investments in the United...more

Chambliss, Bahner & Stophel, P.C.

New Long-Term Care Insurance Premium Deductions for 2026

Chambliss, Bahner & Stophel, P.C. on

Nearly seven in 10 adults age 65 and over will require long-term care services at some point. Long-term care insurance can help pay for long-term care services that Medicare or standard health insurance typically do not...more

Littler

New York Governor Proposes “No Tax on Tips” Legislation

Littler on

New York Governor Kathy Hochul recently announced a proposal to eliminate state income taxes on a portion of tipped income, signaling a significant policy development with meaningful implications for New York employers,...more

Wyrick Robbins Yates & Ponton LLP

February 2, 2026 Deadline for Notices to Employees Who Purchased Stock in 2025 Through Stock Options or Employee Stock Purchase...

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This is a reminder for corporations that issue stock options of deadlines for various tax notices and Internal Revenue Service (“IRS”) filings that are due beginning February 2, 2026. (The deadline is normally January 31, but...more

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