All articles tagged with #tax
The IRS and Treasury issued Notice 2026-49 with sample forms and proposed rollover procedures to streamline rollovers between retirement plans and IRAs under SECURE 2.0. The guidance applies to plan-to-plan and plan-to-IRA rollovers (not IRA-to-IRA) and emphasizes protecting participants’ personal information; use of the sample forms is optional for sponsors, and comments are invited by Oct. 23, 2026.
House Democrats introduce the AI Tax and Work Protection Act to tax AI developers (based on token prices or revenue, with higher rates if unemployment rises) and channel the proceeds into a Work Protection Administration for workers displaced by automation; part of a broader progressive push to tax AI gains, with Bernie Sanders proposing a similar plan.
With Powerball climbing to $748 million, financial advisers say winners should stay quiet, secure the ticket, hire a tax attorney/accountant and a financial adviser, and map out a payout strategy (lump sum vs. annuity) while navigating federal/state taxes and multi-state rules; initial steps include depositing funds in a brokerage and investing in short-term Treasuries to wait for a solid investing plan, all while guarding against scams and requests from friends or family.
Gov. Kathy Hochul defended the newly released pied-à-terre tax target list as not out of the ordinary, arguing it mirrors standard public tax rolls; critics say the list publicizes homeowners’ names and addresses and amounts to doxxing, while the policy targets luxury second homes in NYC and was pushed during budget negotiations, drawing political heat from Mayor Zohran Mamdani and allied leftists.
New York City residents are outraged after receiving notices for the new pied-à-terre tax, with some facing five-figure bills and confusing requirements to prove primary residency; the administration says the tax targets unoccupied luxury second homes, but critics argue the rollout is bureaucratic and unfair, even noting notices addressed to a deceased spouse and tight appeal deadlines.
Russians are turning to cash as mobile internet shutdowns disrupt card payments amid wartime economic pressure, adding 1.56 trillion roubles to cash in circulation since January—the biggest rise for a year outside Covid—while tax collection tightens and VAT rises squeeze firms; many businesses push customers to pay in cash to stay under VAT thresholds, and some wages are paid “in envelopes,” complicating state revenue and funding for the war despite a slowing economy and higher oil prices.
House Ways and Means Chair Jason Smith and other GOP tax writers were left out of the party-line reconciliation bill, sparking frustration over missing tax provisions as leaders push forward the $95 billion spending package; some lawmakers say a fourth bill or lame-duck actions could address tax policy, while others warn the omission could complicate midterm dynamics.
Linda Noskova won Wimbledon 2026 and earned €3.6 million ($4.8 million), but UK tax rules slice about 45% plus National Insurance to roughly 47%, costing around $2.2 million and leaving about $2.6 million; the piece notes deductions, potential expense reimbursements, and the impact on her ranking.
Reuters reports that the Sovereign Grant for 2024-25 is £99.9m, a ‘charm pricing’ figure designed to look like value for money, while the King becomes the first monarch to publish his personal tax payment (£12.9m), signaling greater openness even though the income sources and tax breakdown remain unclear; the core grant remains higher than pre-renovation levels, the golden ratchet stays in place, and questions over royal spending and property arrangements persist.
King Charles III has disclosed he paid £12.9m in income and capital gains tax for 2024-2025, the first time a British monarch has publicly released their tax bill; his son Prince William reported £7.76m for the same period. The royal accounts show the Sovereign Grant rising to just under £100m for 2027-28 and confirm the King and Queen will continue to reside at Clarence House. The disclosure, described by Buckingham Palace as increasing transparency, includes no detailed breakdown of how the taxes were calculated.
Sanders proposes transferring ownership of major AI companies to the American public through a sovereign wealth fund funded by a one-time 50% stock tax on large AI firms; the fund, worth about $7 trillion, would pay roughly 5% annually in dividends (over $1,000 per person) and be overseen by a seven-member independent commission that can influence corporate decisions and direct proceeds to public goods.
A federal judge vacated the Trump administration’s policy that imposed a $100,000 fee on H-1B visa applications, ruling it constitutes an undelegated tax and violates the Administrative Procedure Act, in a suit brought by 20 states.
After being traded from the Browns to the Rams, Myles Garrett’s contract adds no new dollars over five years; California’s higher state income tax compared with Ohio means he effectively takes roughly a 10% gross-pay hit, even though his 2026 salary rose to $37 million and total pay for 2026–2030 remains $179 million. The Rams benefited from the tax situation, but Garrett could have pressed for an offsetting raise—he chose a fresh start with a contender anyway.
SpaceX won a 100% property tax abatement and reinvestment zone designation for its planned $55 billion Terafab semiconductor facility near Houston, promising about 1,800 jobs, but drew strong opposition from Grimes County residents who warn of environmental and social impacts and have threatened legal action.
The DOJ will not operate the planned $1.8 billion Anti-Weaponization compensation fund tied to a lawsuit by President Trump against the IRS, and Trump and his family remain shielded from audits for tax returns filed before the settlement. Acting Attorney General Todd Blanche testified to a House panel that the fund will not move forward, regardless of related lawsuits challenging its legality. The fund had faced GOP opposition over oversight and potential payments to Jan. 6 participants; a federal judge had temporarily blocked it, and Blanche said the DOJ won’t restart it.