Crowell Talks Tax: Recent Developments With The Inflation Reduction Act (Video)

President Trump's Executive Order 14435 directs the IRS to provide temporary relief from federal tax penalties on dyed diesel fuel used for highway purposes. The relief, retroactive to October 1, 2026, suspends enforcement and recordkeeping requirements while the Treasury Department explores options to eliminate deferred tax obligations entirely.

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.

The Treasury Department and IRS have released Notice 2026-48, providing the first comprehensive guidance on SECURE 2.0's new Saver's Match program. This federal matching contribution for low- and moderate-income retirement savers introduces complex implementation challenges, including how to route taxpayer matches directly to retirement plans and IRAs. The Notice addresses eligibility requirements, income limits, contribution types, and delivery mechanisms while requesting public comments on operational app

On August 6, 2026, the IRS released Fact Sheet 2026-13, an expanded set of FAQs on the qualified overtime compensation deduction created by the One, Big Beautiful Bill Act. The update replaces January’s FS-2026-01 and marks the shift from 2025’s transition relief to the full compliance framework now in effect.

Partner Scott H. Novak specializes in tax law, focusing on tax controversy, trusts and estates, planning, and transactional tax matters. His extensive experience encompasses federal, state, foreign, and employment tax issues, handling everything from non-filing cases to complex audits, estate planning, and settlements with tax authorities.

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.

Selling an S corporation involves complex tax and legal considerations that can significantly impact after-tax proceeds. This comprehensive analysis examines stock sales versus asset sales, IRC Section 338(h)(10) elections, F reorganizations, and other transaction structures, revealing how different approaches affect both sellers and buyers through detailed tax modeling and strategic planning insights.

California is implementing a major tax policy shift that will subject software-as-a-service, remotely accessed software, and digital products to sales and use tax beginning January 1, 2027. The California Department of Tax and Fee Administration has proposed emergency regulations establishing sourcing rules, a $5 million threshold that shifts tax liability from retailers to purchasers, and key exemptions for custom software and certain service-based digital products.

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.

Last week, the Louisiana Department of Revenue (the "Department") issued guidance regarding recent sales and use tax law changes. The Department issued Revenue Information Bulletin No. 25-023...

The Small Business Administration has extended the comment period for two proposed rules that could dramatically reshape federal government contracting by significantly expanding the pool of entities eligible for small business set-aside procurements. With some size standard thresholds proposed to increase as much as tenfold, these changes would fundamentally alter the makeup of the small business contractor base.

The U.S.-China trade truce has been extended through January 10, 2027, pushing back the effective date of the Bureau of Industry and Security's Affiliates Rule. While the suspension delays immediate compliance obligations, the rule remains in place and companies should use this additional time to prepare their compliance programs before the suspension potentially expires.

The Trump Administration has introduced a voluntary regulatory framework for artificial intelligence through the White House Accord on Super Intelligence, signed by six leading tech companies. This new approach emphasizes corporate self-policing with safety audits and board oversight, while simultaneously rebranding government AI terminology and establishing a new interagency coordination force. How will this light-touch regulatory strategy balance innovation with mounting safety concerns as AI capabilities

President Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act into law on September 18, 2026, establishing mandatory tariffs of up to 500% on Russian goods and up to 100% on goods from countries that continue to buy Russian energy. The Act targets major importers like China, India, and Turkey, with limited relief mechanisms including natural gas exceptions, presidential waivers, and a 270-day winddown period for entities divesting from Russian operations.

State attorneys general across the nation are taking decisive legal action on multiple fronts, from challenging federal fuel economy rollbacks to pursuing pharmaceutical companies over misleading drug claims. This week's enforcement activities reveal coordinated multistate efforts alongside individual state actions targeting consumer protection, national security concerns, and social media platform accountability.

The OCC and FDIC have jointly issued a final rule establishing the first binding regulatory definition of "unsafe or unsound practice" for banks, introducing a three-tiered supervisory framework...

California has enacted SB 1050, requiring advertisers to disclose when AI-generated synthetic performers appear prominently in advertisements starting January 1, 2027. The law mandates clear disclosures using specific language and creates enforcement mechanisms through existing consumer protection statutes, while also imposing obligations on advertising platforms to remove non-compliant content after court orders.

Senator Maria Cantwell has proposed a comprehensive AI governance framework that could fundamentally reshape how health insurance plans deploy artificial intelligence in prior authorization and utilization management. With explicit focus on CMS's WISeR model and requirements for meaningful human oversight, the framework signals potential federal mandates that would require health plans to audit AI systems, ensure transparency in consequential decisions, and maintain accountability for AI-related harms.

The U.S. Department of Transportation has issued a final rule fundamentally restructuring how airlines report flight delays and cancellations, creating a new reporting category that removes ten specific events from the traditional "Air Carrier" category. This regulatory change, mandated by the FAA Reauthorization Act of 2024 and effective October 2026, will significantly impact how airline performance is measured and perceived by consumers, while reducing carriers' customer service obligations for certain

California's new "No Robo Bosses Act" (SB 947) prohibits employers from relying solely on artificial intelligence or automated decision systems when disciplining or terminating employees, requiring meaningful human review and written notice to affected workers. The law, effective July 1, 2027, establishes strict compliance requirements including corroboration protocols, employee data access rights, and anti-retaliation protections that will fundamentally reshape how California employers deploy AI-driven wor