Estate Planning Outlook: 2026 Projected IRS Thresholds And Exclusions

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.

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.

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 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.

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.

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...

Nassau County property owners recently received their first-half 2025/26 school tax bills.

Section 529 plans provide a tax-advantaged way to save for education expenses, but account holders should be mindful of important differences...

Families change. Dynasty trusts set up by one generation may stop fitting the family that inherits them. Over time, grandchildren and great-grandchildren can end up wanting very different things from the same pool of assets. In PLR 202641001, released October 9, 2026, the IRS approved a trustee’s plan to split a long-standing family trust into three equal trusts. It concluded that the division would not trigger generation-skipping transfer (GST), income, or gift tax consequences.

In the upcoming 2026 budget year, a majority of Suffolk County's ten Towns have made the difficult decision to "pierce" the New York State ("NYS") mandated 2% tax cap...

For taxpayers hoping to claim certain energy credits and deductions, the clock is ticking. Last week, the Internal Revenue Service ("IRS") issued...

Last year, the New York Legislature (the "Legislature") enacted, and Governor Kathy Hochul signed, into law several pieces of legislation that are likely to significantly impact trusts...

Treasury Department and the IRS established a transfer tax safe harbor for individual donors who fund these accounts, treating qualifying contributions as completed gifts that are not gifts of future interests...

On August 13, 2026, New York City Council Member Pierina Sanchez introduced Intro. 1015-2026, legislation authorizing an expanded version of NYC’s J-51 property tax abatement program for alterations and improvements to qualifying condominium, cooperative and rental apartment buildings.[1] The Committee on Housing and Buildings will hold a public hearing on September 9th.

The IRS Independent Office of Appeals announced a significant update to its alternative dispute resolution ("ADR") offerings with the launch of a two-year post appeals mediation ("PAM") pilot program.

The New York Supreme Court's Appellate Division has established new precedent on public access to attorney-disciplinary materials following the Second Circuit's decision in Civil Rights Corps v. LaSalle. While confirming that confidentiality is no longer absolute after a final adjudicatory disposition, the Court significantly limited the scope of disclosure by maintaining protection for investigative materials and internal grievance files. This decision creates a nuanced framework that balances First Amendm