IRS Releases FATCA FAQs

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.

Recent federal legislation has permanently extended the historically high unified exemption amount for federal estate and gift tax purposes. The current exemption of $13.99 million per individual remains in place through December 31, 2025...

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.

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.

California's proposed Billionaire Tax Act would impose a onetime 5% excise tax on individuals and trusts with assets exceeding $1 billion, creating unprecedented challenges for estate planners. The retroactive application and anti-abuse provisions raise critical questions about the treatment of grantor trusts, non-grantor trusts, and beneficiary interests that deviate significantly from established federal wealth transfer tax principles.

The US Treasury and IRS have proposed regulations that would eliminate longstanding exceptions allowing tax-exempt private schools to maintain race-conscious admissions and scholarship policies. Following the Supreme Court's decision in Students for Fair Admissions v. Harvard, these rules would apply to all private educational institutions, including K-12 schools not directly affected by that ruling, and could result in loss of tax-exempt status for noncompliance.

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.

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.

Foreign owners of single-member U.S. limited liability companies often assume their entities are completely disregarded for tax purposes, but since 2017, these structures face significant reporting obligations...

On September 3, 2026, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations under Section 501(c)(3) that could materially affect private education in the United States. The proposal would apply a broad nondiscrimination standard based on race, color and national or ethnic origin, with significant implications for private schools, colleges and universities seeking or maintaining tax-exempt status under Section 501(c)(3).

Last week, the U.S. Securities and Exchange Commission (SEC) announced charges against four individuals for their roles in Trade Coin Club (TCC)...

On Oct. 9, 2018, the Securities and Exchange Commission (SEC) filed a subpoena enforcement action in California against an investment trust that failed to respond to an investigative subpoena...

A clearly defined carve‑out perimeter grounded in how the target business actually operates is essential to reducing execution risk and enabling a workable stand‑alone or integration plan.

On March 24, 2026, Washington State Governor Bob Ferguson signed HB 2225 into law. HB 2225, effective January 1, 2027, introduces mandatory safeguards for artificial intelligence companion chatbots...

Beginning on April 19, 2017, individuals and companies planning to export to or re- export from Hong Kong will need to obtain certain paperwork prior to shipping.

In related news, Ripple recently published two press releases announcing product launches.

Chainalysis, a blockchain analysis company, recently issued its "2021 Crypto Crime Report" in which it concludes that cryptocurrency thieves are relying on a surprisingly small number of service...

Operators' ability to develop previously untapped oil reserves through horizontal drilling techniques has led to a record 1,443 oil rigs currently in operation in the U.S. according to a report released last week by Baker Hughes, Inc

On Jan. 22, South Korea's AI Basic Act came into force, establishing one of the world's most comprehensive frameworks for artificial intelligence. For U.S.

The court-appointed monitor of defunct Canadian cryptocurrency exchange QuadrigaCX has reported that six cold wallets supposedly holding $100 million of customer cryptocurrencies for 115,000 accounts ...