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Revenue Ruling 2026-20 and Notice 2026-62 address certain exchange-traded fund (ETF) and tax-aware investment fund strategies, including transactions involving Section 351 contributions. The ruling addresses an investor that, as part of a plan, contributes a diversified portfolio of appreciated securities to a newly formed ETF in an exchange intended to qualify under Section 351. Under…
On September 28, 2026, the Treasury Department and the IRS issued Revenue Ruling 2026-20 and Notice 2026-62. Together, the guidance targets selected exchange-traded fund (ETF) redemption structures and tax-aware investment strategies that the government believes use nonrecognition, timing or character rules to obtain tax results consistent with the purpose and proper application of those rules….
On September 16, 2026, the federal government filed its appellate brief in the case of Kwong v. United States, a closely watched case that could determine whether taxpayers may rely on COVID-19 disaster relief to revive otherwise time-barred refund claims. In seeking reversal, the government argues that the Court of Federal Claims transformed temporary disaster…
This final article in the series brings together the key elements of the return-to-provision (RTP) process. The first article examined why RTP matters, and the second outlined the core reconciliation process. This final article focuses on establishing a gold-standard RTP process by connecting reconciliation findings to current tax payable, deferred tax balances and future process…
This article is a continuation of our previous article which discusses the importance of the return to provision process. This article digs a little further into the specifics of the return to provision process to outline some key items to be considered. A useful Return-to-Provision (“RTP”) analysis begins with discipline at the starting point. Before…