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The 2/37 Haircut on Distributable Net Income: What Fiduciaries Need to Know

The One Big Beautiful Bill Act (OBBBA) introduced a new limitation on itemized deductions under IRC §68 that could have significant implications for Distributable Net Income (DNI) planning, trust distribution deductions and fiduciary income tax planning. Although the provision is new, its potential application to trusts and estates raises questions regarding how certain distribution deductions…

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Trump Accounts: The Annual Exclusion Exception, Not the Rule

The enactment of IRC §530A created a new savings vehicle for children known as a Trump Account. Beginning July 4, 2026, beneficiaries, parents, relatives, and other individuals may contribute up to $5,000 annually in the aggregate to a Trump Account, excluding certain statutory exempt contributions. While many taxpayers may assume these contributions receive the same…

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NYC Pied-à-Terre Surcharge Latest: Court Pauses Rollout as Deadlines Loom

A Staten Island judge has issued a temporary restraining order (TRO) on New York City’s Pied-à-Terre surcharge. The TRO pauses the City rollout of the new surcharge as a homeowner lawsuit proceeds. The tax was finalized last month and applies to residential one- to three-family homes, known as “Class 1” properties, as well as “Class…

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Delaware Businesses Face Increased Annual Taxes and Filing Costs

Delaware has enacted House Bill 400, which increases various annual taxes and filing fees imposed on business entities formed or registered in the state. The legislation was signed by the Governor on May 21, 2026, with certain annual tax increases effective retroactively to January 1, 2026, and most other filing fee changes effective as of…

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A timely read for tax professionals and internationally active businesses evaluating potential refund opportunities and regulatory exposure.
How the Keysight Decision Could Affect the Kwong Appeal

On July 2, 2026, the U.S. Court of Federal Claims decided Keysight Technologies, Inc. v. United States, No. 25-137, holding that the Treasury Department exceeded its statutory authority when it issued a regulation governing the global intangible low-taxed income (GILTI) regime. Days later, on July 10, the deadline passed for taxpayers to file protective refund…

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The Hidden Tax Credits Cannabis Farmers Are Leaving on the Table in New York

New York is expanding access to agricultural tax incentives and related programs for licensed cannabis cultivators through recent legislative changes. As a result, qualifying growers may now be able to take advantage of benefits ranging from property tax relief and refundable investment tax credits to workforce, redevelopment and energy-efficiency incentives. Understanding how these programs work…

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