TAX ALERTS

In 2024, OMB revised the Uniform Guidance with the goal of reducing administrative burden for federal funding recipients. The latest proposal takes a different approach.  On May 29, 2026, OMB issued proposed revisions to the regulations governing federal financial assistance that would increase federal oversight, expand agency enforcement authority, introduce new compliance obligations, and provide…

Overview New York State has enacted a new pied-à-terre tax (surcharge) on certain high-value New York City homes (“covered properties”) NOT used as a primary residence. “Covered properties” include Class 1 homes (one-, two-, and three-family homes) and Class 2 homes (residential condominiums and cooperatives (co-ops)). The surcharge takes effect on July 1, 2026. It…

Two court case decisions (Kwong v. United States and Abdo v. Commissioner) may create refund and abatement opportunities for certain taxpayers who were assessed and/or paid penalties and interest during the COVID postponement period which spanned from January 20, 2020 through July 10, 2023. In some cases, this could create an opportunity to seek recovery…

The U.S. tariff landscape continues to shift rapidly. On Friday, February 20, 2026, the Supreme Court issued a landmark decision striking down the president’s authority to impose sweeping tariffs under the International Emergency Economic Powers Act of 1977 (IEEPA). Just hours later, a 10% global tariff was imposed under Section 122 of the Trade Act of 1974, which increased to 15% the following day. The…

Return of Component Election for Bonus Depreciation Creates  Significant Tax Savings for Self-Constructed Projects Taxpayers who started construction on any project prior to the 100% Bonus Depreciation change on January 20, 2025, may be left with 40% Bonus Depreciation, unless a new election is filed. On January 14, 2026, IRS issued Notice 2026-11 providing interim…