TAX ALERTS

Executive Summary New Jersey’s FY2027 budget package includes several tax and fee changes that may affect 2026 estimated payments, employer compliance obligations, individual income tax planning, and data broker registration fees. Clients should review exposure now, particularly when provisions apply retroactively or create new near-term filing and payment deadlines as noted below. Most affected taxpayers:…

The New York City Department of Finance (the “Department”) has released a pied-à-terre surcharge exemption application (the “application”). Residential Homes and Condominiums Application Filing Deadline – August 21, 2026 File the application here. Cooperative Units Application Filing Deadline – August 24, 2026 File the application here. A property qualifies for an exemption from the pied-à-terre…

Overview of Proposed Florida Property Tax Changes  Florida lawmakers have advanced a major property tax reform initiative that would materially expand the homestead exemption for primary residences. The proposal, titled the “Save Our Homes from Excessive Property Taxes” initiative and commonly referred to as Amendment 3 for the 2026 ballot, would phase in larger non-school…

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…