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Article

Texas Proposes Adopting Rolling IRC Conformity for Total Revenue and COGS

January 29, 2026
Article

Texas Proposes Adopting Rolling IRC Conformity for Total Revenue and COGS

January 29, 2026

Texas proposed updates to TAC §3.587 would align the margin tax “total revenue” rule with recent law and shift views on fixed-date IRC conformity, favoring federal return line amounts even if 2007 IRC differs.

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Article

Chicago Introduces Social Media Tax, Increases Personal Property Lease Transaction Rate

January 29, 2026
Article

Chicago Introduces Social Media Tax, Increases Personal Property Lease Transaction Rate

January 29, 2026

Chicago’s 2026 revenue ordinance introduces the nation’s first social media amusement tax on certain data-collecting platforms and increases the personal property lease transaction tax rate, both effective Jan. 1.

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Article

Fifth Circuit Overturns Tax Court on Limited Partner Self-Employment Tax Exemption

January 23, 2026
Article

Fifth Circuit Overturns Tax Court on Limited Partner Self-Employment Tax Exemption

January 23, 2026

The Fifth Circuit rejected the Tax Court’s “passive investor” view of the SECA exemption for limited partners, adding momentum as similar “limited partner” cases remain pending in the First and Second Circuits.

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Article

Legislative Roundup: IRS Faces Cuts as Congress Works to Fund Government

January 22, 2026
Article

Legislative Roundup: IRS Faces Cuts as Congress Works to Fund Government

January 22, 2026

Congress is nearing a Jan. 30 funding deadline as the IRS faces major cuts—$1.1B less for FY 2026 plus a proposed $11.6B rescission of remaining IRA enforcement funds.

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