Millionaire Tax Plans Spread as Washington Eyes New Levy

When Washington Governor Bob Ferguson proposed the state’s first income tax in modern history, he said the word “affordability” five times.

Student Loan Forgiveness Poses Looming Tax Dilemma for States

States face a tough choice in the year ahead: pile onto US tax bills looming for thousands of student loan borrowers whose debts are forgiven under an income-driven repayment plan, or forgo much-needed revenue.

Chicago Mayor Decides Against Budget Veto, Though Will Not Sign

Chicago Mayor Brandon Johnson will not sign nor veto a city council backed budget for 2026, he said on Tuesday, meaning the spending plan will go into effect without his endorsement. The decision comes about one week before the deadline to avoid a possible government shutdown.

NYC Faces $10 Billion Budget Gap As Business Tax Revenue Slows

New York City is staring down a $10 billion budget gap next fiscal year, reflecting slowing tax collections and uncertainty over federal funding streams, state Comptroller Thomas DiNapoli said in a new report.

First Batch of Tax Forms for Crypto Transactions Sow Confusion

Cryptocurrency investors will head into a new and confusing tax season next year as they receive the first-ever batch of reporting statements disclosing information from their digital asset transactions and navigate potential differences in federal and state rules.

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Brockman Estate Settles Tax Fraud Case for $750 Million

The estate of software billionaire Robert Brockman agreed to pay $750 million in back taxes and penalties to the Internal Revenue Service, resolving a civil case over Brockman’s alleged decades-long scheme to hide billions from the authorities.

US Set to Garnish Wages for Student Debt Collection in 2026

The Trump administration will begin to seize student debt repayments from the wages of borrowers in default early next year, the US Education Department said Tuesday, a long-promised move that threatens to hit some of the most economically-vulnerable households in the country.

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Coinbase Says Former Agent Arrested In India Over Exchange Hack

Coinbase Global Inc. Chief Executive Officer Brian Armstrong said that a former customer service agent for the largest US crypto exchange was arrested in India, months after hackers bribed customer service representatives to gain access to customer information.

Malaysia Fines Ex-PM Najib $2.8 Billion for 1MDB, Adds Jail Time

Former Malaysian Prime Minister Najib Razak, already jailed for his role in the 1MDB scandal, faces another 15 years in prison and a fine of 11.4 billion ringgit ($2.8 billion) after being convicted of abuse of power and money laundering in connection with the failed state-run fund.

Tax Your Crypto and NFTs? Yes, the IRS Wants Its Cut

Cryptocurrency and NFTs continue to rise in popularity in the U.S., but many people are still confused about how they are taxed. In this video, a partner at Steptoe & Johnson who specializes in tax policy and cryptocurrency, lays out how different crypto transactions are taxed.

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Ohio Supreme Court Upholds CAT on Out-of-State Manufacturer for Goods Temporarily Transported in State

The Ohio Supreme Court reversed the Board of Tax Appeals’ decision, ruling that gross receipts from products shipped to an Ohio distribution center were properly subject to Ohio’s commercial activity ...

Washington DOR Issues Updated Excise Tax Advisory on Use, B&O Tax for Self-Produced Fuels

The Washington Department of Revenue (DOR) issued an excise tax advisory regarding the application of state and local use tax and business and occupation (B&O) tax to self-produced fuels, including ...

New Mexico Tax Department Updates GRT Codes, Rates for Tribal, Special Jurisdictions

The New Mexico Taxation and Revenue Department updated gross receipts tax (GRT) codes and rates for sales located in certain counties within the state, effective Jan. 1, 2026 to June ...

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