The Education Freedom Tax Credit of the OBBBABy Philip D. SpeicherMay 2026One of the lesser discussed provisions of 2025’s One Big Beautiful Bill Act is the Education Freedom Tax Credit (“EFTC”). The EFTC provides a federal tax credit for contributions to approved scholarship organizations who provide funding for various educational resources, including private school tuition, tutoring, special education services, and other elementary and secondary education expenses.
Here We Go Again: Challenges to FinCEN’s Residential Real Estate RuleBy Sandra D. MertensApril 2026An update to the FinCEN real estate Final Rule saga: The Eastern District of Texas ruled that FinCEN lacked statutory grounds for issuing its 2024 Final Rule. While the Final Rule is likely to continue to be litigated, attorneys, tax practitioners, and real estate professionals should carefully watch as courts interpret the applicable laws and regulations and FinCEN responds.
ISBA Midyear Meeting Highlights From the Federal Taxation SectionBy Sandra D. MertensJanuary 2026The Federal Taxation Section Council met during the Joint Midyear Meeting to discuss business and issues relevant to the tax community, including the One Big Beautiful Bill Act.
New Residential Real Estate Reporting to FinCEN Begins March 1, 2026By Sandra D. MertensMarch 2026Effective March 1, 2026, a new regulation promulgated by the FinCEN requires a new information report each time a qualifying residential real estate transaction or settlement closes. The new regulation is the next step under the DOT’s longstanding effort to combat money laundering, terrorism financing, and other illicit financial activities.
One Big Beautiful Bill Act: Tax Changes for 2026 for Large and Small BusinessesBy Sandra D. MertensJanuary 2026The One Big Beautiful Bill Act brings many changes to provisions relating to businesses, including business taxes, incentives for rural and agricultural ventures, paid family and medical leave credit, business interest deductions, excess business loss limitations, bonus depreciation, and charitable contributions.
Spotlight on Section Member Kathryn GarlowMarch 2026Learn more about Section Council Member, Kathryn Garlow, including her career trajectory, interests in tax law, and her hobbies.
Transferee Liability for Unpaid Estate Taxes Can Haunt Fiduciaries and Beneficiaries for DecadesBy Sandra D. MertensMay 2026The IRS typically does not decide to audit a Form 706 until nine months after the filing date. Moreover, since 2021, estate tax closing letters are not routinely issued, but must be specifically requested with a fee payment. For these reasons, executors and trustees should make sure to work closely with a tax return preparer knowledgeable about estate taxes who can properly advise about the payment deadlines, closing procedures, and consequences for non-payment.
