HMRC is set to enforce new reporting requirements for cryptocurrency holders starting January 2026. Individuals owning cryptocurrencies like Bitcoin, Ethereum, or Dogecoin will need to provide personal details to their service providers to ensure proper tax compliance. Failure to comply may result in a £300 fine. The initiative, part of the Cryptoasset Reporting Framework, aims…

Kentucky lawmakers have finalized a reduction in the state’s individual income tax rate from 4% to 3.5%, effective in 2026. This decision, supported by Republican Gov. Andy Beshear, reflects a continued effort by the GOP to lower taxes since gaining legislative control in 2017. Republican Sen. Chris McDaniel stated: “We’ve added another thing that’s fairly…

Deloitte has agreed to pay $5m to cover two months of state-paid health-care coverage by Blue Cross & Blue Shield and Neighborhood Health for about 2,000 people unable to enroll through the shuttered HealthSourceRI website. The situation arose from the December data breach of the public benefits and health insurance system.

In a recent ruling, the United States Tax Court upheld the IRS’s determination of a $27,820 deficiency and a $5,564 accuracy-related penalty against Thomas W. Langlois for the 2015 tax year. The court found that Langlois was not entitled to deduct unreimbursed employee business expenses or partnership losses from his companies, Forbearance Power Line Construction,…

The IRS is urging tax filers to take advantage of the Earned Income Tax Credit (EITC), which can provide up to $7,830 for eligible low to moderate-income workers. The IRS noted that “one in five eligible taxpayers” often overlook this credit, resulting in missed financial benefits. As of December 2024, approximately 23m families received around…

Jonathan Landon and William Daly have joined Fredrikson as shareholders, enhancing the firm’s capabilities in tax planning and corporate law. Landon specializes in federal and state tax matters, advising high-net-worth families and business owners on various issues, including estate planning. Daly focuses on corporate law, particularly in mergers and acquisitions, and provides counsel on business…