Key Takeaways
- Proposed rules for crypto reporting.
- Government shutdowns, in general.
- ACA tax credits.
- Tariffs and global growth.
- "Tariff dividends" proposed by Trump.
- Innocent spouse relief in the courts.
- National Apple Cider Day!
Crypto Reporting
OMB Reviewing Treasury Regs On OECD Crypto Reporting - Kevin Pinner, Law 360 Tax Authority ($):
The Office of Management and Budget is reviewing regulations proposed by the U.S. Department of the Treasury to implement automatic exchanges of information between tax authorities regarding taxpayers' cryptocurrency holdings under the OECD's crypto-asset reporting framework.
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Treasury hasn't yet released the regulations publicly, despite an attorney for the agency saying last year that proposed regulations would be issued by the end of 2024. A notice for proposed rulemaking is planned for May 2026, according to the notice.
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Treasury hasn't yet released the regulations publicly, despite an attorney for the agency saying last year that proposed regulations would be issued by the end of 2024. A notice for proposed rulemaking is planned for May 2026, according to the notice.
Proposed Rules for Crypto Broker Reporting Under OMB Review - Mary Katherine Browne, Tax Notes ($):
The OECD proposed a cryptoasset reporting framework in March 2022. The guidance was designed to prevent tax evasion by requiring digital asset service providers to report crypto transaction information to the relevant tax authorities, which in turn would share this information internationally. The initial consultation document represented rules and commentary designed to define the scope of covered cryptoassets to require information reporting for entities and individuals that process and facilitate cryptoasset transactions.
More on the Shutdown
What 50 Years of Shutdowns Can Tell Us About the Next One - Joseph Thorndike, Tax Notes ($):
The next chance for a shutdown is right around the corner, probably in late January 2026. So as we exit this crisis and prepare for the next, what lessons can we draw from the history of government shutdowns?
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In the recent shutdown, ACA premium support tax credits were the big substantive issue. And Democrats can point to big numbers when voters are asked about the credits: Roughly three-quarters of Americans support their extension.
That broad support may not convince Republicans to agree to an extension when they take a vote on the issue later this year (as promised in the bipartisan agreement ending the shutdown). But Democrats can still benefit from the increased salience of the credits, especially when health insurance sticker shock takes center stage in the weeks and months to come.
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In the recent shutdown, ACA premium support tax credits were the big substantive issue. And Democrats can point to big numbers when voters are asked about the credits: Roughly three-quarters of Americans support their extension.
That broad support may not convince Republicans to agree to an extension when they take a vote on the issue later this year (as promised in the bipartisan agreement ending the shutdown). But Democrats can still benefit from the increased salience of the credits, especially when health insurance sticker shock takes center stage in the weeks and months to come.
ACA Credits
States await an ACA subsidy decision - Sophie Gardner and Kelly Hooper, Politico:
States could be left flat-footed if Congress, instead of passing a simple extension to the Affordable Care Act’s enhanced premium tax credits, extends them with changes or passes new legislation intended to lower premiums, POLITICO’s Robert King reports.
“If it is more complex, if they start to change the contribution amounts … that sends us back to the drawing board,” said Lindsay Lang, director of HealthSource RI, Rhode Island’s ACA exchange. “That would add time and complexity.”
“If it is more complex, if they start to change the contribution amounts … that sends us back to the drawing board,” said Lindsay Lang, director of HealthSource RI, Rhode Island’s ACA exchange. “That would add time and complexity.”
Tariffs
Higher Tariffs Take Toll on Global Growth, and Impact Is Set to Linger - Paul Hannon, Wall Street Journal ($):
The rise in U.S. taxes on imports has had a lighter impact on the global economy than many policymakers and businesses had feared, but it nonetheless is having an impact that will likely persist through next year and beyond.
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The impact of tariffs on global economic growth has been offset by the surge in investment related to AI, which has seen the U.S. and other economies import large quantities of semiconductors, processors, finished computers, servers and telecommunications equipment.
The absence of retaliation by most countries that have been targeted by the Trump administration has been another, unanticipated support to growth. The continued openness of the rest of the world to trade has also helped.
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The impact of tariffs on global economic growth has been offset by the surge in investment related to AI, which has seen the U.S. and other economies import large quantities of semiconductors, processors, finished computers, servers and telecommunications equipment.
The absence of retaliation by most countries that have been targeted by the Trump administration has been another, unanticipated support to growth. The continued openness of the rest of the world to trade has also helped.
Tariff Dividends Would Cost More than Tariff Revenues Will Generate - Erica York, Huaqun Li, and Aleksei Shilov, Tax Foundation:
President Trump has repeatedly called for sending $2,000 “tariff dividends” to low- and middle-income Americans, saying revenues from his increased import taxes can cover the cost and still pay down the debt. While doing so would require an act of Congress, and details on the proposed $2,000 payments have not been fully fleshed out, we model a range of options to illustrate the potential price tag and compare that cost to expected tariff revenues. We estimate the cost of different designs would range from $279.8 billion to $606.8 billion—more than what tariffs will raise in 2025.
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Under nearly any design option, sending out $2,000 payments to Americans would increase, not decrease, the federal budget deficit. A better way to provide relief from the burden of tariffs would be to eliminate the tariffs.
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Under nearly any design option, sending out $2,000 payments to Americans would increase, not decrease, the federal budget deficit. A better way to provide relief from the burden of tariffs would be to eliminate the tariffs.
Blogs & Bits
2026 Adjustments to Medicare Parts A, B, and D: A Technical Review of Premiums and IRMAA Calculations - Ed Zollars, Current Federal Tax Developments:
On November 14, 2025, the Centers for Medicare & Medicaid Services (CMS) released the finalized amounts for premiums, deductibles, and coinsurance under the Medicare Part A and Part B programs for the 2026 calendar year, concurrently announcing the Medicare Part D income-related monthly adjustment amounts (IRMAA). This technical brief reviews the statutory context and the specific figures relevant to client planning for 2026, focusing particularly on the impact of modified adjusted gross income (MAGI) thresholds on Part B and Part D premiums.
Retirement age to change in 2026: How it may impact you - Addy Bink, The Hill:
Next year will also come complete with a Social Security COLA increase, adjustments that will allow you to save more for retirement in 401(k) and IRA accounts, and a slew of other tax changes that may even make your paycheck larger.
The maximum Social Security benefit will also increase in 2026. For those who retire at their FRA, the most they could receive monthly will jump to $4,152, up from $4,018 this year.
The maximum Social Security benefit will also increase in 2026. For those who retire at their FRA, the most they could receive monthly will jump to $4,152, up from $4,018 this year.
Wildfire Victims Only Have Until 12/12/25 To Claim IRS Tax Refunds - Robert Wood, Forbes:
In late 2024, Congress enacted legislation to make many wildfire legal settlements free of federal taxes if they were received in 2020 through 2025 in connection with a federally declared wildfire disaster. Payments received in 2020 and 2021 require particular attention, since amended tax returns for these years must be filed by December 12, 2025. If you qualify and have not yet filed, you should contact your tax preparer as soon as possible. Notably, this deadline is unrelated to the IRS and California tax filing extensions for wildfire victims announced early in 2025.
Tax Planning: Foreign Assets
Global Assets, U.S. Persons: Cross-Border Tax Planning Mandatory - Virginia La Torre Jeker, J.D., Forbes:
We are living in an interconnected world. Couples reside across borders, own assets in multiple countries, and use complex structures involving trusts, foundations or corporations. The U.S. tax system reaches further than many realize. Identifying U.S. person exposure, pinpointing U.S. situs assets, and documenting matrimonial property rights are now essential parts of global estate planning.
In the Courts
Minn. Dentist's Wife Can't Feign Ignorance, Tax Court Says - Natalie Olivo, Law 360 Tax Authority ($) (taxpayers name omitted):
The U.S. Tax Court granted a Minnesota woman only partial relief Monday from shared tax liabilities with her former husband, holding that an Internal Revenue Service agent's visit marked "the dividing line" when she could no longer claim not to know about their unpaid taxes.
The Taxpayer(spouse) can claim innocent spouse relief for tax years 2011 through 2013 regarding tax liabilities she shared with the Taxpayer, her husband at the time, according to an opinion from Tax Court Judge Mark V. Holmes. But she cannot claim such relief for subsequent years through 2018, according to the decision, which noted she continued to sign off on the couple's returns even after an IRS agent visited the Minnesota dentist office where she and Taxpayer worked.
The Taxpayer(spouse) can claim innocent spouse relief for tax years 2011 through 2013 regarding tax liabilities she shared with the Taxpayer, her husband at the time, according to an opinion from Tax Court Judge Mark V. Holmes. But she cannot claim such relief for subsequent years through 2018, according to the decision, which noted she continued to sign off on the couple's returns even after an IRS agent visited the Minnesota dentist office where she and Taxpayer worked.
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