Policy updates

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Time-Limited Settlement Opportunity for Eligible Taxpayers Involved in Conservation Easement Disputes

On May 13, 2026, the IRS announced a new settlement initiative for taxpayers in conservation easement or historic preservation easement disputes. Eligible partnerships may, for a limited period, forgo upfront payments, receive a reduced penalty (10% in first window, 20% in second), and claim deduction only for out-of-pocket costs rather than inflated charitable contribution amounts. The opportunity is limited to specific categories of cases and only available for defined windows once a settlement letter is issued.

Editorial impact label: High

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May 13, 2026

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IRS announces terms of a time-limited settlement opportunity for eligible taxpayers involved in conservation easement disputes

IRS IR-2026-65 (May 13, 2026): offers a time-limited settlement for partnerships involved in conservation easement or historic preservation easement dispute cases. Key features include: no upfront payment required in many cases; deduction limited to out-of-pocket cost (“other deduction”) rather than charitable contribution; reduced penalties (10 % during the first 90 days after settlement letter, 20 % in following 45 days); extensions to cases where prior offers had expired or were rejected; generally better terms than litigation, where courts typically allow only ~5-7 % deduction and levy 40 % penalties. Settlement not available for cases tried, on appeal, or set for trial soon after letter. The IRS will send individualized letters to eligible partnerships. Implications: taxpayers can resolve disputes more favorably if they accept within time windows, reducing litigation risk, penalties, and costs. Useful for entities with claimed easements transactions under audit or in court.

Editorial impact label: High

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May 13, 2026

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VAT liability of supplies of electricity from public electric vehicle charge points

Clarifies HMRC’s long-standing policy that electricity supply at public electric vehicle charge points is standard rated for VAT—even in light of the First-tier Tribunal decision favouring lower rates in some circumstances. Public charge points remain non-domestic premises, so the standard VAT rate applies regardless of usage volume item. Though HMRC itself is seeking leave to appeal, the liability remains standard for now.

Editorial impact label: Medium

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May 12, 2026

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Proposed

Proposed Regulations Relating to Trump Accounts (REG-117270-25)

These proposed regulations establish rules for opening ‘initial Trump accounts’ and implementing the associated section 6434 pilot program contributions under P.L. 119-21. They define eligible individuals, specify investment, contribution, distribution, and reporting rules during the ‘growth period,’ and would allow the Treasury to contribute $1,000 for eligible children in the pilot program. Key implications involve contributing limits, investment constraints (indexing, no leverage, expense caps), and procedural elections by authorized persons.

Editorial impact label: High

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May 8, 2026

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Minister Champagne introduces second piece of legislation to implement Budget 2025: Canada Strong

Bill C-31 introduces several measures including automatic filing of tax returns for low-income individuals for 2026, amendments to the Global Minimum Tax Act, implementation of the new Crypto-Asset Reporting Framework, and automatic enrolment in the Canada Learning Bond. These changes build on Budget 2025’s priorities and aim to ease compliance burdens and enhance fairness. Implications include reaching up to 5.5 million low-income Canadians, increased reporting requirements for crypto service providers, and stronger global tax rules for multinationals.

Editorial impact label: High

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May 7, 2026

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Pakistan

Proposed

Draft Electronic Returns for Individuals for Tax Year 2026 (Pakistan)

The Federal Board of Revenue (FBR) published a draft notification proposing additions to the Income-Tax Rules, 2002 introducing electronic return formats for individuals for Tax Year 2026. Stakeholders have been invited to submit objections/suggestions within 7 days of publication in the official Gazette. This is a regulatory change to modernize return processes.

Editorial impact label: Medium

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May 7, 2026

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IRS announces tax relief for taxpayers impacted by wildfires in Southeast Georgia; various deadlines postponed to Aug. 20, 2026

Due to a state‐declared disaster impacting Clinch, Echols, and Brantley counties (plus any subsequently added), the IRS has postponed tax filing and payment deadlines until August 20, 2026, for returns and payments originally due April 18 through August 20, 2026. Penalties for payroll/excise tax deposits due between April 18 and May 4 are abated if made by May 4. Certain estimated tax payments, time-sensitive actions, and quarterly tax returns are also included. This offers substantial relief to affected individuals and businesses in the disaster area.

Editorial impact label: Medium

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May 6, 2026

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Global and Domestic Minimum Tax API Product Launch

Australia has implemented the Global Anti-Base Erosion model rules (Pillar Two) launching Combined Global and Domestic Minimum Tax Return APIs which allow multinational enterprises to meet their obligations including foreign lodgment notification, Australian IIR/UTPR, and domestic minimum tax returns. These obligations are now active as of May 2026.

Editorial impact label: High

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May 6, 2026

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IRS announces tax relief for taxpayers impacted by wildfires in Southeast Georgia; various deadlines postponed to Aug. 20

Under section 7508A, individuals and businesses residing or operating in Clinch, Echols, and Brantley counties (and any added later) affected by wildfires beginning April 18, 2026, have until **August 20, 2026** to file most federal returns and make tax payments originally due from April 18 through before August 20 without penalties. Covered deadlines include individual, corporate, estate, partnership, information returns, excise and employment tax returns, and more. Penalties on payroll and excise tax deposits due between April 18 and May 4 are abated if paid by May 4. This relief aims to reduce burden arising from disaster disruptions.

Editorial impact label: Medium

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May 6, 2026

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Tax relief for taxpayers impacted by wildfires in Southeast Georgia; various deadlines postponed to Aug. 20

Following natural disaster declarations, the IRS has granted affected individuals and businesses in several counties of Southeast Georgia an extension for federal tax filings and payments originally due between April 18 and August 20, 2026. In addition, penalties on payroll and excise tax deposits due between April 18 and May 4 will be abated if the deposits are made by May 4, 2026. Applies to various returns including individual, business, payroll, excise, and certain estimated/quarterly payments. IRS also provides relief for other time-sensitive IRS-required actions due during that period.

Editorial impact label: Medium

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May 6, 2026

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ATO Global & Domestic Minimum Tax API product now active

Australia’s Pillar Two rules have been implemented, and as of early May 2026 the ATO has made available an API product to enable lodgment of Combined Global and Domestic Minimum Tax Returns (CGDMTR), including foreign lodgement notification, domestic top-up tax returns, and Payment Reference Number retrieval. This assists multinationals in meeting reporting obligations under the OECD Model Rules.

Editorial impact label: High

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May 6, 2026

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Treasury, IRS announce tax relief for taxpayers impacted by wildfires in Southeast Georgia; various deadlines postponed to Aug. 20

IRS granted filing and payment deadline extensions for individual and business taxpayers in parts of Southeast Georgia affected by wildfires beginning April 18, 2026. Many tax filings and payments originally due between April 18 and August 20, 2026 are postponed. Penalties on payroll and excise tax deposits due between April 18 and May 4, 2026 will be abated if deposits are made by May 4. Eligible taxpayers include those in Clinch, Echols, Brantley counties and any added later. Also allows waivers for fees when requesting copies or transcripts of tax returns for affected taxpayers. The relief does not apply to certain information returns.

Editorial impact label: Medium

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May 6, 2026

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IRS updates conservation easement site; settlement opportunity details forthcoming

IRS warns of abusive conservation easement transactions involving inflated valuations and offers a time-limited settlement to eligible partnerships. Updates include recent court decisions and warning signs for investors, with emphasis on serious risks of overstated deductions, penalties, and denied claims.

Editorial impact label: High

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May 6, 2026

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IRS Announces Tax Relief for Taxpayers Impacted by Wildfires in Southeast Georgia; Various Deadlines Postponed to Aug. 20

For individuals and businesses in Clinch, Echols, and Brantley counties (and any later added) affected by wildfires and straight-line winds starting April 18, 2026, the IRS is postponing various federal tax filing and payment deadlines to **August 20, 2026**. This applies to individual & business returns, quarterly payroll and excise tax returns due between April 18 and August 20. Penalties on certain payroll and excise tax deposits due between April 18 and May 4 also abated if paid by May 4.

Editorial impact label: Medium

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May 6, 2026

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Transfer Tax Safe Harbor for Certain Contributions to Trump Accounts

Treasury and the IRS issued Revenue Procedure 2026-25 on May 5, 2026 providing safe harbor for taxpayers making contributions to Trump Accounts (IRAs for under-18s) so that those contributions are treated as completed gifts not of future interest, and qualify for the annual per-donee gift tax exclusion, thus avoiding gift tax return filing provided certain conditions (donees under age 18, only cash or cash-equivalents, contributions under annual limit, etc.) are met.

Editorial impact label: Medium

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May 5, 2026

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Proposed

Notice of Proposed Rulemaking: Electronic Furnishing of Payee Statements Regarding Digital Asset Sales by Brokers (REG-105064-25)

IRS and Treasury propose regulations under §6045 enabling brokers to furnish digital asset payee statements (Form 1099-DA) electronically under certain conditions without offering paper alternatives, and permitting email or website-based delivery with clear disclosures and consent protocols.

Editorial impact label: Medium

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May 5, 2026

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Treatment of Income from Indian Fishing Rights-Related Activity as Compensation

Final regulations that amend the definition of "compensation" under section 415 for qualified retirement plan contribution and benefit limits, providing that amounts paid to a member of an Indian Tribe for services in fishery activities related to fishing rights are treated as compensation for these limits.

Editorial impact label: Medium

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May 4, 2026

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Tax advisers to register with HMRC and meet minimum standards

Introduces a legal requirement that all tax advisers who interact with HMRC on behalf of clients must register with HMRC and meet minimum standards including AML supervision; implemented from May 2026 via legislation in Finance Bill 2025-26.

Editorial impact label: Medium

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May 1, 2026

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PMK Nomor 28 Tahun 2026: Tata Cara Pengembalian Pendahuluan Kelebihan Pembayaran Pajak

Indonesian Minister of Finance Regulation PMK-28/2026, effective **1 May 2026**, governs procedures for **advance refunds** of tax overpayments. It clarifies taxpayer eligibility, strengthens tax data bases, and adjusts the mechanism to be more accountable and timely in handling refund requests.

Editorial impact label: Medium

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May 1, 2026

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Proposed

Mandatory tax-adviser registration: Tax advisers to register with HMRC and meet minimum standards

From **May 2026**, all tax advisers who interact with HMRC on behalf of clients must **register** with HMRC and comply with minimum standards such as up-to-date tax affairs, identity verification, and possibly anti-money-laundering supervision. A digital, streamlined service is being built. Legislation will be brought in via Finance Bill 2025-26. There is a transition process and sanctions for non-compliance. Aiming to raise standards in the tax advice market. **Exchequer impact** is moderate.

Editorial impact label: High

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May 1, 2026

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