Weekly newsletter of Prof. William Byrnes & Robert Bloink of Texas A&M Law’s wealth management program: full articles available on ThinkAdvisor TaxFacts (https://www.thinkadvisor.com/tax-facts/)

1. IRS Fixes 1035 Life Insurance Exchange Trap: IRC Section 1035 allows taxpayers to trade life insurance contracts and annuities for new contracts without creating an immediate taxable event. We discuss the new IRS regulations that provide clarity with respect to exchanges of life insurance contracts that qualify for nonrecognition treatment.

2. IRS Announces 2027 Contribution Threshold for Premium Tax Credit Eligibility Purposes.

3. Trump Accounts Shine Spotlight on Kiddie Tax Rules. Now that Trump accounts have officially gone live, it’s important to understand the potential application of the so-called kiddie-tax when the beneficiary becomes entitled to withdraw Trump account funds or execute taxable Roth conversions.

4. Byrnes & Bloink Debate: Should Congress deny tax benefits for retirement savings above $10 million?

5. DOL Clarifies How Mid-Day Commuting is Treated for FLSA Purposes.

Tax Facts Intelligence sample of articles from July newsletters

1. IRS Raises Standard Mileage Rates for Remainder of 2026!

2. IRS Confirms QCD Code Y Optional in 2026. Code Y was introduced in 2025 to give taxpayers a method for reporting Qualified Charitable Distributions (QCDs) to the IRS and, thus, avoiding taxable distribution treatment upon failure to report QCDs.

3. SECURE Act 3.0: What Might Be Included? We report what Congress is bipartisan negotiating.

4. NLRB Stance on Non-Competes Flips Again. Most recently, the National Labor Relations Board (NLRB) Division of Advice issued a memorandum expressing the current General Counsel’s view on the use of post-employment non-compete agreements, flipping the script in favor of employers.

5. Debate: Should Congress be barred from trading in individual stocks? Or is disclosure enough?

1. Illinois Enacts First State-Level Digital Asset Tax. Illinois has created the nation’s first explicit tax on digital assets. Read the full newsletter and articles on https://www.thinkadvisor.com/tax-facts
2. Understanding the Interaction Between Unpaid FMLA Leave and Paid Time Off. Many employers wonder whether they may require employees to use any accrued paid time off (PTO) before accessing FMLA leave.
3. IRS Announces Gift Tax Safe Harbor for Trump Account Contributions. Trump account contributions do not qualify for the annual gift tax exclusion (currently, $19,000).
4. Underappreciated Solo 401(k)s: A Game-Changer for the Self-Employed. There’s no question that the labor market has shifted in massive ways in the wake of the COVID-19 pandemic. By this point, many pre-pandemic common-law employees have no plans to return to more traditional employment settings, as they’ve found success in careers that operate entirely under their own control. Many self-employed and contract workers are at the point where they’re beginning to amass significant wealth and increasingly looking for ways to shelter larger portions of their income from taxation. Many of these so-called “gig” economy entrepreneurs have historically taken a DIY approach to their retirement income planning. In today’s market, fueled in part by President Trump’s executive orders that allow traditional retirement plans to invest in alternative assets, there is significant opportunity for advisors to introduce these entrepreneurs to the benefits of the solo 401(k).
5. Debate: Whether the current retirement plan startup tax credit is meaningful enough to encourage small business owners to adopt plans? William Byrnes argues yes, and Robert Bloink counters no. 

1. Self-Certification for SECURE Act 2.0 Hardship Withdrawal Expansions. The SECURE Act 2.0 significantly expanded the options for taking penalty-free withdrawals from tax-preferred retirement accounts. Read the newsletter here.

2. Federal Court Finds RSUs Exempt from “Regular Rate” for FLSA Overtime Purposes. A federal court in California ruled that Apple was correct in excluding restricted stock units (RSUs) when calculating overtime under the Fair Labor Standards Act (FLSA).

3. Tax Court Holds Staking Rewards Includable in Gross Income on Receipt. In the first opinion addressing the issue, the U.S. Tax Court held that cryptocurrency staking rewards must be included in gross income upon receipt.

4. Trump Accounts – A New Employee Benefit? As of July 4, 2026, Trump accounts are officially live. Parents, grandparents, and even employers can fund these kiddie IRAs. As the rules evolve, employers and advisors should pay close attention to opportunities to provide a valuable, potentially income-tax-deferred, employment benefit to help business clients attract and retain top talent as flexible and diverse benefit programs become more in demand. Full article is here.

5. Debate about HSAs Healthcare Affordability? William Byrnes and Robert Bloink debate opposing political viewpoints about whether HSAs are the answer for making healthcare more affordable overall. The full debate is here.