Monthly US Tax Bulletin - June 2026

Key highlights:

Federal taxes

• The IRS has introduced a new Foreign Filer Transmitter Control Code (TCC) system, allowing non-US entities without US TINs to obtain access and electronically file information returns via the Information Returns Intake System (IRIS), easing compliance and reducing reliance on intermediaries.
• The proposed American White Collar Worker Jobs Act of 2026 seeks to overhaul the H‑1B programme by replacing the lottery-based system with a wage‑based system, tightening requirements to prioritise US workers.
• The IRS finalised TD 10048 to simplify Form 8308 reporting by requiring partnerships to share only key transaction details with partners, while submitting full information with their tax return.
• The IRS has introduced a time‑limited settlement programme allowing taxpayers to resolve conservation easement disputes by accepting reduced deductions and lower penalties, avoiding prolonged litigation.
• The IRS highlighted new tools, guidance, and best practices during the National Small Business Week 2026 to help small businesses stay compliant, plan effectively, and strengthen financial resilience.

State taxes

• New Jersey is renaming Global Intangible Low-Taxed Income (GILTI) as Net Controlled Foreign Corporation Income (NCTI) and Foreign-Derived Intangible Income (FDII) as Foreign-Derived Deduction-Eligible Income (FDDEI), without changing the existing tax treatment or reporting rules, effective from 1 July 2026.
• Utah expanded sales tax to include a wide range of digital goods and Software as a Service (SaaS) from 1 July 2026, broadening the tax base for digital transactions.
• Illinois has introduced the Remote Retailer Tax Amnesty programme, allowing eligible sellers to resolve unpaid sales tax liabilities for the period 2021 through mid‑2026, with a full waiver of penalties and interest subject to compliance.
• Kentucky’s H.B. 757 simplifies economic nexus by eliminating the 200‑transaction threshold and retaining only the USD 100,000 sales threshold from 1 August 2026.
• Indiana’s 2026 Tax Amnesty programme allows taxpayers to settle pre‑2024 liabilities with a full waiver of penalties and interest if resolved within the July-September 2026 window.

Monthly US Tax Bulletin - June 2026

The June 2026 edition of the Grant Thornton Bharat Monthly US Tax Bulletin provides a concise summary of recent key developments in federal and state taxes in the US.

Download

Learn more about how our US Tax services can help you

Visit the page