06/17/2024
These articles always reference what the IRS is going to do to change the tax code. In fact the IRS does not control the tax code. That is 100% the purview of the Congress. The IRS just enforces the rules as the tax collection entity.
The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says. The guidance and ruling being announced Monday includes plans to essentially stop “partnership basis shifting" — a process by...