Bloomberg Tax

28/07/2024

Podcast: Rep. Carol Miller is leading one of House Ways and Means Republicans’ tax teams, created to collect information and prepare for tax discussions in 2025, when much of the 2017 tax law expires.

Rep. Carol Miller (R-W.Va.) is leading one of House Ways and Means Republicans’ tax teams, created to collect information and prepare for tax discussions in 2025, when much of the 2017 tax law expires.

27/07/2024

Vacations to Hawaii, California, and Florida aren’t tax deductible as business-related “research trips” because they weren’t undertaken for profit, the US Tax Court said.

The OECD reported that countries are now nearing agreement on a multilateral treaty to implement its digital taxation plan.

26/07/2024

A wave of new IRS letters denying pandemic-era tax credit claims is beginning to reach businesses, forcing them to go through a lengthy appeals process or sue the agency.

24/07/2024

The IRS is confronting heightened calls from GOP lawmakers to bring more of its employees into the office.

23/07/2024

The role of the Joint Committee on Taxation—already crucial when Congress drafts tax legislation—could take on new significance after the fall of a legal doctrine empowering federal regulators, former staffers and members say.

22/07/2024

Calls are growing louder to regulate paid tax return preparers, but lingering concerns over giving authority to the IRS to do so and whether it could stifle the industry remain a roadblock.

19/07/2024

New reporting requirements for research and development tax credits proposed through an IRS form change still threaten to squeeze mid- to large-sized businesses, even after the agency tried to ease off in response to taxpayer feedback.

18/07/2024

The IRS is chipping away at formalizing rules that take aim at transactions it considers abusive during a vulnerable time for the agency’s regulatory authority.

17/07/2024

Fewer states will offer sales tax “holidays” this year, a sign of how some of them are grappling with tighter budgets as federal pandemic relief runs dry.

16/07/2024

A handful of states are showing interest in participating in the IRS’s free electronic filing tool—also called Direct File—for next tax season.

15/07/2024

While momentum is growing on both sides of the aisle for former President Donald Trump’s proposal to exempt tips from income taxes, some lawmakers are warning that deep faults in the idea could hurt workers in the long run.

12/07/2024

Both Deloitte and Ernst & Young’s Chinese affiliates failed to meet basic US audit standards in the second round of US regulatory inspections in the region since a landmark deal in 2022.

11/07/2024

The IRS has recovered more than $1 billion from millionaires who failed to pay their tax debts, doubling the total collected from its last update earlier this year.

10/07/2024

The top Republican tax writer in the Senate Wednesday pressed three US Tax Court candidates on how they’d handle challenges to regulations after the fall of the so-called Chevron doctrine.

09/07/2024

Revival trusts, which would allow people who get their bodies frozen after death to have their money when they’re resurrected someday, touch a fringe area of law and are built on a tower of assumptions.

Still, they’re being taken seriously enough to attract discussion among industry professionals and interest from true believers.

Revival trusts, which would allow people who get their bodies frozen after death to have their money when they’re resurrected someday, touch a fringe area of law and are built on a tower of assumptions. Still, they’re being taken seriously enough to attract discussion among industry professional...

09/07/2024

Democrats and Republicans from states like New York and New Jersey are plotting to come together on a strategy for next year to roll back the state-and-local tax deduction cap.

08/07/2024

Conservatives, fighting for tax cuts, are building a case for letting Obamacare’s premium tax credits expire next year, potentially leaving nearly 4 million people uninsured.

As the growing national debt plays a larger role in the 2025 tax fight, the credit’s price tag could become an attractive target for Republicans eager to cut spending.

05/07/2024

Though the IRS is boasting big improvements to its phone lines and customer service, some tax practitioners are still using a robocalling service to cut their wait times.

03/07/2024

Oregon public health and revenue agencies are creating a framework for the state’s first-in-the-nation program legalizing psilocybin-assisted therapy.

Ram Dass, the spiritual teacher and Harvard researcher on the therapeutic effects of psychedelic drugs, once observed that spiritual journeys are highly personal and “can’t be organized or regulated.”

02/07/2024

The IRS’s move to delay finalizing rules on decentralized cryptocurrency exchanges offers a welcome reprieve for crypto tax executives, who said the agency needs more time to craft guidance tailored to the complex features of the platforms.

01/07/2024

The IRS’s most controversial regulations are more vulnerable to litigation after the US Supreme Court overturned a legal doctrine empowering federal regulators, as companies and individuals seek a fair shake from the agency.

27/06/2024

PepsiCo’s victory on royalty taxes in an Australian appeals court stands to pose an obstacle for the nation’s tax authorities as they continue their crackdown on multinational companies.

PepsiCo Inc.’s victory on royalty taxes in an Australian appeals court stands to pose an obstacle for the nation’s tax authorities as they continue their crackdown on multinational companies.

26/06/2024

The languishing of a $78 billion tax package in the Senate is dampening hopes among affordable housing advocates that tens of thousands of new homes would be generated from the bill, making 2025 an even more crucial year to boost housing development.

25/06/2024

Businesses and nonprofits still waiting for their pandemic-era tax credit refunds are expected to turn to litigation at higher rates, given the IRS isn’t likely to lift a moratorium on processing new claims any time soon.

24/06/2024

Democrats’ tax-the-rich agenda, the cornerstone for their 2025 tax cliff plans, faces greater hurdles after last week’s Supreme Court ruling.

21/06/2024

The US Supreme Court ruling on a key foreign-income tax case allays the most dire fears that it could upset other parts of the tax code, but questions remain about what it may signal for a potential future wealth tax and other provisions.

The US Supreme Court ruling Thursday on a key foreign-income tax case allays the most dire fears that it could upset other parts of the tax code, but questions remain about what it may signal for a potential future wealth tax and other provisions.

20/06/2024

The US Supreme Court upheld a 2017 tax on American-owned businesses’ foreign profits, rejecting an appeal that could have saved companies hundreds of billions of dollars.

18/06/2024

Column: Andrew Leahey says that hiring more remote workers will help the IRS become more efficient and attract better employees.

Columnist Andrew Leahey says that hiring more remote workers will help the agency become more efficient and attract better employees.

14/06/2024

House appropriators advanced a spending measure that takes aim at the IRS, the District of Columbia’s policies on crime and guns, and the Biden administration’s plans to move the FBI headquarters.