The Treasury Department and the Internal Revenue Service issued a Notice of Proposed Rulemaking on Friday to implement Section 139E of the Tax Code, created by the Tribal General Welfare Exclusion Act of 2014, excluding from gross income the value of any Tribal general welfare benefit. The 2014 law allows
The Treasury Department and the Internal Revenue Service issued a Notice of Proposed Rulemaking on Friday to implement Section 139E of the Tax Code, created by the Tribal General Welfare Exclusion Act of 2014, excluding from gross income the value of any tribal general welfare benefit. The 2014 law allows
Noted; loan sharks; lowering the Boomer; and other highlights of recent tax cases. Orlando, Florida: Christopher Johnson and Jasen Harvey, who is from Tampa, Florida, have pleaded guilty to conspiring to defraud the U.S. with a tax fraud called the “Note Program.” Arthur Grimes, of Ocoee and Orlando, Florida, pleaded
In the first half year of Inflation Reduction Act-funded enforcement, the Internal Revenue Service has recovered over $1.3 billion, including $172 million from 21,000 wealthy taxpayers who hadn’t filed returns since 2017. In February, the IRS began pursuing 125,000 high-income taxpayers who have not filed taxes in seven years. The
In a landmark decision earlier this year, the Supreme Court addressed a crucial issue regarding the valuation of shares in closely held corporations for federal estate tax purposes. The case, Connelly v. United States (2024), clarified whether life insurance proceeds that are used to redeem a deceased shareholder’s stock should
On ice; the end of the beginning; Speed trap; and other highlights of recent tax cases. Miami: A federal court has issued a permanent injunction against tax preparer Richard Louis that bars him from preparing federal income tax returns, working for or having any ownership stake in a tax prep
The unchanged tax code; AI hype; M&A promise; and other highlights from our favorite tax bloggers. Grabbing attention The Tax Times (https://www.thetaxtimes.com): What the June SEC v. Jarkesy decision by SCOTUS could mean for fraud enforcement, IRS penalties and the review powers of the Tax Court. CLA (https://www.claconnect.com/en/resources?pageNum=0): A look
Enjoy complimentary access to top ideas and insights — selected by our editors. I received a complaint recently that my Memoirs of a CPA book is priced too high. The paperback edition is $24.95, the Kindle version is $5.99 and, if you have Kindle Unlimited, it’s free. Actually, I do
The U.S. has taken a first step toward a potential challenge of Canada’s digital services tax on large foreign technology companies under the North American trade deal. U.S. Trade Representative Katherine Tai has requested dispute settlement consultations with Canada under the United States-Mexico-Canada Agreement. If the countries can’t resolve the
Agility and planning are king in the world of taxes. As the tax regulatory landscape continues to evolve in the U.S. and the world, it is critical that tax teams are thinking ahead and checking the boxes for a successful tax year in 2025. Transfer pricing enforcement: The IRS brings