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@taxnotes.comMeta needs to explain its use of the federal research credit related to the construction and operation of data centers to ensure that the provision is being administered responsibly, a group of Senate Democrats said.
Read more: https://taxnotes.co/4ySDBch
@taxnotes.comPennsylvania Democrats are laying the groundwork to repeal the constitutional clause that prohibits a progressive income tax.
@taxnotes.comA greater investment in the IRS could have a substantial impact in trimming the national debt, according to a new paper published by two economists.
Read more: https://taxnotes.co/4s5bkfV
@taxnotes.comFederal appellate judges scrutinized the government’s position on appeal that a tax data sharing arrangement between agencies didn’t pose a substantial risk of harm to the plaintiffs and questioned the sufficiency of the data requests.
@taxnotes.comTreasury hopes to release proposed regulations on business interest deductions, research expenses, and a new depreciation allowance for production facilities before the end of the year.
@taxnotes.comThe IRS Criminal Investigation division spent $40 million assigning special agents to task forces on immigration and local law enforcement, shifting resources away from tax-related investigations, an agency watchdog found.
@taxnotes.comAll children eligible for a Trump account have been automatically enrolled in the program, resulting in tens of millions of new accounts, according to Treasury.
@laurenloricchio.bsky.socialReposted by @taxnotes.comIRS documents reveal that the agency has done little to crack down on private placement life insurance — a tax avoidance tool for wealthy investors — despite its concerns about the tax strategy.
Check out the #exclusive in @taxnotes.com (free link)
@taxnotes.comThe IRS had just two open cases related to PPLI — a type of life insurance that helps wealthy investors avoid income taxes — after it had received a funding boost from the Inflation Reduction Act, according to IRS documents obtained by Tax Notes.
Read more: https://taxnotes.co/4hAaRxv
@taxnotes.comPeymon Mottahedeh's “tax truth” organization is one of many groups taking advantage of the explosive growth of social media to promote misleading tax strategies.
While Mottahedeh has managed to avoid prison, some of his followers haven't been as lucky.
Read more: https://taxnotes.co/4rFB3LP
@taxnotes.comThe website of the Taxpayer Advocate Service has been suffering from technical issues for a week, sparking concerns that taxpayers and tax professionals don’t have proper access to necessary resources.
@taxnotes.comThe Tax Court should follow the Second Circuit’s Soroban opinion — and reject the Fifth Circuit’s revised opinion in Sirius — in a limited partner case brought by billionaire hedge fund manager Steve Cohen, the IRS asserted in a new filing.
@taxnotes.comThe idea of creating a universal federal savings account for children has been around for decades, but it was ultimately two Republicans who got it over the finish line.
Read how a hedge fund manager spun up Trump accounts in record time: https://taxnotes.co/4AuWvXG
@taxnotes.comA Texas investment management firm is contesting the IRS’s position that it improperly deferred gains from credit default swaps that hedged deferred performance fees during the global financial crisis.
@taxnotes.comThe IRS proposed a draft version of Form 1040 that includes a question asking taxpayers whether they were U.S. citizens at the time of filing.
Read more: https://taxnotes.co/47fGU0I
@taxnotes.comThe IRS was slow to raise awareness of its procedures for phasing out the use of paper checks last filing season, contributing to confusion for some taxpayers, according to an agency watchdog.
Read more: https://taxnotes.co/4yI42ka
@taxnotes.comIllinois's new social media platform fee and digital advertising tax violate the U.S. Constitution and federal law, according to suits filed by a nonprofit trade organization.
Read more: https://taxnotes.co/4hecPU8
@taxnotes.comMore than six months after the Affordable Care Act premium enhanced tax credits expired, congressional lawmakers are no closer to advancing legislative efforts to reintroduce the popular subsidies as the 2026 midterm elections near.
Read more: https://taxnotes.co/4gUOC6h
@taxnotes.comMembers of the District of Columbia City Council will be considering a tax on luxury secondary homes as a way to shore up long-term funding for the District.
Read more: https://taxnotes.co/4xTMdia
@taxnotes.comTax experts are worried that President Trump’s plan to disburse a $5,000 dividend to every adult citizen in the United States would raise the budget deficit by over $1 trillion.
Read more: https://taxnotes.co/46RPqCW
