Biden Budget Proposal Includes ‘Billionaire Tax’
The White House on March 28 released its 2023 budget proposal, which includes a new tax on billionaires, targeting the …
IRS Chief Emphasizes Paper Backlog, Modernization Challenges in Progress Update
The IRS is feeling positive about its progress toward processing outstanding tax returns and modernizing agency systems, but sustained, multiyear …
TC: US Shareholder Must Use Same Method as CFC to Characterize Stock
The U.S. Tax Court has held that the American shareholder of a controlled foreign corporation (CFC) had to use the …
House bill aimed at NFL owner would end tax subsidy for sport stadium construction
Three House Democrats proposed legislation that would eliminate the tax-exempt status of bonds for new stadium construction in a rebuke …
House Moves to Pass Omnibus Spending Bill with IRS Funding
House leadership late on March 9 hoped to get final approval of a $1.5 trillion omnibus spending bill designed to …
Biden’s State of the Union Speech Skips BBB Mention
President Joe Biden’s State of the Union address was long on Ukraine, inflation, the economy, and recent White House accomplishments …
CPA groups push delay of new partnership foreign-income schedules
CPAs’ Letter: Concerns Regarding Schedules K-2 and K-3 Reporting (2/24/2022) The IRS should delay for a year its new requirement …
Senate’s Immediate Priorities Bypass Tax Legislation
Following the Senate’s action February 18 extending government funding until March 11, the House and Senate are gone from D.C. …
IRS Issues Details, FAQs on Filing Exception for Partnership Schedules K-2, K-3
The IRS on February 16 provided, in a News Release, additional details about its recent statement that certain partnerships and …
National Taxpayer Advocate Testifies on IRS Backlog at Congressional Hearing
To address its backlog of unprocessed previous-year tax returns and weak customer support, the IRS should offer higher pay to …