Individuals Barred from Promoting CRAT Tax Shelter Scheme
A federal district court in Missouri has barred several individuals and Hoffman Associates, LLC, from promoting, selling, or marketing a …
An Estate & Trust Professional’s Four Takeaways From Tax Season 2023
T.J. Wertman Another tax season has come and gone. As we shift our focus to extended and fiscal year returns, …
Proposed 4 Percent Tax on Stock Buybacks Faces Hurdles
As the federal government continues to grapple with its budget deficit, lawmakers are proposing a new tax on stock buybacks …
Debt Ceiling Deal Would Slash Deficits by $1.5T, CBO Says
In scoring the Fiscal Responsibility Act of 2023 (HR 3746), the Congressional Budget Office estimated that the pending debt ceiling …
House GOP Conservatives Pan Debt Limit Bill, Threaten to Oust McCarthy
More than a dozen House Republicans say they won’t vote for the latest debt limit bill forged over the weekend …
Extending Trump-Era Tax Cuts Would Worsen Income Inequality, Analyst Says
Costly provisions of the Tax Cuts and Jobs Act of 2017 (PL 115-97) set to expire in 2025 should not …
IRS Provides Guidance on Employee Plans Compliance Resolution System
The IRS has issued a notice providing guidance on the expansion of the Employee Plans Compliance Resolution System (EPCRS). (Notice …
House Bill Seeks to Streamline Tax Extension Requests
Bipartisan proposed legislation would prevent taxpayers from incurring penalties for failing to accurately calculate estimated payments for current-year tax liability …
Tax Court: IRS’ Delinquent Tax Debt Designation to State Not Erroneous
The Tax Court has held that a taxpayer’s tax liabilities constituted a “seriously delinquent tax debt” under Code Sec. 7345, and …
U.S. Chamber Joins Calls for Restoring Depreciation, Amortization Addback
The U.S. Chamber of Commerce has joined trade organizations and companies in supporting proposed legislation that would revert a limitation …