Treasury Proposes Rules for New Clean Electricity Low-Income Communities Bonus Program
The Treasury Department and IRS have proposed requirements for facilities to participate in the Clean Electricity Low-Income Communities Bonus Credit …
IRS Provides Tax Relief to Victims of Tropical Storm Ernesto in US Virgin Islands
The IRS has provided tax relief for individuals and businesses affected by Tropical Storm Ernesto that began on August 13, …
Tax Orgs Push Back on Retroactivity in Abusive Partnership Transaction Guidance
Applying proposed rules addressing abusive basis-shifting practices in transactions between related parties of partnerships retroactively would create significant administrative burdens, …
Year Two IRS Funding Report Card Highlights Increased Compliance, Disrupting Scams, and Increased E-Filing/Scanning
The IRS released a report card highlighting significant improvements made in the second year of funding from the Inflation Reduction …
Relief Sought in Final Foreign Trust Information Reporting Regs
The IRS should include certain reporting exemptions and penalty abatement carve-outs in final regs covering information reporting of transactions with …
Trade Org Says Proposed Regs on Corp Stock Buyback Excise Tax Fails Loper Bright Standard
Following a landmark Supreme Court ruling that ended the four-decade era of the Chevron doctrine, a non-profit industry trade group reiterated previous …
Unpacking Social Security Benefits Taxes
Last month, former President Donald Trump proposed eliminating taxes on Social Security benefits — since then, a number of policy experts have …
Harris, GOP Taxwriters Exchange Blows on Child Tax Credit Policy
Recent timeline. The Tax Cuts and Jobs Act (P.L. 115-97, TCJA) of 2017 made several temporary changes to the CTC that …
IRS Withdraws, Reproposes Foreign Currency Gain, Loss Regs
The IRS has released new proposed regulations on making and revoking certain foreign currency gain or loss elections. These new …
Circuit Court Revives Crypto Reporting Legal Challenge
In partially reversing a lower court’s dismissal of multiple constitutional challenges to the amended Code section requiring the disclosure of …