Appeals court upholds disallowance of $23 million conservation easement deduction
The 11th Circuit U.S. Court of Appeals has affirmed that a taxpayer grossly overvalued a conservation easement on a tract …
August 2026 Applicable Federal Rates released
The IRS has released the Applicable Federal Rates (AFRs) for August 2026, providing various prescribed interest rates for federal income …
Amicus briefs urge 5th Circuit to resurrect suit challenging Johnson Amendment
Multiple groups have filed friend-of-the-court briefs with the 5th U.S. Circuit Court of Appeals, arguing that a district court wrongly …
CBO estimates FY 2026 budget deficit hits $1.4 trillion
The Congressional Budget Office (CBO), in its latest budget review, now estimates the fiscal year 2026 federal budget deficit reached …
Bill would provide new tax incentives for affordable housing preservation
In the wake of a bipartisan housing package passing, Representative Mike Carey (R-OH) has introduced legislation to create new tax …
5th Circuit upholds tax preparer’s 188-month sentence for fraud scheme
A federal appeals court upheld the conviction and 188-month prison sentence of a tax preparer convicted on 33 counts of …
Expert warns of gift tax ‘cliff’ for Trump account donors
An expert welcomed the IRS’ recently announced gift tax reporting safe harbor for Trump account contributions — but he cautioned …
IRS unveils new automatic penalty relief process
The IRS announced that this summer, it will transition to a new “systemic relief program” dubbed Automatic Exemption from Penalty (AEP). The …
Lawmakers caution Trump-IRS settlement could provide multiple companies with ‘get-out-of-jail-free cards’
A trio of Democrats has asked 11 company and organization leaders whether they believe that, due to ties to President …
11th Circuit weighs Coca-Cola, IRS clash over transfer pricing methodology change-up
On June 25, the 11th U.S. Circuit Court of Appeals considered Coca-Cola Company’s challenge to the IRS’ change to a …