News
Trump Gets Revenge on Republican Who Voted to Convict Him (1)
17+ hour, 55+ min ago (227+ words) President Donald Trump and Health Secretary Robert F. Kennedy Jr. succeeded in their efforts to defeat Senator Bill Cassidy in Louisiana's Republican primary, a signal of the enduring strength of the president's hold on his party despite an unpopular war and…...
IRS Offers Conservation Easement Deal to Bring Down Big Backlog (1)
4+ day, 16+ hour ago (29+ words) The IRS is offering a new settlement to taxpayers who took illegitimate conservation easement deductions, a type of tax scheme the agency has battled for more than a decade....
OECD Announces Relief for Global Minimum Tax Return Filing (1)
2+ day, 17+ hour ago (30+ words) The OECD will release guidance on Monday providing relief for companies that are concerned about late-filing penalties because the countries are experiencing a lag in implementation and technical issues....
Louisiana Voters Reject Constitutional Change to Inventory Taxes
17+ hour, 44+ min ago (120+ words) news. bloombergtax. com Louisiana voters overwhelmingly rejected Gov. Jeff Landry's (R) plan to allow parishes more flexibility to adjust their local business inventory taxes'one of five ballot measures defeated Saturday during the state's primary election. More than 66% of Louisianans voted against…...
Appellate Court Urged to Vacate Fed Ex's $84 Million Tax Credit
2+ day, 8+ hour ago (64+ words) news. bloombergtax. com A federal district court's decision to allow Fed Ex an $84 million foreign tax credit tied to "offset earnings" paid on its foreign subsidiaries should be reversed because a disallowance rule applies, the US government told the Sixth…...
US Has No Timetable for New Plan on Digital Taxes, Treasury Says
2+ day, 9+ hour ago (125+ words) news. bloombergtax. com The OECD's global plan for digital taxation is "dead," and the US is in no hurry to determine what should replace it, a senior Treasury Department official said Friday. Assistant Treasury Secretary for Tax Policy Kenneth Kies,…...
Trump Shift on Nonbank Risks Hailed by Asset Managers, Insurers
2+ day, 10+ hour ago (111+ words) news. bloombergtax. com Asset managers, insurers, and other nonbank financial companies applauded the Trump administration for a proposal that would make it all but impossible for the Federal Reserve to bring them under its supervision. The Financial Stability Oversight Council'a…...
IRS Appeals Case With Implications for Pandemic-Era Tax Refunds
2+ day, 12+ hour ago (113+ words) news. bloombergtax. com The IRS and Justice Department are appealing a judgment to avoid potentially paying out billions of dollars in refunds to Americans who filed late or paid interest to the IRS during the Covid-19 pandemic. In a November…...
Women Plead Guilty, Sentenced in $600 Million Covid Tax Scheme
2+ day, 15+ hour ago (108+ words) news. bloombergtax. com A tax preparer pleaded guilty Thursday for her role in a $600 million fraudulent Covid-19 tax credit scheme, following the sentencing of one of the other people charged in the scheme last week. Janine Davis admitted guilt in…...
Trump Expands Nontraditional Health Plans on Insurance Exchanges
2+ day, 7+ hour ago (107+ words) news. bloombergtax. com The Trump administration finalized a rule Friday permitting low-premium, high-deductible plans on the Obamacare exchanges to last up to 10 years, in addition to certifying plans with no traditional doctor network. The novel concepts will likely raise legal…...