Tax News

Current Tax News

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The U.S. Justice Department filed an appeal Monday challenging the district court’s decision that the law, which requires businesses to report beneficial ownership information, is unconstitutional. [...]

The plaintiffs who won a summary judgment that bars enforcement of the Corporate Transparency Act against them said the Financial Crimes Enforcement Network should pause beneficial ownership information reporting requirements for all businesses. [...]

While acknowledging that the law is well intentioned, the opinion from a U.S. district court in Alabama said Congress lacked authority to enact the business ownership information reporting requirement. [...]

IRS Commissioner Danny Werfel said Thursday that the effort will begin with compliance letters going out to high-income taxpayers in 125,000 cases where third-party information indicated federal tax returns have not been filed since 2017. [...]

The Service said that U.S. withholding agents are administratively exempt from the requirement to e-file Forms 1042 during calendar year 2024, while foreign agents are exempt in calendar years 2024 and 2025. [...]

Designing tax policy in a way that sustainably finances government activities while minimizing distortions is important for supporting a productive economy. [...]

The “Bring Chicago Home” ballot measure would make Chicago’s tax structure substantially less neutral by raising taxes on some property transfers while decreasing taxes on others. [...]

Property taxes are a mainstay of local government finance, but soaring tax burdens have many homeowners clamoring for relief—and in some states, they’re propelling movements to dramatically reduce reliance on property taxes or to eliminate them altogether. A well-designed property tax is more neutral, transparent, and economically efficient than many other taxes. The property tax […] [...]

The global economy needs policymakers who are invested in seeing growth recover and avoiding unnecessary barriers to cross-border trade and investment. The challenges countries face will become even more difficult to solve in a stagnant global economy. [...]

Portugal’s turnover tax on real property transfers places a serious drag on economic growth by making it harder for people to relocate for better jobs and living conditions while constraining investment into the development of housing and buildings. [...]

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