Tax News

Current Tax News

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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. [...]

The rules in the Small Entity Compliance Guide apply to access for some financial institutions and cover security and confidentiality, authorized use, administration of requests, and violations. [...]

Under the Sec. 6417 direct-pay election, tax-exempt organizations, including not-for-profits and governmental agencies, can claim certain energy credits on their federal income tax returns, but to claim them for 2023, the direct-pay election must be made on a timely filed 2023 federal income tax return. [...]

IRS Commissioner Danny Werfel said Wednesday that the audits will focus on business vs. personal use of aircraft by large corporations, large partnerships, and high-income taxpayers. [...]

Expanding Virginia's sales tax base to include B2B digital transactions could lead to tax pyramiding, hide the true cost of government, and make the sales tax system much less neutral and transparent. [...]

Creative options including changes in Social Security benefits growth for higher earners and reforms to how Medicare compensates for health services should be on the table, along with broad-based and well-structured tax reforms. [...]

As the world of tax policy becomes more interconnected, the Tax Foundation is stepping up, recognizing the pressing need for informed and principled tax policy education in an ever-evolving landscape. [...]

Pillar Two, the international global minimum tax agreement, has a considerable chance of failing and may ultimately allow the same problems it was designed to address. [...]

Only three European countries levy a net wealth tax—Norway, Spain, and Switzerland. France and Italy levy wealth taxes on selected assets. [...]

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