Taxes
Latest Taxes News
Treasury Issues FY 2025 Green Book: Proposes Changes For Late PFIC QEF Election
U.S. taxpayers with investments in passive foreign investment companies (“PFICs”) often face complex and punitive tax rules. Under the default…
On May The 4th, A Tax Dispute That Started An Intergalactic War
This is a published version of our weekly Forbes Tax Breaks newsletter. You can sign-up to get Tax Breaks in…
FTC Ban On Non-Compete Clauses Faces First Legal Challenge From Tax Services Firm
On April 23, 2024, the Federal Trade Commission (FTC) issued a final rule banning non-compete agreements. The final rule made…
Court Unanimously Overturns Farhy, Finding IRS Has Authority To Assess Penalties
The D.C. Circuit Court issued a ruling today that the IRS does have the authority to assess foreign information return…
New EV Tax Credit Rules To Challenge China’s Dominance
The Treasury Department released final rules refining the U.S. strategy on electric vehicles, extending the clean vehicle tax credit of…
Venice Tourist Tax — A Controversial Policy
As of April 25th, Venice has begun charging an entry fee — a so-called “tourist tax” — for day-trippers from…
Pennsylvania Man Sentenced To Prison For Role In Multi-Million Dollar Pandemic Fraud Scheme
A man from Harrisburg, Pennsylvania, was sentenced to more than four years in prison for his role in a multi-state,…
Tax And Legal Professionals Warm Up To AI, But Trust Is Still An Issue
You know a technical topic like generative artificial intelligence (GenAI) has officially crossed over into the mainstream when a dinner…
Filing Deadline For Most Tax-Exempt Organizations Is May 15
While tax season is over for many taxpayers (except those of us still on extension), tax-exempt organizations still have to…
IRS Is Notifying Taxpayers Who Were Victims Of Massive Data Breach
The IRS is notifying taxpayers who were impacted by the Littlejohn data breach. Former IRS contractor Charles Littlejohn illegally accessed…
