New York authorities investigating whether President Donald Trump’s company inflated the value of its assets for loans and tax breaks are seeking more records of the company’s communication with an engineer who helped appraise its property. New York Attorney General Letitia James on Thursday asked a state-court judge in Manhattan to reconsider October rulings that
The general disruption in life caused by COVID-19 has accelerated the pace of the mobilization of the workforce, creating tax policy considerations that have been slowly surfacing over the past decade. “The fact that states, employers and workers were all suddenly forced into remote work settings has provided an unexpected opportunity for a discussion about
The Internal Revenue Service and the Treasury Department issued final regulations related to Section 1031 like-kind exchanges. The new regs address the definition of real property, as well as the receipt of personal property that is incidental to real property received in a like-kind exchange. “Real property” now includes land and, generally speaking, anything permanently
France is hoping for a quick end to the simmering transatlantic trade battle over its tax on technology giants such as Facebook Inc. as soon as President-elect Joe Biden takes office. French Finance Minister Bruno Le Maire will speak with members of Biden’s team on Monday with the aim to end the bilateral conflict by
President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary, people familiar with the matter said, choosing the first woman and a seasoned central banker for the nation’s top economic policy job as the coronavirus pandemic threatens another U.S. downturn. In Yellen, Biden is likely to find
The top Republican and Democrat on the Senate Finance Committee said the Treasury Department “missed the mark” in new guidance that limits tax breaks for businesses that get their Paycheck Protection Program loans forgiven. In a joint statement Thursday, Senate Finance Chairman Chuck Grassley and Democrat Ron Wyden said the Treasury is depriving some small
The IRS Advisory Council, a federal advisory committee that provides a public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public, sees a danger in chronic underfunding of the agency. IRSAC made the point in its annual report, which also highlighted the importance of the Taxpayer First Act
Taxpayers around the world lose at least $427 billion each year to individual tax evasion and multinational corporate profit-shifting, which undercuts public funding for a COVID-19 response, according to a new report. The report, released Friday by the advocacy group Tax Justice Network, in collaboration with Public Services International, the Global Alliance for Tax Justice
The Internal Revenue Service and the Treasury Department have issued guidance to clear up the tax treatment of expenses when a loan from the Small Business Administration’s Paycheck Protection Program hasn’t been forgiven by the end of the year, while groups including the American Institute of CPAs are complaining about a new, lengthy questionnaire from
The Internal Revenue Service reminded taxpayers Thursday that they only have until Nov. 21 at 3 p.m. Eastern Time to register for an Economic Impact Payment of $1,200 or more. The payments were included as part of the CARES Act that Congress passed in March to provide relief amid the COVID-19 pandemic. They provide $1,200
Billionaire Chris Rokos, who runs the hedge fund that bears his name, sued Deloitte and a U.S. law firm after 39.4 million pounds ($52 million) in tax relief was thrown out by U.K. authorities. Rokos sued his advisers over a decade-old investment in a commercial development that was supposed to yield a significant tax break.
Employees working from home during the coronavirus pandemic claimed some outlandish expenses this year, including pricey exercise bikes, facelifts and private jets. Emburse, an expense management software company, released a compilation Wednesday of some of the craziest expenses it has seen claimed this year, some of which were actually approved. That included $1,895, which was
When President-elect Joe Biden takes office in January, he’ll face a quandary: how to reform the tax system to raise much-needed government revenue. One promising option: Give the Internal Revenue Service the resources needed to ensure the wealthiest are paying the taxes they already owe. As it turns out, Donald Trump isn’t the only affluent
Even before the pandemic hit, states were looking for ways to increase their revenue. Of course, as a result of the pandemic and the accompanying shut downs it engendered, many states are facing unprecedented shortfalls in revenue. States have sought to remedy this by raising taxes, broadening their tax base, and going after remote sellers
The Internal Revenue Service’s Criminal Investigation unit has been initiating fewer investigations of abusive tax return preparers this past year, while also recommending fewer prosecutions, and seeing fewer indictments and prison sentences this year, according to a new report. However, the IRS CI division managed to identify $2.3 billion in other types of tax fraud
Let’s say you are a business owner, CPA or EA. Your business has been prospering for many years. You’re sitting back in your chair, wrapping up your day’s work, and sending off one last email. You grin with satisfaction, knowing that soon you will be able to leave your office and spend some quality time
What a POS; bad bet; too sick to go to prison; and other highlights of recent tax cases. Moss Point, Mississippi: Preparer Talvesha Glaude has been sentenced to 22 months in prison for preparing false returns. She owned and operated a tax prep business under multiple names, including TMG Tax Service and Regional Tax Service.
The Internal Revenue Service said Friday it intends to start “masking” sensitive information on business tax transcripts, beginning Dec. 13, to safeguard taxpayers against the threat of identity theft. Friday’s announcement gives taxpayers and tax professionals 30 days to make any necessary adjustments. The IRS began telling tax professionals about the upcoming change during its
The tables used to compute required minimum distributions from retirement plans have been updated for 2022. The new tables take effect as the Internal Revenue Service have issued revised regulations under IRC Sec. 401(a)(9) and can be used for calculations for distribution calendar years beginning Jan. 1, 2022. They also generally reflect longer life expectancies.
New York’s attorney general continues to gather information about President Donald Trump’s business, obtaining financial records this month from the family of the Trump Organization’s CFO that could provide further insights into the company’s operations and tax strategies. The office of Attorney General Letitia James is reviewing tax records associated with a son and ex-daughter-in-law