The IRS provided a revenue procedure establishing the IRA Compliance Resolution System (ICRS), effective May 1, 2027, to allow IRA owners and custodians to correct specified inadvertent failures while ...
The IRS Chief Counsel concluded that a taxpayer could not use the acquisition price method to value a platform contribution to a cost-sharing arrangement because the acquisition price did not ...
A celebrity doctor and ally of US Health Secretary Robert F. Kennedy Jr. is contesting more than $1.1 million dollars in civil tax fraud penalties and unpaid taxes, according to a petition he filed in ...
The U.S. District Court for the District of Columbia held that taxpayers’ racketeering claims against federal tax oversight employees did not present a substantial federal question because they were ...
U.S. District Court Holds Third-Party Debt Payment Excludable From Income Under Bankruptcy Exception
The U.S. District Court for the Northern District of California held that a third party’s settlement payment satisfying a taxpayer’s debt was excludable from gross income because the discharge ...
Democrats Sure to Pounce on 2% Tax Rate. Financial disclosures from Meta Platforms Inc. reporting a 2% effective tax rate for the first nine months of the year are sure to frustra ...
The IRS updated the Employee Plans Compliance Resolution System (EPCRS), superseding Rev. Proc. 2021-30, to provide ...
South Carolina appellate rulings upholding tax assessments against Mastercard International Inc. and US Bank NA highlight a nationwide shift toward states focusing on where a company’s market is, even ...
The IRS is beefing up its civil and crime unit workforce again after steep losses from Elon Musk’s purge of the federal government.
The Chilean Official Gazette Oct. 17 published Law No. 21,850, introducing tax reforms and investment incentives. The law includes measures: 1) applying a 5 percent tax rate to qualifying low-cost ...
The IRS issued a news release announcing updated procedures for correcting retirement plan failures and a new correction program for Individual Retirement Accounts. Rev. Proc. 2026-34 expands and ...
The Texas Comptroller of Public Accounts issued a private letter ruling on the taxability of ersatz cigarettes, referred to as “ercigs.” The taxpayer manufactures ercigs that are marketed as a ...
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