President Donald Trump is pardoning reality television stars Julie and Todd Chrisley, who are currently serving federal prison sentences for conspiracy, bank fraud, wire fraud, and tax evasion. In a video that appeared today on X (formerly Twitter), Trump calls the Chrisleys’ daughter, Savannah Chrisley, who spoke at the Republican Convention last July and appeared on Lara Trump’s Fox News show early this month, to share the news. In the video, Trump says he hopes to push the paperwork through by tomorrow. Background The Chrisleys rose to fame as stars of the reality television show “Chrisley Knows Best.” The successful…

In this episode of Tax Notes Talk, Jenny Speck with Vinson & Elkins discusses the clean energy tax credits in the House’s One Big Beautiful Bill Act, including last-minute changes to the House Rules Committee’s version. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: canceling the renewables? Early on May 22, the House passed the One Big Beautiful Bill Act, its version of the budget reconciliation bill. Included in the bill are planned phaseouts and repeals of many of the clean energy credits from the Inflation Reduction Act.…

If your home or property is destroyed or damaged in a wildfire, you are likely to have surprisingly complex tax issues. If you recover money from insurance or a lawsuit – or if you claim a casualty loss on your taxes – you need to know some tax rules. Several key tax issues and benefits hinge on whether your fire was a “Federally declared disaster” for tax purposes. Casualty Loss Tax Deduction and More Claiming a casualty loss on your taxes after a disaster can help you keep funds you would otherwise have to pay to pay in taxes. Casualty…

The budget bill as passed by the House promises an overhaul of the clean energy tax credits introduced and expanded in the Inflation Reduction Act. The contours of the changes are subject to revision — and that process has already begun — as the bill heads into the next phases of its probable passage. But while the bill spells immediate difficulties for many of the credits, the longer-term implications might be even more challenging for the energy industry because the House bill could be a prelude to putting the clean energy credits on the “permanent extenders” treadmill. The Joint Committee…

I previously provided 13 clever quips about paying taxes, including some real zingers. As Congress is deep in its sausage making with the One Big Beautiful Bill Act, here are some more comments famous people have made that still seem timely many years after they said them: It is a paradoxical truth that tax rates are too high today and tax revenues are too low, and the soundest way to raise the revenues in the long run is to cut the tax rates.–John F. Kennedy Make sure you pay your taxes; otherwise you can get in a lot of trouble.–Richard…

Most people wait until late in the year to plan their charitable gifts with the goal of making the gifts by December 31. That traditional approach often leaves a lot of money and other benefits on the table. Often, gifts are made simply by writing a check or donating some assets. The first step to more effective charitable giving is to establish a charitable giving plan. Determine how much wealth you want to donate to charity over time, how much you want to make in lifetime gifts, and how much you want to leave in estate bequests. Also, determine the…

I have a confession to make: I’m tired. Sorting through the recently passed House tax bill–dubbed the Big, Beautiful Bill–has not been an easy task. That’s true even though I’ve been following along from afar–unlike members of Congress, I didn’t even have to make a personal appearance at the marathon House sessions (more on that in a moment) or the Senate’s confirmation hearings this past week. One of those confirmation hearings focused on the nomination of Billy Long, a former Republican congressman, to be IRS Commissioner (there has been a revolving door of heads of the agency since January). The…

Three Georgia residents have been sentenced for their involvement in a scheme to defraud the Georgia Department of Labor (GaDOL) out of tens of millions of dollars in benefits meant to assist unemployed individuals during the pandemic. Macovian Doston, 31, of Vienna, Georgia, has been sentenced to 15 years in prison, followed by three years of supervised release, and ordered to pay restitution. Shatara Hubbard, 36, of Warner Robins, Georgia, has been sentenced to 6 years in prison, followed by three years of supervised release, and ordered to pay restitution. Torella Wynn, 33, of Cordele, Georgia, has been sentenced to…

Imagine a reconstruction fund so tax-preferred it makes municipal bonds look like a comparative raw deal—that’s what the United States-Ukraine Reconstruction Investment Fund may have just created. The fund, formally established through an agreement between the U.S. and Ukraine in April, is structured as a limited partnership between two state-backed agencies: the U.S. International Development Finance Corporation (IDFC) and Ukraine’s Agency on Support Public-Private Partnership (PPP). The purported ambition is the reconstruction and rebuilding of Ukraine post-Russian invasion—with a strong preference towards a steady infusion of international capital. The fiscal kicker is that all income flowing into, within, and out…

The IRS wants you to “disclose” if you do not have at least ‘‘substantial authority’’ for your tax position. Disclosure is more than the usual listing of income or expense. It is simply an extra explanation. How much extra varies considerably, not only in legal requirements but also in practice. Sometimes, the IRS says disclosure is required. You might be claiming legal expenses for a fight with your siblings over an heirloom. Or you might be claiming that you had an ordinary loss rather than a capital one when stock became worthless. When To Disclose There are almost infinite circumstances…