Taxes
There is a bit of political theater that plays out in Washington every few years—lawmakers from high-tax states storm the stage to defend the state and local tax (SALT) deduction, as though it were etched in the Constitution. The arguments run the gamut: from its ability to protect middle-class families, to its support for essential services, and the prevention of the dreaded “double taxation.” What they won’t say, however, is that it overwhelmingly benefits wealthy households, distorts federal tax equity, and props up state tax regimes that should have to answer to their own voters. So here is the relevant…
The IRS will soon be led by “one of the premier auctioneers in the country” if President-elect Trump, describing his choice for commissioner in a post on Truth Social, gets his way. More importantly, former Republican Rep. Billy Long would be the first real politician to head the agency in more than 80 years. That would be a break from recent tradition. Since World War II, presidents have usually chosen tax experts to lead the IRS, tapping lawyers and a few accountants. More recently, some business leaders and experienced government administrators have gotten the job. But once upon a time,…
The European Union is undergoing a major shift in how it approaches tax compliance, with several member states introducing mandatory e-invoicing. While the shared goal is to reduce fraud, the approaches to implementation differ greatly, reflecting each country’s unique tax system, infrastructure, and policy priorities. This article explores the forthcoming e-invoicing mandates in Poland, Germany, Belgium, and France. It outlines the timelines, highlights the key aspects of each country’s approach, and provides practical insights to help businesses prepare for these changes. Poland Poland’s journey toward mandatory e-invoicing has encountered numerous delays, reflecting the complexity of implementing such a significant shift…
This is a published version of our weekly Forbes Tax Breaks newsletter. You can sign-up to get Tax Breaks in your inbox here. This week, social media was full of reactions to the fatal shooting of UnitedHealthcare CEO Brian Thompson on December 4, outside a Midtown Manhattan hotel. The shooting sparked boardroom conversations about whether companies need to ramp up protection for C-suite executives. Thompson had no personal security detail, and it appears the alleged shooter targeted him because of his position in the healthcare insurance industry. Fewer public companies than you might think—by one count, only about a quarter…
In today’s interconnected world, borders blur while regulations multiply. Families span continents, careers pivot across countries, and even currencies like Bitcoin redefine value. Meanwhile, the U.S. tax system casts an ever-wider net, taxing its citizens on worldwide income regardless of where they reside. Through measures like the Foreign Account Tax Compliance Act, the U.S. government has extended its reach, enforcing tax compliance not just domestically but internationally. For both tax professionals and global citizens, the challenge lies in navigating the interplay between U.S. and foreign laws. Whether it’s understanding estate laws, foreign financial products or the nuances of social security…
Will Congress Reform the Tax Code in 2025? Many experts believe Republicans in Congress may pass major tax legislation through the reconciliation process in 2025. This legislation could pass within the first one hundred days, later in the year, or not at all. Some speculate that there may be two reconciliation bills: one in the first thirty to one hundred days focusing on border security, defense, and energy, followed by a second bill addressing tax reform. However, the future remains uncertain. No one possesses a functioning crystal ball, and reconciliation is a complicated legislative process. Passing tax legislation through reconciliation…
Cryptocurrency has been positioned on the digital frontier for some time now, promising financial freedom and, for some, a siren’s call for slipping beneath the government’s radar. With perceived promises of anonymity and decentralization, Bitcoin has attracted investors, innovators, and evaders. Frank Richard Ahlgren III was one such enthusiast—an early adopter of Bitcoin who amassed millions in gains but neglected to pay over $1 million in capital gains tax. His belief that cryptocurrency’s opacity could shield him from the IRS proved to be his downfall. Ahlgren’s recent sentencing of 27-months in prison should stand as a stark reminder that the…
On Wednesday, outgoing Senate Majority Chuck Schumer announced his intention to bring the House-passed “Social Security Fairness Act” up for a vote before the end of the year. While the bill may sound good and have some admirable goals, passing it now as written would undermine the future of Social Security. It would be both political malpractice and bad governance for Democrats to rush this bill into law as their final act before handing control of the White House and U.S. Senate to the GOP in January. Social Security is currently built around two core principles. The first is that…
The fatal shooting of UnitedHealthcare CEO Brian Thompson on December 4, outside a Midtown Manhattan hotel, has sparked boardroom conversations about whether companies need to ramp up protection for C-suite executives. Thompson had no personal security detail and it appears the alleged shooter targeted him because of his position in the healthcare insurance industry. Fewer public companies than you might think—by one count, only about a quarter of them—provide personal security to any executives. Ramping up security costs money, and depending on the kind of security, who is being protected and whether there’s been a formal security study done, those…
In this episode of Tax Notes Talk, a Tax Notes investigation unveiled how money sheltered in offshore insurance investment vehicles has eluded IRS auditors hampered by poor training and silos within the agency. Three members of the Tax Notes investigations team explain their reporting process, from choosing the topic to final follow-ups. Tax Notes Talk is a podcast produced by Tax Notes. This transcript has been edited for clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: insurance investigators. The Tax Notes investigations team recently published a series…
Direct Relief, No. 5 on Forbes’ 2024 Top 100 Charities list, quickly delivers medical supplies. World Food Kitchen, No. 82, shows up with the food. By William P. Barrett, Senior Contributor In late September, as Hurricane Helene unleashed record floods on the Appalachian region of western North Carolina, killing more than 100 and causing an estimated $50 billion in damage, Americans turned to their phones and laptops for the latest updates—and to donate millions to numerous reputable charities, including a state-approved disaster fund run by United Way. On streaming platform Twitch, gamers began raising money for Direct Relief, which was…