The European Union is progressively moving towards the adoption of mandatory e-invoicing, but the implementation approaches vary widely among member states. Some countries have opted for centralized models, requiring businesses to process invoices through national platforms. Others depend on certified service providers to facilitate invoice exchange, while a few leave the method of invoice transmission entirely unregulated. Similarly, the pace of implementation differs: certain countries enforce the mandate in a single phase, whereas others take a gradual, step-by-step approach. My earlier articles examined the diverse strategies for implementing mandatory e-invoicing in Poland, Belgium, France and Germany. This article turns the…

This is a published version of our weekly Forbes Tax Breaks newsletter. You can sign-up to get Tax Breaks in your inbox here. The big news this week is that the IRS has announced that tax season will open on Monday, January 27, 2025. As a tax pro, this is kind of my run-up to the Super Bowl playoffs (perhaps it’s not a coincidence that they happen around the same time). I assumed that everyone got this excited until one of my editors asked me exactly what opening the season meant. That got me thinking that perhaps I should explain…

Albany’s grand idea: tackle the climate crisis by extracting cash from other parts of the globe. By William Baldwin, Senior Contributor State budgets are strained and tax hikes might make voters angry or businesses inclined to leave. Solution: Send the bills for climate control, such as flood control projects, out of state. In December New York Governor Kathy Hochul signed a bill imposing a collective $75 billion assessment on Big Oil, the money to be paid in mostly equal annual installments over 24 years. The money is to go into a “superfund” pot for environmental remediation. Contributions are to come…

The IRS has announced that tax season will open on Monday, January 27, 2025. According to IRS Commissioner Danny Werfel, the entire IRS has been working to get ready for this day. The date marks when IRS will begin accepting paper and electronic tax returns. The agency expects more than 140 million individual tax returns to be filed by Tax Day, April 15, 2025. More than half of all tax returns are expected to be filed this year with the help of a tax professional. Many software companies and tax preparers will accept tax returns before opening day. For clarity,…

The Federal Trade Commission (FTC) has finalized an order requiring tax return preparation company H&R Block to make changes for the 2025 tax filing season—and to pay $7 million to compensate consumers. The Charges The order came in response to a nearly year-long investigation. Last February, the FTC filed an administrative lawsuit against the tax prep company, alleging that H&R Block unfairly advertised its online tax filing products as free when many consumers could not file for free. Among the allegations were charges that H&R Block failed to explain what its various tax products covered, such as which forms and…

The considerations for your spousal inherited 401(k) are extensive and can be overwhelming, especially during a time of grieving. The inherited 401(k) rules vary significantly depending on whether you’re a spouse or a non-spouse beneficiary. In this multi-part series, I will address the peculiarities of each. This article focuses on the spousal inherited 401(k). Inheriting a 401(k) from a spouse can provide a crucial financial lifeline. However, navigating the rules and making the right decisions are vital to maximizing the benefits and minimizing taxes. The SECURE Act 2.0 introduced changes that make understanding your options as a surviving spouse more…

As it turns out, not everyone is a fan of pickleball. A conservative think tank is taking legal action to stop a town in Arizona from using taxes to fund local projects—including new pickleball courts. The Goldwater Institute has filed a lawsuit in Maricopa County Superior Court challenging the constitutionality of a recent tax rate boost in Gilbert, Arizona. The lawsuit asks the court to find the action unconstitutional under state law and enjoin the town from enforcing the tax. Gilbert, Arizona Gilbert, Arizona, is a fast-growing town in Maricopa County. Less than an hour’s drive from Phoenix, it’s the…

Published reports suggest President-elect Trump may support raising the state and local tax (SALT) deduction cap from $10,000 to $20,000 for married couples who file jointly, if Blue State Republicans agree to back a massive tax and spending bill later this year. A new Tax Policy Center analysis finds that raising the cap to $20,000 would increase the federal debt by about $225 billion from 2025-2034, assuming all expiring provisions of the 2017 Tax Cuts and Jobs Act (TCJA) are extended permanently. Nearly all the benefit would go to households making about $200,000 or more. TPC found that the change…

Washington is abuzz over whether Congress will address President-elect Trump’s ambitious policy agenda in one bill or two. But lawmakers must confront a more important question: How will Trump navigate between those Republicans whose top priority is cutting the size of the federal government and those who quietly worry about the political fallout from slashing popular programs? The dilemma: While Republican voters favor smaller government in concept, they often back specific programs. For example, a Pew Research survey finds 79 percent of Trump supporters want smaller government providing fewer services. But two-thirds of all voters and even 40 percent of…

The IRS routinely monitors abusive tax transactions. If a particular transaction becomes more prevalent, the agency identifies it as a “listed transaction,” requiring self-reporting by taxpayers (IRS Form 8886) and material advisors (IRS Form 8918). The agency can impose significant civil penalties and criminal sanctions for the failure to properly file either of these forms. However, the IRS has recently suffered numerous setbacks in attempting to impose listed-transaction penalties. Because many of the notices underlying the listed transactions were not subject to the notice-and-comment requirements under the Administrative Procedure Act (APA), several courts have agreed with taxpayer arguments that the…