While one billionaire’s lawsuit seeking damages in the Charles Littlejohn tax leak matter was cut short, another rich victim is taking a different tack: suing Littlejohn’s employer. David MacNeil, the founder and owner of WeatherTech, has filed a lawsuit against Booz Allen, claiming that the company failed to safeguard its computer systems and protect Internal Revenue Service networks and databases, resulting in the exposure of the confidential tax return information of thousands of American taxpayers—including him. He is seeking damages, alleging that the leak has caused him, among other things, reputational harm. Booz Allen, a management and technology consulting firm…

In a recent TV appearance, Senate Minority Leader Chuck Schumer (D–NY) mocked taxpayers who complain about the level of government taxation. He implied that only a “small group of wealthy, greedy people” who, he says, control the GOP are critical about how much our leaders are taking out of people’s pockets. Polls show most Americans feel they’re overtaxed. Next year marks our nation’s 250th birthday. Out-of-touch Washington politicians like Senator Schumer resemble our former British overlords whose haughty attitudes on taxation and government oppression sparked a revolution. Follow me on Twitter. Send me a secure tip. Read the full article here

Recent academic research explores the unintended consequence of uncertainty regarding executive and legislative political actions on corporate outcomes. It specifically finds that tax policy uncertainty leading up to and during Donald Trump’s first presidential term negatively affected corporate investments. This study’s findings shed light on the potential adverse effects of the uncertainty of the current tax policy that companies are facing. As many provisions from the Tax Cuts and Jobs Act of 2017 are on the cusp of sunsetting and the new presidential and congressional terms are now in full force, a cloud of tax policy uncertainty presides over taxpayers.…

IRS numbers from the eighth week of the tax filing season—the week ending March 21, 2025—indicate that taxpayers are not excited about filing this tax season. Numbers for tax filing and processing of tax returns dipped again, a trend that hasn’t changed since the season opened on January 27, 2025. Filing and Processing Dips The most recent tax season filing data from IRS shows that the agency still hasn’t received as many tax returns this year as last year. The data shows that the IRS received 79,616,000 individual income tax returns as of March 21, 2025, compared to 80,470,000 as…

The US Department of State paused foreign aid in accordance with recent Executive Orders by the President. While Secretary of State, Marco Rubio, may finally determine that some of the grants and aid are aligned with the President’s Order and allow them to proceed, the need for aid is vital and critical in many areas globally. The changing landscape of America’s position on foreign aid illustrates a critical gap in charitable giving. Charitable planning often focuses on using tax-efficient vehicles, such as a private foundations, charitable remainder and annuity trusts, or donor advised funds, to fund existing, often well-established non-profits.…

With the storm of anti-diversity, equity, and inclusion (DEI) policies unleashed by President Trump, and the subsequent retreat by federal agencies, companies, and universities, you might think DEI is finished as policy. But many states and cities—including Washington D.C., Chicago, and New York–remain committed to racial equity in their budgets and policies. They continue working through technical and administrative challenges while anticipating major conflicts with the Trump Administration. What Is Racial Equity Budget Scoring? As the Urban Institute notes in a 2022 report, “for nearly 50 years, Congress has created and frequently amended scoring processes that provide…fuller information about the…

The UK tax regime applicable to non-domiciled individuals will be replaced with a residence-based regime from April 6, 2025 under The Finance Act 2025. The Act changes the rules significantly for non-domiciliary, most noticeably abolishing the remittance-basis of taxation and replacing it with a residence-based regime. Therefore, all UK residents residing in the country for more than 4 years will be subject to tax on their worldwide income and gains. The Act provides for a complete exemption for new qualifying residents of the UK pursuant to the 4-Year Foreign Income and Gains (FIG) Regime. However, the FIG benefit is only…

Before the introduction of Bitcoin, around 2008, Wells Fargo included the phrase “Banking is necessary. Banks are not” in its 2004 annual report. The adoption of digital assets by traditional banks has been slow, primarily because of regulatory obstacles and a lack of legislative guidance that would help ease fears and reduce risks. Both the regulatory landscape and the chance of meaningful legislation on digital assets appear to be on the horizon. Hopefully, this is the start of a new era for traditional banks and other financial services companies being able to participate in a more meaningful way in blockchain…

This is the second part of my two-part Q&A with a tax-law expert, professor, and former IRS lawyer. The first part is How The IRS Picks Tax Returns To Audit: A Tax-Law Expert Explains. “April is the cruelest month” wrote the poet T.S. Eliot—and for taxpayers in the US, that may often be true. The filing deadline for federal tax returns is coming up on April 15. While nobody really likes doing tax-return homework for the IRS, it’s safe to say that IRS audits and other forms of unwanted IRS attention are even more unpleasant, making diligence with your tax…

Retaining old technology can sometimes work out in astonishing ways. In 1943 the destroyer USS Laffey launched from Maine and began escorting convoys across the Atlantic the following year. After supporting the D-Day landing on Utah Beach and the bombardment at Normandy, the Laffey sailed around the world to the Pacific where it was in the battle of Ormoc Bay, the landing on Iwo Jima, and the invasion of Okinawa. Along the way it was hit by torpedoes, shells, and — off Okinawa — six kamikaze planes and four bombs. The Laffey got patched up and went on to be…