In a move the White House called “the largest single-day grant of clemency in modern history,” President Joe Biden has commuted the sentences of 1,499 people, including one woman convicted of embezzling more than $53 million in taxpayer money. The news that Rita Crundwell would finally be set free has been met with dismay in some circles, including in the town whose accounts she raided. Rita Crundwell Before she went to prison, Rita Crundwell, now 71-years old, had lived in or near Dixon, Illinois, for most of her life. Dixon, which is also the boyhood home of Ronald Reagan, is…

President Elect Donald Trump has had a series of victories recently, and one more as come his way in the settlement of his defamation suit against ABC News and George Stephanopoulos. ABC will pay $15M plus an extra $1M to Trump’s lawyer in the case, Alejandro Brito. A copy of the settlement agreement can be read here. Trump sued ABC News and Stephanopoulos after the latter claimed that Trump was “found liable for rape” by a Manhattan jury in the E. Jean Carroll case. In reality, while Ms. Carroll had accused Trump of rape, the jury did not make that…

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…