Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Advanced Search Go
Free Newsletter Sign Up

Fortune Tellers Predict a Roller Coaster Year in State Taxes

The week in state tax news: One of the nation’s largest tax consulting services offered up a bold forecast for the coming year in state taxes. The forecast includes some safe bets, including a prediction that four states will cut rates. Among the riskier wagers is a prophecy that the Maryland Supreme Court will strike down the digital advertising tax. A proposed California wealth tax is in trouble, and New York’s governor backs keeping the expiring business income tax rate for a bit longer.

Reporting Requirement Set Aside in Land Donation Dispute

An IRS reporting requirement aimed toward combating abuse of land donation deductions must set aside because the agency didn’t follow the proper rulemaking procedures when issuing the notice, an Alabama district court said.

Governors Focus on Families as Budget Rollouts Continue

Looking ahead to state budget tax proposals: With the new year, governors have started laying out their formal budget and policy agendas for upcoming legislative sessions through inaugural addresses, state of the state speeches, and other kickoff events. Notably, Florida’s governor listed a bevy of fresh tax exemptions and holidays, Maryland’s new chief executive aimed to end child poverty, and in Mississippi the governor proposed permanently eliminating the income tax.

Tax Your Crypto and NFTs? Yes, the IRS Wants Its Cut

Cryptocurrency and NFTs continue to rise in popularity in the U.S., but many people are still confused about how they are taxed. In this video, a partner at Steptoe & Johnson who specializes in tax policy and cryptocurrency, lays out how different crypto transactions are taxed.

Up Next

Will the Global Minimum Tax End the Race to the Bottom?

How 'Unfair' Property Taxes Crush New Yorkers


A Fully Digital IRS, as Envisioned by Taxpayer Advocate

Crypto Brokers Still In the Dark on Reporting Rules