Biden, McCarthy Forge Debt Deal in Bid to Avert US Default
White House and Republican negotiators reached a tentative deal late Saturday to raise the US debt ceiling and avert a default that threatened to send tremors through the global economy.
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Debt Deal’s IRS Funding Cut Proposal First Step Toward GOP Goal
An emerging debt-limit deal could be a small step toward Republicans achieving their goal of rolling back the IRS funding in the Inflation Reduction Act.
State Workarounds for the $10,000 SALT Cap Are Now the Norm
The week in state tax news: Iowa, Hawaii, Montana, and Nebraska have all acted on legislation creating “SALT cap workarounds” this month. Also, the Supreme Court offered some views on what should happen to surplus proceeds when a property is seized and sold to settle tax debts.
PRACTITIONER INSIGHTS
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Steven Wells
Dorsey & Whitney
David Wilkes
Herman Katz
Dean Baker
Center for Economic and Policy Research
Tax Developments
View MoreIRS PLR: Extension Granted to File Form 8996 for Election to Self-Certify as Qualified Opportunity Fund (IRC §1400Z)
The IRS has published a private letter ruling on Section 1400Z and Treasury Regulation Section 301.9100 regarding extensions of time to self-certify as a Qualified Opportunity Fund. [PLR 202321003]
IRS PLR: S Corporation Termination Inadvertent (IRC §1362)
The IRS has published a private letter ruling on Section 1362 regarding S corporation election, revocation, or termination. [PLR 202321002]
IRS PLR: Medical Innovation Set-Aside Approved (IRC §4942)
The IRS has published a private letter ruling on Section 4942 regarding taxes on failure to distribute income. [PLR 202321017]
PODCASTS
IRS Chief Talks Goals, Work with Congress, and More
Treasury's Adeyemo Talks Energy Credits Implementation
Black Tax Pro Highlights Benefits of Small Business
GOP Taxwriter Prioritizes Oversight This Congress
From the Analysts
View MoreMore SALT Workarounds Ahead as States Add Pass-Through Tax
Differences in the application of extensions, retroactivity, estimated payments, and credits remain the key elements that practitioners must navigate when dealing with the varying approaches to pass-through entity taxes.
BTAX OnPoint: Quick Guide to Preparing for ESG Reporting Rules
Despite a lack of mandatory reporting requirements in the US, more companies are choosing to adopt environmental, social, and governance (ESG) frameworks.
Estate of Block Ruling Shows Need for Care With Trust Planning
In Estate of Block v. Commissioner, the Tax Court scrutinized the purported charitable remainder annuity trust (CRAT) and denied the estate’s claimed charitable deduction for the remainder interest because the CRAT’s income interest provision did not comply with the law and the trustees failed to correct the error quickly enough.
Free Tax Filings Threaten $4 Billion TurboTax Business
Bloomberg Tax Journals
View MoreIntragroup Financial Guarantees Drive MNE Transfer Pricing Plans
Financial transactions are considered to be one of the most significant areas of transfer pricing controversy between taxpayers and tax authorities. On Feb. 11, 2020, the OECD released transfer pricing rules with respect to financial transactions that were then included in chapter X of the 2022 OECD Transfer Pricing Guidelines, and in 2021, the UN included Chapter 9.13 of the 2021 UN Practical Manual to provide guidance for taxpayers and tax authorities on how to analyze and price financial guarantees in transfer pricing.
New IFRS 17 Will Affect Many Companies With Insurance Contracts
IFRS 17, international reporting standards for insurance contracts, has implications not only for accounting and finance, but also taxes, policies, and processes, says Mhalou Abadiano of Stout’s Transaction Advisory group.
Tribunal Rules on the Tax Treatment of Share Class Redemptions
ATOZ Tax Advisers authors Oliver R. Hoor, Keith O’Donnell, and Samantha Schmitz analyze potential implications of Luxembourg’s January 2023 Administrative Tribunal’s ruling on the tax treatment of the redemption of a class of shares by a Luxembourg company.
Latest Stories
Biden, McCarthy Forge Debt Deal in Bid to Avert US Default
White House and Republican negotiators reached a tentative deal late Saturday to raise the US debt ceiling and avert a default that threatened to send tremors through the global economy.
McCarthy Says He Believes Congress Can Pass Debt Deal by June 5
House Speaker
Debt Talks Inch Forward as June 5 Becomes New Default Deadline
White House and Republican negotiators tentatively narrowed differences but were still clashing Friday on key issues as the Treasury Department signaled extra time was available before a potential US default.
Biden Aide Brainard Presses for Congress Action to Avoid Default
Treasury Department’s latest estimate that it will run out of funding by June 5 underscores “the urgent need for Congress to act swiftly to prevent default,”
Biden Says He’s Hopeful of Debt Deal ‘Evidence’ by Friday Night
President
Debt Deal’s IRS Funding Cut Proposal First Step Toward GOP Goal
An emerging debt-limit deal could be a small step toward Republicans achieving their goal of rolling back the IRS funding in the Inflation Reduction Act.
Unanimity Doesn’t Mean Supreme Court Actually Agrees (Podcast)
Although Supreme Court justices were unanimous in backing landowners in a Big EPA case, their reasoning in the latest check on administrative authority shows there is still deep division.
From Across Bloomberg Law
- Crypto News
- Daily Tax Report: International
- Daily Tax Report: State
- The Exchange: Tax Insights & Commentary
Luxury Concierge Service Was Illegal Private Bank, US Says (1)
A businessman who claimed to operate a high-end concierge service featuring custom credit cards crafted from solid gold was actually operating an illegal private bank that provided discreet financial services to high-net-worth customers, prosecutors said.
Bitcoin’s Wait-and-See Mode Puts Volatility at Lowest Since 2020
The typically hyper-volatile
Binance JV Gets Digital Asset Operator Licenses in Thailand
Gulf Binance, a joint venture between Binance and Gulf Innova, has received digital asset operator licenses from Thailand’s Ministry of Finance for a digital asset platform, according to a statement from Binance.
FINANCE BRIEFING: Debt Deal Takes Shape With Two Year Cap
Republican and White House negotiators are moving closer to an agreement to raise the debt limit and cap federal spending for two years, according to people familiar with the matter. The details agreed to are tentative and a final accord is still not in hand. Plus, the two sides have yet to agree on the amount of the cap.
Silvergate Void Sparks Rush for Crypto-Savvy Compliance Workers
European financial firms catering to crypto companies are competing for top compliance staff as they manage a wave of demand following the collapse of US heavyweights
Crypto Kiosks, Licensing Are Targets for California Lawmakers
The cryptocurrency sector could be the subject of new regulation in California, and industry lobbyists are pushing back to ensure their businesses can still operate under new proposed scrutiny.
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