Bloomberg Tax

Leading source of tax & accounting news.

✉️ Newsletter: Podcast:

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IRS CEO Frank Bisignano could face questions from lawmakers on whether taxpayers who first got letters instead of automatic refund checks have been made whole during testimony in front of a House panel. https://t.co/wEGYFpRtPZ

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California’s excise tax on manufacturers and dealers of firearms and ammunition doesn’t meaningfully constrain the individual rights protected by the US Constitution’s Second Amendment, a state trial court ruled Tuesday. https://t.co/wi9IPV4sTY

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Opinion: Lucy Woodward of Saffery says addressing the UK-US LLC mismatch would be a meaningful improvement, but wider certainty over their prospective UK tax exposure is vital for high-net-worth individuals. https://t.co/OF1Pgn3ndD

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The US map of pass-through entity tax regimes has changed a lot over the last year, with two states launching programs for the first time and six others extending their statutory sunset dates. https://t.co/3w9UHo6aB5

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Opinion: Critics of the state and local tax deduction cap should accept its constitutionality but push for changes such as eliminating the cap's marriage penalty and smoothing its phaseout. https://t.co/GSOWPqhJts

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The US audit board, under new leadership, is moving to amend the 2024 overhaul of its quality control standard, targeting provisions that accounting firms have flagged as stumbling blocks to adopting the foundational rule changes by year’s end. https://t.co/hqQ5wWn3jE

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President Trump’s no-tax-on-tips policy risks being drowned out as Las Vegas faces a decline in tourism and broader economic anxieties. https://t.co/EKIHkgXdM6

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Opinion: Successful data center developers will be the ones who maximize the efficiencies of every state and federal tax program in such a capital-intensive market. https://t.co/xCcgtgP2US

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Liberty Global is asking for the entire Tenth Circuit to rehear its $110 million tax refund appeal, arguing that a panel decision against the telecommunications company will cause broad confusion for taxpayers. https://t.co/ZjLRryHjUZ

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Newark, N.J., isn’t entitled to a reduced property tax assessment on land it owns in a nearby town despite restrictions on the land’s future development, the state appeals court ruled. https://t.co/bh0NeM4ITP

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Cryptocurrency trade groups are asking Illinois Gov. J.B. Pritzker to pull a proposed transaction tax on digital asset trading from the upcoming state budget. https://t.co/iz1kIQ3jyC

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South Africa and Nigeria Drive AI-Enabled Transfer Pricing Audits https://t.co/LyrWCY5eyn

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The Ohio Supreme Court will hear arguments Tuesday over whether a test for determining the taxability of multi-part service transactions can be broadly applied—a question worth nearly $2 million to one Fiserv Inc. subsidiary. https://t.co/gDdBtm3YRS

[Bloomberg Tax @tax]

Liberty Global is asking for the entire Tenth Circuit to rehear its $110 million tax refund appeal, arguing that a panel decision against the telecommunications company will cause broad confusion for taxpayers. https://t.co/mPvnHizWEx

[Bloomberg Tax @tax]

Immigration and Customs Enforcement didn’t meet safeguard standards before it signed an agreement to get more IRS information on immigrants, a watchdog found. https://t.co/gdj08hu508

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Opinion: Madison Square Garden, the home of the New York Knicks, produced one of the most important decisions on New York City's commercial real estate tax that resonates today. https://t.co/NsRK9QNqfZ

[Bloomberg Tax @tax]

The US map of pass-through entity tax regimes has changed a lot over the last year, with two states launching programs for the first time and six others extending their statutory sunset dates. https://t.co/osFUabVUtr

[Bloomberg Tax @tax]

KPMG’s UK arm has told staff that they can no longer finish early on Fridays over the summer, in a reversal of a Covid-era policy, according to a spokesperson. https://t.co/1zIL6yPVph

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The IRS has the power to reclassify more than a dozen positions making them easier to fire after President Donald Trump signed a new executive order in his bid to shrink the federal government. https://t.co/t2400ZEdA8

[Bloomberg Tax @tax]

A House panel with jurisdiction over tax policy is readying legislation to address the taxation of cryptocurrencies for release as early as Friday, before a hearing early next week. https://t.co/aiNnedUCcm