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California lawmakers appear willing to put aside skepticism about economic benefits of the state’s film and television tax credits and to expand the program, mainly to stanch the flow of productions to places with more generous tax breaks. More than 130 Democrats are condemning the Trump administration’s firing of thou
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News
IRS Issues Notice on Some Research Accounting Method Changes
1+ week, 2+ day ago (110+ words) news.bloombergtax.com The IRS Friday announced modified accounting method change procedures for research and experimental expenditures. IRS said in Revenue Procedure 2026-32 that the changes were made under Sections 174 and 174A, as well as for certain construction contracts under Section 460, following…...
IRS Drops Crypto Scam Victims’ Tax Bill on Theft Loss Deduction
1+ week, 2+ day ago (143+ words) The IRS reached an agreement with a New York couple that they no longer owed taxes or penalties, after previously disallowing their $965,000 theft loss deduction related to a cryptocurrency investment scam, according to a US Tax Court decision Friday. Brian…...
IRS Organizational Silos Are Undermining Its Own Modernization
1+ week, 4+ day ago (336+ words) Yet last month, I was speaking with an IRS representative who mentioned, almost casually, that all Service Center personnel have access to an online document upload tool. This tool processes submissions instantaneously, saving significant time for both the Service Center…...
Tech Entrepreneur Fails to Revive Deal on $140 Million Tax Debt
1+ week, 4+ day ago (110+ words) news.bloombergtax.com The IRS and the US Tax Court properly rejected a tech entrepreneur’s $1.5 million offer in compromise to settle $140 million in outstanding tax liability from 1999, a federal appeals court ruled Wednesday. Andrew “Flip” Filipowski asked the US Court…...
IRS Softens on Businesses in Wake of Agency Worker Exodus
1+ week, 5+ day ago (497+ words) At President Donald Trump’s IRS, businesses in the last year are paying tens of billions of dollars less in taxes, while Americans are shelling out hundreds of billion dollars more. Businesses — both large corporate taxpayers and partnerships — have historically been…...
Business Group Urges Tax Court to Stop Covid-19 Interest Accrual
1+ week, 5+ day ago (63+ words) news.bloombergtax.com Interest that accrued on unpaid taxes during the Covid-19 pandemic should be wiped out because of the text, structure, and history of a disaster relief statute, according to a brief filed in US Tax Court by the…...
IRS Watchdog Announces National Fraud Detection Center Collab
2+ week, 4+ day ago (158+ words) news.bloombergtax.com The IRS’s watchdog is partnering with the Department of Justice to launch the National Fraud Detection Center, the office said. The Treasury Inspector General for Tax Administration said in a press release Wednesday the move is meant…...
IRS Focuses Enforcement on Nonprofits, Easing Compliance Burdens
2+ week, 5+ day ago (108+ words) news.bloombergtax.com Almost a year into his tenure leading IRS enforcement, Jarod Koopman is using his shrunken workforce to shepherd new civil strategies and refocus the criminal branch. The IRS compliance strategy hadn’t been updated since 2017 and didn’t have…...
IRS to Reduce Penalties in Criminal Voluntary Disclosure Program
2+ week, 5+ day ago (89+ words) news.bloombergtax.com The IRS’s new criminal voluntary disclosure program will have reduced penalties and timeline, and is set to launch in the next two months, an agency official said Tuesday. The criminal voluntary disclosure program allows taxpayers to reveal…...
IRS Can Continue Enforcing Maximum Paycheck Withholding Rule
2+ week, 6+ day ago (113+ words) news.bloombergtax.com Two taxpayers failed to convince a Texas federal judge they stand to suffer irreparable injury if the IRS isn’t blocked from enforcing its maximum paycheck withholding rule. Matthew Lobdell and Shawn Gibson sought to enjoin enforcement of…...