Analysis

The Tax Angle: Taxpayer Advocate Update, Tax Prom 2025

By Stephen K. Cooper

From a look at changes underway at the Taxpayer Advocate Service to remarks by Senate Finance Committee Chairman Mike Crapo at the Tax Prom, the Tax Foundation's annual black tie event, here's a peek into a reporter's notebook on a few developing tax stories.

Read full article » | Save to favorites »

Texas Court Asks How Far IRS Deal With Churches Would Go

By Spencer Brewer

A Texas federal judge on Tuesday prodded multiple churches and Christian advocacy groups that are trying to use a proposed deal with the IRS to endorse political candidates, questioning whether churches that are not part of the deal would assert similar rights.

Read full article » | Save to favorites »

IRS To Propose Regs On Repeal Of CFC Tax Year Deferral

By Kevin Pinner

The IRS intends to issue proposed regulations that address the repeal of a provision that allowed a controlled foreign corporation to begin its tax year one month earlier than its majority shareholder in the U.S., the agency said Tuesday.

1 document attached | Read full article » | Save to favorites »

Goldstein Asks 4th Circ. To Undo Pretrial Rulings

By Jared Foretek

SCOTUSblog co-founder Tom Goldstein is appealing a series of rulings from a Maryland federal judge denying his bid to toss five of the 22 federal tax charges he's slated to stand trial for next year.

5 documents attached | Read full article » | Save to favorites »

Senate Panel Calls For Deep Cut To IRS Tech Budget

By Anna Scott Farrell

The Senate Appropriations Committee proposed reducing the Internal Revenue Service's budget to $11.8 billion for 2026, including a sizable cut to the agency's technology budget only partially offset by an increase in funding for taxpayer services, according to a report on the committee's financial services bill.

2 documents attached | Read full article » | Save to favorites »

Senator Admits To Owing $5M In Delinquent Taxes

By Anna Scott Farrell

West Virginia Sen. Jim Justice and his wife have admitted they owe more than $5 million in back taxes, settling a government lawsuit that accused them of failing to pay off their bill for the last decade, according to federal court filings.

2 documents attached | Read full article » | Save to favorites »

Considerations When Invoking The Common-Interest Privilege

To successfully leverage the common-interest doctrine in a multiparty transaction or complex litigation, practitioners should be able to demonstrate that the parties intended for it to apply, that an underlying privilege like attorney-client has attached, and guard against disclosures that could waive privilege and defeat its purpose, say attorneys at DLA Piper.

Read full article » | Save to favorites »

Tax Court Rejects $12.7M Easement Donation Deduction

By Anna Scott Farrell

A partnership is not entitled to a $12.7 million tax deduction for donating a conservation easement across rural land in Alabama, a U.S. Tax Court judge ruled Tuesday, saying the gift was worth only $1 million and that the claimed value was "egregious."

Opinion attached | Read full article » | Save to favorites »

Profit Shifting Signs Persist Despite Waning, OECD Says

By Kevin Pinner

Signs of profit shifting by multinational companies remain persistent despite some abatement over the past several years, the Organization for Economic Cooperation and Development said Tuesday.

Report attached | Read full article » | Save to favorites »

IRS Seeks Comments On Scholarship Contribution Tax Credit

By Jaqueline McCool

Public comments should be sent to the Internal Revenue Service ahead of guidance that will be issued on a new tax credit for contributions to scholarship organizations, the IRS said Tuesday. 

1 document attached | Read full article » | Save to favorites »

IRS Updates Corp. Bond Monthly Yield Curve For November

By Michael Nunes

The Internal Revenue Service updated the corporate bond monthly yield curve used in calculations for defined benefit plans for November, as well as corresponding segment rates and the interest rate for 30-year U.S. Treasury Department securities.

1 document attached | Read full article » | Save to favorites »