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20 hours ago

Tax Breaks: On May The 4th, A Tax Dispute That Started An Intergalactic War

Our latest edition of Tax Breaks. Plus: A look at tax proposals, IRS gives notice to taxpayers, a challenge to the non-compete ban, the cost of Death Star, and more.

ByKelly Phillips ErbForbes Staff
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May 3, 2024

Treasury Issues FY 2025 Green Book: Proposes Changes For Late PFIC QEF Election

U.S. taxpayers often miss the deadline to make a QEF election. But Treasury has proposed a legislative fix to this problem in the Green Book for the 2025 fiscal year.

ByMatthew RobertsContributor
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PREMIUMMay 3, 2024

Court Unanimously Overturns Farhy, Finding IRS Has Authority To Assess Penalties

Farhy challenged whether the IRS had the legal authority to assess section 6038 penalties. The Tax Court said no, but on appeal, the D.C. Circuit disagreed.

ByKelly Phillips ErbForbes Staff
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PREMIUMMay 3, 2024

FTC Ban On Non-Compete Clauses Faces First Legal Challenge From Tax Services Firm

On April 23, 2024, the FTC issued a final rule banning employers from enforcing non-competes. Legal challenges—including from Ryan, a global tax firm—soon followed.

ByKelly Phillips ErbForbes Staff
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May 3, 2024

New EV Tax Credit Rules To Challenge China’s Dominance

Certain battery materials deemed impracticable to trace can now be temporarily excluded from restrictions on sourcing from Foreign Entities of Concern (FEOC) until 2027.

ByAndrew LeaheyContributor
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PREMIUMMay 2, 2024

Pennsylvania Man Sentenced To Prison For Role In Multi-Million Dollar Pandemic Fraud Scheme

A man from Harrisburg, Pennsylvania, was sentenced to more than four years in prison for his role in a multi-state, million-dollar unemployment insurance fraud scheme.

ByKelly Phillips ErbForbes Staff
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May 2, 2024

Why The Venice Tourist Tax Is A Controversial Policy

As of April 25, Venice started charging an entry fee — a so-called tourist tax — for day-trippers from that date until July.

ByAndrew LeaheyContributor
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PREMIUMMay 2, 2024

Last Minute Reminder: Filing Deadline For Most Tax-Exempt Organizations Is May 15

While tax season is over for many taxpayers, tax-exempt organizations still have to file. The filing deadline for many tax-exempt organizations is May 15, 2024.

ByKelly Phillips ErbForbes Staff
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May 2, 2024

Tax And Legal Professionals Warm Up To AI, But Trust Is Still An Issue

Despite pockets of enthusiasm among those who’ve been experimenting with GenAI, there is still a shadow of doubt that hangs over the professional services sector

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PREMIUMMay 1, 2024

IRS Notifying Taxpayers Whose Data Was Accessed In Leak That Hit Billionaires And Trump

The IRS is notifying taxpayers who were impacted by the Littlejohn data breach. By law, the IRS must inform taxpayers about the breach and tell them about the next steps.

ByKelly Phillips ErbForbes Staff