Change is not at hand; a question for brokerages; the IRS Simple Installment; and other highlights from our favorite tax bloggers.
Sweet liberty
- Tax Vox (
https://www.taxpolicycenter.org/taxvox ): By cutting funding and staff, Congress and President Trump have largely ended the Biden administration’s plans for “transformational change” at the IRS. - The Tax Times (
https://www.thetaxtimes.com ): The IRS may be facing eradication, but it still had long, long arms when it came to a former Florida resident living in Italy who didn’t file tax returns. - Berkowitz Pollack Brant (
https://www.bpbcpa.com/articles-press-releases/ ): Beneficial ownership information reporting requirements do still apply … to some. A look at the remaining narrow group that still must report. - Eide Bailly (
https://www.eidebailly.com/taxblog ): Republicans wished they could focus on extending the Tax Cuts and Jobs Act before this year runs out. Then came “Liberation Day.”
The end’s in sight
Breaking through the noise
Illogical yet revolutionary
- Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): The Massachusetts Appeals Court’s decision in Craig H. Welch & Another vs. Commissioner of Revenue provides guidance for navigating the state’s income tax for non-residents, particularly concerning capital gains from the sale of stock. - Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): Philadelphia Mayor Cherelle L. Parker’s proposal to cut the city’s business income and receipts tax, based off the Philadelphia Tax Reform Commission’s recommendation, is “illogical and imprudent.” - Tax Foundation (
https://taxfoundation.org/blog ): South Carolina lawmakers and their governor intend to have the state join the flat tax revolution. “Unfortunately, while the plan would implement a low, flat rate that is highly competitive with other states’ systems, it yields a significant tax increase for many households that have historically had very little liability.”
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