The IRS on Monday issued final regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.
Day: June 24, 2024
Supreme Court decision on Chevron doctrine will affect tax pros
The Court will rule by the end of its term Friday on the fate of the Chevron doctrine, which requires courts to give deference to a reasonable interpretation of an ambiguous statute by a government agency, including the IRS.
Lawmakers propose windfall profits tax on companies inflating prices
Sen. Bernie Sanders and Ed Markey are introducing legislation to impose a 95% windfall tax on the excess profits of large corporations that are overcharging for products.
IRS lowered its sights on high-income taxpayer audits
The Internal Revenue Service switched over from focusing its audits on taxpayers earning $10 million or more to those earning $400,000 or more after passage of the Inflation Reduction Act.
The critical role financial planners play when 401(k) savers switch jobs
Many plan participants told the U.S. Government Accountability Office they didn’t understand their four main options — or the potential tax consequences.
Art of Accounting: Where are you going?
Planning is essential in any endeavor, especially in an accounting practice.
Ex-banker’s tax evasion trial ends over his poor health
Former Warburg banker Christian Olearius has been found permanently unfit to stand trial, so the court dropped the case.