The IRS prevented thousands of taxpayers from filing returns or receiving refunds by improperly placing a deceased “lock” on their accounts, according to a report from the Treasury Inspector General for Tax Administration released Thursday.  Read More

The US Labor Department is seeking public comments on reporting and disclosure provisions it must enact under the sweeping retirement access law Congress passed late last year.  Read More|Document Attached

Blackstone Inc. raised $7.1 billion for a fund to finance solar companies, electric car parts makers and technology to cut carbon emissions.   Read More

The US Supreme Court should review a ruling that Seaview Trading LLC hadn’t filed its late return despite following IRS advice to submit the return directly to agency employees rather than the designated service center, the California-based company said.  Read More|Documents Attached

Bank of America NA workers who processed Paycheck Protection Program loans hit the bank with allegations of violating California wage statutes, echoing earlier claims in a similar suit under New York law.  Read More|Documents Attached

Nearly $3 million in income made from a real estate company’s cancellation of debt from a land deal can be included in the owner’s income, the US Tax Court ruled.  Read More|Documents Attached

The federal government can enforce a levy on a family trust held at Santander Bank N.A. to reclaim tax liabilities from a construction business officer who pleaded guilty to tax evasion.  Read More|Documents Attached

New York tax officials proposed rules to implement the “most extensive restructuring of New York State’s corporate tax framework since the 1940s,” finalizing a nearly decade-long process that has gone through dozens of drafts and extensive public comment.  Read More|Documents Attached

Texas will open its doors next month to a new incentive aimed at cutting greenhouse gas emissions from flared and vented gas, offering a severance tax exemption to energy producers using the fugitive emissions to power Bitcoin mining rigs.  Read More

A North Carolina construction company said that it should qualify for a 1% tax on asphalt-making equipment instead of a 4.75% sales and use tax because it’s a manufacturer, according to a brief filed in the state high court.  Read More|Documents Attached

The International Accounting Standards Board wants to change its small company accounting standard next month, allowing small firms to skip some tax reporting requirements for a period because of the uncertainty created by OECD global minimum tax rules.  Read More|Document Attached

Fresh from surviving the Covid-19 pandemic, the aviation industry is about to hand passengers the multi-trillion dollar bill to fight its next existential threat: decarbonization.  Read More

The European Court of Justice has quashed a challenge to the EU’s implementation of global minimum tax rules brought by two companies of the Dutch dredging and offshore multinational Boskalis.  Read More

Indonesia is said to be planning more tax incentives to attract global electric-vehicle producers, seeking to bolster its allure for top producers including Tesla Inc. and BYD Co.  Read More

Lee Ellis has joined KPMG Law as a partner focused on tax disputes in Leeds and Manchester in the UK, the firm said Thursday.  Read More|Document Attached

Congress, last year, directed the Department of Labor’s Employee Benefits Security Administration (the “Department”) to review its position on fiduciary responsibilities connected to pension risk transfers under the SECURE 2.0 Act—Division T of the Consolidated Appropriations Act, 2023—at Section 321. Last month, the Department issued a “Consultation Paper on Interpretive Bulletin 95-1” as part of its discussions with the ERISA Advisory Council (and the public) regarding those responsibilities. According to the Department, last year, pension risk transfer purchases reached an all-time high with nearly $52 billion in transactions, owing to recent market conditions favorably impacting the affordability of de-risking activities in terms of both plan funding and transaction cost, as well as rising interest rates that have made annuity purchase transactions less expensive.  Read More

AB FinWright’s Rachel Wright, Abraham Finberg, and Simon Menkes share how legal cannabis businesses in New York can use the qualified New York manufacturer credit to ease their tax burdens.  Read More

Milton Friedman once warned that “nothing is so permanent as a temporary government program.” That’s the biggest risk for Italian banks from a surprise windfall tax on profits revealed this week by Prime Minister Giorgia Meloni’s ruling coalition.  Read More

Defendants, two individuals and a tax return preparation business they operated, along with all employees and other related persons, were permanently enjoined, pursuant to I.R.C. §7402(a) and §7407, from preparing ...  Read More|Document Attached

Chapter 13 Debtor’s late filing of tax returns fell within the prohibition against discharge under 11 U.S.C. §1328(a) and 11 U.S.C. §523(a)(1)(B)(ii), a bankruptcy court held, denying her motion to ...  Read More|Document Attached

IRS can enforce two federal tax levies against a family trust because Taxpayer’s fully vested right to receive distributions from the trust is a “right to property” for purposes of ...  Read More|Document Attached

The IRS and Department of Treasury issued final regulations and Revenue Procedure 2023-27 providing guidance to owners of certain solar or wind facilities built in connection with low-income communities, the ...  Read More|Document Attached

The IRS issued a warning to businesses and tax professionals to be alert to a range of compliance issues related to Employee Stock Ownership Plans (ESOPs), the IRS announced Aug. ...  Read More|Document Attached

The Internal Revenue Service (IRS) Aug. 10 published clarifying and procedural guidance applicable to the low-income communities bonus credit program for the energy investment credit established pursuant to the Inflation ...  Read More|Documents Attached

Taxpayer, an entity that owned an NBA team, cannot claim a deduction for deferred compensation where the Taxpayer sold the team prior to compensating the players owed, the U.S. Court ...  Read More|Document Attached