Within the blogs: Toil and bother

Inevitable tech crossroads; ‘game-changer’ for a key deadline; nuptials and deductions; and different highlights from our favourite tax bloggers.

Toil and bother

Tax Vox (https://www.taxpolicycenter.org/taxvox): Two of the nation’s most outstanding chipmakers have agreed to pay the U.S. authorities 15% of their revenues from the sale of AI chips to China. In impact, the corporations shall be paying an export tax, although neither they nor the administration describes it this manner. One cause: Such a levy seems to be unconstitutional.
Withum (https://www.withum.com/assets/): Beginning in 2025, the 1099-DA would require brokers to report detailed crypto gross sales and change transactions on to the IRS. However this manner solely displays dealer platform exercise. For buyers with various digital holdings, this implies the IRS may even see solely a part of the image, and that is the place bother begins.
Berkowitz Pollack Grant (https://www.bpbcpa.com/articles-press-releases/): The One Large Lovely Invoice Act dramatically adjustments prior tax legal guidelines that inspired particular person and enterprise taxpayers to spend money on clear vitality options. In lots of circumstances, taxpayers have a slim window of alternative to say these credit — a window closing a lot quicker than initially deliberate.
Institute on Taxation and Financial Coverage (https://itep.org/class/weblog/): The Trump megabill palms the richest 1% a trillion-dollar windfall whereas gutting funding for well being care, schooling and catastrophe reduction. State and native leaders should step up.
Wiss (https://wiss.com/insights/learn/): What to remind them in regards to the finish of federal governmental paper checks, now only a month and alter away.
CLA (https://www.claconnect.com/en/assets?pageNum=0): The OBBBA significantly expands enterprise curiosity deduction limits, a boon to capital-intensive companies. A evaluate of key provisions to pinpoint alternatives for rising biz shoppers’ curiosity deductions.
Trout CPA (https://www.troutcpa.com/weblog): A have a look at the OBBBA’s influence on structure, engineering and building, together with bonus depreciation and Sec. 179 expensing.
Taxpayer Advocate Service (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): Push Till It Offers Dept.: IRS Appeals continues to maneuver towards larger transparency by sharing appeals case memoranda with taxpayers.

Completely different outcomes

Cover (https://www.getcanopy.com/weblog: Accounting corporations have entry to extra expertise than ever, however sooner or later, each agency reaches the identical crossroads: Do you retain layering on instruments and integrations to unravel this downside, or do you consolidate to an all-in-one platform that handles all of it? Each paths have their trade-offs, however they result in totally different outcomes.
Present Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): A have a look at the IRS and Treasury’s new proposed regs aimed toward modifying data reporting obligations regarding gross sales or exchanges of sure partnership pursuits. These proposed adjustments have an effect on partnerships and search to alleviate current compliance burdens by refining the timing of sure reporting necessities for Part 751(a) exchanges.
The Tax Occasions (https://www.thetaxtimes.com): The Second Circuit’s latest resolution in Buller et al. v. Commissioner of Inner Income is a game-changer for taxpayers who miss the important 90-day deadline to petition after receiving an IRS discover of deficiency.
Taxnotes (https://www.taxnotes.com/procedurally-taxing): Not all supposedly improper assortment exercise is equal: The latest Bowen v. United States includes damages stemming from allegations of IRS worker misconduct throughout a set due course of case. The taxpayer alleged that in a CDP continuing, when IRS assortment is mostly stayed, a income officer demanded monetary paperwork and made defamatory statements in regards to the taxpayer.