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Fashion Brand Owner Challenges IRS Over $752,000 Tax DeficiencyThe owner of a luxury womenswear brand and her husband told the US Tax Court the IRS wrongly determined they owe more than $752,000 in additional federal income taxes and nearly $178,000 in penalties for the 2022 tax year.

Bloomberg Tax News1d agoWhole story →

Economy tax court case

White House to Hold Its Own Hearing on Claims Against Fed’s CookPresident Donald Trump is establishing a committee to investigate mortgage fraud allegations against Federal Reserve Governor Lisa Cook and is forcing her to appear at a White House hearing to defend herself, a dramatic escalation in his efforts to oust her from her role.

Bloomberg Tax News1d agoWhole story →

Economy fed governor investigation

Tax Breaks Partly Fuel Data Center Boom, Democratic Report SaysGenerous state and local tax breaks for data center building is causing the loss of billions in tax revenue, according to a new report from Senate Democrats.

Bloomberg Tax News1d agoWhole story →

Technology data center tax breaks report

Five Questions With Miller & Chevalier Tax Attorney Sheri DillonBloomberg Tax Insights & Commentary is featuring a recurring questionnaire of prominent tax professionals who are willing to share their thoughts about their work and the practice of tax these days. Today we feature Sheri A. Dillon, a federal tax controversy attorney and special counsel at Miller & Chevalier.

Bloomberg Tax News2d agoWhole story →

IRS Issues Temporary Regulations on Federal Scholarship Tax CreditThe IRS issued temporary regulations under I.R.C. §25F addressing the new nonrefundable federal income tax credit for qualified contributions to scholarship granting organizations (SGOs) beginning in 2027. The regulations establish ...

Bloomberg Tax News2d agoWhole story →

Education irs proposes tax credit regulations

U.S. Appeals Court Rejects Taxpayers’ Challenge to IRS Proof of Tax LiabilitiesThe U.S. Court of Appeals for the Tenth Circuit held that the IRS was not required to produce taxpayers’ 2015 tax return or Form 4340 to establish their federal income ...

Bloomberg Tax News2d agoWhole story →

Justice irs tax liability ruling

Hawaii Tax Department Adopts Federal Information Return Reporting ThresholdsThe Hawaii Department of Taxation announced that it will adopt federal information return thresholds under IRC §§ 6041 and 6041A for payments made after Dec. 31, 2025. Persons engaged in ...

Bloomberg Tax News2d agoWhole story →

Economy hawaii tax code update

Judge Grants Rick Scott’s Bid to Amend Claims Against Booz AllenA federal judge in Florida granted Sen. Rick Scott’s request to file an amended complaint dismissing repeat claims made against Booz Allen Hamilton Inc. and its employee Charles Littlejohn in an effort to maintain jurisdiction in Florida.

Bloomberg Tax News2d agoWhole story →

Justice rick scott lawsuit update

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