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US Gov’t Appealing FBAR Residency Ruling To 9th Circ.

by usoftax_admin | Jan 19, 2024 | Tax News

The federal government is asking the Ninth Circuit to review a California federal court decision finding that a Mexican national with a U.S. green card doesn’t owe penalties for failing to report his foreign bank accounts.     

Treasury Intent On Finalizing Foreign Currency Rules In 2024

by usoftax_admin | Jan 19, 2024 | Tax News

The U.S. Treasury Department is aiming this year to finalize the framework of foreign currency rules that would simplify the way corporations assess taxable income or loss of affiliates that conduct business in a foreign currency, an official said Friday.

Secure 2.0 Spurs Feds To Seek Input On Retirement Reporting

by usoftax_admin | Jan 19, 2024 | Tax News

Federal agencies overseeing reporting and disclosure requirements for employee retirement plans announced Friday that they’re seeking public comment on how they might be more effective or streamlined as part of Secure 2.0, an improvement effort Congress...

Taxation With Representation: Gibson Dunn, Kirkland, Milbank

by usoftax_admin | Jan 19, 2024 | Tax News

In this week’s Taxation With Representation, Compass Diversified acquires The Honey Pot Co., General Atlantic buys Actis, Restaurant Brands International purchases Carrols Restaurant Group, and Synopsys merges with Ansys.

IRS Issues Census Tract Guidelines For Fuel Credit

by usoftax_admin | Jan 19, 2024 | Tax News

The Internal Revenue Service issued guidance Friday on the eligible census tracts for the qualified alternative fuel vehicle refueling property credit.

‘Chaos’ Warning Resonates As Justices Mull Chevron’s Fate

by usoftax_admin | Jan 19, 2024 | Tax News

A conservative-led campaign against the 40-year-old doctrine of judicial deference to federal regulators appeared vulnerable at U.S. Supreme Court arguments Wednesday to predictions of a litigation tsunami, as justices fretted about an onslaught of suits and...
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