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Tenn. Expands Sales And Use Tax Exemption For Data Centers

by usoftax_admin | May 3, 2024 | Tax News

Tennessee expanded a sales and use tax exemption for qualified data centers under a bill signed by the governor.

Time To Fix NYC’s Broken Property Assessment System

by usoftax_admin | May 3, 2024 | Tax News

A New York appellate court’s decision to revive Tax Equity Now New York v. City of New York may force the city to revamp its outdated and unfair real estate tax assessment system, which could be fixed with a couple of simple changes, says Seth Feldman at Romer...

Feds Can Introduce Prior Guilty Plea In Tax Fraud Case

by usoftax_admin | May 3, 2024 | Tax News

Federal prosecutors can introduce a man’s prior admissions of tax evasion in a trial over separate tax crime charges because it could show his willingness and knowledge to commit the crime, a Pennsylvania federal judge ruled.

Foreign Trust Reporting Rules Coming Soon, IRS Official Says

by usoftax_admin | May 3, 2024 | Tax News

The Internal Revenue Service is about to issue proposed regulations that will provide guidance on the reporting obligations for individuals who have transactions with foreign trusts, an agency official said Friday.

IRS Details Penalty-Free Retirement Withdrawals For Disasters

by usoftax_admin | May 3, 2024 | Tax News

The Internal Revenue Service detailed procedures Friday for taking penalty-free withdrawals of up to $22,000 from Internal Revenue Code Section 401(k) retirement accounts and other retirement plans under the permanent disaster tax relief granted in the Secure 2.0...

HMRC Director Rejoins KPMG To Boost Tax Dispute Offering

by usoftax_admin | May 3, 2024 | Tax News

A former deputy director at HM Revenue & Customs has returned to KPMG as director of KPMG Law’s tax disputes teams, the firm has announced.
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