by usoftax_admin | Apr 15, 2024 | Tax News
Exxon Mobil Corp. argued Monday in Texas federal court that its deal with Qatar to extract natural gas from the country’s coast was a partnership, rather than a lease agreement, saying at the start of a trial that it’s entitled to get $1.8 billion in tax... by usoftax_admin | Apr 15, 2024 | Tax News
The House on Monday passed legislation that would authorize the Internal Revenue Service to suspend the tax-exempt status of any nonprofit organization found by the U.S. Treasury secretary to support foreign terrorism. by usoftax_admin | Apr 15, 2024 | Tax News
The U.S. government on Monday urged the Eighth Circuit to side with the IRS’ method for pricing the intangible property that medical device maker Medtronic licensed to a Puerto Rican affiliate, arguing it’s the only way to determine arm’s-length... by usoftax_admin | Apr 15, 2024 | Tax News
So-called fiscal sponsorship funds set up at established nonprofits to help new projects start charitable work could be unexpectedly threatened by proposed IRS and Treasury rules on donor-advised funds that could subject such arrangements to burdensome taxes, experts... by usoftax_admin | Apr 15, 2024 | Tax News
The IRS achieved an 88% level of service this year on its phone lines and maintained an average call wait time of three minutes while answering more than a million more calls than last year’s filing season, the U.S. Department of the Treasury announced... by usoftax_admin | Apr 15, 2024 | Tax News
Recent Internal Revenue Service guidance broadening tax credit eligibility to more parts of offshore wind facilities in so-called energy communities is a win for the industry, which stands to see more projects qualify for a particularly valuable bonus in the...