December 22, 2023
White House unveils strict hydrogen regulations in victory for environmentalists
Fox News
Quoted: Mike Kaercher on the proposed 45V rules which “represent a major milestone in determining tax credits on a technology neutral basis, ensuring the life cycle emissions analysis required by statute will be accurate, account for system-wide impacts and avoid wasteful subsidies for electrolytic hydrogen projects that are purportedly clean but actually use dirty electricity.”
December 6, 2023
Government May Have Upper Hand in Moore, but Court May Go Narrow
Tax Notes (Subscription required)
Quoted: Chye-Ching Huang’s statement following the oral argument on Moore v. US.
December 5, 2023
Supreme Court hears a case that experts say could wreak havoc on the tax code
NPR
Quoted: Chye-Ching Huang notes that if the Supreme Court rules for the plaintiffs in Moore v. United States, “It would be chaos, and we would be facing a tsunami of tax litigation over years and decades trying to sort through the rubble of this.”
December 5, 2023
Supreme Court Suggests Support for 2017 Foreign Earnings Tax (1)
Bloomberg Law (Subscription required)
Quoted: Chye-Ching Huang’s statement following the oral argument on Moore v. US.
December 5, 2023
US Supreme Court appears wary of upending tax law in closely watched case
The Financial Times (Subscription required)
Quoted: Chye-Ching Huang’s statement following the oral argument on Moore v. US.
December 4, 2023
Conservative-backed couple’s claim for a $14,729 refund could help Supreme Court kill a wealth tax on billionaires—and throw the entire tax regime into ‘chaos’
Fortune
Quoted: Chye-Ching Huang, that a victory for the Moores could cause “chaos” across the federal tax code and invite litigation over a swath of provisions enacted over decades.
November 28, 2023
Timing May Be Tight For OECD's Crypto Reporting Framework
Law360 (Subscription required)
Quoted: Mike Kaercher on the importance of information exchange in fighting offshore tax evasion, and how countries that don't implement the CARF (crypto-asset reporting framework) may be affected.
November 22, 2023
Relief, Cheers Greet IRS’s Further Delay of New 1099-K Regime
Tax Notes (Subscription required)
Quoted: Chye-Ching Huang on the consequences of IRS’s decision to delay implementation of 1099-K reporting for a second time.
November 22, 2023
IRS Delays Tax Rule for Online Sellers—Again
Wall Street Journal
Quoted: Chye-Ching Huang on the IRS's decision to delay implementation of 10990K reporting.
November 14, 2023
A Few Retrofits for the Proposed IRA Regs
Quoted: The Tax Law Center's comment letter which analyzed selected issues arising in the implementation of sections 6417 and 6418 of the Internal Revenue Code, which were added to the Code by the Inflation Reduction Act.
November 8, 2023
When death doesn't mean taxes: How the wealthy avoid paying Uncle Sam
Quoted: Chye-Ching Huang's testimony at the hearing "Examining How the Tax Code Affects High-Income Individuals and Tax Planning Strategies."
October 3, 2023
Medicare funding shortfall may be ‘life and death’ for millions of Americans, lawmaker says. Here’s why taxes are a sticking point
CNBC
Quoted: Chye-Ching Huang mentions estimates have found closing the loophole that exempts income from pass-through entities used to own businesses may raise more than $300 billion, and 85% of that would come from people with incomes above $1 million per year.
September 18, 2023
IRS to Scale Back EITC Audits, Citing Racial Disparities
Tax Notes (Subscription required)
Quoted: Chye-Ching Huang on the IRS’s decision to change their EITC audit methods, “[The IRS took a] “critical step to increase accuracy and fairness in tax administration.”
September 18, 2023
The IRS is changing its audit methods to reduce racial disparity, commissioner says
MarketWatch
Quoted: Chye-Ching Huang on the IRS’s decision to change their EITC audit methods, “[The IRS took a] “critical step to increase accuracy and fairness in tax administration.”
September 13, 2023
Panelists Lambaste Narrow Focus on Revenue From IRS Enforcement
Tax Notes (Subscription required)
Quoted: Chye-Ching Huang talks about the IRS’s strategic operating plan for spending Inflation Reduction Act funding.
September 6, 2023
Elective Payment Comments Show Wide Range of Interests
Tax Notes (Subscription required)
Mentioned: The Tax Law Center’s report on proposed elective payment election regulations.
August 22, 2023
Energy Sector Pushes for Partnerships in Direct-Pay Hearing
Tax Notes (Subscription required)
Mentioned: Sophia Yan and Mike Kaercher’s suggestions at the public hearing on Section 6417 elective payment of applicable credit.
August 18, 2023
Biden wants rich companies to pay higher taxes. Some are fighting back.
Washington Post
Quoted: Chye-Ching Huang on the complexity of the decisions Treasury and the IRS need to make regarding the corporate alternative minimum tax.
August 9, 2023
GOP Buries IRS Spending Cuts in Offbeat Spending Bills
Tax Notes (Subscription required)
Quoted: Thalia Spinrad and Chye-Ching Huang’s blog explaining the impact of House and Senate IRS funding proposals.
July 18, 2023
A Finale for OIRA Tax Review
Tax Notes (Subscription required)
Quoted: Chye-Ching Huang’s piece in the Yale Journal on Regulation’s Notice and Comment blog.
July 18, 2023
The IRS Funding Laid Bare: Experts Weigh In
Tax Notes (Subscription required)
Quoted: Chye-Ching Huang on the benefits of properly funding the tax system, such as “an increased capacity to draft and publish clear, timely guidance.”
July 7, 2023
Secretary Yellen, Where Are the Crypto Tax Regulations?
The American Prospect
Mentioned: Mike Kaercher and Taylor Cranor’s blog, which urged the IRS to quickly publish guidance and forms necessary to ensure proper reporting of digital asset transactions to customers and to the IRS.
June 28, 2023
Modernizing Tax Regulatory Review
Yale Journal on Regulation
Author: Chye-Ching Huang writes on the improvements, implementation, and future steps of the recent Memorandum of Agreement the Treasury Department and the White House Office of Management and Budget entered.
June 28, 2023
Supreme Court May Opt for Narrow Ruling on Foreign Earnings Tax
Bloomberg Tax (Subscription required)
Quoted: Chye-Ching Huang explains the implications if the court rules in favor of the Moores in Moore v. United States.
June 28, 2023
Here’s what a new Supreme Court case could mean for federal wealth tax proposals
CNBC
Quoted: Chye-Ching Huang on what effect the Moore v. United States case could have on corporations.
June 26, 2023
Justices To Review Constitutionality Of Repatriation Tax
Law 360 (Subscription required)
Quoted: Chye-Ching Huang’s statement on Moore v. United States: If the Supreme Court rules for the plaintiffs, that would invite litigation unsettling swaths of the tax code that have been enacted by both parties over many decades based on their shared, correct understanding of the Constitution.
June 26, 2023
Supreme Court to Hear Transition Tax Case With Vast Implications
Tax Notes (Subscription required)
Quoted: Chye-Ching Huang’s statement on Moore v. United States.
June 26, 2023
Supreme Court agrees to hear case on taxing paper profits. It could be a $300 billion ruling.
MarketWatch
Quoted: The Tax Law Center’s blog with their analysis of Moore v. United States.
June 26, 2023
Supreme Court to Hear Case That Could Block Democrats’ Plans to Tax the Rich
Wall Street Journal
Quoted: Chye-Ching Huang’s statement on Moore v. United States.
June 13, 2023
Tax Rules Exempt From White House Review Under New Pact (1)
Bloomberg Law (Subscription required)
Quoted: Chye-Ching Huang on the decision to remove the requirement for certain tax regulations to undergo OIRA reviews.
June 13, 2023
Crypto Tax Collections Creep Up Even as Many Investors Don’t Pay
Bloomberg Tax (Subscription required)
Quoted: Taylor Cranor on how “Strengthening third-party reporting is one of the most effective tools to improve tax compliance.”
June 13, 2023
Biden Drops OIRA from Tax Regulation Review Process
Tax Notes (Subscription required)
Quoted: Chye-Ching Huang on the recent memorandum of agreement that makes regulations issued by the IRS no longer subject to OIRA review, and “enables Treasury to focus more resources on issuing more timely and higher quality guidance.”
May 31, 2023
Debt-Limit Deal Speeds Up Fight for Additional IRS Funds
Bloomberg Tax
Quoted: “I would hope looking ahead this means that policymakers do more to defend IRS funding,” David Kamin said. “Both when it comes to base appropriations and also the mandatory money that was part of the Inflation Reduction Act.”
May 25, 2023
Finally, Americans could soon ‘direct file’ taxes online without a middleman
The Hill
Authors: The Treasury Department just announced an initiative to pilot a free, direct tax filing system for next year. Mike Kaercher and David Kamin explore the opportunity—and the challenges—as the IRS takes this important step forward.
May 15, 2023
IRS commissioner admits Black taxpayers appear to be audited at outsized rates
MarketWatch
Quoted: Chye-Ching Huang on IRS Commissioner Werfel’s recent letter, which shared initial findings that Black taxpayers may be audited at higher rates than non-Black filers. "The IRS should shed more light on [the root causes of racial disparities] in future updates, and Congress should continue pressing it to do so.”
May 15, 2023
IRS Needs More Time To Study Race Bias In Audits, Chief Says
Law360 (Subscription required)
Quoted: Chye-Ching Huang on IRS Commissioner Werfel's letter. "As the IRS acknowledges, it has not yet specified which elements of the IRS's audit selection algorithms, or other parts of the agency's audit selection processes, are driving racial audit disparities. These questions must be answered to enable swift action to address the root causes of racial audit disparities."
May 5, 2023
Lack of Confirmed Top Attny Could Hinder IRS Guidance Push
Law360 (Subscription required)
Quoted: Mike Kaercher on the importance of having a Senate-confirmed IRS chief counsel for both the recently released strategic operating plan and critical work that helps taxpayers.
April 28, 2023
Werfel’s Audit Rate Pledge Leaves Wiggle Room, Researchers Say
Tax Notes (Subscription required)
Quoted: This article quotes several portions of Kathleen Bryant and Chye-Ching Huang's brief discussing Commissioner Werfel’s recent remarks on how the IRS plans to operationalize the Administration’s pledge that audit rates will not rise for tax filers with incomes below $400,000.
April 24, 2023
Direct Pay, Transferability, and the Corporate AMT
Tax Notes (Subscription required)
Author: Peter Richman examines the technical interaction of the direct pay and transferability mechanisms with the new corporate alternative minimum tax (CAMT), with a focus on the regulatory authority for recent government guidance that would ensure a taxpayer’s use of direct pay or transferability does not increase its CAMT exposure.
April 18, 2023
IRS Level of Service for Some Calls Hit Five-Year Low in 2022
Tax Notes (Subscription required)
Mentioned: Mike Kaercher noted how the IRS was managing an unprecedented paper backlog and processing delays from the pandemic, which increased demand for telephone assistance.
April 17, 2023
Mega-IRA Caps Seen as Good Policy That’ll Be Tough to Save
Tax Notes (Subscription required)
Quoted: Sophia Yan commented on the budget proposals seeking to limit Mega-IRAs, noting the growing use of retirement accounts as tax shelters for the wealthy and some ways the proposals could be strengthened.
April 17, 2023
Audit Rate Sinks to New Low, IRS Data Show
Tax Notes (Subscription required)
Quoted: Brandon DeBot and Mike Kaercher discussed trends in IRS audit rates, based on the recently released IRS data book.
April 7, 2023
IRS Spending Plan Puts Emphasis on Centralizing Activities
Tax Notes (Subscription required)
Quoted: Kathleen Bryant praised the recently released strategic operating plan by the IRS and noted that it should serve as an important early roadmap for how the $80 billion in IRA funding will be spent.
March 16, 2023
Closing the Earned Income Tax Credit Audit ‘Doom Loop’
The American Prospect
Quoted: Kathleen Bryant and Chye-Ching Huang explained what might be causing disparities between Black and non-Black tax filers in the IRS's audit selection process, and discussed their report that offers next steps for policymakers.
March 13, 2023
Some Universities to Miss Out on Monetizing Clean Energy Tax Credits
Bloomberg Tax
Quoted: Mike Kaercher discussed the importance of providing instrumentalities access to the IRA's direct pay provision.
March 6, 2023
Report: Changes Needed to Address Racial Bias in Audit Selection
Tax Notes (Subscription required)
Quoted: Chye-Ching Huang summarized a recent working paper that found racial audit disparities between Black and non-Black tax filers in the audit selection process, and discussed a report co-authored with Kathleen Bryant that offers next steps for policymakers to address the findings.
February 24, 2023
Conservative Group Targets Treasury’s Equity Plan
Tax Notes (Subscription required)
Quoted: Chye-Ching Huang on the importance of examining features of the IRS’s algorithm for selecting tax returns for audits for potential bias.
February 23, 2023
Werfel’s Promised Report on Racial Disparities Seen as First Step
Tax Notes (Subscription required)
Quoted: Kathleen Bryant spoke about how the IRS needs to take action in response to a recent study that identified significant racial disparities between Black and non-Black tax filers in the audit selection process.
February 20, 2023
Legislative and Interpretive Tax Rules and Rulemaking
Tax Notes (Subscription required)
Authors: Peter Richman and Taylor Cranor examine the role of the Administrative Procedure Act’s distinction between legislative and interpretive rules in the federal tax system. After reviewing some recent high-profile litigation addressing this issue, they explore potential options for the government to bring greater certainty to the tax regulatory process.
February 15, 2023
Purpose “Unknown”: Proposed Forms Would Undermine Corporate Transparency Act’s Ownership Reporting Regime
Just Security
Author: Sophia Yan explains the reasons why the Financial Crimes Enforcement Network (FinCEN)’s proposed forms implementing the CTA’s beneficial ownership reporting regime would undermine the purpose of the new law.