December 4, 2024
Closing asset loophole can raise $100 billion in taxes, Treasury now says
Washington Post
Quoted: Miles Johnson on Treasury’s updated estimate of how much it can collect from cracking down on partnership basis shifting: “Tax administrators and scorers are continuing to develop a robust understanding of what’s going on in the market, how prevalent some of this is, and what the dollars at stake are. I wouldn’t be surprised if we saw revenue estimates relating to partnerships just going up all over the place.”
December 4, 2024
Partnership Debt Allocation Tax Rules End Years of Uncertainty
Bloomberg Tax (subscription required)
Quoted: Mike Kaercher and Miles Johnson on the IRS’s release of final rules for partnership recourse liability allocation.
November 18, 2024
Clean Fuel Tax Credit Rules Need Fraud Prevention, NYU Says
Bloomberg Tax (subscription required)
Mentioned: The Tax Law Center’s comment on guidance for the section 45Z clean fuel production tax credit.
November 6, 2024
How Loper Bright Might Impact IRS Rulemaking
Thomson Reuters
Mentioned: Lily Batchelder and other speakers at the Tax Law Center’s event exploring what the Loper Bright and Moore decisions mean for tax.
October 29, 2024
Energy Tax Credit Changes Begin to Line Up for 2025
Tax Notes (subscription required)
Quoted: The Tax Law Center’s supplemental comment on the proposed regulations for technology-neutral clean energy tax credits.
October 24, 2024
Tax Law Center Backs IRS on Limited Partner Exception
Tax Notes (subscription required)
Quoted: The Tax Law Center’s brief to the Fifth Circuit in Sirius Solutions v. Comm’r.
October 21, 2024
Active Fund Partners Subject to Self-Employment Tax, NYU Says
Bloomberg Tax (subscription required)
Quoted: The Tax Law Center’s brief to the Fifth Circuit in Sirius Solutions v. Comm’r.
October 21, 2024
Weekly Tax: Back to the Future
Politico Weekly Tax
Quoted: The Tax Law Center’s analysis of the proposals to eliminate tax on tips: “If lawmakers choose to make new holes in the tax base, it is better that they try to minimize abuse through careful policy design and implementation. But those tools have limits, and the best option is often to simply not introduce a new hole in the tax base at all."
October 18, 2024
How A Proposal To End Taxes On Tips Upended The Presidential Election In Nevada
Huffpost
Quoted: The Tax Law Center’s analysis of the proposals to eliminate tax on tips, focusing on the possibility of gaming and abuse.
October 1, 2024
Loper Bright, Varian, and the Intelligible Principle Standard
Tax Notes (Subscription Required)
Quoted: Chye-Ching Huang and David Kamin on the implications of Loper-Bright and Varian.
September 26, 2024
Partnership Reform Crucial in Tax Debate, Says Wyden
Tax Notes (Subscription Required)
Mentioned: The Tax Law Center’s policy proposal and event focusing on the importance of partnership tax reform as part of the 2025 tax conversation.
September 25, 2024
Wyden sees partnership tax a new year priority
Politico Pro (Subscription Required)
Mentioned: The Tax Law Center’s policy proposal and event focusing on the importance of partnership tax reform as part of the 2025 tax conversation.
September 25, 2024
Wyden Plans Partnership Crackdown Ahead of 2025 Tax Talks
Bloomberg Tax (Subscription Required)
Mentioned: The Tax Law Center’s policy proposal and event focusing on the importance of partnership tax reform as part of the 2025 tax conversation.
September 25, 2024
Wyden Calls On 2025 Tax Bill To Include Partnership Reform
Law360 (Subscription Required)
Mentioned: The Tax Law Center’s policy proposal and event focusing on the importance of partnership tax reform as part of the 2025 tax conversation.
September 23, 2024
The Ramifications of Moore v. United States
Thomson Reuters
Quoted: Kelsey Merrick about the Supreme Court’s decision in Moore v. United States: “There’s a lot in the majority opinion to suggest that it will actually be harder for future litigants to bring constitutional challenges to taxes like the Moores tried to do.”
August 20, 2024
A tax deduction business owners love is set to expire at end of 2025
Marketplace
Quoted: Chye-Ching Huang on the ways that the pass-through deduction encourages some high-income filers to game the system.
August 6, 2024
Loper Bright Casts Doubt on SECA Guidance Plan, Tax Pros Say
Tax Notes (Subscription Required)
Mentioned: The Tax Law Center’s comment letter on the potential guidance project addressing "limited partner" status under section 1402(a)(13).
July 23, 2024
Congress’s Tax Scorekeeper Gets Spotlight After Chevron Ruling
Bloomberg Tax (Subscription Required)
Quoted: Chye-Ching Huang on the impact of the Supreme Court’s Loper Bright ruling on writing tax legislation: “Tax writers are already accustomed to drafting explicit grants of authority for Treasury and IRS to issue regulations, and thinking through revenue effects given multiple sources of uncertainty, so in many ways, the Loper-Bright/Relentless decision won’t change much for the tax committees.”
July 15, 2024
Big Companies Get Boost in Tax Dispute
Wall Street Journal
Quoted: Chye-Ching Huang on the impact of the Supreme Court’s Loper Bright ruling on tax law.
July 9, 2024
Chevron ruling’s hydrogen ripple effects
Axios Pro (Subscription Required)
Quoted: Mike Kaercher on the impact of the Supreme Court’s Loper Bright ruling on the Inflation Reduction Act: “It’s important to remember that Treasury and IRS are issuing the bulk of the rules related to the IRA under broad and explicit grants of authority from Congress.”
July 1, 2024
Treasury Finalizes Crypto Reporting Rules
Tax Notes (Subscription Required)
Quoted: Chye-Ching Huang's statement on the finalized regulations for broker reporting of digital asset transactions.
July 1, 2024
IRS Finalizes Broker Rules For Digital Asset Sales
Law360 (Subscription Required)
Quoted: Chye-Ching Huang's statement on the finalized regulations for broker reporting of digital asset transactions.
June 27, 2024
High Court’s Moore Ruling Sharpens Wealth-Tax Debate
Bloomberg Tax: Talking Tax Podcast
Interviewed: Chye-Ching Huang on the Supreme Court’s decision in Moore vs. US. “The court very correctly declined two of the Moores’ big requests… to issue an overbroad advisory opinion effectively on hypothetical wealth taxes… and to impose their request for a novel constitutional requirement that income be realized before it is taxed.”
June 21, 2024
Supreme Court Says Transition Tax Is Constitutional in Narrow Ruling
Tax Notes (Subscription Required)
Quoted: Chye-Ching Huang’s statement in response to the decision in Moore v. US.
June 20, 2024
Tax Code Chaos Averted in Top Court Ruling but Worry Lingers
Bloomberg Tax (Subscription Required)
Quoted: Chye-Ching Huang’s statement in response to the decision in Moore v. US.
June 20, 2024
Supreme Court upholds Trump-era tax provision on offshore earnings
Washington Post
Quoted: Chye-Ching Huang’s statement in response to the decision in Moore v. US.
June 20, 2024
Supreme Court upholds a tax on corporate wealth held overseas
Los Angeles Times
Quoted: Chye-Ching Huang’s statement in response to the decision in Moore v. US.
June 20, 2024
Justices uphold Trump tax on overseas investments in win for Biden
CNN
Quoted: Chye-Ching Huang’s statement in response to the decision in Moore v. US.
June 17, 2024
The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process
AP News
Quoted: Miles Johnson on new guidance from Treasury and the IRS addressing “basis shifting” transactions used by partnerships: “these transactions effectively make income disappear from the tax system by creating depreciation deductions or other tax reductions that don’t reflect any true economic cost.”
June 17, 2024
Treasury Says Partnership Crackdown Could Raise Over $50B
Law360 (Subscription Required)
Quoted: Chye-Ching Huang on new guidance from Treasury and the IRS addressing “basis shifting” transactions used by partnerships: "it's good to see Treasury and the IRS tackling aggressive, tax-motivated transactions with guidance that makes clear upfront that some of them are simply not lawful, and that others will require disclosure by taxpayers and draw IRS scrutiny.”
June 12, 2024
Campaign Underway to Repeal the Corporate Transparency Act
Tax Notes (Subscription Required)
Mentioned: The Tax Law Center’s amicus brief on National Small Business United et al. v. U.S. Department of the Treasury.
June 4, 2024
DOJ Says Transparency Act Fourth Amendment Claim Is Meritless
Tax Notes (Subscription Required)
Mentioned: The Tax Law Center’s amicus brief on National Small Business United et al. v. U.S. Department of the Treasury.
May 22, 2024
Refundable Credit Audits Should Reflect Equity, GAO Says
Tax Notes (Subscription required)
Quoted: Chye-Ching Huang on Tax Law Center recommendations to reduce racial disparities in refundable credit audits.
May 20, 2024
More Flexibility Urged for Energy Tax Credit Direct Pay Option
Bloomberg Tax (Subscription required)
Mentioned: The Tax Law Center’s comment letter to Treasury and IRS on qualifications for direct pay for clean energy credits.
April 30, 2024
Corporate Transparency Act Case Wrongly Decided, Say Lawmakers
Thomson Reuters
Quoted: Thalia Spinrad on the amici briefs filed in support of the government which explain “that the district court’s decision was severely flawed on many fronts."
April 27, 2024
Tax Breaks: New Laws And Budget Proposals—Including One That's Out Of This World
Forbes
Mentioned: The Tax Law Center’s new online tool, the interactive Tealbook, which offers over 50 options for policymakers to improve the integrity of the tax system.
April 24, 2024
Lawmakers Join Fight Over Transparency Act’s Constitutionality
Tax Notes (Subscription required)
Mentioned: The Tax Law Center’s amicus brief on National Small Business United et al. v. U.S. Department of the Treasury.
April 22, 2024
Democrats Urge Appeals Court to Revive Anti-Money Laundering Law
Bloomberg Law (Subscription required)
Mentioned: The Tax Law Center’s amicus brief on National Small Business United et al. v. U.S. Department of the Treasury.
April 22, 2024
Congress Can Enact Corp. Transparency, Orgs Tell 11th Circ.
Law360 (Subscription required)
Mentioned: The Tax Law Center’s amicus brief on National Small Business United et al. v. U.S. Department of the Treasury.
March 27, 2024
Inside Government Crackdown on Corporate Jet Tax Abuse
Bloomberg Tax: Talking Tax Podcast
Interviewed: Mike Kaercher about the IRS' current SIFL regs: "It’s hard to come up with a reason the US government should be providing subsidies in the form of tax expenditures for companies and executives using private jets."
March 1, 2024
‘Huge tax breaks’: private equity prepares for a boon from Congress
The Guardian
Quoted: Chye-Ching Huang’s testimony for the hearing “Examining How the Tax Code Affects High-Income Individuals and Tax Planning Strategies,” where she explains that retroactive tax breaks for income from wealth are a poor investment.
February 27, 2024
Corporate jet users brace for more IRS audits
The Hill
Quoted: Mike Kaercher: “As the IRS focuses on private jets, it should revisit how it values personal use of corporate aircraft. The current rules allow these flights to be significantly undervalued, enabling wealthy filers to pay much less in taxes than fair market value would dictate, and it’s within the IRS’ authority to revise these rules.”
February 26, 2024
Corporate Jet Industry Pushes Back on IRS Audit Campaign
Bloomberg Law (Subscription required)
Quoted: Mike Kaercher said the IRS should reconsider some regulations in concert with the enforcement of the tax code related to corporate jets.
February 26, 2024
Hydrogen industry preps legal challenge to Biden tax rules
POLITICO
Quoted: Mike Kaercher on Treasury’s pending tax rules for low-carbon hydrogen production: “Any regime that does not properly account for significant indirect emissions would violate the law.”
February 26, 2024
Efforts to Lure Private Placement Life Insurance Came at a Cost
Tax Notes (Subscription required)
Chye-Ching Huang’s November 2023 testimony before the Senate Finance Committee: “tax subsidies for income from wealth are a poor investment.” She added that those subsidies “increase deficits, widen inequality, and spur complex tax avoidance and evasion that locks up capital and talent that could be used for more productive work and innovations.”
February 22, 2024
IRS to go after executives who use business jets for personal travel in new round of audits
Washington Post
Quoted: Mike Kaercher ‘s statement that the IRS should revisit how it values personal use of corporate aircraft, beyond just how flights are reported: “The current rules allow these flights to be significantly undervalued, enabling wealthy filers to pay much less in taxes than fair market value would dictate, and it’s within the IRS’ authority to revise these rules.”
February 22, 2024
IRS Gears Up for Corporate Jet Dogfight
Tax Notes (Subscription required)
Quoted: Mike Kaercher discusses the IRS’s announcement on audits of corporate jet usage and suggests the IRS revisit how it values personal use of corporate aircraft.
February 21, 2024
IRS to go after executives who use business jets for personal travel in new round of audits
Associated Press
Quoted: Mike Kaercher in a statement that the IRS should revisit how it values personal use of corporate aircraft, beyond just how flights are reported.
February 15, 2024
All Eyes on Werfel to Justify IRS’s 1099-K Nonenforcement
Tax Notes (Subscription required)
Quoted: Chye-Ching Huang in a Tax Law Center report on “Improving Categorical Non-Enforcement in the Tax System.”
February 9, 2024
IRS Delays on Tax Law Deadlines Need Transparency, Report Finds
Bloomberg Tax (Subscription required)
Quoted: The Tax Law Center's report on improving categorical non-enforcement in the tax system.
January 12, 2024
US corporations push to roll back Trump-era tax policies they once endorsed
The Guardian
Quoted: Chye-Ching Huang on large business interest that supported the TCJA package as a whole because “it was, on net, delivering large, permanent tax cuts," and the many lawmakers that at the time “were already looking for ways to prevent … those other tax increases on companies from ever coming into full effect.”