Watchdog Urges IRS to Make Improvements to Tax Gap Estimates
The IRS should improve its processes for producing estimates of the “tax gap” between taxes owed and taxes paid, the Treasury Inspector General for Tax Administration said in a report released Monday.
Wind Farm Woes Keep Piling Up With Sharp Drop in US Installs
The pace of US onshore wind-farm installations tumbled last year, in a sign that the industry’s struggles aren’t limited to the fledgling offshore sector.
Arizona Drops Suit Over Federal Restrictions on Covid Aid Funds
Arizona’s new attorney general, Kristin K. Mayes, a Democrat, won’t pursue her Republican predecessor’s suit challenging federal restrictions on tax cuts tied to $4.7 billion in pandemic relief funds the state received.
OECD Sees Remaining Pieces of Global Tax Deal Finished Together
The significant remaining pieces of the global tax deal are slated for completion by midyear and should come in together to help countries complete the negotiations, the OECD’s top tax official said.
IRS Adds Fraudulent Tax Preparers to Dirty Dozen Scam List
The IRS has added fraudulent tax preparers as part of the annual Dirty Dozen campaign, the agency said Monday.
Michigan Property Tax Break Meshes With Utah’s, High Court Says
A Michigan couple is entitled to a tax break for their principal residence in the state even though they claimed exemptions in Utah for rental property, the state high court ruled.
HILL TAX BRIEFING: Global Tax Deal Draws Congressional GOP Ire
Read more: IRS plans to use $8.6 billion of IRA funds in fiscal 2023 and 2024. House Appropriations Financial Services and General Government Subcommittee holds its Member Day on Thursday. Washington Supreme Court upholds state’s capital gains tax.