Key Takeaways
- Election
- Seized Property
- Retirement
- IRS
- In the Courts
- National Candy Day
Election
Taxes, Tariffs and More: The Economic Stakes of the US Election – Enda Curran, Bloomberg ($):
Democrat Kamala Harris and Republican Donald Trump present starkly different policy visions that will also shape the flow of immigrants into the labor market and make-up of the energy supply that powers industry. Their differences will influence the prices consumers pay for everyday goods and the borrowing costs households and businesses face on debts.
U.S. Elections Could Prompt Tax-Related Emigration – William Hoke, Tax Notes ($). “In the heated run-up to the U.S. national elections, many Americans have said they’ll expatriate if their candidates lose. Fear of tax consequences might motivate some, though ignorance of the tax complications might give others pause.”
GOP Gains Could Prompt Push for Endowment Tax Hike – David van den Berg, Law360 ($):
In a sign of what may be to come, Republican lawmakers have introduced four bills in the current session of Congress to increase the scope of the endowment tax or the tax's current 1.4% rate.
Seized Property
IRS Issues Final Rules On Sales of Seized Property – Caleb Harshberger, Bloomberg ($):
The regulations (TD 10011) amend existing rules to improve the IRS’s ability to maximize sale proceeds for the benefit of both the taxpayer whose property the IRS has seized as well as the public fisc, the filings said.
Retirement
IRS to Boost Workplace Retirement Contribution Limits – Benjamin Valdez, Tax Notes ($):
The IRS announced (Notice 2024-80, 2024-47 IRB 1) November 1 that workers between age 60 and 63 will be able to make catch-up contributions of up to $11,250 to 401(k) and 403(b) accounts, as well as some government accounts, in 2025. That represents a 50 percent increase over the previous $7,500 limit.
IRS
IRS Working on Fix for Rejected Returns, Werfel Says – Lauren Loricchio, Tax Notes ($):
IRS Commissioner Daniel Werfel said October 24 at the UCLA Tax Controversy Institute, in response to a question from Tax Notes, that the agency is working with stakeholders to find a solution to a problem that causes valid e-filed tax returns of parents who are eligible to claim a tax credit to be rejected because the credit has been improperly claimed by an ex-spouse or partner. Tax attorneys say the issue can affect victims of domestic abuse.
Previously Taxed Profit Rules Due by Year's End, Official Says – Dylan Moroses, Law360 ($). “The Internal Revenue Service will publish the first tranche of long-awaited regulations on offshore earnings and profits previously taxed in the U.S. before the end of the year, an agency counsel said Thursday.”
In the Courts
Horror Movie Maker's $4.2 Million Tax Penalty Upheld on Appeal – Tristan Navera, Bloomberg. “A $4.2 million tax fraud penalty against a horror movie director will stand after the US Court of Appeals for the Second Circuit shot down his appeal.”
Georgia Partnership Sues IRS for $59.8 Million Tax Deduction – John Woolley, Bloomberg. “The IRS should allow a $59.8 million charitable contribution tax deduction for a conservation easement donation, a Georgia-based donor told the US Tax Court.”
Electrical Contractor's Tax Refund Bids Were Deficient, US Says – John Woolley, Bloomberg. “A Philadelphia electrical contractor can’t bring its $1.53 million refund claim against the government because it failed to file a valid request to the IRS on time after its owner pleaded guilty to tax evasion, the Justice Department told a federal appeals court.”
What Day is it?
Its time to celebrate your sweet tooth, its National Candy Day!
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