Tax Notes

"Using a current-policy baseline instead of the conventional current-law baseline will reduce pressure to moderate the spending and tax cuts that will come from extending TCJA provisions. "That greases the wheels of an otherwise sticky process. It will also make it far more likely that the TCJA tax cuts can be made permanent. "For future legislation, current-policy scoring could make what are normally considered large tax cuts seem much smaller." Perspective: Martin A. Sullivan argues that although Congress might be tempted to use a current-policy baseline for revenue estimates, continued use of that method leads to large-scale abuse of the budget process. (Photo by jjgervasi from Getty Images)

Is President Trump serious about establishing an "External Revenue Service"? #tax #trump #politics #tariffs #irs

“If enacted, the FPFA will bolster the global competitiveness of U.S. manufacturers, forge relationships with our internal trading allies, and bring in new revenue to the U.S. Treasury.” Opinion: Sen. Bill Cassidy, R-La., and Darren Rutledge explain the Foreign Pollution Fee Act, proposed legislation that would apply a foreign pollution excise tax to some emission-intensive imports that are significantly dirtier than domestic equivalents. They argue that the act would increase American competitiveness, offset unfair trade practices from China, and provide increased revenue that could be used to advance and offset President Trump’s agenda of lowering U.S. taxes. Read the full piece in Tax Notes, available here. ?? (Photo by MDGovpics via Flickr)

Changes at the Justice Department Tax Division — including the loss of entry-level attorneys and senior personnel — could affect refund litigation and the tax system as a whole, tax attorneys told Tax Notes. Three top officials at the Tax Division have left in recent months, following the rescission of accepted offers in the division’s honors program under a January 20 hiring freeze. Meanwhile, a request to move IRS Criminal Investigation division special agents to immigration enforcement support work raises the question of whether a similar move might come to the Tax Division. And it’s been over 10 years since a Senate-confirmed assistant attorney general ran the Tax Division, a problem the tax community has been pointing out for years. So what effect might all of these circumstances have on the Tax Division, tax litigation, and the tax system as a whole? Read more from Nathan Richman ??

Tax Notes has published my paper, “India Budget 2025: A Global Perspective on Key Reforms.” ??? The Headlines Have Faded, But the Impact is Just Beginning The Feb-25 Budget announcements are now formally part of the Income Tax Bill. Budgets aren’t just about announcements on D-Day - they shape economies, redefine business landscapes, and influence investment decisions long after the initial buzz dies down. With a fiscal deficit target of 4.4% and policy moves, it alignes with the Indian Government’s vision for Viksit Bharat 2047, focusing on economic growth with financial discipline. ??I have analyzed the impact of these reforms on global businesses and investors community with interest in India. ?? Rationalized Transfer Pricing and TDS & TCS provisions ?? M&A tax updates & fast-track Mergers ?? FDI policy reforms in Insurance & Strategic sectors ?? Extended Tax Benefits for Startups & IFSC ?? New Presumptive Tax Scheme for Nonresidents ?? Major Tax relief for the middle-class taxpayers ?? AND a new Income Tax Bill!! ??Link to the paper in Tax Notes International: https://lnkd.in/gRBFv6PM A big thanks to Sahil Shukla and CA Rajeev Ranjan (ラジブ) for their insights and contributions! #letstalktax #internationaltax #globaltax #crossbordertax #USIndia

NEW: Tax Notes IRS reporter Ben Valdez provides an update on the IRS’s recent staffing developments and how they may affect filing season. Listen wherever you get your podcasts. ??

This week's #EditorsPick selected by Audrey E.P. Pollitt: David Uri Ben Carmel examines the basis for recasting nondomiciliaries as domiciliaries and looks at the foundational truth that for state income tax purposes, “resident” and “domiciliary” are synonymous. Read the full report, now outside of the paywall. ??

Steve Rosenthal, formerly with the Urban-Brookings Tax Policy Center, weighs in on what he thinks would be good tax policy. #tax #irs #layoffs #taxpolicy

Ahead of the spring statement, UK accountancy firm Blick Rothenberg has called for an increase in the employment allowance to help businesses cope with an upcoming increase in National Insurance contributions (#NIC) amid a worsening economic outlook. My report for Tax Notes:

Partner Melissa Wiley joined David Stewart on a recent episode of the Tax Notes Talk podcast to discuss the Corporate Transparency Act. She and David discussed the purpose of the #CTA when it was enacted, its requirements, and the impact the recent announcement by U.S. Department of the Treasury that it would no longer be enforcing the CTA against U.S. citizens and domestic-formed companies means for businesses. Listen to the episode here or search for it on Spotify or wherever you listen to your podcasts.?https://lnkd.in/dTcs-Ugw