Congress recently approved the FY25 budget resolution, which opens the door for enacting President Trump’s proposed tax cuts later this year.
The Tax Court ruled that a hedge fund’s basket option contracts lacked economic substance, recharacterizing as direct ownership of the underlying basket securities and triggering over $500 million in ordinary income tax adjustments.
Recently enacted legislation effectively exempts DeFi crypto exchanges from the tax reporting rules applicable to crypto brokers. This legislation marks a course reversal from the regulatory approach taken by the IRS at the end of last year.
The UK’s First-tier Tribunal considers whether certain disposals actually happen in the “real world.”
The Internal Revenue Service announced its plans to withdraw its controversial regulations aimed at transactions designed to shift tax basis in partnership interests among related partners.
The IRS confirmed a big increase in the number of taxpayers whose tax information was stolen by Charles Littlejohn in 2019.