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☆ GOP House Takes First Swipe at IRS Money
▼ + stars: | 2023-01-09 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

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☆ Danny Werfel Poised to Return to IRS and Lead Its $80 Billion Transformation
▼ + stars: | 2023-01-01 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Danny Werfel has demonstrated a passion for the details of government work. WASHINGTON— Danny Werfel spent most of his public-sector career deep in the details of federal government operations and his private-sector career in the behind-the-scenes world of consultants. His next turn will be in the harsh political spotlight.

☆ Trump’s Tax Law Echoed Through His Finances During White House Years
▼ + stars: | 2022-12-31 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

The tax law that Donald Trump signed in late 2017 echoed through his finances in the following years, limiting some tax benefits for him and opening some tax-planning opportunities, according to the former president’s tax returns. Like many other taxpayers from high-tax states such as New York, Mr. Trump was affected by the $10,000 limit on deducting state and local taxes that was imposed by the wider tax law he championed. In 2018, for example, while he was in the White House, he reported paying over $10 million in state and local taxes but could only deduct the $10,000. The House Ways and Means Committee released six years of Mr. Trump’s tax returns Friday.

☆ Donald Trump’s Tax Returns Released by House Committee
▼ + stars: | 2022-12-30 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—The House Ways and Means Committee released six years of Donald Trump‘s tax returns Friday, pushing documents into the public sphere that the former president had long tried to keep confidential. The panel’s move, days before Democrats lose control of the House on Jan. 3, caps years of political and legal wrangling. House Democrats said they needed the material to oversee the Internal Revenue Service’s annual audits of presidential tax returns, while Mr. Trump and Republicans called it an invasion of taxpayer privacy for political reasons.

☆ Donald Trump’s Taxes Show Wide Use of Real-Estate Losses
▼ + stars: | 2022-12-30 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—The House Ways and Means Committee released six years of Donald Trump’s tax returns Friday, showing that his charitable contributions varied widely year to year and that he used reported losses at many real-estate investments including the Trump International Hotel in Washington, D.C., to his advantage. The panel’s move came days before Democrats lose control of the House on Jan. 3, and it capped years of political and legal wrangling while adding details to a set of reports that the committee made public last week.

☆ IRS Delays Gig-Tax Filing Rule for Side Hustles of More Than $600
▼ + stars: | 2022-12-23 | by ( Laura Saunders | Richard Rubin | ) www.wsj.com time to read: 1 min

The Internal Revenue Services postponed the reporting requirement after efforts in Congress failed to delay it or raise the $600 threshold. The Internal Revenue Service on Friday gave millions of Americans a one-year reprieve on new tax-reporting requirements, delaying implementation of a law that requires e-commerce platforms such as eBay , Etsy and Airbnb to give the tax agency information on users with more than $600 in revenue. The delay means the platforms won’t have to send sellers and the IRS a blizzard of 1099-K tax forms early in 2023, and it gives opponents of the $600 threshold more time to push for a change in the law next year.

☆ Donald Trump’s 2015-2019 Tax Returns Remain Under Audit, While IRS Finished Two for Biden
▼ + stars: | 2022-12-22 | by ( Richard Rubin | Annie Linskey | ) www.wsj.com time to read: 1 min

WASHINGTON—The Internal Revenue Service has completed two audits of President Biden’s tax returns since he took office in 2021, but records released this week show it has not finished any audits of Donald Trump from his time in the White House, prompting Democrats to call for mandating annual scrutiny and disclosure of presidential tax filings. For tax year 2020, the IRS determined that Mr. Biden and his wife, Jill, were owed an additional refund, White House spokesman Andrew Bates said. For 2021, which the Bidens filed in April 2022, the couple paid an extra $13 after the audit, Mr. Bates said.

☆ House Panel Releases Overview of Donald Trump’s Tax Returns, Promises More Details
▼ + stars: | 2022-12-21 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

The House Ways and Means Committee late Tuesday made public details of six years of former President Donald Trump’s taxes and audit records, capping a yearslong legal and political fight and showing that he reported little income-tax liability for several years. The reports, drawn from previously confidential Internal Revenue Service documents, said Mr. Trump and his wife, Melania Trump, reported negative adjusted gross income in four of the six years from 2015 through 2020. The Trumps paid some form of federal taxes every year, but reported income-tax liability of $750 or less in three of the six years.

The Internal Revenue Service’s audits of Donald Trump‘s tax returns were thinly staffed and unusually deferential to Mr. Trump’s tax advisers, according to a nonpartisan report from congressional tax specialists. At times, only a single IRS agent was assigned to examine Mr. Trump’s complex tax returns, with insufficient support from specialists, according to the report by the staff of the Joint Committee on Taxation, which provided the information to the House committee that voted to release the former president’s tax information.

Representatives of former President Donald Trump have criticized the decision of Democrats to make his tax returns public. The Internal Revenue Service’s audits of Donald Trump’s tax returns were thinly staffed and at times unusually deferential to Mr. Trump’s tax advisers, according to a nonpartisan report from congressional tax specialists. At times, only a single IRS agent was assigned to examine Mr. Trump’s complex tax returns, with insufficient support from specialists, according to the report by the staff of the Joint Committee on Taxation, which provided the information to the House committee that voted to release the former president’s tax information.

☆ House Panel Votes to Release Donald Trump’s Tax Returns
▼ + stars: | 2022-12-21 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

The House Ways and Means Committee voted Tuesday to release former President Donald Trump’s tax returns, capping a yearslong legal and political fight. The committee released reports and some documents that revealed details about Mr. Trump’s tax returns and audits on Tuesday, showing that he and his wife, Melania Trump, reported negative adjusted gross income in four of the six years from 2015 through 2020. The Trumps paid some form of federal taxes every year, but reported income-tax liability of $750 or less in three of the six years. A full set of tax documents is expected to become public in subsequent days.

☆ Donald Trump Reported Little or No Income-Tax Liability for Several Years, Records Show
▼ + stars: | 2022-12-21 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Donald and Melania Trump reported negative income in four of the six years from 2015 through 2020 and little or no income-tax liability for several years, according to tax documents released by a House committee. The Trumps paid some form of federal taxes every year, but they reported income-tax liability of $750 or less in three of the six years, documents released by the House Ways and Means Committee showed. The couple’s adjusted gross income totaled negative $53.2 million during that period.

☆ Trump Tax Returns, IRS Audits Discussed in Closed-Door House Meeting
▼ + stars: | 2022-12-21 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/trump-tax-returns-irs-audits-discussed-in-closed-door-house-meeting-11671571402

☆ Congress Clamps Down on Land-Conservation Tax Deals
▼ + stars: | 2022-12-20 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—Congress is on the verge of imposing strict new tax limits on certain land deals, and the change would mark a victory for the Internal Revenue Service. The legislation targeting so-called syndicated conservation easements was included in an omnibus spending bill released Tuesday that is expected to pass Congress and become law as soon as this week. It takes aim at the proliferation of deals whereby investors can make money from tax breaks for conservation.

☆ Big Changes to 401(k) Retirement Plans Move Ahead in Congress
▼ + stars: | 2022-12-20 | by ( Anne Tergesen | Richard Rubin | ) www.wsj.com time to read: 1 min

Congress is on the verge of passing a bill that aims to help Americans save more for retirement and leave their retirement savings untouched and untaxed for longer. The bill nearing approval raises the age people are required to start withdrawing money from tax-deferred retirement accounts to 75 from 72. It increases retirement savings contribution limits for older workers and provides an increased incentive to people with low and moderate incomes to save in retirement accounts. It also paves the way for more employers to offer emergency savings accounts inside 401(k) plans.

☆ Trump Tax Returns May Be Released After House Panel Meets Tuesday
▼ + stars: | 2022-12-16 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/trump-tax-returns-may-be-released-after-house-panel-meets-tuesday-11671220933

☆ EU Greenlights 15% Corporate Minimum Tax, Advancing Global Deal
▼ + stars: | 2022-12-15 | by ( Paul Hannon | Richard Rubin | ) www.wsj.com time to read: 1 min

Paolo Gentiloni, the EU’s top economy official, called the agreement ‘a win for fairness, a win for diplomacy and a win for multilateralism.’Countries in the European Union are set to start collecting additional taxes in 2024 under a long-stalled global deal to set a minimum rate on company profits, after Hungary and Poland dropped their objections to the move. In October 2021, 137 countries agreed to impose a 15% minimum tax on large companies, paving the way for the most significant overhaul of international tax rules in a century. By imposing the tax in each jurisdiction where a company operates, large countries aim to reduce tax-rate competition and the advantages of operating in a low-tax locale. Getting to that point took years of negotiations that often seemed close to collapse.

☆ Hopes Fade for Year-End Tax Deal in Congress to Aid Companies, Children
▼ + stars: | 2022-12-12 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—Lawmakers are struggling to reach bipartisan agreement on a year-end tax deal, and businesses and antipoverty advocates both look unlikely to get what they want. Republicans and many companies want to reverse, prevent or delay some tax increases on businesses that were scheduled in a GOP-backed 2017 tax law and that began taking effect this year. Democrats, who control the House and Senate, have expressed openness to some changes, but they want to expand the child tax credit at the same time.

☆ IRS Budget Fight Heats Up as Republicans Look to Curb Tax Agency
▼ + stars: | 2022-12-09 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

The dispute over the IRS funding previews intense partisan fights next year about the size and reach of the tax agency. WASHINGTON—Internal Revenue Service funding has emerged as a point of tension in bipartisan negotiations over federal spending, as lawmakers seek a deal to keep the government funded for the full year ahead of a deadline this month. The dispute previews intense partisan fights next year about the size and reach of the tax agency, with Democrats leaning on the IRS to boost enforcement and tax revenue and Republicans looking to limit its expansion.

☆ IRS Proposes New Rules to Police Land-Conservation Tax Deals After Court Losses
▼ + stars: | 2022-12-06 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Senior Internal Revenue Service officials say syndicated conservation easement transactions are tax shelters that deprive the government of billions of dollars in revenue. WASHINGTON—The Internal Revenue Service moved to shore up its ability to attack aggressive land-rights tax deals after losing several court decisions. The agency on Tuesday proposed regulations that would require participants and promoters of so-called syndicated conservation easement transactions to disclose those deals to the government, with steep penalties for omissions. The move would help the IRS identify and audit the easement deals, which senior IRS officials say are tax shelters that deprive the government of billions of dollars in revenue.

☆ Supreme Court Agrees to Decide if Biden Administration Can Provide Mass Student-Loan Forgiveness
▼ + stars: | 2022-12-01 | by ( Richard Rubin | Jess Bravin | ) www.wsj.com time to read: 1 min

The Supreme Court agreed to decide by end of June whether the Biden administration can cancel student-loan debt for millions of Americans. WASHINGTON—The Supreme Court on Thursday agreed to decide whether the Biden administration can cancel student-loan debt for millions of Americans, putting the matter on a fast-track timeline that should produce a final ruling by the end of June. The court, in an unsigned order, didn’t act on the administration’s emergency request that it be allowed to move forward with the debt relief immediately. But the justices did agree to the White House’s alternative request that the court take up the case now to decide whether the debt forgiveness is a lawful exercise of presidential power.

☆ IRS Audits That Included Comey, McCabe Were Random Selections, Report Finds
▼ + stars: | 2022-12-01 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Former FBI leaders have questioned whether they were chosen on purpose for audits by the Internal Revenue Service. WASHINGTON—IRS research audits in 2017 and 2019—the years that FBI leaders James Comey and Andrew McCabe were selected for those intensive exams—were random, according to an inspector general’s report released Thursday. The report from the Treasury Inspector General for Tax Administration found no misconduct or evidence that the Internal Revenue Service’s National Research Program was manipulated to ensure that specific taxpayers would be chosen. Messrs. Comey and McCabe were both fired under then President Donald Trump and have questioned whether they were chosen on purpose.

☆ House Panel Gets Access to Trump Tax Returns, Chairman Guarded as to What Comes Next
▼ + stars: | 2022-11-30 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—The Treasury Department has complied with a Supreme Court order that allows the administration to make former President Donald Trump‘s tax returns available to the House Ways and Means Committee, the department said Wednesday. The next move falls to committee Chairman Richard Neal (D., Mass. ), who was guarded Wednesday about his plans for analyzing the documents or releasing them publicly.

☆ House Panel Gets Trump Tax Returns, Chairman Guarded as to What Comes Next
▼ + stars: | 2022-11-30 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Former President Donald Trump for years resisted handing over his personal tax returns to a House committee. WASHINGTON—The Treasury Department has complied with a Supreme Court ruling that allowed the administration to give former President Donald Trump’s tax returns to the House Ways and Means Committee, the department said Wednesday. The next move falls to committee Chairman Richard Neal (D., Mass. ), who was guarded Wednesday about his plans for analyzing the documents or releasing them publicly.

☆ Supreme Court Clears Way for Donald Trump’s Tax Returns to Be Released to House Panel
▼ + stars: | 2022-11-22 | by ( Jess Bravin | Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—The Supreme Court on Tuesday said it wouldn’t block a House committee from accessing Donald Trump’s tax returns, handing an apparently final defeat to the former president in a long-running court fight. The court denied Mr. Trump’s request for a temporary order, known as a stay, that would have blocked the House Ways and Means Committee from obtaining the tax returns from the Internal Revenue Service. The unsigned order from the court noted no dissents and, as is typical in emergency matters, provided no explanation of the court’s reasoning.

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