The Internal Revenue Service plans to deploy thousands of new hires to expand audits of partnerships and high net wealth individuals. As part of a larger transformation at the agency, it is using some of the $60 billion in...more
11/14/2023
/ Artificial Intelligence ,
Audits ,
Digital Assets ,
Estate Planning ,
Generation-Skipping Transfer ,
IRS ,
Partnerships ,
Regulatory Reform ,
Tax Reform ,
Wealth Management ,
Wealth Tax
More — and more rigorous — IRS examinations are coming. The Biden administration is committed to closing the “tax gap” (the difference between taxes owed and taxes actually paid on time). Increased enforcement efforts are...more
5/5/2021
/ Biden Administration ,
Corporate Taxes ,
High Net-Worth ,
Income Taxes ,
Investment Management ,
Partnerships ,
Pass-Through Entities ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Wealth Tax
After several years of hearings and forums intended to develop broad-based support for comprehensive tax reform, on February 26, 2014, House Ways and Means Committee Chairman David Camp (R-Mich.) released a draft tax reform...more
4/22/2014
/ Accounting ,
Alternative Minimum Tax ,
Corporate Taxes ,
Debt Restructuring ,
Derivatives ,
Financial Products ,
Foreign Tax ,
Internal Revenue Code (IRC) ,
Partnerships ,
Subpart F ,
Tax Credits ,
Tax Reform ,
Ways and Means Committee
On April 10, 2013, the White House released its proposed budget for fiscal year 2014. The budget contains significant tax proposals related to renewable energy, research and job creation, as well as numerous changes affecting...more