Tax Notes

A new study shows that while no single wealth tax model is suitable for all EU countries, pairing capital income and gains taxes with robust inheritance and gift taxation could underpin such a scheme. taxnotes.co/4sBfD1e

A federal magistrate judge found that allowing a church to use confidential documents it obtained during discovery to report an opposing church for alleged tax evasion would undermine principles of fair litigation. taxnotes.co/4tbpls5

The IRS would receive more than $83 billion in enhanced funding under a bill introduced by Senate Democratic Caucus members in response to the rescission of most of the extra money the agency received in 2022. Read more from @cady_stanton: taxnotes.co/4syWgpr

Republican leaders are eyeing a narrow funding bill to end the partial government shutdown, lowering the chances of enacting tax provisions this year through a second reconciliation package. Read more from @KatieLobosco: taxnotes.co/4mB0ifG

Two Illinois House resolutions are each proposing a 3 percent millionaire’s tax, which a study estimates could generate around $4 billion in annual revenue. Read more from @EmilyHoll9: taxnotes.co/4thYc72

Congressional Democrats used the conclusion of the 2026 filing season to lament the demise of the IRS’s Direct File program, six months after the Trump administration announced it was being shuttered. Read more from @cady_stanton: taxnotes.co/3Qp4C5B

An insurance agent failed to convince the New York City Tax Appeals Tribunal that the city's 20-year delay in hearing his unincorporated business tax (UBT) challenge violated his due process rights. taxnotes.co/481mdGT

JUST IN: The IRS has issued proposed amendments (REG-113229-25) to the dollar thresholds in regulations governing information reporting for payments made in the course of a trade or business and the corresponding backup withholding regulations. taxnotes.co/4trdXs8

IRS CEO Frank Bisignano assured lawmakers that the agency continues to pursue audits of high-wealth taxpayers despite deep cuts to enforcement staff and an increased reliance on artificial intelligence. Read more from @benmvaldez: taxnotes.co/4vyya0F

ICYMI: Jennifer Bernardini of @PwCUS discusses the recently released guidance for the material assistance and prohibited foreign entity rules affecting some of the clean energy credits in the One Big Beautiful Bill Act. taxnotes.co/4cbNkl4

Will the side-by-side approach provide a durable foundation for implementation, or does it signal a more flexible, country-specific phase of global minimum tax coordination? Join next week's episode of Taxing Issues to hear our panelists discuss: taxnotes.co/4sn7SvI

The Iran war has led to global economic shocks such as high commodity prices and inflation that threaten governments’ capacity to raise tax revenues and deliver public services, according to a new IMF report. taxnotes.co/3Oh8Hbv

Texas's imposition of state franchise taxes on American Airlines’ transport revenues was preempted by federal law, a state court of appeals has held. taxnotes.co/4my0V9U

"When the Court strikes down a tariff, who should get their money back? The importer who submitted the duties to the government? Or people further down the line who may have borne the true economic burden of the tariffs?" @jthorndike asks. Read more: taxnotes.co/4stDEqQ

Long-standing property tax exemptions granted to Confederate memorial associations in Virginia have been relegated to the dust bin of history after Gov. Abigail Spanberger (D) signed a bill eliminating organization-specific carveouts from state law. taxnotes.co/4mrLL5O

A group of Democratic taxwriters is launching an inquiry into reports that the IRS and FBI may have been targeting nonprofit organizations based on their political views. Read more from @cady_stanton: taxnotes.co/3OkC5h6

The IRS identified hundreds of taxpayers who failed to report their foreign bank account income to the agency, but it penalized only some of the taxpayers who didn't comply, an agency watchdog found. taxnotes.co/4tQtMZn

Decisions are imminent in parallel challenges to New York's and New Jersey’s interpretations of P.L. 86-272’s application to internet activities, while Massachusetts so far has avoided similar litigation. taxnotes.co/4t6PY1o

Nearly 100 profitable corporations didn’t pay any federal income tax last year, according to a new report. taxnotes.co/481UHcn

Maine has enacted an income tax surcharge for taxpayers with more than $1 million in income. Read more from @EmilyHoll9: taxnotes.co/4twD5y5