Tax Notes

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

Amendments proposed by members of the European Parliament to a draft opinion on the tax framework for the financial sector reveal a stark divide over whether the long-standing VAT exemption should be reformed or maintained. taxnotes.co/4cLcSFL

Several tax attorneys who spoke with Tax Notes are troubled by changes in the IRS Independent Office of Appeals’ practices they have experienced recently after the office’s staff was reduced by approximately 28 percent amid workforce reductions. taxnotes.co/4sLeYKQ

Sweden’s finance minister has promised to avoid tax hikes over the next four years and help households in the short term with a new round of tax cuts for gasoline, diesel, and electricity, if needed. taxnotes.co/4tmmgFC

Virginia has enacted legislation expanding how local governments can raise and direct revenue for tourism-related spending, pairing new taxing authority with changes to how tourism districts are structured and governed. Read more from @Kennedywahrmund: taxnotes.co/425zsTk

Reductions to the IRS’s budget and staffing will likely result in billions of dollars in lost federal revenue over the next decade, according to a new report. taxnotes.co/3QcxI8g

A former IRS employee was sentenced to a year and a half in prison on March 4 for filing false tax returns to fraudulently obtain tax refunds and stealing Social Security benefits. taxnotes.co/3Q8eLnb

Ally Financial owes Alabama $3.6 million in back taxes because it is not eligible to file consolidated financial institution excise tax (FIET) returns with related company Ally Bank, a state appeals court has held. taxnotes.co/3OspGaG

The Finnish Tax Administration has released guidance on the application of safe harbors and transitional provisions under the country’s Minimum Tax Act, including new safe harbors outlined in the OECD's pillar 2 side-by-side package. taxnotes.co/4swfY52