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California lawmakers appear willing to put aside skepticism about economic benefits of the state’s film and television tax credits and to expand the program, mainly to stanch the flow of productions to places with more generous tax breaks. More than 130 Democrats are condemning the Trump administration’s firing of thou
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News
Dueling State Approaches to Taxing Related Businesses: Explained
3+ day, 21+ hour ago (73+ words) news.bloombergtax.com A recent Massachusetts decision called into question the dominant method for determining how to apportion a unitary group’s taxable income in combined filing states. The approach Massachusetts follows tends to bring in more money for states, and…...
Colorado Company Escapes California Tax on Sale of Beverage Unit
5+ day, 10+ hour ago (113+ words) news.bloombergtax.com A Colorado-based company didn’t generate California taxable business income when it sold its beverage distribution unit because the two didn’t operate as a unitary business with activity in the state, a tax appeals tribunal ruled in an…...
Ban on IRS-DHS Taxpayer Info Sharing Upheld by Appellate Court
5+ day, 14+ hour ago (104+ words) news.bloombergtax.com A preliminary injunction blocking the IRS’s taxpayer data sharing agreement with the Department of Homeland Security can stand, the DC Circuit said Tuesday. The US Court of Appeals for the District of Columbia Circuit ruled the implementation…...
IRS Issues Notice on Some Research Accounting Method Changes
1+ week, 2+ day ago (110+ words) news.bloombergtax.com The IRS Friday announced modified accounting method change procedures for research and experimental expenditures. IRS said in Revenue Procedure 2026-32 that the changes were made under Sections 174 and 174A, as well as for certain construction contracts under Section 460, following…...
IRS Drops Crypto Scam Victims’ Tax Bill on Theft Loss Deduction
1+ week, 2+ day ago (143+ words) The IRS reached an agreement with a New York couple that they no longer owed taxes or penalties, after previously disallowing their $965,000 theft loss deduction related to a cryptocurrency investment scam, according to a US Tax Court decision Friday. Brian…...
IRS Organizational Silos Are Undermining Its Own Modernization
1+ week, 3+ day ago (336+ words) Yet last month, I was speaking with an IRS representative who mentioned, almost casually, that all Service Center personnel have access to an online document upload tool. This tool processes submissions instantaneously, saving significant time for both the Service Center…...
IRS Softens on Businesses in Wake of Agency Worker Exodus
1+ week, 4+ day ago (497+ words) At President Donald Trump’s IRS, businesses in the last year are paying tens of billions of dollars less in taxes, while Americans are shelling out hundreds of billion dollars more. Businesses — both large corporate taxpayers and partnerships — have historically been…...
SALT Break Sought by New York, California Pays Off Across the US
1+ week, 4+ day ago (106+ words) news.bloombergtax.com The expanded state and local tax deduction championed by New York lawmakers is gaining favor around the US, benefiting well-heeled taxpayers in states like Ohio, Colorado, North Carolina, Michigan and Pennsylvania. “I saw benefits for clients in…...
Graduated Income Tax Plan Heads to Colorado Voters in November
1+ week, 5+ day ago (90+ words) news.bloombergtax.com The Colorado Secretary of State’s office confirmed that proponents of moving to a graduated income tax had secured enough valid signatures to place the proposal on the Nov. 3 ballot. Voters will be given a say on Initiative…...
IRS Watchdog Announces National Fraud Detection Center Collab
2+ week, 4+ day ago (158+ words) news.bloombergtax.com The IRS’s watchdog is partnering with the Department of Justice to launch the National Fraud Detection Center, the office said. The Treasury Inspector General for Tax Administration said in a press release Wednesday the move is meant…...