Taxes

Robinhood co-founders Vlad Tenev (L) and Baiju Bhatt (R) in 2015. Ben Margot/ASSOCIATED PRESS With additional reporting from Antoine Gara, John Dobosz and Jeff Kauflin Following the tragic suicide of a 20-year-old Robinhood trader after he saw a $730,000 negative balance in his account, the company’s founders released a statement pledging to tighten eligibility criteria,
0 Comments
More than 1.5 million Americans filed new unemployment claims last week. About 760,526 filed for Pandemic Unemployment Assistance. It was the eleventh straight week that at least 1 million Americans filed new claims. While last week’s claims were the lowest since March, they still were far higher than pre-pandemic levels. As of June 6, about
0 Comments
Getty Just days ago, tax professionals were wondering whether the G20 would meet its 2020 deadline to reach an agreement on multinational taxation. We now have our answer: Treasury Secretary Steven Mnuchin has called for the suspension of the Organization of Economic Co-operation and Development (OECD) talks.  The official statement released by Monica Crowley, Treasury’s
0 Comments
Senate Finance Dems demand IRS answers about high-income non-filers. Following last week’s Treasury Inspector General for Tax Administration report that  the IRS did not pursue high-income people who failed to file  tax returns, Senate Finance Committee Democrats want to know why. They asked Commissioner Charles Rettig why the agency did not fully audit the non-filers; whether
0 Comments
Watch Benjamin Willis and Joseph Thorndike, contributing editors for Tax Notes Federal, discuss the Whiskey Rebellion, the first time the federal government used military force to quell a domestic uprising. Here are a few highlights… On federal military force and tax Joseph J. Thorndike: The very first time that the federal government used military force to put
0 Comments
Today it was reported that Treasury Secretary Steven Mnuchin sent a letter to the finance ministers in the United Kingdom, France, Italy, and Spain communicating concerns the U.S. government has with ongoing OECD negotiations on international tax rules. Those concerns have led the U.S. to withdraw from the negotiations. U.S. Trade Representative (USTR) Robert Lighthizer,
0 Comments
Fed Chair Powell: Full recovery will require COVID-19 containment. Federal Reserve Chairman Jerome Powell told the Senate Banking Committee yesterday that “levels of output and employment remain far below their pre-pandemic levels, and significant uncertainty remains about the timing and strength of the recovery.” His conclusion: “Until the public is confident that the disease is
0 Comments
Getty As the numbers of those affected by COVID-19 continue to climb, the Internal Revenue Service (IRS) is providing guidance for employers whose employees take advantage of leave donation programs because of the COVID-19 pandemic. Typically, employer-sponsored “leave donation” programs allow employees who have accrued sick, vacation, or personal leave that they don’t need to
0 Comments
Autumn colors illuminated by alpenglow on previously burnt mountain. Getty In the second part of a two-episode series, Tax Notes legal reporter Kristen Parillo interviews Steve Small, one of the authors of the federal income tax regulations on conservation easements who is now in private practice, about the controversy surrounding the tax treatment of conservation easements. This
0 Comments
The White House debates itself over coronavirus relief. White House trade adviser Peter Navarro is promoting a $2 trillion package that focuses on boosting US-based manufacturing. Treasury Secretary Steven Mnuchin told reporters late last week that it was premature to speculate on the size of the relief package and said the Trump administration was amenable to
0 Comments