To help with your writing efforts, here’s what people are looking for in Tax Law online. Trending topics culled from JD Supra, search analytics, social media conversations, and other sources:
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Dec. 2nd oral arguments before the U.S. Supreme Court in United States v. Miller; what to know about the dispute at hand, and key issues in the case involving sovereign immunity, clawback actions, creditor rights, and the Internal Revenue Service’s powers vs. those held by bankruptcy trustees; what interested parties should be watching for from the high court in this case.
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Your choice of three or more noteworthy tax-related developments or trends from 2024. Take your pick of legislation, Biden administration initiatives, enforcement trends, court rulings, and more. Also consider how much you want to delve into the immediate or longer-term implications of each, as well as any related liability or compliance issues.
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The sentencing of a bitcoin investor in a tax fraud case; how this case marks a first; what this case illustrates regarding the crypto sector, potential for tax evasion, resources available to investigators and prosecutors, and liability risks; related enforcement trends (whether by the Internal Revenue Service or tax authorities in other countries).
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The U.S. Tax Court’s Nov. 18 ruling in Mukhi v. Commissioner; key issues in this case; your takeaways from the court’s ruling; implications for Internal Revenue Service powers and actions, and for taxpayers’ reporting obligations.
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The timely subject of employer gifts, in time for the holiday gift-giving season. When do these gifts create tax obligations for employees? What should employers and employees know regarding this matter and related best practices and potential pitfalls?
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The funding outlook for the Internal Revenue Service, both in the immediate future and under a second Trump administration; the IRS’ current fiscal situation, and how it may be affecting its operational and enforcement capabilities; and perhaps a wider-angle look at the outlook for the IRS over the next two to four years, given the GOP’s electoral wins and priorities.
Related information:
https://www.newsweek.com/donald-trump-irs-lose-billion-economy-1992233
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President-elect Trump’s support for tariffs; what to know about a president’s power over tariffs; realistic prospects for the implementation of tariffs, what they are likely to consist of, and whom they would most affect; the first Trump administration’s legacy regarding tariffs and trade wars; what contingency plans businesses should be considering this time around, and/or what they may have learned, or how they responded, to Trump policies on this front during his prior time in office.
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Your choice of recent Internal Revenue Service guidance or other year-end tax alerts or tax tips of your own that companies would benefit from following; related compliance obligations; potential penalties; any grace periods or extension options worth knowing about.
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Tax matters that are likely to be top priority for the Trump administration or Congress in the new year; potential changes to, or reversals of, Biden-era measures; what individuals, businesses, or other entities should be watching for, and planning for accordingly.
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Next year’s anticipated expiration of many provisions of the Tax Cuts and Jobs Act; timeline and provisions at issue; how the outcome of the November election could affect TCJA provisions’ status and future; how individuals or businesses should be thinking about their tax strategies right now.
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Tax-related ballot measures, candidate positions, or other tax-related matters occupying voters’ attention this November. Consider doing either a heads up about issues or trends worth noting, or, alternatively, do a post-election wrap-up on how tax measures fared on Election Day.
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A Sept. 19 ruling by the Court of Justice of the European Union regarding a British tax exemption; basis for the CJEU ruling; what the ruling means for companies doing business in the United Kingdom; what to know about the UK’s controlled foreign company rules.
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Tax issues related to recent hurricanes or other natural disasters; deadline extensions announced by taxing authorities regarding filing and payments; applicable deductions pertaining to business or personal losses; how to deal with the loss of records regarding prior-period tax filings or other important financial records.
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The potential fallout for spouses or other relatives if a taxpayer deliberately or inadvertently underpays state or federal taxes; how to prevent or reduce collateral damage from relatives’ tax mishaps before or after the fact; the nature and limitations of innocent spouse relief; other forms of relief or resources for family members.
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Recent guidance from the Internal Revenue Service regarding employer matching contributions involving payments on student loans; types of plans or arrangements to which this interim guidance applies; key eligibility and compliance points that employers or employees should take note of.
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A Sept. 10 ruling by Europe’s top court regarding Apple’s history of tax payments in Ireland; practices and policies at issue in this case; what the ruling means for Apple and for countries’ taxation policies; what else companies should know about the ruling and its potential impact on tax-related obligations and opportunities.
Related information:
https://curia.europa.eu/jcms/upload/docs/application/pdf/2024-09/cp240133en.pdf
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Real estate investment trusts; what they consist of; how they are used; applicable tax regulations; related compliance issues and enforcement trends; why REITs are coming under scrutiny from members of Congress.
Related information:
https://finance.yahoo.com/news/senator-elizabeth-warren-joins-call-130343062.html
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The Revitalizing Downtowns and Main Streets Act; focus and status of this congressional legislation; how participants in the program would qualify for investment tax credits.
Related information:
https://www.congress.gov/bill/118th-congress/senate-bill/4693/titles
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The latest developments involving Employee Retention Credits; what to know about the related Voluntary Disclosure Program and Internal Revenue Service actions potentially affecting businesses that filed Employee Retention Credit claims; important deadlines or other practical information for businesses that have participated in the ERC program or that may still wish to claim tax credits under the program; how businesses should be prepared to defend their ERC claims.
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The guilty plea entered this week by President Joe Biden’s son Hunter in his tax case; the tax charges in this case and the potential penalties that lie ahead; what happened to Hunter Biden’s attempt to enter an Alford plea; how incidents of tax evasion rise to the level of a felony; what other taxpayers may be able to learn from Hunter Biden’s case regarding tax liabilities, any options for mitigating penalties, and their options for moving forward following a charge or determination of wrongdoing; and perhaps a wider-angle look at tax enforcement and prosecution trends.
Related information:
https://abcnews.go.com/US/jury-selection-begins-hunter-bidens-federal-tax-trial/story?id=113404001
https://apnews.com/article/hunter-biden-alford-plea-explanation-b5ade008c4520fc74f3dbcdbfc4aec2b
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Trends associated with identity theft suffered by taxpayers; any recurring or emerging phishing scams or other frauds being perpetrated by criminals impersonating taxation authorities; how to guard against cyberthreats, social engineering scams, or other risks to one’s business or personal information; what the Internal Revenue Service or other entities may be doing to guard against ID theft affecting taxpayers; what someone should do if a fraudulent tax return has been filed in their name or if they discover their tax refund has been claimed by an imposter; how to recover from identity theft; how to mitigate related losses.
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Recent actions by the Internal Revenue Service concerning Employee Retention Tax Credits; issues that have led to the IRS denying businesses’ ERC claims; what businesses should know about the current status of the ERC claims process, applicable deadlines for submitting or withdrawing claims, potential mistakes or dangers to avoid, related liability risks, and any available corrective actions to consider.
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Trends or otherwise noteworthy developments involving digital advertising taxes; where they’re being implemented or proposed; how they work; rationale behind the taxes; how legal challenges to the taxes have performed.
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Tax proposals suggested by Democratic presidential candidate Kamala Harris, including noteworthy statements regarding tax rates, tax credits, or additional matters. Take your pick of proposals involving corporations, parents, and others; how the proposals compare to current tax trends or to the GOP platform’s tax stance.
Related information:
https://www.cbsnews.com/news/kamala-harris-child-tax-credit-6000-dnc-what-to-know
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Former President Donald Trump’s recently floated idea of eliminating taxes on Social Security; mechanism by which this could be done; what would have to happen for such an idea to be implemented; potential impact on Social Security recipients; taxpayers; the Social Security system, its funding, and stability; and the overall economy; who stands to gain or lose under such a proposal.
Related information:
https://www.cbsnews.com/news/trump-social-security-income-tax-cut-here-is-the-impact-on-benefits
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The U.S. Supreme Court’s decision in Connelly v. United States; key facts in the case at hand; practical takeaways for closely held companies; related or wider-angle guidance regarding the nuts and bolts of succession planning.
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Tax issues that first-time homebuyers should be paying attention to, whether prior to a property purchase, or after the acquisition of a property, or, down the road, if they decide to sell that property; guidance on tax obligations, credits, and deductions; common oversights or misunderstandings pertaining to real estate-related tax reporting and filing; tax mitigation strategies.
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Tax tips for expats. What U.S. citizens or residents should know about common tax issues that may arise while they are living, working, or traveling outside the United States; related obligations or potential pitfalls pertaining to filing requirements or other tax matters; relevant best practices, or related pointers on how to simplify one’s tax reporting process or perhaps reduce the amount of tax owed.
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The potential implications for individual or corporate taxpayers of the U.S. Supreme Court’s recent Loper Bright ruling; what the high court’s overturning of the Chevron doctrine could mean for the Internal Revenue Service’s and Treasury Department’s authority and powers; regulations most likely to face challenges in the wake of the Loper Bright decision.
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Tax-related tips and strategies for new or experienced investors or owners of real estate, whether commercial or residential; how to reduce the impact of tax obligations stemming from real estate deals; common misunderstandings involving real estate and tax law; issues involving tax deductions, potential pitfalls regarding tax filings, tax-related issues involving the sale of property, and more. Also consider whether to present a list of do’s and don’ts or whether to examine any tax disputes, rulings, or cautionary tales to illustrate any of your points.