Daily Tax Report ®

IRS Audits, Tax Collections Dipped After Workforce Purge

Short List to Reclassify Titles at IRS Hits Influential Advisers

Two States Enact New SALT Cap Workarounds, Six Extend Programs

The US map of pass-through entity tax regimes has changed a lot over the last year, with two states launching programs for the first time and six others extending their statutory sunset dates.

OECD Offers Technical Remedies for Global Minimum Tax Returns

Accounting Industry Forecasts Bright Future With AI Adoption

Illinois Joins Ohio in Ordering Pause on Data Center Tax Credits

Fiserv Unit’s Case Will Measure Scope of Ohio Taxable Services

EV Fee to Subsidize Highway Trust Fund Draws Ire From Lawmakers

A bipartisan push for a new electric vehicle fee to support the Highway Trust Fund faces blowback from the political left and right.

PODCASTS

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Corporate Tax Disclosures Let Investors Peer Into the Black Box

Accounting Firms Navigate Compensation as AI Tools Upend Work

IRS Pivots to Fill Holes in Tax Filing Season After DOGE Cuts

How Tax Administration Reforms Could Pass Congress This Year

Columns + Commentary

Danny Werfel By All Accounts
Pentagon Anthropic Deadlock Demands Thorough Checks on AI Use
Andrew Leahey Technically Speaking
Georgia Gas Tax Holiday Is Affordability Theater That Delays Harm
Andrew Leahey Technically Speaking
Mamdani’s NY Estate Tax Exemption Should Target Dynastic Wealth
Danny Werfel By All Accounts
Trump’s IRS Lawsuit Offers Lessons on Privacy and Legal Process

Practitioner Insights

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New York Knicks’ Home Court Holds History of Unusual City Tax

Jarrett Kalish

Kalish Law LLC

Canada’s Transfer Pricing Transformation Will Get an OECD Buffer

Pooja Mihailovich

Blakes

Trump’s NDAs for Federal Employees Would Hide Workplace Abuses

Susan Davis

Cohen, Weiss and Simon

Bloomberg Tax Journals

South Africa and Nigeria Drive AI-Enabled Transfer Pricing Audits

Robust taxpayer protection policies, transparent AI governance, strong data integrity practices, and meaningful human oversight are essential to ensuring that digital transformation enhances rather than undermines fairness, KPMG practitioners, Christian Wiesener, Barbara Mbaebie, and Akaoma Osele, say.

Pension Exit Costs Are a Moving Target After Supreme Court Ruling

After the Supreme Court’s ERISA ruling in M & K Employee Solutions, the withdrawal-liability figure an employer receives before leaving a multiemployer pension plan may not be the number that controls after withdrawal, says Hall Benefits’ Samuel Krause.

Reported FIFA 2026 World Cup Tax Deal Hasn’t Changed Fundamentals

KPMG’s Daida Hadzic and Rob Fagan say FIFA’s reported US federal tax deal may ease team-level tax exposure for the 2026 World Cup, but it doesn’t change the core tax, withholding, classification, and social security issues affecting players, coaches, and staff.

Tax Developments

U.S. District Court Vacates IRS Notice Eliminating Five Percent Safe Harbor for Certain Clean Energy Projects

The U.S. District Court for the District of Columbia held that IRS Notice 2025-42, which eliminated the Five Percent Safe Harbor method for establishing “beginning of construction” for wind and ...

IRS Issues News Release on Restructuring Security Summit Partnership for Identity Theft Prevention

The IRS issued a news release announcing a restructuring of its public-private partnership with Security Summit partners to strengthen protections and enhance information sharing across the tax system to combat ...

IRS Issues News Release Announcing State Participation in Federal Scholarship Tax Credit Program

The IRS issued a news release announcing that 27 states have elected to participate in the Federal Scholarship Tax Credit (FSTC) program enacted under the One, Big, Beautiful Bill. The ...

AI's Billion Dollar Tax Breaks: Data Center Incentives Fuel Backlash

States have been competing to attract AI data centers, offering tax breaks to companies like Meta, Amazon, and Google. Now Georgia is at the center of a growing debate over whether those incentives are still worth the cost.

Latest Stories

GOP Group Convenes Budget Experts on Third Reconciliation Bill

The House Republican Study Committee met with nonpartisan congressional offices and Republican-aligned think tanks about deficit reduction options they could tackle in their next party-line bill, according to two people familiar with the meeting.

By Zach C. Cohen

Treasury Asked to Clarify Fast-Growing ETF Tax-Busting Strategy

The Investment Company Institute has asked the US Treasury Department for guidance on a fast-growing ETF strategy that allows investors to sidestep immediate capital-gains taxes, as uncertainty grows over how regulators view the practice.

McKesson Tax Bill is Justified Even With Loper Bright, DOJ Says

The IRS has the authority to impose a rule that led to a $9.6 million tax bill against McKesson Corp., and a key Supreme Court ruling weakening agencies’ rulemaking authority doesn’t change that, the Justice Department says.

OECD Transfer Pricing Update Stirs Concern About Data Demands

The OECD’s proposed changes to its transfer pricing guidelines might prompt governments to push further into companies’ business activities, tax professionals say.

FROM ACROSS BLOOMBERG TAX

Daily Tax Report International

Daily Tax Report State

Transfer Pricing Report

The Exchange: Tax Insights & Commentary

Daily Tax Report International
Daily Tax Report State
Transfer Pricing Report
The Exchange: Tax Insights & Commentary

Italy Tax Agency Clarifies Gift Tax Exemption on Bare Ownership Transfers of Partnership Interests

The Italian Revenue Agency June 4 issued Letter No. 116/2026, clarifying the gift tax exemption on bare ownership transfers of partnership interests within a family business succession. The taxpayer, an ...

Turkey Tax Agency Seeks Comments on Proposed Amendments to Corporate Tax General Communique

The Turkish Revenue Administration June 4 opened a consultation on Draft Corporate Tax General Communique No. 26, regarding amendments to Corporate Tax General Communique No. 1. The draft communique includes ...

Guatemala Gazettes Decree to Amend Tax Regime for Employment Income

The Guatemalan Gazette May 15 published Decree No. 13-2026, as passed by Parliament April 28 to amend the employment income tax regime. The decree includes measures to: 1) provide a ...

Italy Tax Agency Clarifies First-Home Tax Credit Limits, Relief on Replacement Home Purchases

The Italian Revenue Agency June 4 issued Letter No. 117/2026, clarifying the 2 percent reduced registration tax and tax credit for first homes. The taxpayers, individuals, purchased a home in ...

Turkey Tax Agency Seeks Comments on Proposed Amendments to Income Tax General Communique

The Turkish Revenue Administration June 4 opened a consultation on Draft Income Tax General Communique No. 335, regarding amendments to Income Tax General Communique No. 326. The draft communique includes ...

Denmark Tax Agency Clarifies Tax Succession

The Danish Customs and Tax Administration June 4 posted Tax Council Binding Answer No. SKM2026.269.SR, clarifying tax succession. The taxpayer, an individual, personally owned a company that became a holding ...

Arizona Amends Property Tax Exemptions for Disabled Veterans

The Arizona Governor signed a law amending property tax exemptions for veterans with disabilities, widows, widowers, and persons with total and permanent disabilities. The bill expands the definition of competent ...

Minnesota Amends Tax Statutes, Creating Premiums Tax Credit in Omnibus Bill

The Minnesota Governor signed a law amending multiple sections of Minnesota Statutes through a omnibus bill addressing financial services regulation, healthcare oversight, fuel quality standards, gaming provisions, and tax matters. ...

Connecticut Makes Changes to Unclaimed Property Law

The Connecticut Governor signed a law that includes: 1) defining an “apparent owner” for purposes of the unclaimed property law to include an agent or other representative of the apparent ...

Colorado Scales Back Software and Other Business Tax Exemptions

Colorado Gov. Jared Polis (D) signed legislation repealing a series of business tax exemptions to raise revenue for an expanded working families tax credit and balance out revenue gaps resulting from President Donald Trump’s 2025 tax law.

Washington DOR Adopts Amendments to Rules Regarding Tax on Tobacco Products

The Washington Department of Revenue (DOR) adopted amendments to regulations concerning the tax on tobacco products. The amendments incorporate ESSB 5814, section 301 that expands the definition of “tobacco products” ...

Iowa Governor Signs Law Imposing Oil, Gas Severance Tax

The Iowa Governor signed a law establishing a severance tax on oil and gas production. The law imposes a tax equal to 6 percent of the fair market value of ...

McKesson Tax Bill is Justified Even With Loper Bright, DOJ Says

OECD Transfer Pricing Update Stirs Concern About Data Demands

The OECD’s proposed changes to its transfer pricing guidelines might prompt governments to push further into companies’ business activities, tax professionals say.

Liberty Global Wants Redo of Its $110 Million Tax Refund Appeal

Liberty Global is asking for the entire Tenth Circuit to rehear its $110 million tax refund appeal, arguing that a panel decision against the telecommunications company will cause broad confusion for taxpayers.

Trade Policy Built on Perpetual Confusion Won’t Work: Editorial

US importers and trading partners must be close to despair. Threats are made, deals are announced, but nothing is ever settled.

Amazon Patent Pseudo-Court Can Halt Sellers With Scant Oversight

Latch.it, maker of popular locks for recreational vehicles, lost a patent case that closed off its most valuable sales channel after a decision from an unusual judge: Amazon.

South Africa and Nigeria Drive AI-Enabled Transfer Pricing Audits

Matt Levine’s Money Stuff: No SpaceX in the S&P

Matt Levine discusses universal basic AI stocks, public markets are the new private markets because of their reliance on private markets, an ETF tax break, and some of the potential of prediction markets.

Holland & Knight Brings On Garlovsky as Wealth and Tax Partner

Elizabeth Garlovsky joined Holland & Knight as a partner in its wealth and tax section in Chicago, the firm announced Monday.

Paul Weiss Hires Daniel Zygielbaum as Tax Partner in Washington

Daniel Zygielbaum joined Paul, Weiss, Rifkind, Wharton & Garrison as a partner in its tax department in Washington, DC, the firm announced Monday.

The Medicaid Overhaul That Keeps Getting Worse: Lisa Jarvis

When Congress passed sweeping Medicaid cuts as part of President Donald Trump’s signature tax bill last year, the headline numbers were grim: Some 7.5 million people were expected to lose coverage due to changes to the public health insurance program.

Amazon Patent Pseudo-Court Can Halt Sellers With Scant Oversight

Latch.it, maker of popular locks for recreational vehicles, lost a patent case that closed off its most valuable sales channel after a decision from an unusual judge: Amazon.

New York Knicks’ Home Court Holds History of Unusual City Tax

Madison Square Garden, the home of the New York Knicks, produced one of the most important decisions on New York City’s commercial real estate tax that resonates today, attorneys Jarrett Kalish and Nicholas Combs write.