Worldwide: Tax Authorities

Keith Richardson, the newly appointed Executive Director of the Multistate Tax Commission, discusses his unconventional journey from community banking to leading state and local tax administration in Philadelphia and DC. He shares his vision for the MTC's future, focusing on organizational excellence, expanded engagement with local jurisdictions, and addressing emerging SALT policy challenges including digital goods taxation and wealth taxes.

The Qualified Opportunity Zone program has undergone a major transformation with the passage of the One Big Beautiful Bill, shifting from a temporary framework to a permanent fixture with enhanced incentives and new rural investment categories.

Taxpayers entitled to refunds or abatements of penalty amounts imposed during the COVID-19 pandemic must file claims for the refunds for which they are eligible by July 10, 2026. This deadline may affect tens of millions of taxpayers eligible for refunds.

The IRS and Treasury have released new proposed regulations under Section 892, revising applicability dates for previously proposed rules from 2025 that govern debt acquisitions and the "effective control" standard for foreign government investments. These revised dates include transition rules designed to protect existing and committed investments from the more stringent 2025 standards, while the preamble signals potential substantive changes to address market concerns.

A recent court decision may entitle millions of taxpayers to refunds of penalties and interest assessed during the COVID-19 federal disaster period, but the window to file protective claims is closing fast. The July 10, 2026 deadline applies...

Selling a business involves complex legal, financial, and operational considerations that require careful planning and expert guidance. This comprehensive Q&A addresses critical questions about timing, professional team assembly, payment structures, preparation strategies, due diligence expectations, and the path to closing. Understanding these key elements before engaging with potential buyers can help business owners maximize value, minimize tax liability, and navigate the transaction process with confide

Understanding foreign tax credits is essential for taxpayers with international income. This analysis examines the qualification criteria for creditable foreign taxes, the basket system that limits cross-crediting across income categories, and the procedural requirements for claiming these credits on U.S. tax returns.

In our third installment recapping states’ efforts to impose new taxes on high net worth individuals, we provide updates on Washington’s Millionaires Tax, New York State’s efforts to tax New York City property...

The IRS has scheduled a public hearing to consider adding a specific chemical copolymer to its list of taxable substances under Superfund excise tax regulations.