Key Takeaways
- IRS
- Presidential Pardon
- Recourse Liabilities
- IRS Funding
- In the Courts
- Mutt Day
IRS
IRS Seeks to Prevent Bad Actors’ Use of Artificial Intelligence – Benjamin Valdez, Tax Notes ($):
The evolution of AI has brought new threats to the security of both the IRS and taxpayers, even as the agency works to deploy the tool internally, Werfel said in a November 25 interview with Tax Notes.
IRS Issues Proposed Rules for Qualified Nonpersonal Use Vehicles – Caleb Harshberger, Bloomberg ($):
The proposed rules (REG-106595-22, RIN 1545-BQ83) add unmarked vehicles used by firefighters, members of a rescue squad, or ambulance crew as a new type of qualified nonpersonal use vehicle.
Presidential Pardon
Biden Pardons Son Hunter in Reversal with Weeks Left in Term – Akayla Gardner, Bloomberg ($):
Biden justified the pardon by saying that the case against his son was politically tinged, excessive and designed to “break” him and Hunter. Biden issued the statement as he was set to leave for Africa.
Republicans say Biden is a ‘liar’ after he pardons Hunter, his son – Shia Kapos, Politico:
The decision comes after the president said that he would “abide by the jury’s decision” in an interview ahead of his son’s conviction in June, when Biden still topped the Democratic ticket.
Recourse Liabilities
Final Regs Address Recourse Liabilities, Related-Party Rules – Kristen A. Parillo, Tax Notes ($):
The final regs (T.D. 10014), issued November 29, made a few minor changes to the proposed regs (REG-136984-12) issued in December 2013. The government received two comments on the proposed regs, and a public hearing wasn’t requested or held.
IRS Funding
GOP Threats To IRS Funds Risk Halting Agency Progress – Asha Glover, Law 360 ($):
Annual funding for the Internal Revenue Service has already been stagnant for two years, with the agency receiving $12.3 billion in fiscal 2023 and 2024. If legislation approved by the Senate Appropriations Committee in August is signed into law, the agency would receive the same amount for 2025.
In the Courts
Cisco, Booking Get Big Tax Benefits from Varian Court Ruling – Michael Rapoport, Bloomberg ($):
Online travel provider Booking Holdings Inc. recently recorded a $250 million tax benefit because of the ruling in favor of Varian Medical Systems Inc., which protected the ability of some companies to take big tax deductions on foreign dividends they’ve received by claiming them before the implementation of a related measure that was supposed to limit such deductions.
Whistleblower’s Second Attempt to Bump Up Award Falls Flat – Mary Katherine Browne, Tax Notes ($). “The Tax Court has exclusive jurisdiction over certain whistleblower claims and the statute doesn’t give rise to a right to money damages against the government under the Tucker Act, a federal court held.”
Attys, Insurance Broker Seek Appeal In $22M Tax Scheme – Kat Lucero, Law 360 ($). “Two attorneys and an insurance agent plan to appeal to the Fourth Circuit their convictions in a criminal case that accused them of participating in a $22 million tax avoidance scheme, according to Wednesday filings in North Carolina federal court.”
What Day is it?
Grab your mixed furry friend and celebrate! Its National Mutt Day!
We're Here to Help
