Taxes

If you mine digital assets—like cryptocurrency—your job might soon become a little more expensive. The White House has announced plans to ask crypto miners to pay a premium for energy consumption. President Biden’s proposed budget for the 2024 fiscal year includes a Digital Asset Mining Energy (DAME) tax equal to 30% of the electricity used

US banks continue facing severe financial pressures, with First Republic’s failure now being followed by intensified pressure on PacWest, Western Alliance and others previously thought to be healthy. A key driver is banks’ exposure to falling commercial real estate values, driven in part by the rise in working from home and reduced demand for commercial

Some people thrive on butting right up against deadlines. I am not one of those people. I don’t like taking chances—especially when it comes to tax deadlines. There’s always a chance that a rush of Swifties to get concert tickets could take out the internet while I’m attempting to e-file a return. Or that a

House Republicans have, at least temporarily, redefined what they mean by a tax increase. By doing so, they have turned their backs on their decades-old pledge to never, ever, not under any circumstances, raise taxes. And they have opened the door, if only a crack, to a possible way to use revenues to reduce budget

Professor Kathleen Claussen of Georgetown Law discusses how the proposed regs for the new clean vehicle tax credit affect the EU and other countries without a free trade agreement. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today

A Louisiana man was sentenced to 10 years in prison for money laundering related to a fraudulent scheme involving Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program loans. The Scheme According to court documents, Michael Ansezell Tolliver submitted nine fraudulent PPP and EIDL Program loan applications for several purported companies that Tolliver

Both the Congressional Budget Office and the Treasury Department warned Monday that the federal government is likely to exhaust its authority to pay its bills on June 1st if Congress fails to raise or suspend the federal debt limit before the end of this month. The fast-approaching deadline, which previous projections placed far later in

The numbers are eye-opening. 288 arrests. 117 firearms. 850 kilograms of drugs. $53.4 million in cash and virtual currencies. That was the impact of Operation SpecTor, a coordinated international effort targeting fentanyl and opioid trafficking on the dark web, or darknet. Dark Web The dark web lives up to its name—it describes internet sites that

A group of Senators is urging the IRS to take action on the potential use of artificial intelligence (AI) in scams targeted at taxpayers and tax professionals. The four Senators, Chuck Grassley (R-Iowa), Maggie Hassan (D-N.H.), Ron Wyden (D-Ore.), and James Lankford (R-Okla.), sent a letter to IRS Commissioner Danny Werfel warning about the use

The IRS announced that Florida storm victims have until Aug. 15, 2023, to file federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as a result of tornadoes, severe storms and flooding