Tax

Private wealth clients, hedge fund managers and cryptocurrency traders fleeing to Puerto Rico for its huge tax breaks — and to escape President Joe Biden’s proposed capital gains tax increases — are now the focus of a sweeping Internal Revenue Service review.

The Biden administration has proposed requiring the collection of data on foreign cryptocurrency investors active in the U.S., aiming to bolster international cooperation to help in a broader crackdown on tax evasion.

Contrary to the dire predictions at the time, the massive overhaul of the nation’s Tax Code during Donald Trump’s presidency had a negligible initial impact on the nation’s domestic migration patterns, new data from the Internal Revenue Service show.

European officials are considering a proposal from the Biden administration to make companies with at least $20 billion in annual revenue pay more of their tax bill in places they operate, while being less enthused that the U.S. offer would limit levies to just 100 firms.

The so-called 1031 like-kind exchange rule was created a century ago to aid family farmers.

Financial planning clients need to start preparing for potential legislative upheavals now.

The service is looking for members for three-year terms to start in January of next year.

Fifty years of preparing taxes; golden days for whistleblowers; confusion in Colorado; and other highlights from our favorite tax bloggers.

A GAO report finds that the regulations were burdensome for multinational companies, even though they saved through lower tax rates.

Bloomberg Tax & Accounting has improved the product to help multistate businesses with net operating losses across multiple states.