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Manufacturers Seek Business-Friendly Guidance on GOP Tax Law

Chris Cioffi @reportercioffi.bsky.social · 17h

Scoop: America’s largest lobbyist for manufacturers is urging the Treasury Department to issue business-friendly guidance on key provisions from July’s tax law.
news.bloombergtax.com/daily-tax-re...

America’s largest lobbyist for manufacturers is urging the Treasury Department to issue business-friendly guidance on key provisions from July’s tax law.

Crypto Allies Look to Build on Stablecoin Momentum for Tax Rules

Reposted by Chris Cioffi

Zach C. Cohen @zachccohen.bsky.social · 8d

New: Tax writers and their crypto allies hope to leverage a hearing in the Senate Finance Committee tomorrow to build on momentum for a new taxation regime for digital assets, including a suite of key asks from the industry. w/ @reportercioffi.bsky.social news.bloombergtax.com/daily-tax-re...

Tax writers and their industry allies are hoping to capitalize on recent moves toward regulating cryptocurrencies to draft a new taxation regime for digital assets.

Chris Cioffi @reportercioffi.bsky.social · 8d

Thune and Schumer engaging in a live debate-

Thune holding CR says it funds government until Nov 21, argues Democrats will have the same leverage then that they have now.

Schumer accuses GOP of refusing to negotiate on Dems' demands, and calls for a return to the table

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Chris Cioffi @reportercioffi.bsky.social · 8d

Floor Chart DUEL: Sen. Schumer takes Sen Thune's floor chart and has to wrangle the stand too, as he addresses Thune's criticism of Democrats' CR vote as the two parties stare down a shutdown.

Crapo Announces Hearing on Taxation of Digital Assets | The United States Senate Committee on Finance

Chris Cioffi @reportercioffi.bsky.social · 13d

CRYPTO: The Senate Finance Committee scheduled a hearing looking at the taxation of digital assets on Wednesday, October 1. buff.ly/5jwWaqa

Crapo Announces Hearing on Taxation of Digital Assets

News, data, and analytics for professionals interacting with—and affected by—the government.

Chris Cioffi @reportercioffi.bsky.social · 14d

Lawmakers are turning their attention to challenges that are frustrating taxpayers and at the center of legal disputes, with input that backers say would streamline tax administration and the judicial process.

www.bgov.com/news/T334C0GPWCH5

Bloomberg Government

www.bgov.com

Chris Cioffi @reportercioffi.bsky.social · 19d

List for no tax on tips is out:

Yes for taxi and delivery drivers, waitstaff, caddies and plumbers.

Hard no on exotic pet smugglers, counterfeiters or those engaging in pornographic activity.

buff.ly/oOqEe52

Chris Cioffi @reportercioffi.bsky.social · 20d

!!NEW: Federal investigators have been poring through client records of the global law firm Baker McKenzie LLP as they expand their probe of US taxpayers fraudulently sheltering income by claiming residency in Puerto Rico.

Baker McKenzie Pulled Into US Probe of Puerto Rico Tax Abuses

The subpoenas signal a new phase in an ongoing investigation by the Justice Department and the Internal Revenue Service into Americans sheltering potentially billions of dollars from taxes under…

House Committee Advances Tax Court, Penalty Approval Bills

Chris Cioffi @reportercioffi.bsky.social · 20d

New: House tax writers advanced two measures Wednesday aimed at improving US Tax Court operations and clarifying rules for supervisory approval of IRS penalty assessments.

House tax writers advanced two measures Wednesday aimed at improving US Tax Court operations and clarifying rules for supervisory approval of IRS penalty assessments.

Kash Patel Called Krispy Kreme Stock a Buy and Fueled Wild Rally

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Chris Cioffi @reportercioffi.bsky.social · 20d

Hours into his second day of contentious testimony in Congress, Kash Patel, the FBI director, sparked one of the more unusual stock rallies of the year.

Hours into his second day of contentious testimony in Congress, Kash Patel, the FBI director, sparked one of the more unusual stock rallies of the year.

www.bloomberg.com

IRS Posts Thousands of Customer Service Jobs After Downsizing

Chris Cioffi @reportercioffi.bsky.social · Jul 31

The IRS has issued job postings for thousands of positions in the taxpayer services division after months of staffing cuts that shrunk the agency’s workforce by about one-quarter.

buff.ly/kUDG2xp

The IRS has issued job postings for thousands of positions in the taxpayer services division after months of staffing cuts that shrunk the agency’s workforce by about one-quarter.

IRS Chief Says Direct File Is ‘Gone,’ Other Audit Tech Is Coming

Chris Cioffi @reportercioffi.bsky.social · Jul 29

“You’ve heard of Direct File,” new IRS Commissioner Billy Long said Monday in one of his first public appearances since taking the job. “That’s gone. Big beautiful Billy wiped that out. I don’t care about Direct File. I care about direct audit.”

news.bloombergtax.com/daily-tax-re...

The Biden-era IRS free filing tool, Direct File, is “gone,” IRS Commissioner Billy Long said.

Stolen Tax Refund Check Recovery Bill Gets Senate Momentum (1)

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Chris Cioffi @reportercioffi.bsky.social · Jul 25

Tax Admin News - Taxpayers with stolen or lost refund checks would be eligible for electronic payments under a bill from Marsha Blackburn Mark Warner.

A version of the blil has already passed the House.

buff.ly/8V9wCnf

Taxpayers who have paper IRS refund checks stolen or lost in the mail would be eligible for electronic payments under a House-passed measure that’s getting traction in the Senate.

Chris Cioffi @reportercioffi.bsky.social · Jul 16

Republicans are pushing for policy changes on traditionally bipartisan issues like cryptocurrency, but in the aftermath of the GOP’s $3.4 trillion tax-and-spending bill there may be little goodwill left.

buff.ly/Wa4KZkf

Bloomberg Tax

Chris Cioffi @reportercioffi.bsky.social · Jul 3

Andy Harris on outcome of HFC discussions over concerns with the bill:

“We came to significant agreements with the administration overnight on executive actions, both inside and outside of the bill that will make America great again”

When we may see them: “Ask the president”

Chris Cioffi @reportercioffi.bsky.social · Jul 3

!!! TRUMP TAX BILL PASSES 218-214.

Chris Cioffi @reportercioffi.bsky.social · Jul 3

!!! TAX BILL HAS THE VOTES TO PASS

Chris Cioffi @reportercioffi.bsky.social · Jul 3

The GOP’s $3.4 trillion tax bill seems headed toward passage, but backers of some policies that didn’t make it in—from normalization of tax relations with Taiwan to extending a bipartisan work credit—will ramp up lobbying before campaign season begins

news.bloomberglaw.com/product/tax/...

Bloomberg Tax

news.bloomberglaw.com

Chris Cioffi @reportercioffi.bsky.social · Jul 3

!!! Jeffries passes McCarthy - he now holds the record for longest floor speech

Chris Cioffi @reportercioffi.bsky.social · Jul 3

MAGIC MINUTE: Hakeem Jeffries said I'm going to take my time when and started talking at about 4:30 a.m.

He's still going... looks like there's lots of speech left.

Richard Neal yielded "one minute to Jeffries," But House leaders can talk for as long as they wish - Magic!

Chris Cioffi @reportercioffi.bsky.social · Jul 3

Kevin McCarthy holds the current record: 8 hours, 32 minutes.

Chris Cioffi @reportercioffi.bsky.social · Jul 3

MAGIC MINUTE: Hakeem Jeffries said I'm going to take my time when and started talking at about 4:30 a.m.

He's still going... looks like there's lots of speech left.

Richard Neal yielded "one minute to Jeffries," But House leaders can talk for as long as they wish - Magic!