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House Committee Advances Digital Asset Tax Certainty Act, Including De Minimis Exemption for Crypto Transactions

House Committee Advances Digital Asset Tax Certainty Act, Including De Minimis Exemption for Crypto Transactions

House Committee Advances Digital Asset Tax Certainty Act, Including De Minimis Exemption for Crypto Transactions
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U.S. Citizens Abroad Face Complex Tax Obligations, Warn Experts

U.S. Citizens Abroad Face Complex Tax Obligations, Warn Experts

U.S. citizens residing abroad are still subject to U.S. tax laws, requiring them to report worldwide income to the IRS, even if they live and work in another country. This obligation can lead to significant challenges, as highlighted by Erin Collins, who leads the Taxpayer Advocate Service. Collins stated in her latest annual report to Congress that these challenges are among the 'most serious problems' confronting American taxpayers. While living abroad does not automatically mean double taxation, Americans must navigate filing requirements in both the U.S. and their country of residence. For instance, a single U.S. taxpayer living abroad must generally file a separate form with the IRS to report specified foreign financial assets exceeding $200,000 on the last day of the tax year, or more than $300,000 at any time during the year. Additionally, foreign bank accounts with combined balances exceeding $10,000 can trigger a separate reporting requirement known as FBAR (Report of Foreign Bank and Financial Ac...
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U.S. House Committee Advances Digital Asset Tax Clarity Bill H.R. 10357

U.S. House Committee Advances Digital Asset Tax Clarity Bill H.R. 10357

Following the obstruction of the CLARITY Act in the Senate, the focus of U.S. digital asset legislation has shifted to taxation. H.R. 10357, the 'Digital Asset Tax Certainty Act,' has emerged as a central point of discussion. Introduced on September 14 by House Ways and Means Committee Chairman Jason Smith (R-MO), the bill aims to address practical difficulties in taxing digital assets under the IRS framework, which currently treats them as property. The bill proposes several key provisions, including an exemption for small network fees under $10 paid with digital assets, and simplified accounting methods for widely traded digital assets. It also clarifies the nature of mining and staking rewards as ordinary income and extends wash sale rules to digital assets. The bill, notably bipartisan, includes co-sponsors such as Jodey Arrington, Aaron Bean, Mike Carey, Steven Horsford, Mike Kelly, David Kustoff, Max Miller, and Rudy Yakym. On September 16, the House Ways and Means Committee passed the bill with a vo...
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IRS Faces Lawsuit Over Taxpayer Information Sharing with ICE for Deportation Purposes

IRS Faces Lawsuit Over Taxpayer Information Sharing with ICE for Deportation Purposes

The Internal Revenue Service (IRS) is being sued by the Center for Taxpayer Rights and other plaintiffs over its policy of sharing taxpayer addresses with U.S. Immigration and Customs Enforcement (ICE) for civil deportation proceedings against noncitizens. The lawsuit alleges that this practice violates the Privacy Act, the Internal Revenue Code (IRC), and the Administrative Procedure Act. Specifically, the plaintiffs argue that IRC §6103 generally prohibits the IRS from disclosing information from tax returns to other agencies, except under certain circumstances. While the IRS has a Memorandum of Understanding with ICE allowing data-sharing for criminal investigations or enforcement, the lawsuit contends that sharing addresses for civil deportations falls outside these permissible exceptions. A U.S. District Court for the District of Columbia initially ruled in favor of the plaintiffs, but the case is now on appeal with the United States Court of Appeals for the District of Columbia Circuit.
Arizona RepublicArizona Republic
Paul Bender, legal scholar and former ASU law school dean, dies at 93

Paul Bender, legal scholar and former ASU law school dean, dies at 93

Paul Bender, a U.S. and Arizona constitutional law expert, took on major legal cases and causes in a career that spanned the 1950s to the 2010s.
AP NewsAP News
The fight over congressional maps put nearly 35 million people into new House districts, report says

The fight over congressional maps put nearly 35 million people into new House districts, report says

A new report reveals that mid-decade redistricting for the U.S. House has changed congressional districts for one-tenth of Americans
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U.S. Department of the Treasury Bureaus Oversee Financial Infrastructure and Enforcement

U.S. Department of the Treasury Bureaus Oversee Financial Infrastructure and Enforcement

The U.S. Department of the Treasury operates a diverse range of bureaus responsible for critical aspects of the nation's financial infrastructure and enforcement. These bureaus include the U.S. Mint, which designs and manufactures coins and manages the nation's silver and gold assets, and the Bureau of Engraving & Printing (BEP), responsible for U.S. currency and securities. The Bureau of the Fiscal Service handles the government's financial integrity, accounting, and payments. The Financial Crimes Enforcement Network (FinCEN) supports law enforcement against financial crimes and provides strategic analyses of financial trends. The Internal Revenue Service (IRS), the largest of Treasury's bureaus, is tasked with determining, assessing, and collecting internal revenue. The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises national banks to ensure a stable banking system. Additionally, the Alcohol and Tobacco Tax and Trade Bureau (TTB) enforces laws related to alcohol and to...
AP NewsAP News
The Latest: Board votes to close Kennedy Center amid financial woes and name dispute

The Latest: Board votes to close Kennedy Center amid financial woes and name dispute

The Kennedy Center board has voted to close most of the iconic performing arts venue just hours after a federal judge blocked the institution from returning President Donald Trump’s name to the building
AP NewsAP News
Trump and the court: If he wins, he's happy. When he loses, he ridicules justices he appointed

Trump and the court: If he wins, he's happy. When he loses, he ridicules justices he appointed

President Donald Trump has scored a series of wins at the Supreme Court, but he's had some setbacks on key issues, despite the court’s conservative majority
USA TodayUSA Today
Today in history, October 2

Today in history, October 2

Today in history, October 2
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FinCEN Finalizes Narrowing of Corporate Transparency Act Reporting Requirements for US Companies and Persons

FinCEN Finalizes Narrowing of Corporate Transparency Act Reporting Requirements for US Companies and Persons

The Financial Crimes Enforcement Network (FinCEN) has finalized a significant narrowing of the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements. Effective August 14, 2026, entities formed in the United States are no longer considered “reporting companies” under FinCEN’s regulations and are therefore not required to file BOI reports. This final rule makes permanent the changes initially adopted on an interim basis in March 2025. Additionally, the relief extends to US persons, who are now exempt from providing BOI for international entities subject to the CTA, and those who previously obtained FinCEN identifiers are no longer required to update or correct associated information. The CTA’s reporting regime now primarily applies to certain international entities registered to do business in the United States, requiring reporting on their non-US beneficial owners and company applicants. FinCEN has also announced its intention to delete previously submitted BOI rel...
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Lawmakers Introduce Bill to Prevent Fraudulent Tax Returns by Verifying EFINs

Lawmakers Introduce Bill to Prevent Fraudulent Tax Returns by Verifying EFINs

A bipartisan bill, the EFIN Verification Act of 2026, has been introduced by Rep. Ron Estes, R-Kansas, and Jimmy Panetta, D-California, to combat fraudulent tax returns. The proposed legislation mandates that tax software must verify Electronic Filing Identification Numbers (EFINs) before allowing the electronic filing of any tax return or document. This verification system aims to ensure that EFINs are active and authorized, preventing the use of stolen or compromised EFINs by fraudsters. The bill seeks to codify an existing IRS program into law, establishing a real-time system for EFIN validation that can confirm the validity status of an EFIN, including whether it has been suspended, revoked, or compromised. The Treasury Department would be responsible for developing and implementing this secure, automated, and high-volume validation system within two years of the bill's enactment.