Tax Law News and Insights

UN Wealth Tax Model Puts High-Net-Worth US Assets In Crosshairs

Published: May 24, 2024
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The United Nations has offered a framework for countries that want to consider a wealth tax. For advisers of ultra-high net worth clientele in the US, a concern is the continued tendency of multilateral quasi-governmental bodies to push a "one ring to rule them all" uniform system of taxation with a net wealth tax...

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IRS Notifies Thousands Of Taxpayers That They Were Victims Of A Data Breach

Published: May 22, 2024
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On April 12, 2024, the Internal Revenue Service began notifying thousands of taxpayers that their tax return information was subject to a data breach perpetrated by an independent contractor working for the IRS. During 2018 through 2020, Charles Littlejohn stole the tax return information of thousands of high-net-worth individuals and...

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IRS: Use Of “Attrition Allowance” To Calculate Rate Base Violates Normalization Consistency Rules

Published: May 20, 2024
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Consistent with a state commission's existing regulatory policy, a utility's rate base for the first two years of the three-year rate cycle was computed using traditional cost-of-service/rate of return principles. For the third year, however, the commission's existing policy also provided that rate base additions would be computed by adding...

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