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Mike Isaac and Eli Tan reported that Meta is claiming federal scientific research tax credits on its multi-billion-dollar AI data centers. Internal documents reveal that Meta employees worry the aggressive tax strategy will not survive an IRS audit.
Cointelegraph's Christian Combin reports that the rollout of the IRS Form 1099-DA has created a tax reporting nightmare for US crypto investors. Brokers are reporting sales proceeds without calculating the critical cost basis.
Aviona describes the IRS lawsuit against Coca-Cola as the ultimate test of federal transfer-pricing enforcement. Coca-Cola's potential liability has ballooned over a decade of litigation, presenting a critical test of whether the under-resourced IRS can beat multinational legal teams.
Aviona explains that tax enforcement is increasingly focusing on intangible assets like algorithms, AI models, and intellectual property. High US national debt is pressuring the IRS to aggressively reclaim domestic corporate profits shifted abroad.
Most peer nations, including Japan and Norway, pre-fill tax returns or allow filing via text message. Lowrey claims the IRS possesses the data to do this for the nine out of ten Americans who claim the standard deduction.
The pandemic-era expanded Child Tax Credit cut American child poverty in half. Administered directly by the IRS, the cash transfer succeeded because it avoided welfare offices and automatically reached eighty percent of target families.