SCOTUS: “Quadrillion-Dollar” IRS Tax Code Question?

By Staff Reporters

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SCOTUS will hear the “quadrillion-dollar” question?

Kicking off the Supreme Court this week will hear oral arguments today for a case that could upend the US tax code.

In Moore v. United States, the justices will be asked to decide whether the federal government can tax certain “unrealized gains”—assets that have yet to be sold.

CITE: https://www.r2library.com/Resource/Title/082610254

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DAILY UPDATE: IRS Ups Interest Rate Penalty with Economic Soft Landing?

By Staff Reporters

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The Internal Revenue Service (IRS) is raising the stakes for those who underpay their taxes by ratcheting up the interest penalty that will be assessed in next spring’s tax filing season. Earlier this fall, the IRS increased its interest penalty on estimated tax underpayments to 8% – a notable jump from 3% just two years ago. The IRS indicated that the interest rate penalty is determined every quarter and that for taxpayers other than corporations the assessed rate is the federal short-term rate plus three percentage points.

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Speaking of a possible US economic “soft-landing“, the S&P 500 closed at a 2023 high on Friday, the VIX (Wall Street’s “fear gauge”) has fallen to a nearly four-year low, and December has been the third-best month for the S&P since 1928. Even crypto is on a roll as bitcoin topped $40,000 for the first time since May 2022.

CITE: https://www.r2library.com/Resource

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