News

You probably already know that Millennials have surpassed Baby Boomers as the largest adult generation in the country, according to the U.S. Census Bureau. But wait, why does it matter? Census statistics can be instrumental as politicians and lawmakers decide how to spend federal funds. They also help lawyers, corporate leadership, and tax professionals key in on potential trends and areas of interest.

The owners of several Michigan cannabis dispensary businesses can't sue the government over an IRS summons for third-party testimony and business records because the U.S. is protected by sovereign immunity, a federal appeals court ruled.

The Week in Wayfair: This week Florida's Legislature passed a bill bringing it into the company of the vast majority of the 45 states that have sales taxes. And Missouri, the only other holdout state, made progress on a very similar bill.

Dozens of Republican members of Congress asked a federal judge to block the Biden administration from enforcing a provision in the $1.9 trillion Covid-19 relief law that bans states from using stimulus money “directly or indirectly” to reduce taxes.

Families of New York Metropolitan Transportation Authority employees who died of Covid-19 won't have to pay New York state income tax on the payments they receive from the transit agency's death benefit program.

Investors are pouring cash into the municipal-bond market this year at the fastest pace in at least two decades as President Joe Biden extends a massive rescue to states and cities and backs raising taxes on the highest earners.

Former U.S. Treasury Secretary Lawrence Summers said New York state’s new budget deal, which raises taxes on millionaires, may backfire, especially if Congress doesn’t repeal the federal cap on state and local tax deductions.

President Joe Biden is seeking more than $1 billion dollars in additional funding for the IRS—showing his administration is serious about getting the agency the resources it needs to audit more wealthy individuals and large corporations.

Canadian SPACs are courting U.S. cannabis startups to grant them access to quick cash and the U.S. public market, but that backdoor method to getting listed in the U.S. could come with a punitive tax hit.

For this episode of our weekly podcast, Talking Tax, we hear why a tax code provision is making it nearly impossible for legal cannabis businesses to turn a profit.