The Internal Revenue Service and the Treasury Department released final regulations on how businesses can claim a tax credit for use of carbon capture equipment to help the environment. | Hedge fund founder charged in $1.6B Danish Cum-Ex tax probe | | By Frances Schwartzkopff, Morten Buttler and Ellen Milligan 2 min read | | Sanjay Shah, who founded a London hedge fund that specialized in controversial Cum-Ex trades, was charged by Danish prosecutors in a 9.6 billion-krone ($1.6 billion) tax-fraud probe, according to a person familiar with the case. | |
| IRS blesses tax breaks on forgiven PPP loans after law change | | By Laura Davison and David Hood 3 min read | | The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month. | |
| IRS overlooks billions in potential taxes from nonfilers | | By Michael Cohn 3 min read | | The Internal Revenue Service hasn’t been pursuing cases involving hundreds of billions of dollars in income from individuals and businesses whose income has been showing up in Form 1099-K information returns, but has been otherwise unreported. | |
| In the blogs: Fair exchanges | | By Jeff Stimpson 3 min read | | Costs of moving; fee on estate tax closings; top Twitter accounts to follow; and other highlights from our favorite tax bloggers. | |
| Your 2021 to-do list | | By Daniel Hood | | Here are 12 tasks — one for each month — that accounting firm leaders can use to improve their practices all year long. | |
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