absintheJun 17, 2024

WaPo: Closing asset loophole could add billions to tax collections, #IRS says.

The #Biden administration plans to stop businesses and wealthy individuals from manipulating the value of assets in arcane ways such as using the same assets over and over again to lower their taxes.

#TreasuryDept #taxes #cheat #BasisShifting

Gift 🎁:
https://wapo.st/3RuU9mQ

Closing asset loophole could add billions to tax collections, IRS says

The Treasury Department plans to enact rules that would prevent certain large businesses from depreciating the same asset repeatedly.

The Washington Post