Tax Notes

"The most prosperous country in Africa — Seychelles — also happens to be the smallest. "And the island nation, with just over 100,000 residents, owes much of that wealth to its rich, beautiful ecosystem. "Tourists can’t get enough of Seychelles, which is scenically nestled among coral reefs in the Indian Ocean. Those same waters are teeming with life, making fishing an economic lifeline for the country. "But tourism can be fickle, and rising sea levels are threatening the established order. The country is therefore reimagining its economic future, by turning away from nature and running toward cryptocurrency." Perspective: Varsha Singh, commissioner general of the Seychelles Revenue Commission (SRC), recently sat down with Tax Notes to discuss her career, the evolution of African tax multilateralism, and her vision for the SRC. Read the full profile by Nana Ama Sarfo 👇

💡 Did you know you can access all of Tax Notes' news, documents, and analysis on this year's federal and state elections in one place? Check out our resource guide here. 👇

ICYMI: Pop superstar Beyoncé and the IRS may be inching closer to resolving their Tax Court dispute now that the case is in the hands of the agency’s Independent Office of Appeals for settlement discussions. According to an October 23 status report in Knowles-Carter v. Commissioner, an IRS revenue agent who reviewed additional documentation provided by Beyoncé’s representatives returned the case file, along with results of the review and the agent’s recommended actions, to Appeals for consideration. Tax Court Judge Maurice B. Foley issued an order October 24 directing the parties to file a proposed stipulated decision or status report by January 24, 2025. Read the full story. ⬇️ (Photo by Raph_PH via Flickr)

Perspective: Lawrence A. Zelenak explores why — more than 100 years after a Treasury regulation declared tips taxable — proposals to exempt tips from federal income tax are only now politically viable. Read the full piece, now available out from behind the paywall. ⬇️

NEW: Tax Notes contributing editor Robert Goulder shares his take on the effects of the Foreign Account Tax Compliance Act and common reporting standards on the feasibility of taxing foreign assets. Listen wherever you get your #podcasts: taxnotes.co/podcast

Went a little outside my usual coverage area in writing this article on IRS updates in the foreign trust and gift reporting space. Read on for more info! Thanks to The Procopio International Tax Institute for the coverage opportunity and always welcoming Tax Notes with open arms. https://lnkd.in/eq9BqFRn

This week’s employee spotlight features Tax Notes Today International Managing Legal Reporter Andrew Velarde: “It's been a great place to work for all these years.” Andrew started his journey with Tax Analysts in 2013 as a legal reporter and was first promoted to senior legal reporter before moving into his current role as managing legal reporter for Tax Notes Today International. “There is room for growth here at the organization, especially as you develop an expertise in your beats. Your reporting becomes relied upon by the tax community at large.” Andrew’s background in tax has helped his career growth at Tax Analysts. He graduated from George Washington University with a master’s in accounting and then joined Deloitte for two years. During that time, he became familiar with Tax Analysts and its publications. “I was looking to do more writing and jumped at the opportunity to apply to the organization when a legal reporter position opened.” As managing legal reporter, Andrew reports on legal developments and any news that comes out of the Treasury Department, the IRS, and tax conferences around the world. “I also craft and pursue FOIA requests and shepherd those requests through all stages, including litigation. I train and manage other legal reporters, including determining news coverage priorities.” Outside work, Andrew’s family is his priority. “My wife and two children (10-year-old son and 8-year-old daughter) are the center of my life, both emotionally and logistically (there's a lot of activities to get to). “I also enjoy swimming and getting outdoors as much as possible.” Learn more about Tax Analysts careers at taxnotes.com/careers.

With the expiration of the Tax Cuts and Jobs Act's $10,000 SALT deduction cap growing closer, tax pros pondered what considerations states will give to their passthrough entity taxes.

Democratic presidential nominee Kamala Harris has committed to resolving lingering tax problems for U.S. citizens living abroad. In a letter released October 29, Harris acknowledged taxes as one of many issues for overseas Americans that she would address if she wins the November 5 election. “I recognize the unique challenges faced by Americans living overseas, and I want to assure you that a Harris-Walz administration will take your concerns seriously — whether it’s improving access to consular services, addressing the complex challenges you face with banking, taxation, and financial services, or ensuring equal treatment in immigration and citizenship processes,” said the letter, dated October 24. American Citizens Abroad, an advocacy group for overseas residents, welcomed the move. Read the full story, out from behind the paywall, here. 👇

This week's #EditorsPick selected by Audrey E.P. Pollitt is now available outside of the paywall. Read the full report here: https://lnkd.in/e7yVkFmQ