IRS to Close Major Tax Loophole for Wealthy, Raising Over $50 Billion in Revenue
The IRS is set to eliminate a significant tax loophole exploited by wealthy individuals, potentially generating over $50 billion in revenue over the next decade, according to the U.S. Treasury Department. Announced on Monday, the proposed rule and guidance aim to halt “partnership basis shifting”—a method used by businesses or individuals to move assets among … Read more