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Lesson from The Tax Court: The Power of Fact-Finding

In the old Dragnet series, Jack Webb’s character was famous for declaring that “all we want are the facts, ma’am.” As if “the facts” are pristine jigsaw pieces that, if you find enough, give you an objective truth. In Tax Court, most facts are usually...

The Classification of Bitcoin and Cryptocurrency by the IRS

In 2014, after many years of speculation, the Internal Revenue Service issued guidance in Notice 2014-21 that classified cryptocurrency as property, not currency, for federal income tax purposes. But according to the requirements of the Foreign Account...

Home Prices Are Back at Bubble Levels

Home prices have returned to the boom levels of 10 years ago, which originally signaled the bursting of the housing bubble and the onset of the Great Recession, but today's market is notably different, according to realtor.com. In 2017, home price...

GASB Proposes Clarifications to Guidance on Majority Equity Interests

The Governmental Accounting Standards Board has proposed guidance that would clarify the accounting and financial reporting for a state or local government’s majority equity interest in an organization that remains legally separate after acquisition. A...

Health Care Price Growth Plummets to Lowest Rate in Almost Two Years

Fueled by health policy uncertainty and structural health sector changes, health care price growth in August rose by only 1.2% compared to a year earlier. This is the lowest health price growth rate recorded in almost 2 years, and just slightly above...