Erin Schilling

3 weeks ago | news.bloombergtax.com | Erin Schilling

Energy lobbying groups, local chambers of commerce, and corporations are asking senators to give the hydrogen industry more time to use its signature tax credit, which was plagued with regulatory delays last year. The House moved the expiration date for the Section 45V credit, part of the Democrats’ 2022 climate law, to the end of this year in their version of the massive Republican tax bill.

3 weeks ago | news.bloombergtax.com | Kim Dixon |Chris Cioffi |Lillianna Byington |Erin Schilling

Senate Republicans Dig into Tax BillSenate Republicans are set to meet Wednesday on their plans for the massive tax-and-spending package they hope to pass by July 4. Majority Whip John Barrasso (R-Wyo.) said the meeting will include various committees outlining their jurisdictions over the measure. “We’re continuing to listen to all the members,” Barrasso told reporters Tuesday.

4 weeks ago | news.bloombergtax.com | Erin Slowey |Erin Schilling

President Donald Trump proposed $9.8 billion in annual funding for the IRS in his budget Friday, cutting into enforcement and earmarking nothing for business system modernization even as he looks to the agency to rely more heavily on technology. The proposed IRS annual funding for fiscal 2026 is a drop from Biden’s $12.3 billion proposal last year. The proposal includes $3.6 billion in taxpayer services, $3.6 billion for enforcement, $2.6 billion in operations support.

4 weeks ago | news.bloombergtax.com | Erin Schilling

The IRS still must notify 412 businesses and 22 individuals that they were affected by a massive data breach by an IRS contractor, which included the tax returns of President Donald Trump and prominent billionaires. The IRS mailed initial letters to those impacted by the breach between January and May 2024, according to a Treasury Inspector General for Tax Administration report released this week.

4 weeks ago | news.bloomberglaw.com | Erin Schilling

May 30, 2025, 3:27 PM UTC The IRS still must notify 412 businesses and 22 individuals that they were affected by a massive data breach by an IRS contractor, a new report says. Photographer: Andrew Harrer/Bloomberg The IRS still must notify 412 businesses and 22 individuals that they were affected by a massive data breach by an IRS contractor, which included the tax returns of President Donald Trump and prominent billionaires.