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Tax Law

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California Law Ends 'Montana Loophole' for Luxury Vehicle Tax Evasion
policy-and-economy8 days ago

California Law Ends 'Montana Loophole' for Luxury Vehicle Tax Evasion

California Governor Gavin Newsom signed SB 1406 on Sept. 30, 2026, closing a loophole that allowed residents to avoid sales tax on luxury vehicles by registering them through shell companies in states like Montana. The new law defines any business with a California resident owner as a California entity, regardless of where it is incorporated. It also holds individuals personally liable for unpaid taxes, penalties, and interest. The state estimates it lost over $20 million in revenue in the last two years from more than 2,500 such transactions.

via USA Today|
#california#luxury-cars#montana
Treasury and IRS invalidate abusive ETF tax deferral strategies in new rulings
finance15 days ago

Treasury and IRS invalidate abusive ETF tax deferral strategies in new rulings

The U.S. Treasury and IRS issued Revenue Ruling 2026-20 and Notice 2026-62 to block wealthy investors from using Section 351 exchanges to defer capital gains taxes via exchange-traded funds. The rulings target 'conduit' transactions where appreciated assets are briefly held in an ETF before being swapped for a different portfolio, effectively treating these as taxable events. While legitimate tax-deferral strategies remain valid, the guidance closes loopholes exploited by high-net-worth individuals to diversify holdings without immediate tax liability.

via CNBC|
#etfs#finance#irs
Hassett frames Iran pressure as economic leverage while touting US energy resilience
world5 months ago

Hassett frames Iran pressure as economic leverage while touting US energy resilience

In a Face the Nation interview, White House NEC Director Kevin Hassett says the Iran blockade remains in place and is pressuring Tehran, arguing the regime is economically collapsing even as the conflict isn’t treated as a conventional war; he highlights an energy strategy to shield Americans from price spikes and notes real incomes are rising despite higher gas costs, while disputing analyses that the tax changes hurt refunds. Hassett also explains Spirit Airlines’ shutdown and how other carriers are stepping in to help stranded passengers, with the broader point that major airlines hedge fuel costs to weather energy shocks. Overall, the administration frames the situation as sustained pressure on Iran with resilience in the U.S. energy market.

via CBS News|
#airlines#energy#gas-prices
Reconstruction-era home-distilling ban struck down by 5th Circuit
law6 months ago

Reconstruction-era home-distilling ban struck down by 5th Circuit

A U.S. appeals court in New Orleans (the 5th Circuit) ruled that the Reconstruction-era federal ban on home distilling is unconstitutional, saying Congress cannot criminalize in-home activities merely to collect taxes and that the ban actually reduced tax revenue by curbing distilling. The decision affirms a 2024 lower-court ruling and was praised as a victory for individual liberty by the Hobby Distillers Association, while the Justice Department did not immediately comment.

via Yahoo|
#fifth-circuit#hobby-distillers-association#home-distilling