The recent influx of #IRS funding will allow the Large Business and International Division to grow enforcement in areas currently at historic lows, an agency official said. Read more from Chandra Slack Wallace: taxnotes.co/3T1osjs

"How Many EITCs Were Lost When IRS Destroyed 30 Million 1099s?" - Chandra Slack Wallace Tax Notes taxnotes.com/tax-notes-toda… Low income filers "faced automated correspondence exams... because the IRS said the Forms 1099 for their non-employee income were missing or 'not submitted.'"

Brooks Cottle, CPA Joe Kristan Chandra Slack Wallace Tax Notes This companion article goes deeper into the evidence that this is likely what happened. taxnotes.com/tax-notes-toda…

Offshore life insurance is being promoted as a way to avoid taxes on the sale of closely held businesses, a practice some industry professionals think may stretch IRS rules to the breaking point. From me, @paezwrites, @kiarrastrocko, and @chandraswallace bit.ly/3qVwPER

The IRS has quietly rolled out identity proofing for Freedom of Information Act requests submitted through its online portal, a development that some transparency advocates find concerning. From me in @taxnotes bit.ly/3PDbF6L

Vibe check on the Ways and Means side: Rep. Arrington, cornered at the elevators by tax reporters: “Press that button and get me out of here!”

Ways and Means chair Jason Smith told reporters there were "great conversations" today about a tax deal, but "there's no timeline." The merry-go-round continues. 🎠

$35B for child tax credit, same for TCJA breaks, with immediate end to ERC is the current state of play for tax package, Rep. Don Beyer says leaving Dem caucus briefing. Tax Notes

Don't miss the latest from our team!

Check out Part 2 of the Tax Notes investigations team's series Unwrapped: Lifting the Veil on High-End Life Insurance. Outside the paywall: bit.ly/3XWiuFN ICIJ

The next installment in our series - with Lauren Loricchio

ICYMI, don't forget to check out @taxnotes three-part series, "Unwrapped: Lifting the Veil on High-End Life Insurance." The series is based on our review of leaked documents obtained by ICIJ Outside the paywall: bit.ly/3Zvsszf

The next part of the investigative series on high-end life insurance from Tax Notes is up! Don't miss it.

If I had to choose, I'd repeal CAMT and leave the buyback tax in place. There is at least a real distortion the buyback tax is trying to address. taxnotes.com/tax-notes-toda…

The final draft of my and Ari Glogower's Reforming the Taxation of Life Insurance article is available on SSRN! papers.ssrn.com/sol3/papers.cf…

An addition inspired by Lauren Loricchio Chandra Slack Wallace reporting on a maneuver that we learn from the Pandora Papers: (1) create a nearly invisible offshore insurance policy, (2) conduct transactions that appear to run contrary to US law, and (3) onshore the policy tax-free.

The story by Lauren Loricchio and me that Andrew Granato is referencing is here (outside the Tax Notes paywall): taxnotes.com/featured-news/….

From Stephanie Soong: The tax committee of a U.S. business group told Treasury’s top OECD negotiator that it supports the government’s push to ensure that the U.S. tax system exists separately from the OECD's pillar 2 regime. taxnotes.co/4kuXuhX