States Sue IRS, Treasury To Strike Down SALT Cap Under New Tax Law

In the days following tax reform, leaders in some states complained loudly about feeling targeted by deduction caps imposed on state and local taxes (SALT). Now they've taken action. Today, four states (Connecticut, Maryland, New Jersey, and New York) ... States challenge federal deductions cap on state and local taxesThe Hill New York and three other states claim Trump tax law is unconstitutionalCNN States sue US to void state and local tax deduction capReuters Bloomberg -National Review -CNBC -NJ.com

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Dark money' groups don't need to disclose donors to IRS, Treasury says

Nonprofits that spend money to influence elections but are not required to disclose donors to the public — called “dark money” groups by critics — no longer need to share their donors' names or addresses in their tax filings under a new Treasury rule ... Treasury defends move to halt nonprofit disclosures amid Wyden threat Politico Wyden plans to vote against Trump IRS nominee due to new Treasury guidanceThe Hill [26 CFR 1.6033-2]: Returns by exempt organizations and returns by cert - IRS.govIRS.gov Treasury Department

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Treasury defends move to halt nonprofit disclosures amid Wyden threat

Senior Treasury Department officials on Tuesday defended the decision to scrap donor-disclosure requirements for most nonprofits, saying it won't limit what the public can glean from legally available sources. The IRS will no longer collect names or ... US Treasury Restricts Donor Disclosure Requirement for Some Nonprofit GroupsWall Street Journal Wyden plans to vote against Trump IRS nominee due to new Treasury guidanceThe Hill Many Political Tax-Exempts No Longer Required to Report DonorsBloomberg

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Oil falls 2%, below $70, as Treasury says importers may get leeway to buy Iranian crude, despite sanctions

Oil prices extended early losses on Monday, falling towards $69 a barrel, after Treasury Secretary Steve Mnuchin said some crude importers may receive waivers to continue buying supplies from Iran, despite U.S. sanctions on the Middle Eastern country. Mnuchin says US will consider some waivers on Iran sanctionsReuters Papers stolen in a daring Israeli raid on Tehran archive reveal the extent of Iran's past weapons researchWashington Post Papers stolen in a daring Israeli raid on Tehran archive reveal the extent of Iran's past weapons researchWashington Post

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