NC GOP-Led Senate OKs Reducing Income Tax Cap
North Carolina's income tax cap would fall to 5%, instead of the 7% currently in the state constitution under a constitutional amendment approved Monday by the state Senate.
IRS Floats Pooling, Annual Accounting In Offshore Profit Regs
U.S. multinational companies will be required to create annual shareholder accounts and adhere to new pooling concepts to properly account for previously taxed earnings and profits under proposed rules floated by the U.S. Treasury Department and Internal Revenue Service.
Justices On Fence In Tax Clawback Case For Defunct Utah Co.
U.S. Supreme Court justices seemed divided during oral arguments Monday over whether the Tenth Circuit was correct to allow the bankruptcy trustee of a defunct Utah company to use state law to claw back $145,000 in federal taxes after the two-year deadline, a ruling that has created a 3-1 circuit split.
NC GOP-Led Senate OKs Reducing Income Tax Cap
North Carolina's income tax cap would fall to 5%, instead of the 7% currently in the state constitution under a constitutional amendment approved Monday by the state Senate.
IRS Floats Pooling, Annual Accounting In Offshore Profit Regs
U.S. multinational companies will be required to create annual shareholder accounts and adhere to new pooling concepts to properly account for previously taxed earnings and profits under proposed rules floated by the U.S. Treasury Department and Internal Revenue Service.
Justices On Fence In Tax Clawback Case For Defunct Utah Co.
U.S. Supreme Court justices seemed divided during oral arguments Monday over whether the Tenth Circuit was correct to allow the bankruptcy trustee of a defunct Utah company to use state law to claw back $145,000 in federal taxes after the two-year deadline, a ruling that has created a 3-1 circuit split.
Federal More
President Joe Biden's pardon of his son over the weekend marks the latest example of a special counsel investigation fizzling and raises doubts over the future use of such probes, which can drag on for years a... (more story)
A Houston truck company that sold tires made by a Chinese manufacturer is on the hook for excise taxes as the beneficial owner of the tires, the Fifth Circuit decided in an opinion Monday that reversed a rulin... (more story)
Hogan Lovells said Monday that it has brought on a former Allen Overy Shearman Sterling tax partner who specializes in spinoffs, cross-border deals and other corporate transactions.
The Drug Enforcement Administration on Monday affirmed it was acting as the proponent of a proposal to loosen federal restrictions on marijuana, and the administrative law judge said supporters of rescheduling... (more story)
The Internal Revenue Service unveiled final regulations governing the allocation of partnership liabilities 11 years after releasing the proposed rules, saying no subsequent legislative and regulatory changes ... (more story)
An 86-year-old former professor cannot claim that his $545,000 penalty for failing to report foreign bank accounts violates the Eighth Amendment, the U.S. told a federal court, saying the penalty is neither ex... (more story)
The U.S. Supreme Court will return to the bench Monday for its December arguments session, which will include blockbuster questions about the constitutionality of state laws banning gender-affirming care for t... (more story)
State & Local More
Novo Nordisk Loses Research Credit Tax Fight In Calif. OTA
Novo Nordisk must include a former affiliate's research expenses from the year it wound down when determining the corporate group's California research credits for later years, the state's Office of Tax Appeal... (more story)
Cargo Facility Merits Property Tax Break, Mass. Justices Told
A property leased from the Massachusetts Port Authority to a for-profit cargo enterprise is exempt from property tax because the facility serves a public purpose, the lessee told the state's highest court Mond... (more story)
California Supreme Court's Year In Review
Attorneys at Horvitz & Levy highlight notable decisions on major questions from the California Supreme Court's last term, including voter initiatives, hostile work environment and the economic loss rule.
City Golf Course Exempt From Property Tax, Fla. Justices Say
A municipal golf course in Florida is exempt from property taxes despite a management agreement with a for-profit company, the state Supreme Court ruled Wednesday, reversing an appeals court decision.
Mo. Counties Ask Appeals Court To Rethink Quash Of Pot Tax
Two Missouri counties asked a state appeals court to reconsider its ruling that barred counties from levying cannabis taxes on sales inside municipalities or to transfer the case to the state Supreme Court, ar... (more story)
Meeting A New Tax Across The River: SALT In Review
From New York's revised congestion pricing for lower Manhattan to the reality of artificial intelligence in tax administration, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
NY Groups, Truckers Say Congestion Pricing Unconstitutional
A New York teachers union, and coalitions of residents and truckers have told a federal judge that Manhattan's recently resurrected congestion pricing is still unconstitutional and discriminatory, and federal ... (more story)
Jones Walker Welcomes New Commercial, Tax Atty
Jones Walker LLP has added a corporate partner who practices tax law and negotiates, structures and drafts complex merger and acquisition transactions, financings and related contracts and agreements, the firm said.
Ariz. Reps. Urge Exemption Of State Rebates From Federal Tax
Arizona's one-time state tax rebates issued in 2023 should be exempt from federal taxation, three U.S. House members from the state told House leadership, urging a floor vote on legislation to exclude the inco... (more story)
Novo Nordisk must include a former affiliate's research expenses from the year it wound down when determining the corporate group's California research credits for later years, the state's Office of Tax Appeal... (more story)
A property leased from the Massachusetts Port Authority to a for-profit cargo enterprise is exempt from property tax because the facility serves a public purpose, the lessee told the state's highest court Mond... (more story)
Attorneys at Horvitz & Levy highlight notable decisions on major questions from the California Supreme Court's last term, including voter initiatives, hostile work environment and the economic loss rule.
A municipal golf course in Florida is exempt from property taxes despite a management agreement with a for-profit company, the state Supreme Court ruled Wednesday, reversing an appeals court decision.
Two Missouri counties asked a state appeals court to reconsider its ruling that barred counties from levying cannabis taxes on sales inside municipalities or to transfer the case to the state Supreme Court, ar... (more story)
From New York's revised congestion pricing for lower Manhattan to the reality of artificial intelligence in tax administration, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
A New York teachers union, and coalitions of residents and truckers have told a federal judge that Manhattan's recently resurrected congestion pricing is still unconstitutional and discriminatory, and federal ... (more story)
Jones Walker LLP has added a corporate partner who practices tax law and negotiates, structures and drafts complex merger and acquisition transactions, financings and related contracts and agreements, the firm said.
Arizona's one-time state tax rebates issued in 2023 should be exempt from federal taxation, three U.S. House members from the state told House leadership, urging a floor vote on legislation to exclude the inco... (more story)
International More
Russia Looks To 4 FSIA Cases In Bid To Stay $5B Award Suit
Russia urged a D.C. federal judge to pause a case against it by a Yukos Oil Co. unit seeking to enforce $5 billion in arbitral awards, saying Monday that four parallel Foreign Sovereign Immunities Act cases ar... (more story)
'Harry Potter' Actor Must Pay £1.8M Tax Bill, Tribunal Says
Actor Rupert Grint, who portrayed Ron Weasley in the Harry Potter film series, faces a £1.8 million ($2.3 million) tax bill after the U.K.'s First-tier Tribunal ruled that tax avoidance was a primary purpose o... (more story)
Australia Passes Public Country-By-Country Reporting
Multinational businesses with large operations in Australia are required to publicly disclose information about their operations in tax havens as designated by the government under a country-by-country reporti... (more story)
Skat Settles With Ex-Barclays Director In £1.4B Fraud Case
The Danish tax authority has settled its claim against a former Barclays Capital director and four companies that it sued alongside dozens of others over an alleged scheme to defraud it of £1.4 billion ($1.8 b... (more story)
Sports Direct's Ashley Says HMRC Bungled His Data Request
Sports Direct International PLC founder Michael Ashley argued in a London court Monday that the U.K.'s tax agency improperly handled his data request related to its probe into his 2012 sale of real estate asse... (more story)
Audit Watchdog Urges EU To Curb Harmful Tax Practices
The European Union is still not doing enough to stop harmful corporate tax practices that are costing governments more than €100 billion ($105 billion) a year in revenue, the bloc's independent audit watchdog has warned.
Police Detain 32 People In Raids On €297M VAT Fraud Network
Police have detained more than 30 people in raids on a €297 million ($313 million) value-added tax fraud network that spanned 16 EU countries, the European Public Prosecutor's Office said Thursday.
Russia urged a D.C. federal judge to pause a case against it by a Yukos Oil Co. unit seeking to enforce $5 billion in arbitral awards, saying Monday that four parallel Foreign Sovereign Immunities Act cases ar... (more story)
Actor Rupert Grint, who portrayed Ron Weasley in the Harry Potter film series, faces a £1.8 million ($2.3 million) tax bill after the U.K.'s First-tier Tribunal ruled that tax avoidance was a primary purpose o... (more story)
Multinational businesses with large operations in Australia are required to publicly disclose information about their operations in tax havens as designated by the government under a country-by-country reporti... (more story)
The Danish tax authority has settled its claim against a former Barclays Capital director and four companies that it sued alongside dozens of others over an alleged scheme to defraud it of £1.4 billion ($1.8 b... (more story)
Sports Direct International PLC founder Michael Ashley argued in a London court Monday that the U.K.'s tax agency improperly handled his data request related to its probe into his 2012 sale of real estate asse... (more story)
The European Union is still not doing enough to stop harmful corporate tax practices that are costing governments more than €100 billion ($105 billion) a year in revenue, the bloc's independent audit watchdog has warned.
Police have detained more than 30 people in raids on a €297 million ($313 million) value-added tax fraud network that spanned 16 EU countries, the European Public Prosecutor's Office said Thursday.