Senate's CFPB, PCAOB Cuts Hit Parliamentarian Roadblock
The U.S. Senate parliamentarian has thrown cold water on the Senate Banking Committee's bids to defund the Consumer Financial Protection Bureau and eliminate the Public Company Accounting Oversight Board as part of the "One Big Beautiful" budget megabill, but the panel's top Republican is vowing to keep seeking further spending cuts.
NY ALJ OKs Like-Kind Exchange On Investors' Same-Day Sale
Two New York residents qualify for a like-kind exchange deferment of gains they received from selling an apartment building on the same day they obtained its title from a partnership they were invested in, a New York administrative law judge said in a determination released Friday.
Denmark To Focus On Carbon Tax, Transparency As EU Chair
Denmark will prioritize initiatives including carbon taxation, fiscal transparency and measures to fight tax avoidance when it assumes the presidency of the European Union in July, the country's government said.
Senate's CFPB, PCAOB Cuts Hit Parliamentarian Roadblock
The U.S. Senate parliamentarian has thrown cold water on the Senate Banking Committee's bids to defund the Consumer Financial Protection Bureau and eliminate the Public Company Accounting Oversight Board as part of the "One Big Beautiful" budget megabill, but the panel's top Republican is vowing to keep seeking further spending cuts.
NY ALJ OKs Like-Kind Exchange On Investors' Same-Day Sale
Two New York residents qualify for a like-kind exchange deferment of gains they received from selling an apartment building on the same day they obtained its title from a partnership they were invested in, a New York administrative law judge said in a determination released Friday.
Denmark To Focus On Carbon Tax, Transparency As EU Chair
Denmark will prioritize initiatives including carbon taxation, fiscal transparency and measures to fight tax avoidance when it assumes the presidency of the European Union in July, the country's government said.
Federal More
The U.S. Supreme Court rejected a request from two Illinois-based toy makers challenging President Donald Trump's emergency tariffs to consider their case before it is reviewed by the D.C. Circuit.
Norton Rose Fulbright has expanded its tax insurance underwriting offerings in the nation's capital with the addition of a partner from Holland & Knight LLP.
In this week's Taxation With Representation, Nippon Steel closes its purchase of U.S. Steel, Hunter Point Capital buys a minority stake in Equitix, Eaton acquires Ultra PCS Ltd. from the Cobham Ultra Group, an... (more story)
Toyota said Wednesday that the U.S. Department of Justice has closed a long-running Foreign Corrupt Practices Act investigation concerning allegations of bribery at its Thai subsidiary, the latest such probe t... (more story)
Massachusetts federal prosecutors want a Pennsylvania inmate returned to the Bay State by July to face claims he impersonated a corporate executive and swiped an $810,000 tax refund bound for a Stamford, Conne... (more story)
A defunct Pennsylvania mushroom farm failed to pay the outstanding balance in a payroll tax fraud case that sent its owner to jail last year and owes more than $6 million worth of tax liens, the U.S. Departmen... (more story)
After decades of a quiet governmental acceptance of tax-exempt status, universities are facing unprecedented and public pressure to defend themselves, and must consider how to protect this valuable status, say... (more story)
State & Local More
Texas Justices Pass On USA Today, Tax Firm Defamation Fight
The Texas Supreme Court on Friday declined to take up a venue dispute in a defamation suit against USA Today over a 2021 investigative series into tax services and technology company Ryan LLC.
One Singular, Sensible Rate: SALT In Review
From Ohio's move toward a flat income tax to a New York City mayoral candidate's proposal to fund expanded public benefits, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
REIT Wants Mo. Justices To Review City Tax On Rental Income
Rental income from property owned by healthcare real estate investment trust Ventas Inc. should not be taxed by Kansas City, Missouri, as income from business activity, the company said, seeking review of the ... (more story)
La. Officials Probe Tax Dept.'s Capacity For Seller Audits
More enforcement is needed to ensure proper collection of taxes on remote sales, members of Louisiana's remote sellers commission said Wednesday, while noting challenges the state's tax department may face sho... (more story)
Square, Cash App Parent Wins Push To Slash Atlanta Tax Bill
A trial court correctly ruled that the parent company of online payment systems Square and Cash App didn't owe around $540,000 in business occupation tax to Atlanta, the Georgia Court of Appeals found, agreein... (more story)
Wyden Vows To Fight For Energy Credits Facing GOP Repeal
The top Senate Democratic tax writer vowed Tuesday to try to protect clean energy tax provisions of the 2022 Inflation Reduction Act that would face an early repeal under the sweeping tax and budget legislatio... (more story)
Ill. Increases Sports Betting, Tobacco Tax And Taxes Airbnbs
Illinois increased its tax on sports betting and tobacco products and extended its tax on hotel operators to include short-term rentals like Airbnbs and Vrbos under a budget bill approved by the governor.
How AI May Reshape The Future Of Adjudication
As discussed at a recent panel at Texas A&M, artificial intelligence will not erase the human element of adjudication in the next 10 to 20 years, but it will drive efficiencies that spur private arbiters to ex... (more story)
Sam's Club $310M Tobacco Tax Bill OK'd By Ill. Appeals Panel
A Sam's Club outlet in Illinois was correctly assessed $310 million for its failure to pay county tobacco taxes on cigarettes it sold to out-of-county retailers, a state appeals panel said in a judgment, rever... (more story)
The Texas Supreme Court on Friday declined to take up a venue dispute in a defamation suit against USA Today over a 2021 investigative series into tax services and technology company Ryan LLC.
From Ohio's move toward a flat income tax to a New York City mayoral candidate's proposal to fund expanded public benefits, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Rental income from property owned by healthcare real estate investment trust Ventas Inc. should not be taxed by Kansas City, Missouri, as income from business activity, the company said, seeking review of the ... (more story)
More enforcement is needed to ensure proper collection of taxes on remote sales, members of Louisiana's remote sellers commission said Wednesday, while noting challenges the state's tax department may face sho... (more story)
A trial court correctly ruled that the parent company of online payment systems Square and Cash App didn't owe around $540,000 in business occupation tax to Atlanta, the Georgia Court of Appeals found, agreein... (more story)
The top Senate Democratic tax writer vowed Tuesday to try to protect clean energy tax provisions of the 2022 Inflation Reduction Act that would face an early repeal under the sweeping tax and budget legislatio... (more story)
Illinois increased its tax on sports betting and tobacco products and extended its tax on hotel operators to include short-term rentals like Airbnbs and Vrbos under a budget bill approved by the governor.
As discussed at a recent panel at Texas A&M, artificial intelligence will not erase the human element of adjudication in the next 10 to 20 years, but it will drive efficiencies that spur private arbiters to ex... (more story)
A Sam's Club outlet in Illinois was correctly assessed $310 million for its failure to pay county tobacco taxes on cigarettes it sold to out-of-county retailers, a state appeals panel said in a judgment, rever... (more story)
International More
HMRC Cleared Of Forging Warrant To Seize £80M Mansion
A businessman has lost his case that claimed the U.K. tax authority forged a warrant used to seize his £80 million ($107 million) mansion over fraud and money laundering charges, with a London court concluding... (more story)
Seychelles Co. Brings $22M Guinea Award To DC Circ.
A consulting company is asking the D.C. Circuit to revive its bid to enforce a $22 million arbitration award against the Republic of Guinea, contending that the lower court was wrong to toss the case on jurisd... (more story)
£20M Buybacks Weren't Mainly For Tax Benefit, UK Court Says
Obtaining a tax advantage wasn't the main purpose of two businessmen arranging £20 million ($26.8 million) in share buybacks, despite that being the effect, so they aren't liable for an anti-avoidance action b... (more story)
Ill. Toy Makers Seek Justices' Early Review Of Trump Tariff Suit
Illinois-based toy makers challenging President Donald Trump's emergency tariffs on Tuesday requested the U.S. Supreme Court consider their case before it is reviewed by the D.C. Circuit, arguing a stay to an ... (more story)
DOJ Seeks 5 Years, $10M For Fla. Man Hiding Swiss Accounts
A Miami man who lied to authorities and others for decades about his Swiss bank accounts should pay $10.3 million in unpaid taxes and face a maximum five-year prison sentence based on his plea agreement, the U... (more story)
When Legal Advocacy Crosses The Line Into Incivility
As judges issue sanctions for courtroom incivility, and state bars advance formal discipline rules, trial lawyers must understand that the difference between zealous advocacy and unprofessionalism is not just ... (more story)
HMRC Challenges Tax Treatment Of Partnership Awards
HM Revenue & Customs told the U.K. Supreme Court on Tuesday that partnership awards allocated to a corporate entity and then distributed to partners should be taxed as if they were allocated to individual members.
A businessman has lost his case that claimed the U.K. tax authority forged a warrant used to seize his £80 million ($107 million) mansion over fraud and money laundering charges, with a London court concluding... (more story)
A consulting company is asking the D.C. Circuit to revive its bid to enforce a $22 million arbitration award against the Republic of Guinea, contending that the lower court was wrong to toss the case on jurisd... (more story)
Obtaining a tax advantage wasn't the main purpose of two businessmen arranging £20 million ($26.8 million) in share buybacks, despite that being the effect, so they aren't liable for an anti-avoidance action b... (more story)
Illinois-based toy makers challenging President Donald Trump's emergency tariffs on Tuesday requested the U.S. Supreme Court consider their case before it is reviewed by the D.C. Circuit, arguing a stay to an ... (more story)
A Miami man who lied to authorities and others for decades about his Swiss bank accounts should pay $10.3 million in unpaid taxes and face a maximum five-year prison sentence based on his plea agreement, the U... (more story)
As judges issue sanctions for courtroom incivility, and state bars advance formal discipline rules, trial lawyers must understand that the difference between zealous advocacy and unprofessionalism is not just ... (more story)
HM Revenue & Customs told the U.K. Supreme Court on Tuesday that partnership awards allocated to a corporate entity and then distributed to partners should be taxed as if they were allocated to individual members.