Tax Law360 provides breaking news and analysis on federal, state, and international tax law, with a focus on business enterprises. Coverage includes high-stakes litigation, government enforcement actions, and auditing issues, as well as related policy developments.
A New Jersey state judge knocked down a challenge to the payroll tax Jersey City implemented on out-of-town employees, ruling Friday that the ordinance didn’t amount to constitutionally prohibited “special legislation” that targets specific populations.
Eleven firms are set to steer five initial public offerings that could exceed $1.5 billion during the week of March 18, featuring a private equity-backed software firm, iconic jeans maker Levi Strauss & Co. and blank check companies hunting for acquisitions as a busy spring dawns.
Liberty Tax Inc. has agreed to a range of management reforms as part of a deal to end a Chancery Court derivative suit against the company, former CEO and accused "corporate governance scofflaw" John T. Hewitt, and four others, according to court a filing.
The Seventh Circuit on Friday reversed a decision that the federal parsonage housing tax exemption was unconstitutional because, it said, the provision is neutral toward religion and violates neither the free exercise nor the establishment clause of the U.S. Constitution.
The Federal Deposit Insurance Corp. said Friday that it has reached a $335 million settlement resolving its case against PricewaterhouseCoopers LLP over the accounting giant's audit work for the now-failed Colonial Bank, an amount that's roughly half of what an Alabama federal judge had previously said the agency was entitled to in damages.