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House Panel Eyes Curbs On Tax-Exempt Stadium Financing
Congress can strengthen the tax code to crack down on professional sports teams that leverage tax incentives to construct stadiums with taxpayer dollars, House Ways and Means Committee lawmakers and sports industry stakeholders said Tuesday.
Calif. Will Lock In Biz Tax Credit Limit, Halve Min. Tax For LLCs
California will expand its sales and use tax base to include prewritten software, make permanent its business tax credit limit and halve the $800 minimum tax for limited liability companies, under the last budget that Gov. Gavin Newsom signed as the state's chief executive.
Burnham's Devolution Agenda Could Portend Higher Taxes
Labour leadership contender Andy Burnham's speech setting up his devolution agenda may foreshadow higher taxes down the road if he ultimately becomes prime minister, given the costs of his ambitious plans for expanding investment for housing and infrastructure.
House Panel Eyes Curbs On Tax-Exempt Stadium Financing
Congress can strengthen the tax code to crack down on professional sports teams that leverage tax incentives to construct stadiums with taxpayer dollars, House Ways and Means Committee lawmakers and sports industry stakeholders said Tuesday.
Calif. Will Lock In Biz Tax Credit Limit, Halve Min. Tax For LLCs
California will expand its sales and use tax base to include prewritten software, make permanent its business tax credit limit and halve the $800 minimum tax for limited liability companies, under the last budget that Gov. Gavin Newsom signed as the state's chief executive.
Burnham's Devolution Agenda Could Portend Higher Taxes
Labour leadership contender Andy Burnham's speech setting up his devolution agenda may foreshadow higher taxes down the road if he ultimately becomes prime minister, given the costs of his ambitious plans for expanding investment for housing and infrastructure.
Federal More
A former Morgan Lewis attorney suspended for his handling of a tax case and making misrepresentations to disciplinary authorities investigating his conduct failed to prove he was morally qualified to return to... (more story)
The U.S. government and the Federal Deposit Insurance Corp. are working to settle the government's case against the agency in its role as receiver for the defunct First Republic Bank over taxes that the govern... (more story)
The U.S. Tax Court's improper withholding of an appraiser report as evidence resulted in a flawed opinion last year that substantially slashed the value of a North Carolina conservation easement donation by 94... (more story)
Law firm leadership can best retain their paralegals not by encouraging self-care, but by seeking top-down structural solutions for the quiet proliferation of responsibilities and the vicarious exposure to cli... (more story)
Companies and investors reeling from the rapid changes resulting from February's U.S. Supreme Court ruling that the International Emergency Economic Powers Act doesn't authorize tariffs should focus on underst... (more story)
A federal judge in Seattle consolidated a pair of proposed class actions brought by Amazon customers looking to recover millions of dollars in refunds for the now-invalidated International Emergency Economic P... (more story)
Former New Jersey Attorney General Matt Platkin asserts that a lawsuit from a former CEO indicted in New Jersey's now-dismissed criminal racketeering case against South Jersey power broker George E. Norcross I... (more story)
State & Local More
Ind. Casino's Out-Of-State Payments Not Taxable, Justices Say
An Indiana-based casino shouldn't include wagering taxes paid to other state governments when calculating its corporate income tax bill, the state Supreme Court said, reversing a state Tax Court determination.
Mass. Justices OK $258K In Late Estate Tax Penalties, Interest
Penalties and interest of more than $250,000 on a Massachusetts estate tax bill paid nearly seven years late were reasonable and lawful, the state's top court affirmed Tuesday.
Cole Schotz Adds Tax Atty In Miami From Day Pitney
Cole Schotz PC announced Monday that it has hired a Day Pitney LLP attorney to bolster its capacity to advise high-net-worth individuals and other clients on tax, trust and estate matters.
Ohio Justices OK Tax Break For Public Entity's Garage
An Ohio parking garage owned by a public authority but managed by a private entity for the city of Columbus qualifies for a property tax exemption because the authority retained control of the property, the st... (more story)
Trump Threatens 100% Tariff For EU Nations Planning DSTs
President Donald Trump threatened to impose a 100% tariff on imports entering the U.S. from countries in the European Union planning to levy new digital service taxes, according to a social media post Friday.
Taxation With Representation: Sidley, Paul Weiss, Kirkland
In this week's Taxation With Representation, Germany's Merck KGaA acquires life sciences tools supplier Bio-Techne Corp., drugmaker AbbVie buys clinical-stage biotechnology company Apogee Therapeutics, and bui... (more story)
A Tax Costly To Everyone, Sooner Or Later: SALT In Review
From Pennsylvania's move toward a gross receipts tax on digital advertisers to news of yet another Fortune 500 company leaving New Jersey, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
An Indiana-based casino shouldn't include wagering taxes paid to other state governments when calculating its corporate income tax bill, the state Supreme Court said, reversing a state Tax Court determination.
Penalties and interest of more than $250,000 on a Massachusetts estate tax bill paid nearly seven years late were reasonable and lawful, the state's top court affirmed Tuesday.
Cole Schotz PC announced Monday that it has hired a Day Pitney LLP attorney to bolster its capacity to advise high-net-worth individuals and other clients on tax, trust and estate matters.
An Ohio parking garage owned by a public authority but managed by a private entity for the city of Columbus qualifies for a property tax exemption because the authority retained control of the property, the st... (more story)
President Donald Trump threatened to impose a 100% tariff on imports entering the U.S. from countries in the European Union planning to levy new digital service taxes, according to a social media post Friday.
In this week's Taxation With Representation, Germany's Merck KGaA acquires life sciences tools supplier Bio-Techne Corp., drugmaker AbbVie buys clinical-stage biotechnology company Apogee Therapeutics, and bui... (more story)
From Pennsylvania's move toward a gross receipts tax on digital advertisers to news of yet another Fortune 500 company leaving New Jersey, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
International More
US Biz Group Asks EU To Simplify Tax Disclosure Rules
A group representing U.S. business interests in the European Union said Tuesday that EU lawmakers should simplify and harmonize rules on tax disclosure that apply to multinational firms.
Mauritius Power Co.'s Interest Exempt From Tax, Court Says
Mauritius cannot deny an electricity producer a tax exemption on its interest income, an appellate court for jurisdictions linked to the U.K. said Tuesday, effectively aligning with a decision by the Supreme C... (more story)
Brokerage Told To Provide Better Answers In Canada Tax Case
The Tax Court of Canada has ordered a brokerage to provide more fulsome answers to the government's questions in discovery in the company's challenge to more than CA$1.63 million ($1.15 million) in sales taxes.
Customs Change Isn't Singling Out China, EU Official Says
The abolition of a de minimis customs exemption and a new duty on low-value parcels entering the European Union, set to apply starting Wednesday, do not specifically target China, a senior European Commission official said.
KC In £2M Evasion Trial Sought To 'Get One Over' On HMRC
A senior barrister accused of dodging almost £2 million ($2.6 million) in tax was driven by a "sense of intellectual superiority" in a desire to "get one over" HM Revenue and Customs, a prosecutor told the trial Tuesday.
Partnership Asks To Restore $3.7M In Captive Deductions
The IRS shouldn't have disallowed more than $3.7 million in deductions claimed by a partnership on premiums paid to five captive insurance companies because the transactions had economic substance, the partner... (more story)
Firm Can't Shoot Down IRS Microcaptive Rules, Court Says
The IRS' reporting rules for microcaptive insurance companies aren't unreasonable, a Texas federal court said Friday, shooting down a global tax consultancy's bid to vacate them.
A group representing U.S. business interests in the European Union said Tuesday that EU lawmakers should simplify and harmonize rules on tax disclosure that apply to multinational firms.
Mauritius cannot deny an electricity producer a tax exemption on its interest income, an appellate court for jurisdictions linked to the U.K. said Tuesday, effectively aligning with a decision by the Supreme C... (more story)
The Tax Court of Canada has ordered a brokerage to provide more fulsome answers to the government's questions in discovery in the company's challenge to more than CA$1.63 million ($1.15 million) in sales taxes.
The abolition of a de minimis customs exemption and a new duty on low-value parcels entering the European Union, set to apply starting Wednesday, do not specifically target China, a senior European Commission official said.
A senior barrister accused of dodging almost £2 million ($2.6 million) in tax was driven by a "sense of intellectual superiority" in a desire to "get one over" HM Revenue and Customs, a prosecutor told the trial Tuesday.
The IRS shouldn't have disallowed more than $3.7 million in deductions claimed by a partnership on premiums paid to five captive insurance companies because the transactions had economic substance, the partner... (more story)
The IRS' reporting rules for microcaptive insurance companies aren't unreasonable, a Texas federal court said Friday, shooting down a global tax consultancy's bid to vacate them.