Justices Decline To Hear Challenge To NJ Royalty Tax System
The U.S. Supreme Court declined on Monday to hear a tobacco company's claims that New Jersey's method of taxing royalty income discriminates against interstate commerce by basing a deduction on the amount of business activity a royalty recipient conducts inside the state.
Trump's Trade Deals Face Tricky Path After Tariff Ruling
While President Donald Trump has said the trade agreements struck in response to tariffs that have now been invalidated by the U.S. Supreme Court will be kept, navigating the terms of those deals in the aftermath is already proving complicated.
Smithfield Can Use Alt. Apportionment, Calif. Court Rules
Smithfield Foods is not required to use California's typical method of single sales factor apportionment and is entitled to a refund of more than $900,000 in corporate income tax from the state, a California trial judge ruled.
Justices Decline To Hear Challenge To NJ Royalty Tax System
The U.S. Supreme Court declined on Monday to hear a tobacco company's claims that New Jersey's method of taxing royalty income discriminates against interstate commerce by basing a deduction on the amount of business activity a royalty recipient conducts inside the state.
Trump's Trade Deals Face Tricky Path After Tariff Ruling
While President Donald Trump has said the trade agreements struck in response to tariffs that have now been invalidated by the U.S. Supreme Court will be kept, navigating the terms of those deals in the aftermath is already proving complicated.
Smithfield Can Use Alt. Apportionment, Calif. Court Rules
Smithfield Foods is not required to use California's typical method of single sales factor apportionment and is entitled to a refund of more than $900,000 in corporate income tax from the state, a California trial judge ruled.
Federal More
A company that elected to be treated as a disregarded entity — a branch of its parent — and attempted to pay for interest in a partnership with a promissory note from the parent can't claim a basis in the part... (more story)
Sons of an owner of oil and gas businesses owe taxes on his $4 million estate, a Kansas federal judge said, finding that the sons' agreement to pay the bill in installments allowed the IRS extra time to sue th... (more story)
As private capital funds more energy and infrastructure projects, preferred equity monetization structures — combining elements of tax credit transfers and tax equity partnership-flip transactions with hybrid ... (more story)
A proposed class action in Florida federal court looks to make sure FedEx refunds customers for the costs of tariffs the shipping giant passed onto them as the company looks to recoup its payments made under P... (more story)
A New York federal court’s recent U.S. v. Heppner decision, holding that a defendant’s use of Claude was not privileged, only addressed one narrow artificial intelligence system, but lawyers must recognize tha... (more story)
Whether the federal government can force nonprofits to reveal the identities of their large donors is a question that should not be subject to a heightened level of judicial review, the Internal Revenue Servic... (more story)
The president of the union representing Internal Revenue Service employees denounced the agency's termination of its contract under an executive order from President Donald Trump as an illegal, unilateral move.
State & Local More
Ore. Lawmakers OK Moving Up $4.3B Transportation Tax Vote
Oregon voters would decide in May, instead of November, whether to scrap most of the tax and fee hikes in a $4.3 billion transportation plan under legislation passed Monday by the state House of Representatives.
Minn. Tax Court Erred In Valuing Hotel, Minn. Justices Told
The Minnesota Tax Court improperly lowered the value of a Minneapolis hotel and convention center and should not have disregarded the minimum assessment agreement that existed between the county and the proper... (more story)
ITC To Review Vape Imports' Possible Restriction Violations
The U.S. International Trade Commission will investigate a coalition of Chinese companies and their U.S. distributors on allegations that they skirted restrictions on vapes, acting on a complaint by R.J. Reyno... (more story)
Washington 'Millionaires Tax' Clears House Panel With Tweaks
A proposal for a nearly 10% tax on income above $1 million cleared the Washington State House of Representatives' Finance Committee on Friday, with members opting for a few changes but rejecting a proposed ame... (more story)
Calif. Urges Justices To Pass On Fla.'s Challenge To Tax Rule
Florida's challenge to a special California apportionment rule lacks the importance required to warrant the U.S. Supreme Court exercising its original jurisdiction to hear a dispute between states, California ... (more story)
AI-Assisted Arbitration Needs Safeguards To Ensure Fairness
As tribunals and arbitral institutions increasingly use artificial intelligence tools in their decision-making processes, clear disclosure standards and procedural safeguards are necessary to ensure tha... (more story)
Taxation With Representation: Linklaters, Wilson Sonsini
In this week's Taxation With Representation, French electric utility Engie acquires UK Power Networks, Gilead Sciences Inc. buys clinical-stage biotechnology company Arcellx Inc., and The Brink's Co. acquires ... (more story)
Oregon voters would decide in May, instead of November, whether to scrap most of the tax and fee hikes in a $4.3 billion transportation plan under legislation passed Monday by the state House of Representatives.
The Minnesota Tax Court improperly lowered the value of a Minneapolis hotel and convention center and should not have disregarded the minimum assessment agreement that existed between the county and the proper... (more story)
The U.S. International Trade Commission will investigate a coalition of Chinese companies and their U.S. distributors on allegations that they skirted restrictions on vapes, acting on a complaint by R.J. Reyno... (more story)
A proposal for a nearly 10% tax on income above $1 million cleared the Washington State House of Representatives' Finance Committee on Friday, with members opting for a few changes but rejecting a proposed ame... (more story)
Florida's challenge to a special California apportionment rule lacks the importance required to warrant the U.S. Supreme Court exercising its original jurisdiction to hear a dispute between states, California ... (more story)
As tribunals and arbitral institutions increasingly use artificial intelligence tools in their decision-making processes, clear disclosure standards and procedural safeguards are necessary to ensure tha... (more story)
In this week's Taxation With Representation, French electric utility Engie acquires UK Power Networks, Gilead Sciences Inc. buys clinical-stage biotechnology company Arcellx Inc., and The Brink's Co. acquires ... (more story)
International More
Fed. Circ. Quickly Releases Mandate In Trump Tariff Case
Businesses and states that successfully challenged President Donald Trump's global tariff regime can proceed with their efforts to seek refunds, as the Federal Circuit expedited the release of its mandate in t... (more story)
HMRC Bags Extra £16B From Big Businesses, Audit Says
HM Revenue & Customs collected almost £16 billion ($21.3 billion) in extra tax revenue from the biggest businesses in fiscal year 2024-25 after it took a stricter approach to compliance, the National Audit Office found.
Customs, VAT Fraud Costing €45B, EU Prosecutors Say
Cross-border customs and value-added tax fraud are reshaping the criminal landscape in the European Union, with such schemes generating an estimated €45 billion ($52.7 billion) in damage, according to a report... (more story)
Older UK Homeowners Tap £6.2B Home Equity To Cut Tax Bills
A growing number of people in the U.K. over age 66 are turning to equity release to reduce their inheritance tax liability, with £6.2 billion ($8.4 billion) in mortgage releases in 2024-25, according to financ... (more story)
2nd Circuit Says IRS Can Apply Foreign Biz Reporting Penalty
The Internal Revenue Service may use administrative assessment to collect penalties from a taxpayer for failing to report control of a foreign business from 2005 to 2009, the Second Circuit held Friday, vacati... (more story)
Denmark's Top Party Plans Wealth Tax Ahead Of Elections
Denmark's top party has proposed a 0.5% wealth tax as a pillar of its platform for early elections called by a prime minister seeking to build on public support for her efforts to prevent the U.S. from taking over Greenland.
UK Christian Schools Pledge Top Court Appeal After VAT Loss
A group of Christian families and schools said they will take their appeal against the 20% value-added tax charged on their private school fees to the U.K. Supreme Court after an appeals court dismissed their case Friday.
Businesses and states that successfully challenged President Donald Trump's global tariff regime can proceed with their efforts to seek refunds, as the Federal Circuit expedited the release of its mandate in t... (more story)
HM Revenue & Customs collected almost £16 billion ($21.3 billion) in extra tax revenue from the biggest businesses in fiscal year 2024-25 after it took a stricter approach to compliance, the National Audit Office found.
Cross-border customs and value-added tax fraud are reshaping the criminal landscape in the European Union, with such schemes generating an estimated €45 billion ($52.7 billion) in damage, according to a report... (more story)
A growing number of people in the U.K. over age 66 are turning to equity release to reduce their inheritance tax liability, with £6.2 billion ($8.4 billion) in mortgage releases in 2024-25, according to financ... (more story)
The Internal Revenue Service may use administrative assessment to collect penalties from a taxpayer for failing to report control of a foreign business from 2005 to 2009, the Second Circuit held Friday, vacati... (more story)
Denmark's top party has proposed a 0.5% wealth tax as a pillar of its platform for early elections called by a prime minister seeking to build on public support for her efforts to prevent the U.S. from taking over Greenland.
A group of Christian families and schools said they will take their appeal against the 20% value-added tax charged on their private school fees to the U.K. Supreme Court after an appeals court dismissed their case Friday.