Colo. Board Advances High-Earner Tax Ballot Measure
Colorado would boost income tax rates for high earners and lower them for others, raising as much as $4 billion annually, under a proposed ballot measure advanced Wednesday by a state board.
GOP Expects G7 Side-By-Side Tax Deal Details This Week
The House Ways and Means Committee's top Republican expects negotiations to wrap up this week on the technical details of the agreement with the Group of Seven countries to exempt U.S. multinational corporations from the minimum-tax system, he said Wednesday.
Treasury Clarifies Tax-Advantaged 'Trump Accounts'
The federal government issued guidance Tuesday on the new type of tax-advantaged brokerage account for children, known as Trump accounts, that specifies how to create the savings plans and who can make contributions and receive government seed money for them.
Colo. Board Advances High-Earner Tax Ballot Measure
Colorado would boost income tax rates for high earners and lower them for others, raising as much as $4 billion annually, under a proposed ballot measure advanced Wednesday by a state board.
GOP Expects G7 Side-By-Side Tax Deal Details This Week
The House Ways and Means Committee's top Republican expects negotiations to wrap up this week on the technical details of the agreement with the Group of Seven countries to exempt U.S. multinational corporations from the minimum-tax system, he said Wednesday.
Treasury Clarifies Tax-Advantaged 'Trump Accounts'
The federal government issued guidance Tuesday on the new type of tax-advantaged brokerage account for children, known as Trump accounts, that specifies how to create the savings plans and who can make contributions and receive government seed money for them.
Federal More
The Sixth Circuit declined to reexamine an August decision that allowed some leeway in extending the U.S. Tax Court's 90-day deadline to file a petition, according to an order dismissing a federal government b... (more story)
The U.S. Department of Justice revived its bid to toss most of a boutique law firm's complaint for not processing its claims for pandemic-era tax credits after settlement negotiations with the firm failed, acc... (more story)
Attorneys representing investors that settled with Vanguard for $25 million to end claims the company improperly triggered an asset sell-off that damaged investors asked a Pennsylvania federal court on Tuesday... (more story)
A Massachusetts executive has agreed to plead guilty in a scheme to avoid paying income taxes and restitution in a 2008 securities fraud case by receiving more than $1.6 million in compensation and benefits un... (more story)
Interval funds — closed-end registered investment companies that make periodic repurchase offers — have recently moved to the center of the conversation about retail access to private markets, spurred along by... (more story)
Allowing the Affordable Care Act's premium tax credit expansion to lapse would make it harder for Americans to be listed for organ transplants, potentially dampening an upward trend in transplants in the years... (more story)
The Oklahoma Supreme Court properly ruled that a member of the Muscogee (Creek) Nation owes Oklahoma income tax, the state's tax commission told the U.S. Supreme Court on Tuesday, urging the court to deny the ... (more story)
State & Local More
Mineral Rights At Former Mo. Gas Station Ruled Worthless
A convenience store company's interest in mineral rights it retained when it sold a gas station property are correctly valued at $0 and not taxable, the Missouri Court of Appeals ruled, upholding decisions of ... (more story)
Wisconsin Village Loses Bid to Block Oneida Land Trust
A federal court judge affirmed an Interior Department decision to place 500 acres of properties into a trust for the Oneida Nation, rejecting claims by a Wisconsin village that the transfers were based on a bi... (more story)
Mass. Justices Question Limits Of Estate Tax Penalties
A fine and interest assessment levied by Massachusetts' tax agency against an estate that filed its return seven years late is excessive and unconstitutional, the estate told the state's high court Wednesday, ... (more story)
State, Federal Incentives Heat Up Geothermal Projects
Geothermal energy can now benefit from dramatically accelerated permitting for development on federal land as well as state-level renewable energy portfolio standards — but operating in the complex legal frame... (more story)
Boston Celeb Chef Facing Default In City's $1.7M Tax Case
Celebrity chef Barbara Lynch failed to line up new counsel or respond to an amended complaint the city of Boston brought against her in state court over an unpaid $1.7 million tax bill for her now-shuttered re... (more story)
Mich. County's Tax Sale Violates Constitution, Justices Told
A Michigan county violated the takings clause of the U.S. Constitution when it took title to a home over a tax debt, then sold the home at a low price and refunded only that amount to the homeowner, the homeow... (more story)
The Law Firm Merger Diaries: How To Build On Cultural Fit
Law firm mergers should start with people, then move to strategy: A two-level screening that puts finding a cultural fit at the pinnacle of the process can unearth shared values that are instrumental to decidi... (more story)
Wis. Judge Dismisses Tribal Tax Suit Over Standing Issues
A Wisconsin federal judge dismissed a claim by homeowners that local political jurisdictions of the Menominee Indian Tribe joined forces to increase their tax burden, saying the federal court can't grant the relief they seek.
Colo. Group Says Oil, Gas Fees Are Taxes That Violate TABOR
A nonprofit conservative advocacy group told a Colorado state court Tuesday that a 2024 law which imposes new fees on oil and gas producers is actually a tax and should be subject to a public vote as required ... (more story)
A convenience store company's interest in mineral rights it retained when it sold a gas station property are correctly valued at $0 and not taxable, the Missouri Court of Appeals ruled, upholding decisions of ... (more story)
A federal court judge affirmed an Interior Department decision to place 500 acres of properties into a trust for the Oneida Nation, rejecting claims by a Wisconsin village that the transfers were based on a bi... (more story)
A fine and interest assessment levied by Massachusetts' tax agency against an estate that filed its return seven years late is excessive and unconstitutional, the estate told the state's high court Wednesday, ... (more story)
Geothermal energy can now benefit from dramatically accelerated permitting for development on federal land as well as state-level renewable energy portfolio standards — but operating in the complex legal frame... (more story)
Celebrity chef Barbara Lynch failed to line up new counsel or respond to an amended complaint the city of Boston brought against her in state court over an unpaid $1.7 million tax bill for her now-shuttered re... (more story)
A Michigan county violated the takings clause of the U.S. Constitution when it took title to a home over a tax debt, then sold the home at a low price and refunded only that amount to the homeowner, the homeow... (more story)
Law firm mergers should start with people, then move to strategy: A two-level screening that puts finding a cultural fit at the pinnacle of the process can unearth shared values that are instrumental to decidi... (more story)
A Wisconsin federal judge dismissed a claim by homeowners that local political jurisdictions of the Menominee Indian Tribe joined forces to increase their tax burden, saying the federal court can't grant the relief they seek.
A nonprofit conservative advocacy group told a Colorado state court Tuesday that a 2024 law which imposes new fees on oil and gas producers is actually a tax and should be subject to a public vote as required ... (more story)
International More
HMRC OK To Fire Union Rep Who Promoted Strike Via Teams
HM Revenue & Customs did not act unfairly by sacking a long-standing trade union rep for gross misconduct after he sent 67 Microsoft Teams messages to staff who declined to join a strike in 2023, a tribunal has ruled.
UK Importer Must Pay Tax On PPE, Court Affirms
A logistics company must pay £1.4 million ($1.8 million) in customs duties and value-added tax for personal protective equipment imported from China to the U.K. during the COVID-19 pandemic in 2020, a London c... (more story)
Thai Cabinet Backs Carbon Tax, Border Tax, Emissions Trading
Thailand would institute a carbon tax, emissions trading system and carbon-border adjustment mechanism under the country's first comprehensive climate bill, approved Tuesday by the country's cabinet.
Most Countries Compliant With Data Exchanges, OECD Says
Many countries are on track with implementing a data-swapping network under global guidelines to exchange financial and tax information, but more could be done to enforce reporting requirements for banks, the ... (more story)
Trump Tariff Refund Rights Should Be Preserved, Costco Says
The federal government should have to refund President Donald Trump's emergency tariffs paid by Costco Wholesale Corp., the company told the U.S. Court of International Trade.
Rare Tariff Authority May Boost US Battery Manufacturing
Finalizing preliminary tariffs on active anode material from China — the result of a rare exercise of statutory authority finding that foreign dumping hampered the development of a nascent U.S. industry — shou... (more story)
Morgan Stanley Fined €101M For Dutch Dividend Tax Evasion
Morgan Stanley will pay €101 million ($117 million) in criminal penalties to the Netherlands government to resolve accusations that the global investment bank exploited a Dutch law to evade dividend taxes, pro... (more story)
HM Revenue & Customs did not act unfairly by sacking a long-standing trade union rep for gross misconduct after he sent 67 Microsoft Teams messages to staff who declined to join a strike in 2023, a tribunal has ruled.
A logistics company must pay £1.4 million ($1.8 million) in customs duties and value-added tax for personal protective equipment imported from China to the U.K. during the COVID-19 pandemic in 2020, a London c... (more story)
Thailand would institute a carbon tax, emissions trading system and carbon-border adjustment mechanism under the country's first comprehensive climate bill, approved Tuesday by the country's cabinet.
Many countries are on track with implementing a data-swapping network under global guidelines to exchange financial and tax information, but more could be done to enforce reporting requirements for banks, the ... (more story)
The federal government should have to refund President Donald Trump's emergency tariffs paid by Costco Wholesale Corp., the company told the U.S. Court of International Trade.
Finalizing preliminary tariffs on active anode material from China — the result of a rare exercise of statutory authority finding that foreign dumping hampered the development of a nascent U.S. industry — shou... (more story)
Morgan Stanley will pay €101 million ($117 million) in criminal penalties to the Netherlands government to resolve accusations that the global investment bank exploited a Dutch law to evade dividend taxes, pro... (more story)