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McKesson Says IRS Overreads Law Backing Pricing Rules
Pharmaceutical giant McKesson asked a Texas federal court to invalidate transfer pricing regulations that underpin the company's $10 million tax refund bid, arguing the U.S. government mistakenly thinks the underlying statute gives the IRS "near-limitless authority" to define key terms.
Trump-IRS Settlement Result Of Sham Suit, Judge Rules
President Donald Trump's $10 billion suit against his own Internal Revenue Service and the resulting settlement deal lacked a legitimate controversy, given Trump's control over both the agency and the U.S. Department of Justice, a Florida district judge said Monday in an order barring Trump or others from citing the deal.
US-Canada Stalemate Expected To Hold Amid USMCA Review
The trade stalemate between the U.S. and Canada is likely to continue through a drawn-out review process for the U.S.-Mexico-Canada Agreement, though companies will benefit from an underlying level of stability as the deal remains in effect, trade lawyers said.
McKesson Says IRS Overreads Law Backing Pricing Rules
Pharmaceutical giant McKesson asked a Texas federal court to invalidate transfer pricing regulations that underpin the company's $10 million tax refund bid, arguing the U.S. government mistakenly thinks the underlying statute gives the IRS "near-limitless authority" to define key terms.
Trump-IRS Settlement Result Of Sham Suit, Judge Rules
President Donald Trump's $10 billion suit against his own Internal Revenue Service and the resulting settlement deal lacked a legitimate controversy, given Trump's control over both the agency and the U.S. Department of Justice, a Florida district judge said Monday in an order barring Trump or others from citing the deal.
US-Canada Stalemate Expected To Hold Amid USMCA Review
The trade stalemate between the U.S. and Canada is likely to continue through a drawn-out review process for the U.S.-Mexico-Canada Agreement, though companies will benefit from an underlying level of stability as the deal remains in effect, trade lawyers said.
Federal More
A West Virginia federal judge correctly handed down an enhanced sentence to a real estate appraisal business owner convicted of failing to pay employment taxes, federal prosecutors told the Fourth Circuit, urg... (more story)
A Utah federal judge declined to reduce further the original sentence of an accomplice in a $500 million biofuel production tax credit fraud scheme, finding that his prior reduction to 12 years had sufficientl... (more story)
A lobbying group representing U.S. companies called on the European Union to respect the country's side-by-side agreement as the bloc continues to work on a tax simplification overhaul.
The second quarter brought several notable financial services law developments to Michigan, including a U.S. Supreme Court ruling on state tax foreclosures, progress on a money transmission modernization bill ... (more story)
A Missouri federal court closed a class action by online customers claiming excessive tax charges by a mattress retailer after the parties reached a deal that will see the customers refunded.
A California civil service worker asked a federal court to waive penalties imposed by the IRS over her failure to report wedding gifts received from family in China, contending the agency was unclear about fil... (more story)
In this week's Taxation With Representation, Solstice Advanced Materials Inc. acquires specialty chemicals technology company Element Solutions Inc., Vertex Pharmaceuticals Inc. buys Crinetics Pharmaceuticals ... (more story)
State & Local More
2nd Circ. Rejects Counties' Bid To Derail Congestion Pricing
The Second Circuit on Monday upheld New York City's congestion pricing, rejecting two suburban counties' claims that Manhattan's congestion pricing tolls are discriminatory and unconstitutionally restrict moto... (more story)
Calif. Republicans Urge US To Deny State's MCO Tax
California's managed care organization provider tax, which was restructured and requires federal approval under a recently enacted law, should be rejected by the U.S. government, state Assembly Republicans sai... (more story)
Mass. Town Says Developer Owes $100K Under Rezoning Deal
The small central Massachusetts town of Lancaster says a developer is trying to wriggle out of paying half of an agreed-upon impact contribution spelled out in a deal to create a mixed-use "enterprise district... (more story)
A Tax Regulation With A Hole In The Middle: SALT In Review
From Dunkin' Donuts' successful challenge of a New Jersey sales tax regulation to a proposed income tax cut that won't appear on the Massachusetts ballot, RSM's David Brunori offers his thoughts on noteworthy ... (more story)
Cookies Retail Led Dispensary Into $1.9M Tax Crisis, Suit Says
Six entrepreneurs alleged in a California state court lawsuit that cannabis giant Cookies Retail pushed them out of their dispensary and took control over its bank accounts, leaving the retail shop saddled wit... (more story)
Okla. Tax Officials Say McGirt Can't Upend Osage Ruling
Oklahoma tax officials say the Osage Nation can't rely on a 2020 landmark U.S. Supreme Court ruling to overturn a decision that declined to vacate a 16-year-old determination that its reservation boundaries ha... (more story)
5 Clifford Chance Finance And Tax Attys Join Sidley In NY, DC
Sidley Austin LLP announced Thursday that five Clifford Chance LLP attorneys have joined the firm's global finance and tax practices in New York and Washington, D.C.
The Second Circuit on Monday upheld New York City's congestion pricing, rejecting two suburban counties' claims that Manhattan's congestion pricing tolls are discriminatory and unconstitutionally restrict moto... (more story)
California's managed care organization provider tax, which was restructured and requires federal approval under a recently enacted law, should be rejected by the U.S. government, state Assembly Republicans sai... (more story)
The small central Massachusetts town of Lancaster says a developer is trying to wriggle out of paying half of an agreed-upon impact contribution spelled out in a deal to create a mixed-use "enterprise district... (more story)
From Dunkin' Donuts' successful challenge of a New Jersey sales tax regulation to a proposed income tax cut that won't appear on the Massachusetts ballot, RSM's David Brunori offers his thoughts on noteworthy ... (more story)
Six entrepreneurs alleged in a California state court lawsuit that cannabis giant Cookies Retail pushed them out of their dispensary and took control over its bank accounts, leaving the retail shop saddled wit... (more story)
Oklahoma tax officials say the Osage Nation can't rely on a 2020 landmark U.S. Supreme Court ruling to overturn a decision that declined to vacate a 16-year-old determination that its reservation boundaries ha... (more story)
Sidley Austin LLP announced Thursday that five Clifford Chance LLP attorneys have joined the firm's global finance and tax practices in New York and Washington, D.C.
International More
Israeli Law Firm Counters Gov't Bid To Toss GILTI Reg Suit
An Israeli law firm asked the D.C. federal court Monday to disregard the government's attempt to end its suit aiming to scrap regulations that implemented the 2017 tax law's global intangible low-taxed income ... (more story)
German, Dutch Arrest 2 In €300M VAT Fraud Involving Autos
German and Dutch authorities have arrested two individuals linked to a group involved in a value-added tax fraud with imported cars that has created around €300 million ($342 million) in estimated losses, the ... (more story)
US Pillar 2 Deal Cuts UK Tax Take By £600M, Report Says
The U.K.'s tax revenue from the global minimum corporate rate will fall by around £600 million ($804.7 million) annually as a result of U.S. corporate giants' exemption from the rules, according to a parliamen... (more story)
EU Withholding Rules Curbing Investment, Says Tax Lead
The European Union needs to improve withholding tax rules for investment funds to generate more capital for businesses, although progress is restricted by ownership rules, a senior EU official said Thursday.
Austria's Bank VAT Break Was State Aid, EU Top Court Says
The European Union's top court ruled Thursday against an Austrian law that provided a value-added tax exemption for certain transactions in the banking and insurance sectors, holding that the tax break functio... (more story)
EU, South Africa Meet To Discuss Clean Energy Trade Deal
South African and European officials began an intergovernmental dialogue Thursday to continue implementation efforts on the green energy trade deal signed last year, with particular focus on the kinds of busin... (more story)
HMRC Secures 260 Convictions For Tax Dodging In 2025-26
The U.K.'s tax authority secured 260 convictions out of 300 prosecutions in criminal tax cases in fiscal year 2025-26, it said Thursday in its annual report.
An Israeli law firm asked the D.C. federal court Monday to disregard the government's attempt to end its suit aiming to scrap regulations that implemented the 2017 tax law's global intangible low-taxed income ... (more story)
German and Dutch authorities have arrested two individuals linked to a group involved in a value-added tax fraud with imported cars that has created around €300 million ($342 million) in estimated losses, the ... (more story)
The U.K.'s tax revenue from the global minimum corporate rate will fall by around £600 million ($804.7 million) annually as a result of U.S. corporate giants' exemption from the rules, according to a parliamen... (more story)
The European Union needs to improve withholding tax rules for investment funds to generate more capital for businesses, although progress is restricted by ownership rules, a senior EU official said Thursday.
The European Union's top court ruled Thursday against an Austrian law that provided a value-added tax exemption for certain transactions in the banking and insurance sectors, holding that the tax break functio... (more story)
South African and European officials began an intergovernmental dialogue Thursday to continue implementation efforts on the green energy trade deal signed last year, with particular focus on the kinds of busin... (more story)
The U.K.'s tax authority secured 260 convictions out of 300 prosecutions in criminal tax cases in fiscal year 2025-26, it said Thursday in its annual report.