Virgin Islands NIIT Exemption Should Stay Intact, Court Told
A former U.S. Virgin Islands resident urged a federal court Friday not to rethink its decision holding that locals are exempt from the net investment income tax, arguing it's too late for the territory's revenue collectors to raise new arguments.
2026 Tax Ballot Measure Map
Citizens across the country will be tasked with deciding significant tax-related measures when they head to the polls in November, including proposals to impose a one-time 5% wealth tax on billionaires, ban state-level property tax in Tennessee and make income tax changes in numerous states.
Wyden Floats Data Center Excise Tax, Limits On Incentives
Data centers wouldn't be eligible for opportunity zone incentives and data center operators would be subject to an excise tax on gross receipts under draft legislation released Friday by the top Democrat on the Senate Finance Committee.
Virgin Islands NIIT Exemption Should Stay Intact, Court Told
A former U.S. Virgin Islands resident urged a federal court Friday not to rethink its decision holding that locals are exempt from the net investment income tax, arguing it's too late for the territory's revenue collectors to raise new arguments.
2026 Tax Ballot Measure Map
Citizens across the country will be tasked with deciding significant tax-related measures when they head to the polls in November, including proposals to impose a one-time 5% wealth tax on billionaires, ban state-level property tax in Tennessee and make income tax changes in numerous states.
Wyden Floats Data Center Excise Tax, Limits On Incentives
Data centers wouldn't be eligible for opportunity zone incentives and data center operators would be subject to an excise tax on gross receipts under draft legislation released Friday by the top Democrat on the Senate Finance Committee.
Federal More
The Fifth Circuit should restore a vacated regulation that required disclosure of certain microcaptive transactions due to the risk of tax avoidance and uphold another related rule that carried a lower penalty... (more story)
The U.S. Tax Court imposed conservation easement donation requirements beyond what the law allows in evaluating a property's condition and potential mining value, a partnership told the Fourth Circuit, seeking... (more story)
In this week's Taxation With Representation, EQT Private Equity announces a takeover offer for life sciences testing company Qiagen NV, Salesforce acquires customer engagement platform Braze and London Stock E... (more story)
A Las Vegas man was sentenced to more than three years in prison for his role in what the government described as a $5 million tax refund fraud scheme that also involved his mother, who owned a tax preparation... (more story)
The U.S. Tax Court erred by finding it has jurisdiction in a partnership case that missed the 90-day window for filing its petition, the IRS said, arguing that relevant language in 2015 legislation is identica... (more story)
Democratic lawmakers serving in the U.S. House and Senate asked for the Government Accountability Office to evaluate Customs and Border Protection's administration of a tariff refund system designed to repay i... (more story)
Top Republicans on the House Judiciary Committee asked the Judicial Conference Thursday to investigate a Florida federal judge for potential misconduct with an order she issued in the case involving the leak o... (more story)
State & Local More
Colo. Graduated Tax Measure To Stay On Ballot, Judge Rules
A Colorado ballot initiative to raise taxes on the state's wealthiest residents will be on the ballot this November after a state court judge Wednesday tossed a lawsuit seeking to invalidate signatures gathere... (more story)
Chicago Mayor Pitches Return Of $25-Per-Worker Corp. Tax
The mayor of Chicago released a $17.6 billion budget plan Wednesday that includes the return of a tax on corporations for every employee at large firms, as well as increasing tax rates on sports betting and leased property.
Mastercard Owes $7.7M In Tax And Penalties, SC Panel Rules
Mastercard is liable for $7.7 million in corporate income tax and penalties because the company engaged in income-producing activity in South Carolina, a state appellate panel ruled Wednesday.
US Bank Owes SC Tax Over In-State Services, Court Says
U.S. Bank owes South Carolina about $5 million, an appeals court ruled Wednesday, finding that income-producing mortgage and credit card services related to South Carolina customers occurred within the state a... (more story)
Polymarket Calls Ohio's Gaming Enforcement Unconstitutional
Polymarket has sued Ohio officials in federal court to stave off an enforcement action under the state's gambling laws, arguing its sports event contracts are under the exclusive jurisdiction of the U.S. Commo... (more story)
Tariffs Could Be Behind Surge In FTZ Production Filings
As tariffs reshape production sourcing decisions, manufacturers are seeking foreign trade zone production authority at more than twice last year's pace, making it important to consider the potential duty and e... (more story)
Colorado Official Says Rule Can't Sink Graduated Tax Measure
A battle over a Colorado ballot initiative to raise taxes on the state's wealthiest residents underwent a 10-hour evidentiary hearing Monday, featuring testimony from a state official who told the court that r... (more story)
A Colorado ballot initiative to raise taxes on the state's wealthiest residents will be on the ballot this November after a state court judge Wednesday tossed a lawsuit seeking to invalidate signatures gathere... (more story)
The mayor of Chicago released a $17.6 billion budget plan Wednesday that includes the return of a tax on corporations for every employee at large firms, as well as increasing tax rates on sports betting and leased property.
Mastercard is liable for $7.7 million in corporate income tax and penalties because the company engaged in income-producing activity in South Carolina, a state appellate panel ruled Wednesday.
U.S. Bank owes South Carolina about $5 million, an appeals court ruled Wednesday, finding that income-producing mortgage and credit card services related to South Carolina customers occurred within the state a... (more story)
Polymarket has sued Ohio officials in federal court to stave off an enforcement action under the state's gambling laws, arguing its sports event contracts are under the exclusive jurisdiction of the U.S. Commo... (more story)
As tariffs reshape production sourcing decisions, manufacturers are seeking foreign trade zone production authority at more than twice last year's pace, making it important to consider the potential duty and e... (more story)
A battle over a Colorado ballot initiative to raise taxes on the state's wealthiest residents underwent a 10-hour evidentiary hearing Monday, featuring testimony from a state official who told the court that r... (more story)
International More
5th Circ. Orders New Look At IRS' Loss On FBAR Jury Rights
A Texas federal court must revisit its 2025 ruling that the IRS violated a woman's jury-trial rights by imposing a $1 million civil penalty for failing to report foreign bank accounts, the Fifth Circuit said, ... (more story)
Wyden Questions Big 4 Execs On Int'l Tax Shelter Consulting
The Senate Finance Committee's top Democrat said Wednesday that he was launching an inquiry into whether the Big Four accounting firms — PwC, KPMG, Deloitte and EY — have helped large multinational corporation... (more story)
EU Vows VAT Tool Review As Countries Flag Fraud Risks
Experts leading negotiations at the Council of the European Union pledged that the European Commission would examine potential weaknesses of a value-added tax tool used to streamline import customs in order to... (more story)
Biz Says 50% Canadian Tariff Is Yet Another Illegal Regime
President Donald Trump's retaliatory 50% tariffs against Canadian goods are the latest in a string of illegal trade actions and should be struck down, just like two previous regimes, according to a lawsuit fil... (more story)
UK Chancellor Rejects Capital Gains Tax Hike, Report Says
Chancellor of the Exchequer John Healey has rejected calls from other Labour figures to raise capital gains tax in the U.K.'s upcoming budget, according to a newspaper report, in favor of taxes on banks.
Ryanair Cuts Belgian Routes In Response To Aviation Tax Hike
Ryanair has cut 20 routes across Belgium's two biggest airports over the winter because of a scheduled increase in the country's aviation tax, the airline announced Tuesday.
Gov't Urged To Scrap Premium Tax On Health Insurance
The government should scrap the tax added to health insurance policies as a "practical step" to support employers investing in workplace health and wellbeing, a financial services consultancy said Tuesday.
A Texas federal court must revisit its 2025 ruling that the IRS violated a woman's jury-trial rights by imposing a $1 million civil penalty for failing to report foreign bank accounts, the Fifth Circuit said, ... (more story)
The Senate Finance Committee's top Democrat said Wednesday that he was launching an inquiry into whether the Big Four accounting firms — PwC, KPMG, Deloitte and EY — have helped large multinational corporation... (more story)
Experts leading negotiations at the Council of the European Union pledged that the European Commission would examine potential weaknesses of a value-added tax tool used to streamline import customs in order to... (more story)
President Donald Trump's retaliatory 50% tariffs against Canadian goods are the latest in a string of illegal trade actions and should be struck down, just like two previous regimes, according to a lawsuit fil... (more story)
Chancellor of the Exchequer John Healey has rejected calls from other Labour figures to raise capital gains tax in the U.K.'s upcoming budget, according to a newspaper report, in favor of taxes on banks.
Ryanair has cut 20 routes across Belgium's two biggest airports over the winter because of a scheduled increase in the country's aviation tax, the airline announced Tuesday.
The government should scrap the tax added to health insurance policies as a "practical step" to support employers investing in workplace health and wellbeing, a financial services consultancy said Tuesday.