Exxon Wins $456M Tax, Penalty Refund In Qatar Gas Case
Exxon is entitled to a $274 million tax refund for a deduction of interest expenses fully allocated to the company by its partnership with Qatar to extract natural gas, a Texas federal court said Friday in an order that indicated $182 million in penalties should be returned as well.
Nevada, Virginia Governors Target Data Center Tax Breaks
Two governors, one from each party, took steps Friday to curtail tax breaks and place other guardrails on data centers, moves that come as the giant facilities have become an increasingly salient issue for the November midterm elections and beyond.
Addison Lee Founder Loses £20M Appeal Over Tax Status
A businessman who founded British private car hire company Addison Lee can't avoid over £20.5 million ($27.4 million) in taxes after a London tribunal rejected his claim to nondomicile tax status over his family connections to Ireland.
Exxon Wins $456M Tax, Penalty Refund In Qatar Gas Case
Exxon is entitled to a $274 million tax refund for a deduction of interest expenses fully allocated to the company by its partnership with Qatar to extract natural gas, a Texas federal court said Friday in an order that indicated $182 million in penalties should be returned as well.
Nevada, Virginia Governors Target Data Center Tax Breaks
Two governors, one from each party, took steps Friday to curtail tax breaks and place other guardrails on data centers, moves that come as the giant facilities have become an increasingly salient issue for the November midterm elections and beyond.
Addison Lee Founder Loses £20M Appeal Over Tax Status
A businessman who founded British private car hire company Addison Lee can't avoid over £20.5 million ($27.4 million) in taxes after a London tribunal rejected his claim to nondomicile tax status over his family connections to Ireland.
Federal More
The government asked the Federal Circuit to overturn a U.S. Court of Federal Claims decision allowing a taxpayer to recover penalties and interest he sought refunds for during the COVID-19 pandemic, saying the... (more story)
U.S. Tax Court wrongly upheld the IRS denying a whistleblower award for information about a taxpayer's transfer pricing despite the agency failing to follow its internal procedures, the individual told the D.C. appeals court.
In this week's Taxation With Representation, a group backed by Michael Dell's family office and Sequence Holdings acquires a majority interest in The Baldwin Group, May Mobility merges with a blank check compa... (more story)
Multistate cannabis operator TerrAscend USA Inc. asked a New Jersey federal court to throw out the federal government's suit seeking to claw back an $8 million tax refund, saying the government sued a nonexist... (more story)
Recent guidance that extends a safe harbor for taxpayers claiming Section 45Q carbon capture credits provides a temporary reporting method that may keep viable projects moving while the U.S. Department of the ... (more story)
A Texas federal judge dismissed two workers' claims that the Internal Revenue Service's income tax withholding regulations resulted in employers overdeducting taxes from their employees' paychecks, finding tha... (more story)
The U.S. House of Representatives approved legislation Wednesday that would enhance President Donald Trump's economic tools to pressure Russia and Iran, including new tariff authorities to impose duties on imp... (more story)
State & Local More
Ariz. Launches Tax-Exempt Bond Program For Infrastructure
Arizona property owners may form special districts to issue tax-exempt bonds to fund public infrastructure under a program that has been launched pursuant to legislation passed in June, Gov. Katie Hobbs announced.
Not What The Law Says: SALT In Review
From an appellate ruling on a deduction in Alabama to a California tax credit that would support journalists, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
NY Urges 2nd Circ. To Stop DOT Push To End Congestion Pricing
New York transportation agencies have urged the Second Circuit to shut down the Trump administration's continued efforts to eliminate congestion pricing, saying the federal government doesn't have free rein to... (more story)
Exonerated NJ Power Broker Sues Philly Inquirer For $100M
New Jersey power broker George E. Norcross III alleged in a $100 million defamation suit filed Thursday in Pennsylvania state court that the Garden State's failed racketeering case against him was built upon f... (more story)
Minn. Court Drops $22M From Wells Fargo Tower's Tax Value
A Wells Fargo office tower in Minneapolis was overvalued by $22 million by the local assessor, the Minnesota Tax Court said, looking at the sales prices of the building itself and applying calculations that it... (more story)
What To Expect From Colorado's New Artist Co. Structure
Colorado's newly established class of artist companies, or A-Corps, provides a useful structure for small-scale ventures, but challenges could arise for more complex business plans, and limitations on investor... (more story)
NY AG, CFTC Tussle Over Prediction Markets, Gambling Laws
The U.S. Commodity Futures Trading Commission on Monday asked a New York federal judge to find that the federal regulator has exclusive jurisdiction over prediction markets and put a stop to efforts by the sta... (more story)
Arizona property owners may form special districts to issue tax-exempt bonds to fund public infrastructure under a program that has been launched pursuant to legislation passed in June, Gov. Katie Hobbs announced.
From an appellate ruling on a deduction in Alabama to a California tax credit that would support journalists, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
New York transportation agencies have urged the Second Circuit to shut down the Trump administration's continued efforts to eliminate congestion pricing, saying the federal government doesn't have free rein to... (more story)
New Jersey power broker George E. Norcross III alleged in a $100 million defamation suit filed Thursday in Pennsylvania state court that the Garden State's failed racketeering case against him was built upon f... (more story)
A Wells Fargo office tower in Minneapolis was overvalued by $22 million by the local assessor, the Minnesota Tax Court said, looking at the sales prices of the building itself and applying calculations that it... (more story)
Colorado's newly established class of artist companies, or A-Corps, provides a useful structure for small-scale ventures, but challenges could arise for more complex business plans, and limitations on investor... (more story)
The U.S. Commodity Futures Trading Commission on Monday asked a New York federal judge to find that the federal regulator has exclusive jurisdiction over prediction markets and put a stop to efforts by the sta... (more story)
International More
Five Deny Tax Fraud Charges Over Payroll Outsourcing
Five individuals pleaded not guilty Friday at a London criminal court to tax fraud and money laundering charges linked to an HM Revenue and Customs investigation into a payroll outsourcing business.
Electricity Tax Rules Kept In Irish EU Reg Draft, Over Protests
The Irish government, currently leading the Council of the European Union, kept rules requiring tax rates on electricity to be no less favorable than those on natural gas in its revision of a draft EU regulati... (more story)
6 Convicted In €520M Mafia-Linked VAT Fraud Syndicate
A Milan court convicted six individuals of participating in a €520 million ($597 million) value-added tax fraud scheme involving electronics that was bankrolled by an Italian crime syndicate, the European Publ... (more story)
Next Tariff Refund Phase To Deploy Next Month, CBP Says
U.S. Customs and Border Protection's next phase for its system administering tariff refunds for duties struck down by the U.S. Supreme Court will deploy Oct. 6, according to a declaration filed Tuesday in the ... (more story)
EU States Resist Taxing Electricity No More Than Natural Gas
Many European Union member states are opposed to a draft regulation that would require them to keep tax rates on electricity no higher than on natural gas and to adopt a tax framework supporting electricity mo... (more story)
UK Minister Pledges To Protect Pensioners From Tax
Britain will shield pensioners from being hit with taxes if the state pension rises above the basic income tax threshold as projected, a minister said Tuesday.
EU Lawmakers Back Carbon Tax For Finished Steel Goods
The European Parliament voted Tuesday to approve a proposal to extend the carbon border tax to more than 450 finished goods, tightening rules for high-carbon imports into the European Union.
Five individuals pleaded not guilty Friday at a London criminal court to tax fraud and money laundering charges linked to an HM Revenue and Customs investigation into a payroll outsourcing business.
The Irish government, currently leading the Council of the European Union, kept rules requiring tax rates on electricity to be no less favorable than those on natural gas in its revision of a draft EU regulati... (more story)
A Milan court convicted six individuals of participating in a €520 million ($597 million) value-added tax fraud scheme involving electronics that was bankrolled by an Italian crime syndicate, the European Publ... (more story)
U.S. Customs and Border Protection's next phase for its system administering tariff refunds for duties struck down by the U.S. Supreme Court will deploy Oct. 6, according to a declaration filed Tuesday in the ... (more story)
Many European Union member states are opposed to a draft regulation that would require them to keep tax rates on electricity no higher than on natural gas and to adopt a tax framework supporting electricity mo... (more story)
Britain will shield pensioners from being hit with taxes if the state pension rises above the basic income tax threshold as projected, a minister said Tuesday.
The European Parliament voted Tuesday to approve a proposal to extend the carbon border tax to more than 450 finished goods, tightening rules for high-carbon imports into the European Union.