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10th Circ. Mulls Audit Law In $16M Buy.com Founder Tax Suit
A Tenth Circuit panel grappled with whether a statutory auditing regime for partnerships allowed the founder of now-defunct Buy.com to challenge the validity of an audit extension agreement with the IRS during his personal tax proceedings.
Ohio Justices Send Fiserv Unit's Tax Fight Back To Board
The Ohio Supreme Court ordered a state tax board Wednesday to reexamine a Fiserv entity's claims that several of its services aren't subject to tax, saying the board conducted a thin evaluation of the dispute when it remanded the case to the state tax commissioner.
Perrigo Shifted $212M In Profits To Shell Co., US Tells 6th Circ.
A Michigan court errantly allowed pharmaceutical giant Perrigo to avoid taxes on $212 million in profits by assigning a lucrative contract to a shell company that played no economic role in fulfilling its terms, the government told the Sixth Circuit.
10th Circ. Mulls Audit Law In $16M Buy.com Founder Tax Suit
A Tenth Circuit panel grappled with whether a statutory auditing regime for partnerships allowed the founder of now-defunct Buy.com to challenge the validity of an audit extension agreement with the IRS during his personal tax proceedings.
Ohio Justices Send Fiserv Unit's Tax Fight Back To Board
The Ohio Supreme Court ordered a state tax board Wednesday to reexamine a Fiserv entity's claims that several of its services aren't subject to tax, saying the board conducted a thin evaluation of the dispute when it remanded the case to the state tax commissioner.
Perrigo Shifted $212M In Profits To Shell Co., US Tells 6th Circ.
A Michigan court errantly allowed pharmaceutical giant Perrigo to avoid taxes on $212 million in profits by assigning a lucrative contract to a shell company that played no economic role in fulfilling its terms, the government told the Sixth Circuit.
Federal More
Congress would create parity between the tax treatment of digital assets and traditional financial assets, as well as institute safeguards against abuse, under a bipartisan digital asset tax framework package ... (more story)
A commercial laundry services company asked the Eleventh Circuit to reverse a Florida federal court's ruling that upheld a $184,000 payment to the IRS under the Affordable Care Act's employer shared responsibi... (more story)
The U.S. House approved proposals Tuesday that included extending tax deadlines for hostages and their spouses and expanding penalties for what are commonly known as ghost preparers as it passed four Ways and ... (more story)
The Senate Finance Committee's top Democrat pressed President Donald Trump's pick for chief counsel Tuesday over his refusal to release his client list and questioned why the president's pick for a U.S. Tax Co... (more story)
An attorney won't face claims from a precious metals partnership and its members accusing her of advocating an unlawful tax strategy after a Colorado federal judge Tuesday granted the attorney's motion to dism... (more story)
A woman who created content for the OnlyFans website pled guilty Tuesday to dodging taxes on more than $3 million in income from photographs and videos she posted for tax years 2019 through 2022, the U.S. Atto... (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)
State & Local More
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)
Md. Seeks Review Of Court Ruling Scrapping Digital Ad Tax
Maryland's comptroller is appealing state tax court rulings that struck down the state's digital advertising tax, according to filings in state circuit court.
Wis. Justices Decline To Review StubHub's $8.5M Tax Bill
The Wisconsin Supreme Court declined StubHub's petition for review of an appellate court decision that found the company liable for about $8.5 million in sales tax on tickets sold through its online platform.
SF Vacancy Tax Barred By Calif. Law, Appeals Court Affirms
San Francisco's voter-approved tax on vacant residential units penalizes property owners for keeping those off the rental market and thus violates California law, a state appeals court panel ruled, upholding a trial court.
Prediction Markets Ask Justices To Settle Sports Wager Split
Crypto.com on Friday became the third party to call on the U.S. Supreme Court to address the closely-watched circuit split on prediction market regulation, challenging a Ninth Circuit decision that allowed Nev... (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)
Maryland's comptroller is appealing state tax court rulings that struck down the state's digital advertising tax, according to filings in state circuit court.
The Wisconsin Supreme Court declined StubHub's petition for review of an appellate court decision that found the company liable for about $8.5 million in sales tax on tickets sold through its online platform.
San Francisco's voter-approved tax on vacant residential units penalizes property owners for keeping those off the rental market and thus violates California law, a state appeals court panel ruled, upholding a trial court.
Crypto.com on Friday became the third party to call on the U.S. Supreme Court to address the closely-watched circuit split on prediction market regulation, challenging a Ninth Circuit decision that allowed Nev... (more story)
International More
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.
Trump Says He Will Remove Tariffs On Irish Whiskey
President Donald Trump said Sunday that the U.S. is planning to remove tariffs on whiskey imported from Ireland.
City Of London Urges Tax Restraint To Protect Growth
The Labour government shouldn't risk growth by raising taxes on financial and professional services at a time when the economy is fragile, the City of London Corp. said Monday.
Fed. Circ. Scrutinizes Presumptive Date In Turkish Rebar Row
A Federal Circuit panel on Friday looked to clarify the effect of the U.S. Department of Commerce's presumption that invoice dates are generally the best option for determining dates of sale during duty invest... (more story)
Fox Rothschild Adds Berger Singerman Estate Pro In Miami
Fox Rothschild LLP has deepened its tax and wealth planning department with a Miami-based partner who came aboard from Berger Singerman LLP.
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.
President Donald Trump said Sunday that the U.S. is planning to remove tariffs on whiskey imported from Ireland.
The Labour government shouldn't risk growth by raising taxes on financial and professional services at a time when the economy is fragile, the City of London Corp. said Monday.
A Federal Circuit panel on Friday looked to clarify the effect of the U.S. Department of Commerce's presumption that invoice dates are generally the best option for determining dates of sale during duty invest... (more story)
Fox Rothschild LLP has deepened its tax and wealth planning department with a Miami-based partner who came aboard from Berger Singerman LLP.