GOP Budget Bill May Not Be The End For PL 86-272 Revisions
State representatives celebrated the removal of a provision from the federal budget reconciliation bill that sought to broaden state income tax protections for businesses, but they may need to stay on the lookout for future tax preemption proposals from Congress.
The Tax Angle: Church Politics, Budget Talk, Disaster Relief
From a look at the IRS' statement relaxing a 71-year-old ban on political endorsements by churches to talk of a second budget reconciliation bill this year and the passage of disaster tax relief legislation, here's a peek into a reporter's notebook on a few developing tax stories.
Trump Declares 35% Canadian Import Tariff Is Coming Aug. 1
President Donald Trump has sent a letter to Canadian Prime Minister Mark Carney indicating Canadian goods entering the U.S. outside the compliance of a regional trade agreement will face 35% tariffs beginning Aug. 1.
GOP Budget Bill May Not Be The End For PL 86-272 Revisions
State representatives celebrated the removal of a provision from the federal budget reconciliation bill that sought to broaden state income tax protections for businesses, but they may need to stay on the lookout for future tax preemption proposals from Congress.
The Tax Angle: Church Politics, Budget Talk, Disaster Relief
From a look at the IRS' statement relaxing a 71-year-old ban on political endorsements by churches to talk of a second budget reconciliation bill this year and the passage of disaster tax relief legislation, here's a peek into a reporter's notebook on a few developing tax stories.
Trump Declares 35% Canadian Import Tariff Is Coming Aug. 1
President Donald Trump has sent a letter to Canadian Prime Minister Mark Carney indicating Canadian goods entering the U.S. outside the compliance of a regional trade agreement will face 35% tariffs beginning Aug. 1.
Federal More
The U.S. Securities and Exchange Commission's recent staff guidance that protocol staking does not constitute securities offerings provides a workable compliance blueprint for crypto developers, validators and... (more story)
The U.S. government urged a California federal court to enforce an IRS summons on Apple Inc. to produce records linked to the account of a dual Swiss-Italian citizen, arguing the summons is valid under the U.S... (more story)
The U.S. Tax Court improperly allowed hundreds of trial exhibits in striking a Georgia partnership's $20.7 million tax deduction for donating a conservation easement, the partnership told the Eleventh Circuit,... (more story)
A jury in Washington federal court has found a commercial real estate company owner guilty on charges of concealing nearly $5 million in income from the Internal Revenue Service using a series of limited liability companies.
E-discovery has reached a turning point where document review is no longer just about procedural tasks like identifying relevance and redacting privilege — rather, generative artificial intelligence tools now ... (more story)
Unions and advocacy organizations trying to block the White House's Department of Government Efficiency from sharing taxpayer data across agencies have not shown they've suffered the sort of injuries that woul... (more story)
The U.S. Tax Court’s June 17 opinion in AbbVie v. Commissioner, finding that a $1.6 billion break fee was an ordinary and necessary business expense, marks a pivotal rejection of the Internal Revenue Service’s... (more story)
State & Local More
PepsiCo Challenges $2.1M Tax Penalty In Ill. Supreme Court
Illinois' justices should overturn lower court decisions allowing $2.1 million in penalties on PepsiCo for categorizing Frito-Lay expatriates' compensation as foreign payroll, a categorization that excluded Fr... (more story)
Taxation With Representation: Davis Polk, Kirkland, Cassels
In this week's Taxation With Representation, Merck buys U.K. drugmaker Verona Pharma, CoreWeave acquires fellow data center company Core Scientific, Royal Gold acquires Sandstorm Gold and Horizon Copper, and I... (more story)
Pa. Sens. Unveil Bipartisan Plan To Legalize Marijuana
Pennsylvania lawmakers on Thursday unveiled a new bipartisan legislative proposal to legalize and regulate the sale of recreational marijuana in the Keystone State, after a previous proposal to legalize the sa... (more story)
Georgia Banking Brief: All The Notable Legal Updates In Q2
The second quarter brought a number of significant legislative and regulatory changes for Georgia banking, including an extension of the intangibles tax exemption for short-term notes, modernization of routine... (more story)
Pacific Life Calls $11M Florida Income Tax Unconstitutional
Pacific Life Insurance Co. asked a Florida court to void a $10.7 million income tax assessment on its sale of interest in an aircraft financing and leasing group, saying the state's tax agency incorrectly clas... (more story)
Colorado Activists Pitch Fee-Limiting Ballot Measures
Colorado would modify its Taxpayer's Bill of Rights to require voter approval of certain fee increases that fund similar purposes under a group of proposed ballot initiatives submitted to the state Legislative Council.
Nashville Owners Must Face The Music As Tax Burden Surges
Property owners in Nashville are facing greater tax burdens in light of a recent jump in property valuations. Burr & Forman partner John F. Rogers Jr., a veteran real estate attorney in the city, spoke recentl... (more story)
Fund Servicer Contests Fla. Income Allocation In $10M Case
A company that services mutual funds asked a Florida state court to negate a $10 million income tax assessment, arguing that the state applied the wrong sourcing rules and taxed receipts that shouldn't be sour... (more story)
Calif. Court Says Utility Property Can Be Taxed At Higher Rate
AT&T unit Pacific Bell and other telecommunication companies can be taxed at a different property tax rate because the state statute and legal precedent allows utilities to be taxed at different rates, a Calif... (more story)
Illinois' justices should overturn lower court decisions allowing $2.1 million in penalties on PepsiCo for categorizing Frito-Lay expatriates' compensation as foreign payroll, a categorization that excluded Fr... (more story)
In this week's Taxation With Representation, Merck buys U.K. drugmaker Verona Pharma, CoreWeave acquires fellow data center company Core Scientific, Royal Gold acquires Sandstorm Gold and Horizon Copper, and I... (more story)
Pennsylvania lawmakers on Thursday unveiled a new bipartisan legislative proposal to legalize and regulate the sale of recreational marijuana in the Keystone State, after a previous proposal to legalize the sa... (more story)
The second quarter brought a number of significant legislative and regulatory changes for Georgia banking, including an extension of the intangibles tax exemption for short-term notes, modernization of routine... (more story)
Pacific Life Insurance Co. asked a Florida court to void a $10.7 million income tax assessment on its sale of interest in an aircraft financing and leasing group, saying the state's tax agency incorrectly clas... (more story)
Colorado would modify its Taxpayer's Bill of Rights to require voter approval of certain fee increases that fund similar purposes under a group of proposed ballot initiatives submitted to the state Legislative Council.
Property owners in Nashville are facing greater tax burdens in light of a recent jump in property valuations. Burr & Forman partner John F. Rogers Jr., a veteran real estate attorney in the city, spoke recentl... (more story)
A company that services mutual funds asked a Florida state court to negate a $10 million income tax assessment, arguing that the state applied the wrong sourcing rules and taxed receipts that shouldn't be sour... (more story)
AT&T unit Pacific Bell and other telecommunication companies can be taxed at a different property tax rate because the state statute and legal precedent allows utilities to be taxed at different rates, a Calif... (more story)
International More
CFTC Must Pay $3M Atty Fees As Sanctions In Forex Case
A New Jersey federal judge ordered the U.S. Commodity Futures Trading Commission on Friday to pay back over $3.1 million in attorneys fees to a foreign exchange company after dismissing the regulator's case fo... (more story)
14 Arrested Over Suspected Phishing-Tied Tax Fraud Scheme
Fourteen people have been arrested as part of an international investigation into a large-scale tax fraud operation that used personal data stolen in phishing attacks, the U.K. tax authority announced on Thursday.
Firm Denies Giving Ex-Pandora Chief Negligent Tax Advice
A law firm has denied giving former Pandora boss Peter Andersen negligent tax advice that saddled him and the jeweler with a £3.3 million ($4.5 million) tax bill because of Andersen's pension trust.
EU Prosecutors Detain 8 Individuals In €68M VAT Fraud Probe
European Union prosecutors revealed Thursday that they have detained eight people in Spain for their alleged involvement in a €68 million ($80 million) value-added tax fraud linked to alcohol imported from oth... (more story)
Trump Slaps Brazil With 50% Tariff, Cites Bolsonaro Trial
President Donald Trump said Wednesday that Brazilian goods sent to the U.S. can expect a 50% tariff starting in August, saying that the increased levy was in part due to Brazil's charges against its former pre... (more story)
Baker McKenzie Rehires Int'l Tax Pro As Principal Economist
Baker McKenzie's former director of economics, who spent more than 15 years as an IRS assistant director in a division that focuses on cross-border tax issues, has rejoined the firm after working with EY.
Trump Declares 50% Copper Tariff, Floats 200% Pharma Tariff
President Donald Trump announced Tuesday that he will impose a new 50% tariff on copper imported into the U.S., while also raising the possibility of imposing a 200% tariff on pharmaceuticals.
A New Jersey federal judge ordered the U.S. Commodity Futures Trading Commission on Friday to pay back over $3.1 million in attorneys fees to a foreign exchange company after dismissing the regulator's case fo... (more story)
Fourteen people have been arrested as part of an international investigation into a large-scale tax fraud operation that used personal data stolen in phishing attacks, the U.K. tax authority announced on Thursday.
A law firm has denied giving former Pandora boss Peter Andersen negligent tax advice that saddled him and the jeweler with a £3.3 million ($4.5 million) tax bill because of Andersen's pension trust.
European Union prosecutors revealed Thursday that they have detained eight people in Spain for their alleged involvement in a €68 million ($80 million) value-added tax fraud linked to alcohol imported from oth... (more story)
President Donald Trump said Wednesday that Brazilian goods sent to the U.S. can expect a 50% tariff starting in August, saying that the increased levy was in part due to Brazil's charges against its former pre... (more story)
Baker McKenzie's former director of economics, who spent more than 15 years as an IRS assistant director in a division that focuses on cross-border tax issues, has rejoined the firm after working with EY.
President Donald Trump announced Tuesday that he will impose a new 50% tariff on copper imported into the U.S., while also raising the possibility of imposing a 200% tariff on pharmaceuticals.