US Guidance On Amount B Carries Potential For Disputes
Recent IRS guidance on a simplified and streamlined transfer pricing method for certain cross-border transactions, known as Amount B, suggests rulemakers want feedback on how it would work if it were made mandatory, but that approach could lead to controversy without global cooperation.
COST Pans Maine's Receipt Sourcing Change For Cos.
Maine's plan to change its apportionment methodology from sourcing business receipts where services are received to where they are acquired or experienced overreaches from what lawmakers had originally intended, the Council on State Taxation said Friday.
Trump's Treasury Pick Calls For Permanently Extending TCJA
Congress must permanently extend the Tax Cuts and Jobs Act provisions set to expire this year to prevent the largest tax increase in history, Scott Bessent, President-elect Donald Trump's pick for Treasury secretary, told the Senate Finance Committee on Thursday.
US Guidance On Amount B Carries Potential For Disputes
Recent IRS guidance on a simplified and streamlined transfer pricing method for certain cross-border transactions, known as Amount B, suggests rulemakers want feedback on how it would work if it were made mandatory, but that approach could lead to controversy without global cooperation.
COST Pans Maine's Receipt Sourcing Change For Cos.
Maine's plan to change its apportionment methodology from sourcing business receipts where services are received to where they are acquired or experienced overreaches from what lawmakers had originally intended, the Council on State Taxation said Friday.
Trump's Treasury Pick Calls For Permanently Extending TCJA
Congress must permanently extend the Tax Cuts and Jobs Act provisions set to expire this year to prevent the largest tax increase in history, Scott Bessent, President-elect Donald Trump's pick for Treasury secretary, told the Senate Finance Committee on Thursday.
Federal More
Par Funding caused $288 million in losses stemming from a scheme to defraud investors who poured money into its cash advance business, a Pennsylvania federal judge said Friday, days after holding an evidentiar... (more story)
A Pennsylvania investment adviser's alleged misappropriation of more than $20 million worth of client funds has landed him criminal charges and civil enforcement action from U.S. Securities and Exchange Commission.
The owners of an electronic parts company who asked the Eleventh Circuit to reverse a tax penalty and find that Tax Court judges have unconstitutional job protections failed to link the two and are not entitle... (more story)
A Los Angeles-based cryptocurrency founder who called himself "The Godfather" will plead guilty to earning $36 million through the sale of hacked Meta Platforms advertising accounts and evading taxes on the fr... (more story)
Attorneys have a tendency to overestimate litigation risk before summary judgment and underestimate risk after it, but an eight-stage litigation framework can clarify risk at different points and help litigato... (more story)
In this week's Taxation With Representation, Eli Lilly and Co. buys a precision breast cancer program, Applied Digital Corp. enters a financing agreement for its high-performance computing business, Clearwater... (more story)
The lawyer for a former Massachusetts state senator convicted of tax and pandemic aid fraud was scolded by a federal judge on Friday for filing a sentencing memo at 3:30 a.m. on the day of the hearing, then sh... (more story)
State & Local More
Minn. Gov. Calls For Trimming Sales Tax, Adding It To Services
Minnesota would shave its sales tax rate but apply it to professional services under a biennial budget proposal by Gov. Tim Walz.
Bad Ideas From Coast To Coast: SALT In Review
From calls for higher taxes in Washington state to New Jersey's tax credits for Netflix, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Browns Stadium Fight Belongs In Ohio State Court, Judge Told
The city of Cleveland has sued the Browns in Ohio state court in an attempt to block the NFL team's planned stadium move, as the city and the state are urging the judge in a separate federal case to toss the t... (more story)
NY Urges Retroactive Application Of P.L. 86-272 Regulations
A federal law providing limited protections against state income tax does not curb a state's authority to tax nonsolicitation business activities over the internet, and a New York rule allowing state taxation ... (more story)
Md. Gov. Pitches Taxing High Earners, Combined Reporting
Maryland's governor proposed higher income tax rates for people who make more than $500,000 and adopting water's-edge combined reporting for its corporate income tax in his 2026 budget proposal.
Madigan Racketeering Case Will Go To Jury
The Illinois federal judge overseeing a criminal racketeering trial against former Illinois House Speaker Michael Madigan and his longtime friend and political ally made certain Thursday that the jury will del... (more story)
Morrison Foerster Adds Tax Group Co-Chair From Jones Day
Morrison Foerster LLP announced it has added a partner from Jones Day to serve as co-chair of the firm's global tax group in its New York office.
Texas Court Unsure State Can Shutter Immigrant Nonprofit
A Texas appellate court seemed doubtful Wednesday that the state attorney general has authority to shut down a nonprofit over its political speech, with the justices suggesting that Texas might be blurring the... (more story)
Humana Takes Pharmacy Services Tax Row To Minn. Justices
Sales of pharmacy benefit services by a Humana subsidiary and attributed to Minnesota should be sourced to another subsidiary based in Wisconsin, the company told the Minnesota Supreme Court in appealing a sta... (more story)
Minnesota would shave its sales tax rate but apply it to professional services under a biennial budget proposal by Gov. Tim Walz.
From calls for higher taxes in Washington state to New Jersey's tax credits for Netflix, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
The city of Cleveland has sued the Browns in Ohio state court in an attempt to block the NFL team's planned stadium move, as the city and the state are urging the judge in a separate federal case to toss the t... (more story)
A federal law providing limited protections against state income tax does not curb a state's authority to tax nonsolicitation business activities over the internet, and a New York rule allowing state taxation ... (more story)
Maryland's governor proposed higher income tax rates for people who make more than $500,000 and adopting water's-edge combined reporting for its corporate income tax in his 2026 budget proposal.
The Illinois federal judge overseeing a criminal racketeering trial against former Illinois House Speaker Michael Madigan and his longtime friend and political ally made certain Thursday that the jury will del... (more story)
Morrison Foerster LLP announced it has added a partner from Jones Day to serve as co-chair of the firm's global tax group in its New York office.
A Texas appellate court seemed doubtful Wednesday that the state attorney general has authority to shut down a nonprofit over its political speech, with the justices suggesting that Texas might be blurring the... (more story)
Sales of pharmacy benefit services by a Humana subsidiary and attributed to Minnesota should be sourced to another subsidiary based in Wisconsin, the company told the Minnesota Supreme Court in appealing a sta... (more story)
International More
Scottish Power Loses £28M Redress Case Against HMRC
Scottish Power lost its appeal against HM Revenue and Customs on Friday, as a tribunal ruled that the energy company was wrong to argue that just over £28 million ($34 million) in redress payments it made afte... (more story)
Small Biz Caught In Corporate Transparency Act Crossfire
Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act — and confusion over the... (more story)
Madeira Loses EU State Aid Case Over Tax Breaks
Portugal will have to recover money from companies granted reduced tax rates by its autonomous territory Madeira because the taxpayers failed to meet the terms of two European Commission decisions allowing sta... (more story)
Treasury Updates Bonus Energy Tax Credit Safe Harbors
The U.S. Treasury Department provided updates Thursday to safe harbors that clean energy project developers can use to qualify for bonus tax credits for domestically sourcing steel and aluminum parts in respon... (more story)
Dems, GOP Willing To Work On Certain Tax Issues, Aides Say
Democrats are willing to work with Republicans on bipartisan issues, such as providing certain treaty-like benefits to Taiwanese residents, retirement issues, and tax administration issues, Democratic and GOP ... (more story)
Former IRS Litigator Joins Jones Day In Boston
Jones Day announced it added an experienced IRS litigator to its Boston office who will work as of counsel in the firm's tax practice.
Legislators Say Transparency Act Defies First Amendment
The Corporate Transparency Act is an unnecessary intrusion into the First Amendment rights of Americans, U.S. Sen. Thom Tillis, R-N.C., and 13 House members told the Supreme Court in seeking to maintain an inj... (more story)
Scottish Power lost its appeal against HM Revenue and Customs on Friday, as a tribunal ruled that the energy company was wrong to argue that just over £28 million ($34 million) in redress payments it made afte... (more story)
Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act — and confusion over the... (more story)
Portugal will have to recover money from companies granted reduced tax rates by its autonomous territory Madeira because the taxpayers failed to meet the terms of two European Commission decisions allowing sta... (more story)
The U.S. Treasury Department provided updates Thursday to safe harbors that clean energy project developers can use to qualify for bonus tax credits for domestically sourcing steel and aluminum parts in respon... (more story)
Democrats are willing to work with Republicans on bipartisan issues, such as providing certain treaty-like benefits to Taiwanese residents, retirement issues, and tax administration issues, Democratic and GOP ... (more story)
Jones Day announced it added an experienced IRS litigator to its Boston office who will work as of counsel in the firm's tax practice.
The Corporate Transparency Act is an unnecessary intrusion into the First Amendment rights of Americans, U.S. Sen. Thom Tillis, R-N.C., and 13 House members told the Supreme Court in seeking to maintain an inj... (more story)