Minn. Plan To Extend SALT Cap Workaround Stalls In House
A Minnesota bill to extend the state's workaround for pass-through entities of the federal cap on deductions for state and local tax payments stalled in a House panel Wednesday as Democrats blocked an effort to advance it.
NJ Gov. Floats Curtailing Business Deductions In Budget
New Jersey would place temporary restrictions on net operating loss deductions and pare back a personal income tax deduction for certain losses under a $60.7 billion budget plan that the state's governor unveiled Tuesday.
Taxpayers Still Craving Clarity On Tips, OT Amid Tax Season
Halfway through the tax season, filers are struggling to claim new deductions for tips and overtime in light of confusion about information reporting requirements, little finalized guidance from the IRS and a disconnect between campaign slogans and the real deductions' limitations.
Minn. Plan To Extend SALT Cap Workaround Stalls In House
A Minnesota bill to extend the state's workaround for pass-through entities of the federal cap on deductions for state and local tax payments stalled in a House panel Wednesday as Democrats blocked an effort to advance it.
NJ Gov. Floats Curtailing Business Deductions In Budget
New Jersey would place temporary restrictions on net operating loss deductions and pare back a personal income tax deduction for certain losses under a $60.7 billion budget plan that the state's governor unveiled Tuesday.
Taxpayers Still Craving Clarity On Tips, OT Amid Tax Season
Halfway through the tax season, filers are struggling to claim new deductions for tips and overtime in light of confusion about information reporting requirements, little finalized guidance from the IRS and a disconnect between campaign slogans and the real deductions' limitations.
Federal More
The head of an investment firm who was sentenced to nearly 20 years in prison after admitting to tax fraud in connection with a $20 million Ponzi scheme asked the Fourth Circuit to vacate his sentence, saying ... (more story)
Two companies are challenging President Donald Trump's revamped global tariff regime, telling the U.S. Court of International trade that the circumstances required to justify the regime cannot exist.
The federal government has settled a suit seeking a refund of $1.3 million in worker tax credits for two branches of a historic masonry company, according to a status report filed in Illinois federal court.
Competing tax-exempt status tests proposed by the Internal Revenue Service and a Texas-based advocacy group don't go far enough to stop tax-exempt social welfare organizations from improper political campaigni... (more story)
The U.S. Tax Court’s recent decision in Aventis v. Commissioner compounds ongoing regulatory focus on debt originations and should prompt practitioners to assess their existing cross-border lending structures ... (more story)
An Illinois federal judge's decision to impose a 10-year prison sentence on a man for his role in a $14 million fraud scheme where he took kickbacks for preparing false applications for pandemic-era Paycheck P... (more story)
The Trump administration has told a D.C. federal judge there's no basis to sustain a lawsuit challenging an IRS notice eliminating a safe harbor test that wind and solar projects could use to qualify for clean... (more story)
State & Local More
Fiserv Arm Freed From $3.4M Fla. Tax Bill In Sourcing Fight
A Fiserv entity didn't conduct enough activities in Florida to source income generated from online billing payment services to the state, a Florida state court found, voiding a roughly $3.4 million income tax ... (more story)
Minn. Biz Groups Make Case For Mirroring Fed. Tax Breaks
Minnesota business groups urged a state House panel Wednesday to support legislation to conform the state to provisions enhancing corporate tax deductions and credits in last year's federal budget legislation.
Ariz. Panel OKs Plan To Need Supermajorities For Fee Hikes
Arizona voters would decide whether to require at least two-thirds support from lawmakers for fee increases under a resolution advanced Wednesday by the state House Ways and Means Committee.
Colo. House Panel OKs Decoupling From Corp. Tax Changes
Colorado would decouple from four corporate tax changes in the federal budget bill enacted last year and use the added revenue for an expanded family tax credit under legislation advanced by a state House panel.
Colo. Panel Advances Limit On Executive Pay Tax Deduction
Colorado would limit its corporate tax deduction for the salaries of top executives and reduce the state's net operating loss deduction while extending a family tax credit under legislation advanced by a House panel.
Ill. Swipe Fee Ruling Sets Stage For A High-Stakes Appeal
In Illinois Bankers Association v. Raoul, an Illinois federal court upheld the state's ban on credit and debit card swipe fees on tax and tip payments, while permanently enjoining the statute's data usage limi... (more story)
NY Dem. Lawmakers Back Tax Hikes On Wealthy In Budget
Budget proposals put forward by New York State Senate and Assembly Democrats would raise income tax rates on high-income earners and corporations, steeper increases than under Gov. Kathy Hochul's proposed budget plan.
A Fiserv entity didn't conduct enough activities in Florida to source income generated from online billing payment services to the state, a Florida state court found, voiding a roughly $3.4 million income tax ... (more story)
Minnesota business groups urged a state House panel Wednesday to support legislation to conform the state to provisions enhancing corporate tax deductions and credits in last year's federal budget legislation.
Arizona voters would decide whether to require at least two-thirds support from lawmakers for fee increases under a resolution advanced Wednesday by the state House Ways and Means Committee.
Colorado would decouple from four corporate tax changes in the federal budget bill enacted last year and use the added revenue for an expanded family tax credit under legislation advanced by a state House panel.
Colorado would limit its corporate tax deduction for the salaries of top executives and reduce the state's net operating loss deduction while extending a family tax credit under legislation advanced by a House panel.
In Illinois Bankers Association v. Raoul, an Illinois federal court upheld the state's ban on credit and debit card swipe fees on tax and tip payments, while permanently enjoining the statute's data usage limi... (more story)
Budget proposals put forward by New York State Senate and Assembly Democrats would raise income tax rates on high-income earners and corporations, steeper increases than under Gov. Kathy Hochul's proposed budget plan.
International More
Dairy Giant Loses Bid For UK Tax Deductions On IP Transfers
A London court on Wednesday dismissed a European dairy giant's appeal seeking corporate tax deductions for intellectual property transferred to the partnership by its corporate members.
EU Refers Spain To Top Court For Inaction On VAT Directives
Spain will be referred to the European Union's top court for failing to incorporate two legal directives on value-added tax into Spanish law by a December 2024 deadline, the EU's executive arm said Wednesday.
Barrister's Libel Claim Against Neidle Dismissed As SLAPP
A judge has struck out a barrister's £8 million ($11 million) libel claim against Dan Neidle, ruling on Wednesday that the case had no chance of succeeding and amounted to a strategic legal claim designed to s... (more story)
Exxon Wins $27M Deduction In Canadian Tax Dispute
The Tax Court of Canada backed Exxon Mobil's bid for a CA$36.2 million ($26.7 million) income deduction for expenses tied to an abandoned Alaskan pipeline project, holding that the company incurred the costs w... (more story)
PE Group Asks 3rd Circ. To Overturn Fund's $100M Tax Bill
The U.S. economy could face damaging consequences if the Third Circuit upholds a U.S. Tax Court decision finding a Cayman Islands hedge fund liable for a $100 million tax bill as a securities dealer, a private... (more story)
Portugal Warns Of Carbon Tax Abuse If Exemptions Granted
A more lenient application of the European Union's carbon leakage tax in the bloc's outermost regions would risk tax evasion, Portugal's finance minister said during a meeting to discuss the bloc's economic agenda.
Alston & Bird Adds Deals Pro From Proskauer To Tax Team
Alston & Bird LLP announced on Tuesday that it has welcomed a tax attorney from Proskauer Rose LLP, saying that his hire will benefit its transactional team and its private equity clients.
A London court on Wednesday dismissed a European dairy giant's appeal seeking corporate tax deductions for intellectual property transferred to the partnership by its corporate members.
Spain will be referred to the European Union's top court for failing to incorporate two legal directives on value-added tax into Spanish law by a December 2024 deadline, the EU's executive arm said Wednesday.
A judge has struck out a barrister's £8 million ($11 million) libel claim against Dan Neidle, ruling on Wednesday that the case had no chance of succeeding and amounted to a strategic legal claim designed to s... (more story)
The Tax Court of Canada backed Exxon Mobil's bid for a CA$36.2 million ($26.7 million) income deduction for expenses tied to an abandoned Alaskan pipeline project, holding that the company incurred the costs w... (more story)
The U.S. economy could face damaging consequences if the Third Circuit upholds a U.S. Tax Court decision finding a Cayman Islands hedge fund liable for a $100 million tax bill as a securities dealer, a private... (more story)
A more lenient application of the European Union's carbon leakage tax in the bloc's outermost regions would risk tax evasion, Portugal's finance minister said during a meeting to discuss the bloc's economic agenda.
Alston & Bird LLP announced on Tuesday that it has welcomed a tax attorney from Proskauer Rose LLP, saying that his hire will benefit its transactional team and its private equity clients.