Tax Court Limits Varian's Deemed Dividends Deduction
A deduction that California-based Varian Medical Systems was allowed for deemed dividends must be reduced by the amount of its corresponding foreign tax credit, the U.S. Tax Court held Wednesday.
Minn. Senate Panel Weighs Digital Ad Tax, Sales Tax Rate Cut
Minnesota legislation to cut the sales tax rate and impose the tax on digital advertising services would modernize the state's tax structure and raise needed revenue, supporters told a Senate panel Wednesday, while business groups attacked the plan.
3rd Circ. Affirms NJ Man's Conviction For $40M Tax Fraud
A jury was right to convict a New Jersey man who made $40 million from filing false tax returns in a countrywide securities fraud scheme, the Third Circuit found in upholding the conviction, saying his arguments were not compelling enough to reverse the guilty verdict.
Tax Court Limits Varian's Deemed Dividends Deduction
A deduction that California-based Varian Medical Systems was allowed for deemed dividends must be reduced by the amount of its corresponding foreign tax credit, the U.S. Tax Court held Wednesday.
Minn. Senate Panel Weighs Digital Ad Tax, Sales Tax Rate Cut
Minnesota legislation to cut the sales tax rate and impose the tax on digital advertising services would modernize the state's tax structure and raise needed revenue, supporters told a Senate panel Wednesday, while business groups attacked the plan.
3rd Circ. Affirms NJ Man's Conviction For $40M Tax Fraud
A jury was right to convict a New Jersey man who made $40 million from filing false tax returns in a countrywide securities fraud scheme, the Third Circuit found in upholding the conviction, saying his arguments were not compelling enough to reverse the guilty verdict.
Federal More
A New Jersey tax preparer was sentenced Wednesday to 12 years in prison and ordered to pay $55 million in restitution to the Internal Revenue Service after a jury convicted him of tax fraud in what authorities... (more story)
The federal government has settled a suit seeking the IRS' records of its investigation into an ex-broker sanctioned by the Financial Industry Regulatory Authority for hiding $1.7 million in tax liens, accordi... (more story)
A Nevada federal court sentenced a business owner to four-and-a-half years in prison and ordered her to pay $27 million to the IRS after she submitted nearly $100 million worth of false claims for employment t... (more story)
The IRS and a New Jersey resident reached a settlement in a $42,000 tax refund suit in federal court nearly a year after the U.S. Supreme Court maintained the agency could eliminate her tax debt using overpaym... (more story)
The government's star witness took the stand Tuesday in the criminal case against former U.S. Rep. David Rivera of Florida, telling jurors that Rivera and others kept a $50 million consulting contract with a u... (more story)
A partnership asked the U.S. Tax Court to reconsider its finding that a company contributing a promissory note for a stake in the partnership had zero basis in the note, saying basis must be determined when a ... (more story)
West Virginia Sen. Jim Justice and his wife challenged a $3.6 million tax penalty for claiming what the Internal Revenue Service said was an erroneous refund for $18 million, telling the U.S. Tax Court they we... (more story)
State & Local More
Trump Asks NY's Top Court To Toss AG's 'Flawed' Fraud Case
President Donald Trump on Wednesday asked New York's highest court to throw out New York Attorney General Letitia James' "deeply flawed" civil fraud judgment entirely after a lower appellate court tossed what ... (more story)
Mo. Senate Panel Advances Income Tax Phaseout Proposal
A proposed constitutional amendment in Missouri that would phase out the state's personal income tax in exchange for a broader sales tax base was advanced by a state Senate committee after the panel altered so... (more story)
NY Tax Talk: Calculating Tiered Partnership Income
Attorneys at Eversheds Sutherland discuss how the potential impact recent New York City Tax Appeals Tribunal decision in Matter of Cantor Fitzgerald holding that the entity approach should be used by tiered pa... (more story)
AT&T Owes Mo. Local Tax On Some Services, Panel Finds
AT&T was obligated to pay gross receipts tax on its prepaid wireless services, but not on receipts from other sales, under the terms of a class action settlement agreement with Missouri cities, a state appeals... (more story)
Wash. Activist Seeks To Force Vote On 'Millionaire Tax'
A conservative activist urged Washington's highest court to allow voters to weigh in on a newly enacted state income tax on earnings above $1 million, seeking to challenge the secretary of state's position tha... (more story)
Mich. Justices Turn Down Disney's Escheat Timing Case
The Michigan Supreme Court will not consider a request by Disney to review an appellate court ruling that said unclaimed property audit determinations create new legal obligations for holders that trigger a se... (more story)
What A Court Doc Audit Reveals About Erroneous Filings
My audit of 1,522 court documents from last month found that over 95% contained at least one verifiable error, with fewer than 1% showing clear indicators of artificial intelligence use — highlighting above al... (more story)
President Donald Trump on Wednesday asked New York's highest court to throw out New York Attorney General Letitia James' "deeply flawed" civil fraud judgment entirely after a lower appellate court tossed what ... (more story)
A proposed constitutional amendment in Missouri that would phase out the state's personal income tax in exchange for a broader sales tax base was advanced by a state Senate committee after the panel altered so... (more story)
Attorneys at Eversheds Sutherland discuss how the potential impact recent New York City Tax Appeals Tribunal decision in Matter of Cantor Fitzgerald holding that the entity approach should be used by tiered pa... (more story)
AT&T was obligated to pay gross receipts tax on its prepaid wireless services, but not on receipts from other sales, under the terms of a class action settlement agreement with Missouri cities, a state appeals... (more story)
A conservative activist urged Washington's highest court to allow voters to weigh in on a newly enacted state income tax on earnings above $1 million, seeking to challenge the secretary of state's position tha... (more story)
The Michigan Supreme Court will not consider a request by Disney to review an appellate court ruling that said unclaimed property audit determinations create new legal obligations for holders that trigger a se... (more story)
My audit of 1,522 court documents from last month found that over 95% contained at least one verifiable error, with fewer than 1% showing clear indicators of artificial intelligence use — highlighting above al... (more story)
International More
Pryor Cashman Hires Tax Atty In NY From Curtis
Pryor Cashman LLP announced Tuesday that it has hired a former Curtis Mallet-Prevost Colt & Mosle LLP partner, touting her history advising businesses on complex tax matters across jurisdictions.
Engineering Co. Owes £3M Contributions, UK Court Says
A Scotland-based engineering company is on the hook for £2.9 million ($3.9 million) in national insurance contributions, according to a U.K. appeals court, which held the company couldn't avoid contributions b... (more story)
UK Gov't Expands Tax Relief For Startup Investment
The U.K.'s Labour government is expanding investment tax relief to unlock £100 million ($134.4 million) worth of funding for startups and early-stage businesses looking to grow, according to HM Treasury.
HMRC Clarifies Tax Relief For Investors Moving To UK
Individuals who moved to the U.K. in recent years have until the end of January 2028 to file for tax relief under the foreign income and capital gains regime, Britain's tax authority said in new guidance Tuesday.
Floridian Says Jury Was Required Before $20M FBAR Fine
A dual U.S.-German citizen urged a Florida federal court to reject a magistrate judge's recommendation to uphold a nearly $20 million tax judgment for undisclosed foreign bank account information, contending t... (more story)
CORRECTED: HMRC Takes On New Powers As Tax Dodge Measures Kick In
HM Revenue and Customs has assumed new powers to tackle tax fraud and evasion as key parts of new legislation take effect, including tougher rules on construction industry schemes and penalties for promoters o... (more story)
Chewy Investor Settles Suit Against BC Partners For $29.5M
A Chewy Inc. investor has brokered a $29.5 million deal with BC Partners that, if finalized, would settle the investor's derivative suit that alleged BC Partners saddled Chewy investors with potential tax liab... (more story)
Pryor Cashman LLP announced Tuesday that it has hired a former Curtis Mallet-Prevost Colt & Mosle LLP partner, touting her history advising businesses on complex tax matters across jurisdictions.
A Scotland-based engineering company is on the hook for £2.9 million ($3.9 million) in national insurance contributions, according to a U.K. appeals court, which held the company couldn't avoid contributions b... (more story)
The U.K.'s Labour government is expanding investment tax relief to unlock £100 million ($134.4 million) worth of funding for startups and early-stage businesses looking to grow, according to HM Treasury.
Individuals who moved to the U.K. in recent years have until the end of January 2028 to file for tax relief under the foreign income and capital gains regime, Britain's tax authority said in new guidance Tuesday.
A dual U.S.-German citizen urged a Florida federal court to reject a magistrate judge's recommendation to uphold a nearly $20 million tax judgment for undisclosed foreign bank account information, contending t... (more story)
HM Revenue and Customs has assumed new powers to tackle tax fraud and evasion as key parts of new legislation take effect, including tougher rules on construction industry schemes and penalties for promoters o... (more story)
A Chewy Inc. investor has brokered a $29.5 million deal with BC Partners that, if finalized, would settle the investor's derivative suit that alleged BC Partners saddled Chewy investors with potential tax liab... (more story)