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EU Tax Head Urges Bloc Not To Water Down Overhaul Push
European Union countries must not dilute the ambitions of a tax overhaul proposal delivered last month, an EU official who is leading the changes said Wednesday.
IRS Targets Certain Annuity Trusts As Potential Tax Shelters
The IRS unveiled final rules Wednesday designating certain charitable remainder annuity trusts as reportable transactions because they involve abusive tax avoidance practices, subjecting participants to potential penalties if they do not disclose such arrangements.
Revenue Steady, But States Brace For More Spending
Many states are ending the fiscal year on stable ground when it comes to tax revenue collection, experts said, but the pressure to spend more on social programs after federal cuts presents a long-term challenge for state lawmakers.
EU Tax Head Urges Bloc Not To Water Down Overhaul Push
European Union countries must not dilute the ambitions of a tax overhaul proposal delivered last month, an EU official who is leading the changes said Wednesday.
IRS Targets Certain Annuity Trusts As Potential Tax Shelters
The IRS unveiled final rules Wednesday designating certain charitable remainder annuity trusts as reportable transactions because they involve abusive tax avoidance practices, subjecting participants to potential penalties if they do not disclose such arrangements.
Revenue Steady, But States Brace For More Spending
Many states are ending the fiscal year on stable ground when it comes to tax revenue collection, experts said, but the pressure to spend more on social programs after federal cuts presents a long-term challenge for state lawmakers.
Federal More
The integrity of the 15% global minimum tax system will not be undermined by a host of nations gaining access to provisions that exempt them from certain obligations, the tax head at the Organization for Econo... (more story)
A partnership that donated over 73 acres in Butler County, Missouri, to a conservation group told the U.S. Tax Court it properly deducted $55.6 million for the gift, saying the value was based on the analysis ... (more story)
The IRS should update regulations that would allow digital asset brokers to provide statements electronically to remove operational hurdles and designate more effective communication methods, such as in-app me... (more story)
For wind and solar projects that sprinted to begin construction before the accelerated placed-in-service deadline of July 4, project owners must now assemble and maintain documentation to qualify the project a... (more story)
The estate of a man who co-owned a Massachusetts shopping center challenged a $40.8 million deficiency assessment in the U.S. Tax Court, saying the IRS wrongly determined that a 2012 sale of his interest in th... (more story)
Foley & Lardner LLP has strengthened its corporate bench with a Dallas-based partner who came aboard from Kirkland & Ellis LLP and a Boston-based partner from Goodwin Procter LLP.
A California federal judge on Tuesday sentenced two former executives of a telehealth company who were convicted of operating a $100 million scheme to illegally distribute Adderall over the internet, fining th... (more story)
State & Local More
Colo. County's Mill Increases Unconstitutional, Court Told
A Colorado county violated the state's constitution by continuing to increase its property tax mill without voter approval and failing to reduce the levy or refund taxpayers when excess revenue was collected, ... (more story)
Mich. Asks State Justices To Skip Energy Co.'s $8M Tax Fight
Michigan's tax agency urged the state Supreme Court to reject an energy company's appeal of $8 million in tax on its wholesale sales of electricity, arguing that a lower court correctly relied on a contractual... (more story)
Minn. Tax Court Weighs Tower Sale Prices In Value Dispute
The Minnesota Tax Court will consider recent purchase prices for the Wells Fargo Center in Minneapolis, along with a discounted cash flow analysis, in a hundred-million-dollar tax valuation dispute over the office tower.
Judge Limits Wayne County Surplus Property Tax Settlements
Former property owners seeking surpluses from Wayne County tax foreclosure proceedings got a partial restriction of the county's settlement practices when a Michigan federal judge ruled Tuesday that former own... (more story)
NC Will Tax Prediction Markets, Nix Break For Data Centers
North Carolina will become the latest state to tax prediction markets, in addition to increasing taxes on sports betting and rolling back a tax break for data centers, under a budget signed by its governor.
DC Circ. Backs Tax Bribery Convictions Despite Jury Error
A D.C. Circuit panel refused on Tuesday to reverse a lower court's judgments against two men in connection to a bribery scheme carried out to evade $2.3 million in business tax obligations, finding a jury inst... (more story)
Simpson Thacher Adds Energy Tax Partner From Weil In NY
Simpson Thacher & Bartlett LLP announced Tuesday that a former Weil Gotshal & Manges LLP partner has joined the firm's New York office to advise clients on the U.S. tax aspects of energy and infrastructure transactions.
A Colorado county violated the state's constitution by continuing to increase its property tax mill without voter approval and failing to reduce the levy or refund taxpayers when excess revenue was collected, ... (more story)
Michigan's tax agency urged the state Supreme Court to reject an energy company's appeal of $8 million in tax on its wholesale sales of electricity, arguing that a lower court correctly relied on a contractual... (more story)
The Minnesota Tax Court will consider recent purchase prices for the Wells Fargo Center in Minneapolis, along with a discounted cash flow analysis, in a hundred-million-dollar tax valuation dispute over the office tower.
Former property owners seeking surpluses from Wayne County tax foreclosure proceedings got a partial restriction of the county's settlement practices when a Michigan federal judge ruled Tuesday that former own... (more story)
North Carolina will become the latest state to tax prediction markets, in addition to increasing taxes on sports betting and rolling back a tax break for data centers, under a budget signed by its governor.
A D.C. Circuit panel refused on Tuesday to reverse a lower court's judgments against two men in connection to a bribery scheme carried out to evade $2.3 million in business tax obligations, finding a jury inst... (more story)
Simpson Thacher & Bartlett LLP announced Tuesday that a former Weil Gotshal & Manges LLP partner has joined the firm's New York office to advise clients on the U.S. tax aspects of energy and infrastructure transactions.
International More
Irish Reps Must Step Away From Biz Tax Talks, Academics Say
The Irish delegation currently leading the Council of the European Union must give up its role as head broker on EU corporate tax negotiations, a group of academics said in an open letter Thursday.
London Gallery Beats HMRC Charges Over Russia Sanctions
A London art gallery was cleared of criminal wrongdoing on Thursday as a judge ruled that it did not breach a ban on sending goods to Russia by trying to ship a painting to an art collector leaving Moscow.
EU's Top Court Rules Out Joint VAT Liability In Greek Case
A person classified as liable for paying value-added taxes in one European Union member country owed by an entity established in another member country cannot also be held jointly and severally liable for thos... (more story)
Trump Threatens To Cut Spanish Relations Over Defense Rift
President Donald Trump threatened Wednesday to cut off relations entirely with Spain, calling the country an unreliable partner during a meeting with NATO Secretary General Mark Rutte.
French Court To Ask ECJ To Vet Share Buyback Taxes
France's top administrative court will ask the European Court of Justice to determine whether the country's taxes on share buybacks violate rules preventing indirect taxation of capital, according to a decision.
EU Warns Belgium, Bulgaria, Cyprus Over Pillar 2 Delay
The European Union has called on Belgium, Bulgaria and Cyprus to fully adopt information exchange rules that underpin the global minimum tax framework known as Pillar Two.
Exxon Seeks $324M Judgment In Dispute On Qatar Deal Tax
Exxon asked a Texas federal court to rule that it's owed a $273 million tax refund and $51 million in penalties in a dispute with the U.S. government over the tax treatment of a natural gas deal with Qatar.
The Irish delegation currently leading the Council of the European Union must give up its role as head broker on EU corporate tax negotiations, a group of academics said in an open letter Thursday.
A London art gallery was cleared of criminal wrongdoing on Thursday as a judge ruled that it did not breach a ban on sending goods to Russia by trying to ship a painting to an art collector leaving Moscow.
A person classified as liable for paying value-added taxes in one European Union member country owed by an entity established in another member country cannot also be held jointly and severally liable for thos... (more story)
President Donald Trump threatened Wednesday to cut off relations entirely with Spain, calling the country an unreliable partner during a meeting with NATO Secretary General Mark Rutte.
France's top administrative court will ask the European Court of Justice to determine whether the country's taxes on share buybacks violate rules preventing indirect taxation of capital, according to a decision.
The European Union has called on Belgium, Bulgaria and Cyprus to fully adopt information exchange rules that underpin the global minimum tax framework known as Pillar Two.
Exxon asked a Texas federal court to rule that it's owed a $273 million tax refund and $51 million in penalties in a dispute with the U.S. government over the tax treatment of a natural gas deal with Qatar.