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Siemens Wins Tax Deduction In IRS Rules Mismatch Case
Siemens Medical Solutions is allowed the full dividends-received deduction it claimed for 2019, the U.S. Tax Court held Wednesday, throwing out an IRS regulation that attempted to reduce the deduction by aligning the effective date of different provisions under 2017 tax legislation.
Ore. Biz Groups Sue Over Labor Dept. Expense Fund Bill
Oregon legislation to levy a new assessment on hourly wages to help fund the state Bureau of Labor and Industries was unconstitutionally enacted because three-fifths approval from each legislative chamber was required, business groups told the state tax court.
IRS Ethics Guidance Highlights AI Billing Tensions
Recent IRS ethics guidance urged attorneys to acknowledge the time-saving features of artificial intelligence when billing clients, underlining the legal industry's ongoing reckoning with how, or if, this technology fits into the traditional practice of charging by the hour.
Siemens Wins Tax Deduction In IRS Rules Mismatch Case
Siemens Medical Solutions is allowed the full dividends-received deduction it claimed for 2019, the U.S. Tax Court held Wednesday, throwing out an IRS regulation that attempted to reduce the deduction by aligning the effective date of different provisions under 2017 tax legislation.
Ore. Biz Groups Sue Over Labor Dept. Expense Fund Bill
Oregon legislation to levy a new assessment on hourly wages to help fund the state Bureau of Labor and Industries was unconstitutionally enacted because three-fifths approval from each legislative chamber was required, business groups told the state tax court.
IRS Ethics Guidance Highlights AI Billing Tensions
Recent IRS ethics guidance urged attorneys to acknowledge the time-saving features of artificial intelligence when billing clients, underlining the legal industry's ongoing reckoning with how, or if, this technology fits into the traditional practice of charging by the hour.
Federal More
The IRS' argument in support of its income allocations to Eaton Corp. from an Irish affiliate effectively inverts the arm's-length standard underlying U.S. transfer pricing law, seeking to price transactions b... (more story)
The U.S. Court of International Trade judge overseeing U.S. Customs and Border Protection's development of a duty refund system for tariffs struck down by the U.S. Supreme Court forecast new directions for the... (more story)
A North Carolina federal judge refused to reconsider his decision that the federal government's bid to collect on what it claimed was a couple's $24 million tax bill came too late, saying the government failed... (more story)
The Federal Circuit gave a Pennsylvania electrical contractor another chance to pursue a $1.53 million refund claim for penalties paid to the Internal Revenue Service after its owner pled guilty to criminal ta... (more story)
A Texas federal court wrongly rejected the IRS' proposed settlement that would allow churches to engage in political speech without jeopardizing their tax-exempt status, conservative groups told the Fifth Circ... (more story)
Todd Blanche had his nomination hearing to be attorney general on Wednesday and two key Republican senators still have yet to say if they will support him.
A reworked version of a bipartisan bill aimed at sanctioning Russia over the war in Ukraine wrongly places too much tariff power in the hands of President Donald Trump, some leading congressional Democrats said.
State & Local More
Title Co. Can't Keep Tax Refund, Wash. Panel Rules 2nd Time
A Washington appeals panel handed a win again to the state Department of Revenue, reversing a lower court order that the department owed an $11 million tax refund to a title insurance and settlement services company.
Minn. Tax Court Right On $108M Building Value, Justices Told
The Minnesota Tax Court operated within its discretion to give 80% weight to Hennepin County's appraisal of a Minneapolis office building and 20% to the owner's, the county told the state Supreme Court, urging... (more story)
House Backs Bill To End Penny Minting, Round Cash Sales
The phaseout of the penny would become law and retailers would be able to round cash transactions up or down to the nearest 5-cent amount under a bill that the U.S. House passed Tuesday, sending it to the Senate.
NY Gov. Signs Data Center Moratorium Executive Order
New York Gov. Kathy Hochul has signed an executive order that blocks any new hyperscale data center projects from being built in her state by temporarily pausing environmental permits for those types of projec... (more story)
NJ Aims To Protect Ratepayers With Nuclear Power Guidelines
New Jersey Gov. Mikie Sherrill on Monday signed into law a bill intended to ensure consumers don't bear the costs of nuclear power projects needed to help address the growing demand for electricity driven prim... (more story)
2nd Circ. Rejects Bid To End NYC's Congestion Pricing
The Second Circuit on Monday upheld New York City's congestion pricing, rejecting two suburban counties' claims that Manhattan's congestion pricing tolls are discriminatory and unconstitutionally restrict moto... (more story)
Mich. Banking Brief: All The Notable Legal Updates In Q2
The second quarter brought several notable financial services law developments to Michigan, including a U.S. Supreme Court ruling on state tax foreclosures, progress on a money transmission modernization bill ... (more story)
A Washington appeals panel handed a win again to the state Department of Revenue, reversing a lower court order that the department owed an $11 million tax refund to a title insurance and settlement services company.
The Minnesota Tax Court operated within its discretion to give 80% weight to Hennepin County's appraisal of a Minneapolis office building and 20% to the owner's, the county told the state Supreme Court, urging... (more story)
The phaseout of the penny would become law and retailers would be able to round cash transactions up or down to the nearest 5-cent amount under a bill that the U.S. House passed Tuesday, sending it to the Senate.
New York Gov. Kathy Hochul has signed an executive order that blocks any new hyperscale data center projects from being built in her state by temporarily pausing environmental permits for those types of projec... (more story)
New Jersey Gov. Mikie Sherrill on Monday signed into law a bill intended to ensure consumers don't bear the costs of nuclear power projects needed to help address the growing demand for electricity driven prim... (more story)
The Second Circuit on Monday upheld New York City's congestion pricing, rejecting two suburban counties' claims that Manhattan's congestion pricing tolls are discriminatory and unconstitutionally restrict moto... (more story)
The second quarter brought several notable financial services law developments to Michigan, including a U.S. Supreme Court ruling on state tax foreclosures, progress on a money transmission modernization bill ... (more story)
International More
Energy Tax Applies To Propane Used For Tests, EU Court Says
The European Union's energy tax directive applies to propane used by a German company to test gas turbine burners, even though it wasn't burning the propane to generate heat per se except to test the burners, ... (more story)
Port Co. Defends Tax Claim On £57M Project At Upper Tribunal
Liverpool's port operator defended its claim at the Upper Tribunal on Wednesday to tax allowances on more than £57 million ($76.3 million) in construction costs after Britain's tax authority argued that the pr... (more story)
Pillar 2 Revenue Intake Falls Short Of Predictions, OECD Says
The worldwide corporate 15% minimum tax agreement known as Pillar Two has so far brought in less revenue than expected, the Organization for Economic Cooperation and Development said Wednesday.
EU Court Says Danish VAT Rule Must Truly Target Tax Evasion
Denmark can set a 100% minimum ownership threshold for businesses wishing to form a VAT group only if national courts deem the requirement necessary and proportionate for combating tax abuse, a European Union ... (more story)
Bike Seller Says IRS' Undervaluation Caused $3M Deficiency
A California bicycle seller told the U.S. Tax Court that the IRS' faulty appraisal of its value caused the agency to mischaracterize a transaction with its parent company as a discharge of indebtedness and a $... (more story)
Port Co. Can't Claim Tax Breaks On £57M, Tribunal Told
A London tribunal was wrong to rule that Liverpool's port operator can claim tax allowances on £57.1 million ($76.4 million) spent constructing part of a deep-water container terminal, the U.K. tax authority argued Tuesday.
3 Convicted In €50M German VAT Fraud With Cars, Masks
A Berlin court convicted three individuals, including a tax adviser, tied to a €50 million ($57.1 million) value-added tax fraud involving luxury vehicles and medical face masks, the European Public Prosecutor... (more story)
The European Union's energy tax directive applies to propane used by a German company to test gas turbine burners, even though it wasn't burning the propane to generate heat per se except to test the burners, ... (more story)
Liverpool's port operator defended its claim at the Upper Tribunal on Wednesday to tax allowances on more than £57 million ($76.3 million) in construction costs after Britain's tax authority argued that the pr... (more story)
The worldwide corporate 15% minimum tax agreement known as Pillar Two has so far brought in less revenue than expected, the Organization for Economic Cooperation and Development said Wednesday.
Denmark can set a 100% minimum ownership threshold for businesses wishing to form a VAT group only if national courts deem the requirement necessary and proportionate for combating tax abuse, a European Union ... (more story)
A California bicycle seller told the U.S. Tax Court that the IRS' faulty appraisal of its value caused the agency to mischaracterize a transaction with its parent company as a discharge of indebtedness and a $... (more story)
A London tribunal was wrong to rule that Liverpool's port operator can claim tax allowances on £57.1 million ($76.4 million) spent constructing part of a deep-water container terminal, the U.K. tax authority argued Tuesday.
A Berlin court convicted three individuals, including a tax adviser, tied to a €50 million ($57.1 million) value-added tax fraud involving luxury vehicles and medical face masks, the European Public Prosecutor... (more story)