UK Gov't To Temporarily Raise Bank Surcharge To 6%
The Labour government will temporarily raise the bank surcharge to 6% to help generate more revenue to cover its expanded spending plans, Chancellor John Healey said in his autumn Budget on Wednesday.
Single Sales Factor Faces Fresh Scrutiny From Tax Pros
Single-sales-factor apportionment, the choice of more than 30 states, which is aimed at economic development, may not accurately reflect the market and may be distortive, tax professionals said Tuesday.
AGs Sue To Block Treasury Rule Ending Shell Co. Reporting
Nearly two dozen states sued the Trump administration Tuesday over its rollback of ownership reporting requirements for corporate entities, arguing the move constitutes an illegal, unilateral repeal of an anti-financial crime law that Congress enacted.
UK Gov't To Temporarily Raise Bank Surcharge To 6%
The Labour government will temporarily raise the bank surcharge to 6% to help generate more revenue to cover its expanded spending plans, Chancellor John Healey said in his autumn Budget on Wednesday.
Single Sales Factor Faces Fresh Scrutiny From Tax Pros
Single-sales-factor apportionment, the choice of more than 30 states, which is aimed at economic development, may not accurately reflect the market and may be distortive, tax professionals said Tuesday.
AGs Sue To Block Treasury Rule Ending Shell Co. Reporting
Nearly two dozen states sued the Trump administration Tuesday over its rollback of ownership reporting requirements for corporate entities, arguing the move constitutes an illegal, unilateral repeal of an anti-financial crime law that Congress enacted.
Federal More
The tendency of generative artificial intelligence models to tell users what they want to hear can reinforce attorneys’ confirmation bias when testing the strength of arguments, and it can’t simply be prompted... (more story)
The U.S. Department of Justice late Tuesday acknowledged that it confused key statutory terms related to jury instructions at famed appellate advocate Tom Goldstein's criminal trial, while also insisting "the ... (more story)
The IRS asked the First Circuit to dismiss unlawful property seizure and due process claims against former IRS Criminal Investigation officers in a dispute related to a shuttered online bank suspected of facil... (more story)
Medtronic and the IRS were unable to settle their dispute over how to price intangibles that the medical device maker licensed to a Puerto Rican affiliate, the parties told the U.S. Tax Court, potentially teei... (more story)
For government contractors, the 10 factors described in the U.S. Department of Justice's recent corporate fraud enforcement directive function as a de facto scoring rubric for internal audits that mirrors what... (more story)
The government asked the Eighth Circuit on Monday to reconsider its finding that a 90-day petition-filing deadline is flexible in the case of a couple challenging their tax bill in the U.S. Tax Court, saying t... (more story)
The U.S. Tax Court erred when it found a former Pennsylvania state senator responsible for losses to the state's Senate, he told the Third Circuit, arguing that the lower court incorrectly determined that exce... (more story)
State & Local More
Ariz. Court OKs Local Sales Tax Passed By Simple Majority
An Arizona appeals court rejected a challenge to a local sales tax enacted via ballot measure in 2024, disagreeing with taxpayers who claimed the ballot proposal was a referendum that required 60% approval.
NC Top Court Will Weigh State Bar's Reach Over Ex-Judges
The North Carolina Supreme Court agreed to take up a former state court judge's appeal challenging the state bar's authority to discipline him for alleged misconduct on the bench, which he said the Tar Heel st... (more story)
Colo. Justices Asked To Hear Challenge To Amendment 87
The man challenging the validity of signatures for a Colorado ballot initiative to raise taxes on the state's wealthiest residents appealed the dismissal of his lawsuit to the state's high court Thursday.
Taxation With Representation: Milbank, De Brauw, Wachtell
In this week's Taxation With Representation, EQT Private Equity announces a takeover offer for life sciences testing company Qiagen NV, Salesforce acquires customer engagement platform Braze and London Stock E... (more story)
Colo. Graduated Tax Measure To Stay On Ballot, Judge Rules
A Colorado ballot initiative to raise taxes on the state's wealthiest residents will be on the ballot this November after a state court judge Wednesday tossed a lawsuit seeking to invalidate signatures gathere... (more story)
Chicago Mayor Pitches Return Of $25-Per-Worker Corp. Tax
The mayor of Chicago released a $17.6 billion budget plan Wednesday that includes the return of a tax on corporations for every employee at large firms, as well as increasing tax rates on sports betting and leased property.
Mastercard Owes $7.7M In Tax And Penalties, SC Panel Rules
Mastercard is liable for $7.7 million in corporate income tax and penalties because the company engaged in income-producing activity in South Carolina, a state appellate panel ruled Wednesday.
An Arizona appeals court rejected a challenge to a local sales tax enacted via ballot measure in 2024, disagreeing with taxpayers who claimed the ballot proposal was a referendum that required 60% approval.
The North Carolina Supreme Court agreed to take up a former state court judge's appeal challenging the state bar's authority to discipline him for alleged misconduct on the bench, which he said the Tar Heel st... (more story)
The man challenging the validity of signatures for a Colorado ballot initiative to raise taxes on the state's wealthiest residents appealed the dismissal of his lawsuit to the state's high court Thursday.
In this week's Taxation With Representation, EQT Private Equity announces a takeover offer for life sciences testing company Qiagen NV, Salesforce acquires customer engagement platform Braze and London Stock E... (more story)
A Colorado ballot initiative to raise taxes on the state's wealthiest residents will be on the ballot this November after a state court judge Wednesday tossed a lawsuit seeking to invalidate signatures gathere... (more story)
The mayor of Chicago released a $17.6 billion budget plan Wednesday that includes the return of a tax on corporations for every employee at large firms, as well as increasing tax rates on sports betting and leased property.
Mastercard is liable for $7.7 million in corporate income tax and penalties because the company engaged in income-producing activity in South Carolina, a state appellate panel ruled Wednesday.
International More
Healey Looks To Simplify But Not Abolish Shareholder Taxes
Chancellor John Healey told MPs on Wednesday that the government would retain stamp duty on share trading but pledged to modernize the tax, drawing criticism of a "missed opportunity" to revive interest in the... (more story)
Gov't Tweaks UK Tax Allowance To Protect Pensioners
The government announced plans on Wednesday to protect pensioners from paying income tax on the state pension, which is set to rise above the basic income tax threshold.
Former Company Director Can't Avert £283K Tax Bill On Loan
A former company director can't avoid nearly £283,000 ($377,000) in income tax on the unpaid balance of a loan despite it being written off, a London tribunal ruled, because the settlement with liquidators doe... (more story)
Buyer Of Ex-Adgemis Bondi Hotel Ordered To Pay $6M
The Supreme Court of New South Wales has ordered the company that bought bankrupt publican Jon Adgemis' former Bondi Beach hotel to pay Vantage Point Asset Management Special Opportunities $6 million in damage... (more story)
South Korea May Delay Crypto Tax Again, Report Says
South Korea's executive branch is looking at delaying plans to tax cryptocurrency for a fourth time, saying the U.S. government's slow-rolling of tax information exchanges has yielded a dearth of data on taxpa... (more story)
Bank Surcharge Hike Could Raise £5.8B, Think Tank Says
The U.K.'s Labour government could raise £5.8 billion ($7.7 billion) by restoring the bank surcharge to 8% in the autumn budget, a think tank said Monday.
IRS Fights For Microcaptive Reporting Rules In 5th Circuit
The Fifth Circuit should restore a vacated regulation that required disclosure of certain microcaptive transactions due to the risk of tax avoidance and uphold another related rule that carried a lower penalty... (more story)
Chancellor John Healey told MPs on Wednesday that the government would retain stamp duty on share trading but pledged to modernize the tax, drawing criticism of a "missed opportunity" to revive interest in the... (more story)
The government announced plans on Wednesday to protect pensioners from paying income tax on the state pension, which is set to rise above the basic income tax threshold.
A former company director can't avoid nearly £283,000 ($377,000) in income tax on the unpaid balance of a loan despite it being written off, a London tribunal ruled, because the settlement with liquidators doe... (more story)
The Supreme Court of New South Wales has ordered the company that bought bankrupt publican Jon Adgemis' former Bondi Beach hotel to pay Vantage Point Asset Management Special Opportunities $6 million in damage... (more story)
South Korea's executive branch is looking at delaying plans to tax cryptocurrency for a fourth time, saying the U.S. government's slow-rolling of tax information exchanges has yielded a dearth of data on taxpa... (more story)
The U.K.'s Labour government could raise £5.8 billion ($7.7 billion) by restoring the bank surcharge to 8% in the autumn budget, a think tank said Monday.
The Fifth Circuit should restore a vacated regulation that required disclosure of certain microcaptive transactions due to the risk of tax avoidance and uphold another related rule that carried a lower penalty... (more story)