Treasury Clarifies Tax-Advantaged 'Trump Accounts'
The federal government issued guidance Tuesday on the new type of tax-advantaged brokerage account for children, known as Trump accounts, that specifies how to create the savings plans and who can make contributions and receive government seed money for them.
T-Mobile, AT&T Affiliates Beat Mo. City Telecom License Taxes
A Missouri city failed to notify affiliates of T-Mobile, AT&T and other telecom companies of revised assessments for delinquent business license taxes before filing collection suits, a state appeals court ruled Tuesday, affirming a lower court judgment dismissing the city's actions.
Watchdog Says It Warned UK Treasury Of Budget Leak Risks
The U.K. Office for Budget Responsibility warned senior HM Treasury officials about the risks of leaks of the autumn budget before the document was accidentally revealed early, the watchdog's officials told a parliamentary committee Tuesday.
Treasury Clarifies Tax-Advantaged 'Trump Accounts'
The federal government issued guidance Tuesday on the new type of tax-advantaged brokerage account for children, known as Trump accounts, that specifies how to create the savings plans and who can make contributions and receive government seed money for them.
T-Mobile, AT&T Affiliates Beat Mo. City Telecom License Taxes
A Missouri city failed to notify affiliates of T-Mobile, AT&T and other telecom companies of revised assessments for delinquent business license taxes before filing collection suits, a state appeals court ruled Tuesday, affirming a lower court judgment dismissing the city's actions.
Watchdog Says It Warned UK Treasury Of Budget Leak Risks
The U.K. Office for Budget Responsibility warned senior HM Treasury officials about the risks of leaks of the autumn budget before the document was accidentally revealed early, the watchdog's officials told a parliamentary committee Tuesday.
Federal More
Attorneys representing investors that settled with Vanguard for $25 million to end claims the company improperly triggered an asset sell-off that damaged investors asked a Pennsylvania federal court on Tuesday... (more story)
A Massachusetts executive has agreed to plead guilty in a scheme to avoid paying income taxes and restitution in a 2008 securities fraud case by receiving more than $1.6 million in compensation and benefits un... (more story)
Interval funds — closed-end registered investment companies that make periodic repurchase offers — have recently moved to the center of the conversation about retail access to private markets, spurred along by... (more story)
Allowing the Affordable Care Act's premium tax credit expansion to lapse would make it harder for Americans to be listed for organ transplants, potentially dampening an upward trend in transplants in the years... (more story)
The Oklahoma Supreme Court properly ruled that a member of the Muscogee (Creek) Nation owes Oklahoma income tax, the state's tax commission told the U.S. Supreme Court on Tuesday, urging the court to deny the ... (more story)
A Chevron subsidiary and chemicals supplier that operates internationally is entitled to more than $80 million in tax credits for energy investments and research related to plastics production, the company has... (more story)
A Michigan county violated the takings clause of the U.S. Constitution when it took title to a home over a tax debt, then sold the home at a low price and refunded only that amount to the homeowner, the homeow... (more story)
State & Local More
The Law Firm Merger Diaries: How To Build On Cultural Fit
Law firm mergers should start with people, then move to strategy: A two-level screening that puts finding a cultural fit at the pinnacle of the process can unearth shared values that are instrumental to decidi... (more story)
Wis. Judge Dismisses Tribal Tax Suit Over Standing Issues
A Wisconsin federal judge dismissed a claim by homeowners that local political jurisdictions of the Menominee Indian Tribe joined forces to increase their tax burden, saying the federal court can't grant the relief they seek.
Colo. Group Says Oil, Gas Fees Are Taxes That Violate TABOR
A nonprofit conservative advocacy group told a Colorado state court Tuesday that a 2024 law which imposes new fees on oil and gas producers is actually a tax and should be subject to a public vote as required ... (more story)
Split 6th Circ. Shields Baker Donelson, Not City Councilman
In a published opinion, the Sixth Circuit has found that Baker Donelson Bearman Caldwell & Berkowitz PC is shielded by qualified immunity as outside counsel for the city of Nashville in litigation over the law... (more story)
Arby's Franchisee Tells Ark. Justices Biz Sale Wasn't Taxable
An Oklahoma-based company that was once the largest Arby's franchisee did not receive business income that was taxable in Arkansas when it sold its business, the now-defunct corporation told the Arkansas Supre... (more story)
Considerations When Invoking The Common-Interest Privilege
To successfully leverage the common-interest doctrine in a multiparty transaction or complex litigation, practitioners should be able to demonstrate that the parties intended for it to apply, that an underlyin... (more story)
The Law Firm Merger Diaries: Making The Case To Combine
When making the decision to merge, law firm leaders must factor in strategic alignment, cultural compatibility and leadership commitment in order to build a compelling case for combining firms to achieve share... (more story)
Toss Of Transient Tax Case Shouldn't Be Stayed, Hawaii Says
Hawaii's motion in federal court to dismiss a complaint over the expansion of the state's transient occupancy tax to cruise ship passengers has progressed too far for the court to grant a stay of the motion, t... (more story)
What To Watch As NY LLC Transparency Act Is Stuck In Limbo
Just about a month before it's set to take effect, the status of the New York LLC Transparency Act remains murky because of a pending amendment and the lack of recent regulatory attention in New York, but busi... (more story)
Law firm mergers should start with people, then move to strategy: A two-level screening that puts finding a cultural fit at the pinnacle of the process can unearth shared values that are instrumental to decidi... (more story)
A Wisconsin federal judge dismissed a claim by homeowners that local political jurisdictions of the Menominee Indian Tribe joined forces to increase their tax burden, saying the federal court can't grant the relief they seek.
A nonprofit conservative advocacy group told a Colorado state court Tuesday that a 2024 law which imposes new fees on oil and gas producers is actually a tax and should be subject to a public vote as required ... (more story)
In a published opinion, the Sixth Circuit has found that Baker Donelson Bearman Caldwell & Berkowitz PC is shielded by qualified immunity as outside counsel for the city of Nashville in litigation over the law... (more story)
An Oklahoma-based company that was once the largest Arby's franchisee did not receive business income that was taxable in Arkansas when it sold its business, the now-defunct corporation told the Arkansas Supre... (more story)
To successfully leverage the common-interest doctrine in a multiparty transaction or complex litigation, practitioners should be able to demonstrate that the parties intended for it to apply, that an underlyin... (more story)
When making the decision to merge, law firm leaders must factor in strategic alignment, cultural compatibility and leadership commitment in order to build a compelling case for combining firms to achieve share... (more story)
Hawaii's motion in federal court to dismiss a complaint over the expansion of the state's transient occupancy tax to cruise ship passengers has progressed too far for the court to grant a stay of the motion, t... (more story)
Just about a month before it's set to take effect, the status of the New York LLC Transparency Act remains murky because of a pending amendment and the lack of recent regulatory attention in New York, but busi... (more story)
International More
UK Importer Must Pay Tax On PPE, Court Affirms
A logistics company must pay £1.4 million ($1.8 million) in customs duties and value-added tax for personal protective equipment imported from China to the U.K. during the COVID-19 pandemic in 2020, a London c... (more story)
Thai Cabinet Backs Carbon Tax, Border Tax, Emissions Trading
Thailand would institute a carbon tax, emissions trading system and carbon-border adjustment mechanism under the country's first comprehensive climate bill, approved Tuesday by the country's cabinet.
Most Countries Compliant With Data Exchanges, OECD Says
Many countries are on track with implementing a data-swapping network under global guidelines to exchange financial and tax information, but more could be done to enforce reporting requirements for banks, the ... (more story)
Trump Tariff Refund Rights Should Be Preserved, Costco Says
The federal government should have to refund President Donald Trump's emergency tariffs paid by Costco Wholesale Corp., the company told the U.S. Court of International Trade.
Rare Tariff Authority May Boost US Battery Manufacturing
Finalizing preliminary tariffs on active anode material from China — the result of a rare exercise of statutory authority finding that foreign dumping hampered the development of a nascent U.S. industry — shou... (more story)
Morgan Stanley Fined €101M For Dutch Dividend Tax Evasion
Morgan Stanley will pay €101 million ($117 million) in criminal penalties to the Netherlands government to resolve accusations that the global investment bank exploited a Dutch law to evade dividend taxes, pro... (more story)
Harman Settles Claims It Skipped Duties On Chinese Products
Audio electronics company Harman International Industries Inc. has agreed to pay $11.8 million to settle allegations that it evaded U.S. antidumping and countervailing duties on imported electronic components from China.
A logistics company must pay £1.4 million ($1.8 million) in customs duties and value-added tax for personal protective equipment imported from China to the U.K. during the COVID-19 pandemic in 2020, a London c... (more story)
Thailand would institute a carbon tax, emissions trading system and carbon-border adjustment mechanism under the country's first comprehensive climate bill, approved Tuesday by the country's cabinet.
Many countries are on track with implementing a data-swapping network under global guidelines to exchange financial and tax information, but more could be done to enforce reporting requirements for banks, the ... (more story)
The federal government should have to refund President Donald Trump's emergency tariffs paid by Costco Wholesale Corp., the company told the U.S. Court of International Trade.
Finalizing preliminary tariffs on active anode material from China — the result of a rare exercise of statutory authority finding that foreign dumping hampered the development of a nascent U.S. industry — shou... (more story)
Morgan Stanley will pay €101 million ($117 million) in criminal penalties to the Netherlands government to resolve accusations that the global investment bank exploited a Dutch law to evade dividend taxes, pro... (more story)
Audio electronics company Harman International Industries Inc. has agreed to pay $11.8 million to settle allegations that it evaded U.S. antidumping and countervailing duties on imported electronic components from China.