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Investors Can't Escape Danish Tax Fraud Case, 2nd. Circ Says
Four investors and their pension plans owe $476 million for their role in a tax fraud scheme against the Danish government, the Second Circuit affirmed Monday, rejecting the investors' contention that they are beyond the reach of Danish revenue collectors.
State And Local Tax Takeaways From August
From the Maryland Tax Court striking down the state's digital advertising tax to litigation over taxes on high-value second homes in New York City and Rhode Island, August was a busy month on the state and local tax dockets. Here, Law360 spotlights state and local tax developments from the past month.
EU Draft Tax Data Bill Eases US Access To Carveout
A draft of a European Union bill on tax data exchange seen Friday by Law360 emphasized that companies should not be barred from accessing a reporting carveout because they are headquartered in a Pillar Two side-by-side regime — a suggestion that could benefit U.S. companies.
Investors Can't Escape Danish Tax Fraud Case, 2nd. Circ Says
Four investors and their pension plans owe $476 million for their role in a tax fraud scheme against the Danish government, the Second Circuit affirmed Monday, rejecting the investors' contention that they are beyond the reach of Danish revenue collectors.
State And Local Tax Takeaways From August
From the Maryland Tax Court striking down the state's digital advertising tax to litigation over taxes on high-value second homes in New York City and Rhode Island, August was a busy month on the state and local tax dockets. Here, Law360 spotlights state and local tax developments from the past month.
EU Draft Tax Data Bill Eases US Access To Carveout
A draft of a European Union bill on tax data exchange seen Friday by Law360 emphasized that companies should not be barred from accessing a reporting carveout because they are headquartered in a Pillar Two side-by-side regime — a suggestion that could benefit U.S. companies.
Federal More
The Third Circuit upheld two former biofuels executives' fraud convictions tied to IRS and EPA fuel subsidies, denying them a retrial based on claims that a Pennsylvania lower court improperly refused to provi... (more story)
Levi Strauss & Co. has yet to provide a way for its customers to get refunds of unlawful tariff-related costs they had to pay for imported goods affected by President Donald Trump's since-invalidated global "t... (more story)
A Washington federal judge granted class certification to investors in tax software company Avalara in a suit alleging it misled investors ahead of an $8.4 billion deal to take the company private.
U.S. tax treaties with Canada and France don't shield taxpayers from the net investment income tax because the treaties' foreign tax credits are subject to limitations in the Internal Revenue Code, the Court o... (more story)
The first 100,000 of a total 300,000 metric tons of ground beef that can be imported into the U.S. without an added tariff can enter into the country starting Sept. 1, according to a proclamation published Monday.
The U.S. Department of Justice’s recently published final rule answers many outstanding questions about the newly created National Fraud Enforcement Division, but overlapping mandates could result in parallel ... (more story)
A Miami-based developer is fighting New Orleans' attempt to transfer his company's Chapter 11 proceeding to Louisiana, telling a Florida federal bankruptcy judge that the case should stay put because the case ... (more story)
State & Local More
New Jersey Cuts Business Tax Credits For Data Centers
New Jersey barred data centers from receiving tax credits under a program designed to develop its artificial intelligence industry, reallocating $250 million to other economic incentive programs under a bill s... (more story)
Boston Eyes Liquor License Sold By Celebrity Chef
The city of Boston asked a judge on Friday to block the anticipated transfer of a liquor license once held by celebrity chef Barbara Lynch, contending that Lynch's original sale of the license to its current h... (more story)
NJ Law Requires Data Centers To Report Utility Usage
New Jersey Gov. Mikie Sherrill signed a bill into law Thursday that requires data centers in the state to provide the New Jersey Board of Public Utilities with semiannual water and energy usage reports.
MARTA, Atlanta Reach $52M Deal In Lengthy Tax Dispute
The Metropolitan Atlanta Rapid Transit Authority and the city of Atlanta announced a $52 million settlement Thursday to end their yearslong dispute over the amount of sales tax proceeds allocated for its enhanced bus service.
Taekwondo Makes Me A Better Lawyer
Taekwondo has taught me to recognize when to fight for a position and when to focus on finding a solution, and that the best outcomes are often achieved by solving problems — all of which has improved my work ... (more story)
Coffee Seller's Tax Suit Counterclaims Belong In Calif.
The founder of a California coffee equipment manufacturer asked a Colorado state court judge Monday to dismiss the bulk of counterclaims from the founder of a Colorado coffee equipment provider who allegedly h... (more story)
Texas Appeals Court Says Co.'s Gear Correct On Tax Rolls
A Texas appeals panel ruled Wednesday that a company's natural gas compressors leased in Frio County were correctly listed on that locality's tax rolls despite the company's claims that the equipment was asses... (more story)
New Jersey barred data centers from receiving tax credits under a program designed to develop its artificial intelligence industry, reallocating $250 million to other economic incentive programs under a bill s... (more story)
The city of Boston asked a judge on Friday to block the anticipated transfer of a liquor license once held by celebrity chef Barbara Lynch, contending that Lynch's original sale of the license to its current h... (more story)
New Jersey Gov. Mikie Sherrill signed a bill into law Thursday that requires data centers in the state to provide the New Jersey Board of Public Utilities with semiannual water and energy usage reports.
The Metropolitan Atlanta Rapid Transit Authority and the city of Atlanta announced a $52 million settlement Thursday to end their yearslong dispute over the amount of sales tax proceeds allocated for its enhanced bus service.
Taekwondo has taught me to recognize when to fight for a position and when to focus on finding a solution, and that the best outcomes are often achieved by solving problems — all of which has improved my work ... (more story)
The founder of a California coffee equipment manufacturer asked a Colorado state court judge Monday to dismiss the bulk of counterclaims from the founder of a Colorado coffee equipment provider who allegedly h... (more story)
A Texas appeals panel ruled Wednesday that a company's natural gas compressors leased in Frio County were correctly listed on that locality's tax rolls despite the company's claims that the equipment was asses... (more story)
International More
Canada Court Backs Ex-Blue Jays' Income Tax Formula
Two former Major League Baseball stars who played for the Toronto Blue Jays need to subtract their tax-free retirement contributions from only their Canadian income and not their U.S. earnings as well, a Canad... (more story)
Canada Appeals Court Nixes Tax Liability Over $65M Mall Sale
A Canadian real estate company is off the hook for additional taxes stemming from a CA$89.8 million ($64.6 million) property sale, a Canadian appeals court ruled, rejecting a lower court's finding that the tra... (more story)
Trade Sanctions Body Refers More Than 40 Cases To HMRC
The trade sanctions enforcer has revealed that it has referred almost 50 cases to law enforcement agencies and regulators for possible enforcement, including criminal prosecution, over the past year as its inv... (more story)
Canadian Charity Loses Bid For Dividend Tax Refund From US
A Canadian charity cannot receive a tax refund from the Internal Revenue Service for U.S.-sourced dividend income from a unit trust because the U.S.-Canada tax treaty doesn't grant Canadian unit trusts that be... (more story)
Claims Court Halts BMW's $38M Tax Bid Over COVID Tolling
The U.S. Court of Federal Claims paused reviewing luxury automaker BMW's $38.4 million tax refund suit until an appeals court issues a decision in a similar case over the tolling of a COVID-19-era filing deadline.
States Push EU Budget Cuts As Spending, Tax Talks Ramp Up
Six European Union countries called Thursday for the bloc's long-term budget draft to be cut by several hundred billion euros from the €2 trillion ($2.33 trillion) proposed by the European Commission.
EPPO Orders Arrests In €20M AirPods VAT Fraud Scheme
The European Public Prosecutor's Office said Wednesday that five people have been arrested in Czechia on suspicion of being part of a €20 million ($23.3 million) value-added tax fraud ring involving Apple AirP... (more story)
Two former Major League Baseball stars who played for the Toronto Blue Jays need to subtract their tax-free retirement contributions from only their Canadian income and not their U.S. earnings as well, a Canad... (more story)
A Canadian real estate company is off the hook for additional taxes stemming from a CA$89.8 million ($64.6 million) property sale, a Canadian appeals court ruled, rejecting a lower court's finding that the tra... (more story)
The trade sanctions enforcer has revealed that it has referred almost 50 cases to law enforcement agencies and regulators for possible enforcement, including criminal prosecution, over the past year as its inv... (more story)
A Canadian charity cannot receive a tax refund from the Internal Revenue Service for U.S.-sourced dividend income from a unit trust because the U.S.-Canada tax treaty doesn't grant Canadian unit trusts that be... (more story)
The U.S. Court of Federal Claims paused reviewing luxury automaker BMW's $38.4 million tax refund suit until an appeals court issues a decision in a similar case over the tolling of a COVID-19-era filing deadline.
Six European Union countries called Thursday for the bloc's long-term budget draft to be cut by several hundred billion euros from the €2 trillion ($2.33 trillion) proposed by the European Commission.
The European Public Prosecutor's Office said Wednesday that five people have been arrested in Czechia on suspicion of being part of a €20 million ($23.3 million) value-added tax fraud ring involving Apple AirP... (more story)