Colo. $2B Graduated Tax Proposal Faces Signature Challenge
A proposal to cut Colorado income tax rates for most earners, raise rates for high earners and raise $2 billion annually failed to gather the signatures needed to reach the state's November ballot, a lawsuit against state election officials charges.
Firm Partners Can't Get Employment Tax Break, 2nd Circ. Says
The Second Circuit held Thursday that $141.5 million in partnership income distributed to an investment company's principals was subject to self-employment taxes, following the Fifth Circuit's narrow interpretation for determining eligibility for a self-employment tax exemption for limited partners.
IRS Defends Regs In Meta's Fight Against $16B Tax Bill
The IRS urged the U.S. Tax Court to validate regulations that Facebook parent Meta is challenging in its fight against a nearly $16 billion tax bill, arguing that the social media giant is recycling arguments the Ninth Circuit already rejected.
Colo. $2B Graduated Tax Proposal Faces Signature Challenge
A proposal to cut Colorado income tax rates for most earners, raise rates for high earners and raise $2 billion annually failed to gather the signatures needed to reach the state's November ballot, a lawsuit against state election officials charges.
Firm Partners Can't Get Employment Tax Break, 2nd Circ. Says
The Second Circuit held Thursday that $141.5 million in partnership income distributed to an investment company's principals was subject to self-employment taxes, following the Fifth Circuit's narrow interpretation for determining eligibility for a self-employment tax exemption for limited partners.
IRS Defends Regs In Meta's Fight Against $16B Tax Bill
The IRS urged the U.S. Tax Court to validate regulations that Facebook parent Meta is challenging in its fight against a nearly $16 billion tax bill, arguing that the social media giant is recycling arguments the Ninth Circuit already rejected.
Federal More
Recent guidance that extends a safe harbor for taxpayers claiming Section 45Q carbon capture credits provides a temporary reporting method that may keep viable projects moving while the U.S. Department of the ... (more story)
A Texas federal judge dismissed two workers' claims that the Internal Revenue Service's income tax withholding regulations resulted in employers overdeducting taxes from their employees' paychecks, finding tha... (more story)
The U.S. House of Representatives approved legislation Wednesday that would enhance President Donald Trump's economic tools to pressure Russia and Iran, including new tariff authorities to impose duties on imp... (more story)
A D.C. federal judge should order the Internal Revenue Service to resume allowing its workers to access their union's website and letting the union send emails to workers, the union argued, saying the IRS' dec... (more story)
Congress would create parity between the tax treatment of digital assets and traditional financial assets, as well as institute safeguards against abuse, under a bipartisan digital asset tax framework package ... (more story)
A commercial laundry services company asked the Eleventh Circuit to reverse a Florida federal court's ruling that upheld a $184,000 payment to the IRS under the Affordable Care Act's employer shared responsibi... (more story)
The U.S. House approved proposals Tuesday that included extending tax deadlines for hostages and their spouses and expanding penalties for what are commonly known as ghost preparers as it passed four Ways and ... (more story)
State & Local More
Minn. Court Drops $22M From Wells Fargo Tower's Tax Value
A Wells Fargo office tower in Minneapolis was overvalued by $22 million by the local assessor, the Minnesota Tax Court said, looking at the sales prices of the building itself and applying calculations that it... (more story)
What To Expect From Colorado's New Artist Co. Structure
Colorado's newly established class of artist companies, or A-Corps, provides a useful structure for small-scale ventures, but challenges could arise for more complex business plans, and limitations on investor... (more story)
NY AG, CFTC Tussle Over Prediction Markets, Gambling Laws
The U.S. Commodity Futures Trading Commission on Monday asked a New York federal judge to find that the federal regulator has exclusive jurisdiction over prediction markets and put a stop to efforts by the sta... (more story)
Md. Seeks Review Of Court Ruling Scrapping Digital Ad Tax
Maryland's comptroller is appealing state tax court rulings that struck down the state's digital advertising tax, according to filings in state circuit court.
Wis. Justices Decline To Review StubHub's $8.5M Tax Bill
The Wisconsin Supreme Court declined StubHub's petition for review of an appellate court decision that found the company liable for about $8.5 million in sales tax on tickets sold through its online platform.
SF Vacancy Tax Barred By Calif. Law, Appeals Court Affirms
San Francisco's voter-approved tax on vacant residential units penalizes property owners for keeping those off the rental market and thus violates California law, a state appeals court panel ruled, upholding a trial court.
Prediction Markets Ask Justices To Settle Sports Wager Split
Crypto.com on Friday became the third party to call on the U.S. Supreme Court to address the closely-watched circuit split on prediction market regulation, challenging a Ninth Circuit decision that allowed Nev... (more story)
A Wells Fargo office tower in Minneapolis was overvalued by $22 million by the local assessor, the Minnesota Tax Court said, looking at the sales prices of the building itself and applying calculations that it... (more story)
Colorado's newly established class of artist companies, or A-Corps, provides a useful structure for small-scale ventures, but challenges could arise for more complex business plans, and limitations on investor... (more story)
The U.S. Commodity Futures Trading Commission on Monday asked a New York federal judge to find that the federal regulator has exclusive jurisdiction over prediction markets and put a stop to efforts by the sta... (more story)
Maryland's comptroller is appealing state tax court rulings that struck down the state's digital advertising tax, according to filings in state circuit court.
The Wisconsin Supreme Court declined StubHub's petition for review of an appellate court decision that found the company liable for about $8.5 million in sales tax on tickets sold through its online platform.
San Francisco's voter-approved tax on vacant residential units penalizes property owners for keeping those off the rental market and thus violates California law, a state appeals court panel ruled, upholding a trial court.
Crypto.com on Friday became the third party to call on the U.S. Supreme Court to address the closely-watched circuit split on prediction market regulation, challenging a Ninth Circuit decision that allowed Nev... (more story)
International More
Electricity Tax Rules Kept In Irish EU Reg Draft, Over Protests
The Irish government, currently leading the Council of the European Union, kept rules requiring tax rates on electricity to be no less favorable than those on natural gas in its revision of a draft EU regulati... (more story)
6 Convicted In €520M Mafia-Linked VAT Fraud Syndicate
A Milan court convicted six individuals of participating in a €520 million ($597 million) value-added tax fraud scheme involving electronics that was bankrolled by an Italian crime syndicate, the European Publ... (more story)
Next Tariff Refund Phase To Deploy Next Month, CBP Says
U.S. Customs and Border Protection's next phase for its system administering tariff refunds for duties struck down by the U.S. Supreme Court will deploy Oct. 6, according to a declaration filed Tuesday in the ... (more story)
EU States Resist Taxing Electricity No More Than Natural Gas
Many European Union member states are opposed to a draft regulation that would require them to keep tax rates on electricity no higher than on natural gas and to adopt a tax framework supporting electricity mo... (more story)
UK Minister Pledges To Protect Pensioners From Tax
Britain will shield pensioners from being hit with taxes if the state pension rises above the basic income tax threshold as projected, a minister said Tuesday.
EU Lawmakers Back Carbon Tax For Finished Steel Goods
The European Parliament voted Tuesday to approve a proposal to extend the carbon border tax to more than 450 finished goods, tightening rules for high-carbon imports into the European Union.
Trump Says He Will Remove Tariffs On Irish Whiskey
President Donald Trump said Sunday that the U.S. is planning to remove tariffs on whiskey imported from Ireland.
The Irish government, currently leading the Council of the European Union, kept rules requiring tax rates on electricity to be no less favorable than those on natural gas in its revision of a draft EU regulati... (more story)
A Milan court convicted six individuals of participating in a €520 million ($597 million) value-added tax fraud scheme involving electronics that was bankrolled by an Italian crime syndicate, the European Publ... (more story)
U.S. Customs and Border Protection's next phase for its system administering tariff refunds for duties struck down by the U.S. Supreme Court will deploy Oct. 6, according to a declaration filed Tuesday in the ... (more story)
Many European Union member states are opposed to a draft regulation that would require them to keep tax rates on electricity no higher than on natural gas and to adopt a tax framework supporting electricity mo... (more story)
Britain will shield pensioners from being hit with taxes if the state pension rises above the basic income tax threshold as projected, a minister said Tuesday.
The European Parliament voted Tuesday to approve a proposal to extend the carbon border tax to more than 450 finished goods, tightening rules for high-carbon imports into the European Union.
President Donald Trump said Sunday that the U.S. is planning to remove tariffs on whiskey imported from Ireland.