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Va. Has Nation's First Electricity Tax On Data Centers
Virginia, the state with the country's largest number of data centers, enacted a budget Monday that includes a first-in-the-nation electricity tax on the centers.
2nd Circ. Revives Penalty Collection Fight In $380M Tax Case
The Second Circuit revived penalty collection challenges Monday by six companies found to owe $380 million to the IRS from participating in a tax scheme, saying an appeals officer's failure to verify that fines had been approved by a supervisor invalidated the collection process.
Petrofac Fined By HMRC For Russian Sanctions Breach
HM Revenue and Customs said Monday that a U.K. energy firm has paid a £569,000 ($753,000) penalty for breaching sanctions regulations which prohibited the export of industrial goods to Russia after its invasion of Ukraine in 2022.
Va. Has Nation's First Electricity Tax On Data Centers
Virginia, the state with the country's largest number of data centers, enacted a budget Monday that includes a first-in-the-nation electricity tax on the centers.
2nd Circ. Revives Penalty Collection Fight In $380M Tax Case
The Second Circuit revived penalty collection challenges Monday by six companies found to owe $380 million to the IRS from participating in a tax scheme, saying an appeals officer's failure to verify that fines had been approved by a supervisor invalidated the collection process.
Petrofac Fined By HMRC For Russian Sanctions Breach
HM Revenue and Customs said Monday that a U.K. energy firm has paid a £569,000 ($753,000) penalty for breaching sanctions regulations which prohibited the export of industrial goods to Russia after its invasion of Ukraine in 2022.
Federal More
Companies and investors reeling from the rapid changes resulting from February's U.S. Supreme Court ruling that the International Emergency Economic Powers Act doesn't authorize tariffs should focus on underst... (more story)
A federal judge in Seattle consolidated a pair of proposed class actions brought by Amazon customers looking to recover millions of dollars in refunds for the now-invalidated International Emergency Economic P... (more story)
Former New Jersey Attorney General Matt Platkin asserts that a lawsuit from a former CEO indicted in New Jersey's now-dismissed criminal racketeering case against South Jersey power broker George E. Norcross I... (more story)
The IRS shouldn't have disallowed more than $3.7 million in deductions claimed by a partnership on premiums paid to five captive insurance companies because the transactions had economic substance, the partner... (more story)
Cole Schotz PC announced Monday that it has hired a Day Pitney LLP attorney to bolster its capacity to advise high-net-worth individuals and other clients on tax, trust and estate matters.
A father-daughter attorney duo is asking the full Fourth Circuit to rethink their convictions in a $22 million tax avoidance scheme, arguing a U.S. Supreme Court decision that came down just two days after a p... (more story)
The president has unlimited authority to fire members of independent agencies, the U.S. Supreme Court ruled Monday in a major win for President Donald Trump's campaign against officials at the Federal Trade Co... (more story)
State & Local More
Ohio Justices OK Tax Break For Public Entity's Garage
An Ohio parking garage owned by a public authority but managed by a private entity for the city of Columbus qualifies for a property tax exemption because the authority retained control of the property, the st... (more story)
Trump Threatens 100% Tariff For EU Nations Planning DSTs
President Donald Trump threatened to impose a 100% tariff on imports entering the U.S. from countries in the European Union planning to levy new digital service taxes, according to a social media post Friday.
Taxation With Representation: Sidley, Paul Weiss, Kirkland
In this week's Taxation With Representation, Germany's Merck KGaA acquires life sciences tools supplier Bio-Techne Corp., drugmaker AbbVie buys clinical-stage biotechnology company Apogee Therapeutics, and bui... (more story)
A Tax Costly To Everyone, Sooner Or Later: SALT In Review
From Pennsylvania's move toward a gross receipts tax on digital advertisers to news of yet another Fortune 500 company leaving New Jersey, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
MTC Broadcast Rule Updates Draw No Public Input At Hearing
A Multistate Tax Commission proposal to update the intergovernmental agency's broadcasting regulation to address sourcing of revenue from streaming and internet content didn't draw any comments from the public... (more story)
Mass. Gov. Pauses New Data Center Sales Tax Breaks
Massachusetts will pause new applications for the state's sales tax exemption for data centers, Gov. Maura Healey announced Thursday, releasing a framework for energy, water and economic considerations around ... (more story)
Mich. Panel Says Detroit Schools Can't Use Tax For Bond Debt
The Detroit Public Schools Community District and its predecessor have lost a bid to continue collecting an operating tax after an emergency loan is paid off, with an appellate court panel finding state law do... (more story)
An Ohio parking garage owned by a public authority but managed by a private entity for the city of Columbus qualifies for a property tax exemption because the authority retained control of the property, the st... (more story)
President Donald Trump threatened to impose a 100% tariff on imports entering the U.S. from countries in the European Union planning to levy new digital service taxes, according to a social media post Friday.
In this week's Taxation With Representation, Germany's Merck KGaA acquires life sciences tools supplier Bio-Techne Corp., drugmaker AbbVie buys clinical-stage biotechnology company Apogee Therapeutics, and bui... (more story)
From Pennsylvania's move toward a gross receipts tax on digital advertisers to news of yet another Fortune 500 company leaving New Jersey, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
A Multistate Tax Commission proposal to update the intergovernmental agency's broadcasting regulation to address sourcing of revenue from streaming and internet content didn't draw any comments from the public... (more story)
Massachusetts will pause new applications for the state's sales tax exemption for data centers, Gov. Maura Healey announced Thursday, releasing a framework for energy, water and economic considerations around ... (more story)
The Detroit Public Schools Community District and its predecessor have lost a bid to continue collecting an operating tax after an emergency loan is paid off, with an appellate court panel finding state law do... (more story)
International More
KC In £2M Evasion Trial Sought To 'Get One Over' On HMRC
A senior barrister accused of dodging almost £2 million ($2.6 million) in tax was driven by a "sense of intellectual superiority" in a desire to "get one over" HM Revenue and Customs, a prosecutor told the trial Tuesday.
Firm Can't Shoot Down IRS Microcaptive Rules, Court Says
The IRS' reporting rules for microcaptive insurance companies aren't unreasonable, a Texas federal court said Friday, shooting down a global tax consultancy's bid to vacate them.
Treasury Wary Of Challenges After Loper Bright, Official Says
The U.S. Department of the Treasury is less likely to take regulatory positions that could be challenged partly because of the heightened litigation risk following the U.S. Supreme Court's Loper Bright ruling,... (more story)
Tax Court Tosses Meta's Interest Claim In $16B Dispute
The U.S. Tax Court said it has no jurisdiction to hear Meta's challenge to the IRS assessing interest on the company until it has decided whether a deficiency or overpayment exists in the company's underlying ... (more story)
DOJ Fraud Division To Prioritize Tax Crimes, Official Says
The new fraud enforcement division at the U.S. Department of Justice is moving to pursue tax fraud crimes aggressively, an official said Friday, saying the division is characterizing the effort as an "emergenc... (more story)
DOJ Tax Litigation Official Expects Appellate Cases To Rise
More tax cases are likely to be appealed as textualist interpretations of statutes gain in suits and litigants increasingly invoke recent U.S. Supreme Court precedent, a U.S. Department of Justice official said Friday.
Irish Watchdog Backs Infrastructure Boost To Stem Tax Flight
Ireland can encourage foreign-owned multinationals to keep their activities in the country by improving its infrastructure, thereby sheltering tax receipts, an economist at Ireland's independent fiscal watchdog said Friday.
A senior barrister accused of dodging almost £2 million ($2.6 million) in tax was driven by a "sense of intellectual superiority" in a desire to "get one over" HM Revenue and Customs, a prosecutor told the trial Tuesday.
The IRS' reporting rules for microcaptive insurance companies aren't unreasonable, a Texas federal court said Friday, shooting down a global tax consultancy's bid to vacate them.
The U.S. Department of the Treasury is less likely to take regulatory positions that could be challenged partly because of the heightened litigation risk following the U.S. Supreme Court's Loper Bright ruling,... (more story)
The U.S. Tax Court said it has no jurisdiction to hear Meta's challenge to the IRS assessing interest on the company until it has decided whether a deficiency or overpayment exists in the company's underlying ... (more story)
The new fraud enforcement division at the U.S. Department of Justice is moving to pursue tax fraud crimes aggressively, an official said Friday, saying the division is characterizing the effort as an "emergenc... (more story)
More tax cases are likely to be appealed as textualist interpretations of statutes gain in suits and litigants increasingly invoke recent U.S. Supreme Court precedent, a U.S. Department of Justice official said Friday.
Ireland can encourage foreign-owned multinationals to keep their activities in the country by improving its infrastructure, thereby sheltering tax receipts, an economist at Ireland's independent fiscal watchdog said Friday.