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Calif. Billionaire Tax Qualifies For November Ballot
Supporters of a referendum that calls for a 5% tax to be levied once on the wealth of California billionaires have collected enough signatures to get their measure on the November ballot, California's secretary of state said.
Meta Says IRS Seeks 'Do-Over' Of Facebook Case
The IRS, in increasing Meta's income under the periodic adjustment rule for years 2017-2019, is seeking a "do-over" of the Facebook case decided in 2025, valuing the same intangibles the U.S. Tax Court already valued under a different method, Meta argued.
Mass. Top Court Blocks Income Tax Cut From Ballot
A proposal to cut Massachusetts' income tax rate from 5% to 4% over three years was blocked from the November ballot by the state's top court Thursday, which said it contained significantly misleading information.
Calif. Billionaire Tax Qualifies For November Ballot
Supporters of a referendum that calls for a 5% tax to be levied once on the wealth of California billionaires have collected enough signatures to get their measure on the November ballot, California's secretary of state said.
Meta Says IRS Seeks 'Do-Over' Of Facebook Case
The IRS, in increasing Meta's income under the periodic adjustment rule for years 2017-2019, is seeking a "do-over" of the Facebook case decided in 2025, valuing the same intangibles the U.S. Tax Court already valued under a different method, Meta argued.
Mass. Top Court Blocks Income Tax Cut From Ballot
A proposal to cut Massachusetts' income tax rate from 5% to 4% over three years was blocked from the November ballot by the state's top court Thursday, which said it contained significantly misleading information.
Federal More
The IRS released transitional guidance Thursday for tax benefits tied to opportunity zone investments, providing rules such as when to defer the tax on the capital gains, while the agency works on formal propo... (more story)
A Texas federal court’s recent decision in U.S. v. Garza, dismissing wire fraud charges arising from an alleged $1 billion tax shelter scheme, advances a broader constitutional principle that could affect sent... (more story)
The IRS urged the U.S. Tax Court to back the agency's decision to allocate drugmaker Amgen's profits from the company's Puerto Rican subsidiary, arguing that the Eighth Circuit's ruling in Medtronic's case sup... (more story)
Trump accounts, the new tax-advantaged brokerage accounts for newborns, will generally not be considered employee pension benefit plans and will not be subject to federal benefits laws, according to guidance i... (more story)
The Trump administration's recent moves to relax federal restrictions on marijuana through the administrative process will have unclear ramifications for all industry players unless Congress steps in to rewrit... (more story)
An information technology distributor has refused to pay electronic components distributor Avnet at least $27 million of tax credits and refunds, breaching a 2016 acquisition agreement between the two companie... (more story)
The Second Circuit issued a summary order Tuesday affirming the conviction of a Connecticut man who pled guilty to tax crimes, disagreeing that allegedly misleading advice from trial attorneys about the immigr... (more story)
State & Local More
Pa. Land Trust's Exemption Must Be Revisited, Court Rules
A Pennsylvania trial court must reconsider the charitable use of land owned by a trust under an analysis provided by the appellate Commonwealth Court and reevaluate whether the land is eligible for a charitabl... (more story)
Va. Budget Deal Sets 2027 Launch For Retail Cannabis
Virginia's governor and lawmakers on Tuesday announced an agreement to tax and regulate the sale of adult-use cannabis with sales beginning in July 2027.
Fla. Decouples From 2025 Fed. Law's Corporate Tax Breaks
Florida, citing what legislators identified as the negative revenue impacts of corporate tax breaks in last year's federal budget bill, will decouple from many of those breaks under legislation signed by Repub... (more story)
Building's $108M Taxable Value Too High, Minn. Justices Told
A Minnesota office building was overvalued at $108 million, its owner told the state Supreme Court, challenging the state tax court's reconciliation of competing appraisers' conclusions and other matters.
Economic Questions To Ask Amid Tariff Refund Class Actions
The U.S. Supreme Court's recent holding that the International Emergency Economic Powers Act doesn't authorize the president to impose tariffs has sparked class actions, but determining whether a retailer rece... (more story)
DC Court OKs $6M Tax Bill For Merger Property Transfer
The 2002 title transfer of a Washington, D.C., property resulting from the merger of a partnership and a limited liability company was subject to the district's real estate recordation and transfer taxes, an a... (more story)
RI Enacts $15B Budget With Phased-In Millionaires Tax
Rhode Island will create a phased-in surcharge on income over $1 million and decouple the state from some federal budget provisions under a $15.2 billion budget plan signed by the state's governor Friday.
A Pennsylvania trial court must reconsider the charitable use of land owned by a trust under an analysis provided by the appellate Commonwealth Court and reevaluate whether the land is eligible for a charitabl... (more story)
Virginia's governor and lawmakers on Tuesday announced an agreement to tax and regulate the sale of adult-use cannabis with sales beginning in July 2027.
Florida, citing what legislators identified as the negative revenue impacts of corporate tax breaks in last year's federal budget bill, will decouple from many of those breaks under legislation signed by Repub... (more story)
A Minnesota office building was overvalued at $108 million, its owner told the state Supreme Court, challenging the state tax court's reconciliation of competing appraisers' conclusions and other matters.
The U.S. Supreme Court's recent holding that the International Emergency Economic Powers Act doesn't authorize the president to impose tariffs has sparked class actions, but determining whether a retailer rece... (more story)
The 2002 title transfer of a Washington, D.C., property resulting from the merger of a partnership and a limited liability company was subject to the district's real estate recordation and transfer taxes, an a... (more story)
Rhode Island will create a phased-in surcharge on income over $1 million and decouple the state from some federal budget provisions under a $15.2 billion budget plan signed by the state's governor Friday.
International More
Securitization Cos. Can Duck EU Interest Limits, Adviser Says
Luxembourg correctly exempted securitization companies from the interest limitation rule under the European Union's anti-tax avoidance directive because they are comparable to financial undertakings that are e... (more story)
Indian Court Sides With US Gem Co. In Transfer Pricing Row
A U.S. gem grading organization didn't have a taxable permanent establishment in India, and the government cannot tax royalties that the company refunded to its Indian counterpart, the Bombay High Court said in a judgment.
Danish Financier Denied Tax Appeal For Missing Deadline
A Danish financier and his company can't appeal a decision over a tax bill of over £866,000 ($1.2 million) despite his claim that they face a 200% tax rate, a London tribunal ruled, saying he had no good reaso... (more story)
Insurance Co.'s $1.35B Tax Fight Sent To Nova Scotia Court
The Tax Court of Canada declined to hear Canadian revenue authorities' bid to include over CA$1.9 billion ($1.35 billion) worth of shares in a life insurance company's taxable capital, holding that jurisdictio... (more story)
VAT Break For Credit Management Has Limits, EU Court Says
The European Union's value-added tax exemption for managing credit doesn't apply to management services provided by an entity that granted, transferred and continued managing the credit, an EU court said Wedne... (more story)
Israeli Law Firm Has No Case Against GILTI Regs, Gov't Says
An Israeli law firm cannot challenge IRS regulations implementing the 2017 tax law's global intangible low-taxed income regime largely because any connected compliance burden is borne by its U.S. shareholder, ... (more story)
KC Defends Gardener Trust Deal In £2M Evasion Trial
A senior barrister accused of cheating the public purse out of almost £2 million ($2.7 million) argued Tuesday that his former gardener perfectly understood that an agreement to be compensated for his services... (more story)
Luxembourg correctly exempted securitization companies from the interest limitation rule under the European Union's anti-tax avoidance directive because they are comparable to financial undertakings that are e... (more story)
A U.S. gem grading organization didn't have a taxable permanent establishment in India, and the government cannot tax royalties that the company refunded to its Indian counterpart, the Bombay High Court said in a judgment.
A Danish financier and his company can't appeal a decision over a tax bill of over £866,000 ($1.2 million) despite his claim that they face a 200% tax rate, a London tribunal ruled, saying he had no good reaso... (more story)
The Tax Court of Canada declined to hear Canadian revenue authorities' bid to include over CA$1.9 billion ($1.35 billion) worth of shares in a life insurance company's taxable capital, holding that jurisdictio... (more story)
The European Union's value-added tax exemption for managing credit doesn't apply to management services provided by an entity that granted, transferred and continued managing the credit, an EU court said Wedne... (more story)
An Israeli law firm cannot challenge IRS regulations implementing the 2017 tax law's global intangible low-taxed income regime largely because any connected compliance burden is borne by its U.S. shareholder, ... (more story)
A senior barrister accused of cheating the public purse out of almost £2 million ($2.7 million) argued Tuesday that his former gardener perfectly understood that an agreement to be compensated for his services... (more story)