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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.
Tractor Supply Wrongly Shifted Income, SC Court Affirms
South Carolina's tax agency did not exceed its authority when it imposed an alternative apportionment method on Tractor Supply Co. after asserting that the company and two affiliates had inappropriately shifted income to reduce state corporate tax liability, an appellate panel affirmed Wednesday.
Tax Court Won't Rethink Basis Ruling Against Partnership
A U.S. Tax Court judge said Wednesday that he won't reconsider his ruling that a company electing to be treated as a disregarded entity and attempting to pay for interest in a partnership with a promissory note from its parent can't claim a basis in the partnership.
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.
Tractor Supply Wrongly Shifted Income, SC Court Affirms
South Carolina's tax agency did not exceed its authority when it imposed an alternative apportionment method on Tractor Supply Co. after asserting that the company and two affiliates had inappropriately shifted income to reduce state corporate tax liability, an appellate panel affirmed Wednesday.
Tax Court Won't Rethink Basis Ruling Against Partnership
A U.S. Tax Court judge said Wednesday that he won't reconsider his ruling that a company electing to be treated as a disregarded entity and attempting to pay for interest in a partnership with a promissory note from its parent can't claim a basis in the partnership.
Federal More
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)
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)
The U.S. Supreme Court's recent decision upholding federal agency fines without a jury trial doesn't undermine a challenge against IRS penalties tied to a charitable tax deduction for a Louisiana conservation ... (more story)
A Maryland federal judge on Tuesday denied SCOTUSblog founder Tom Goldstein's bid for an acquittal or new trial, rejecting his claims that issues with jury instructions and excluded evidence warranted a do-ove... (more story)
European Union lawmakers voted Tuesday to approve legislation implementing the bloc's safeguard-bolstered trade deal with the U.S. founded on a series of tariff cuts, moving one step closer to implementation t... (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
Tax Chief Expects Swift EU Agreement On Carbon Levy
The Council of the European Union and the European Parliament are likely to agree on changes to carbon tax legislation within nine months, as their positions are largely aligned, the top civil servant in the E... (more story)
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)
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)
Dutch Gov't Rejects National Parcel Handling Fee
The Dutch government rejected a request from lawmakers to introduce a national handling fee for parcels and will instead rely on measures at the European Union level.
Disqualified Director Jailed For £3M Fraud, Money Laundering
A company director has been sentenced to four years in prison for diverting more than £3 million ($4 million) through an insolvency fraud and money laundering scheme, the Insolvency Service said.
The Council of the European Union and the European Parliament are likely to agree on changes to carbon tax legislation within nine months, as their positions are largely aligned, the top civil servant in the E... (more story)
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)
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)
The Dutch government rejected a request from lawmakers to introduce a national handling fee for parcels and will instead rely on measures at the European Union level.
A company director has been sentenced to four years in prison for diverting more than £3 million ($4 million) through an insolvency fraud and money laundering scheme, the Insolvency Service said.