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IRS Moves To Strip Schools' Tax Exemptions Over DEI Policies
As many as 18,000 private schools that enact racially based diversity and inclusion policies could lose their federal tax exemptions under a proposed rule released by the Internal Revenue Service on Thursday.
11th Circ. OKs Refusal Of $1.5M Offer To End $140M Tax Debt
The Eleventh Circuit rebuffed a software company founder's $1.5 million offer to settle his $140 million tax debt from 1999, ruling Wednesday that the IRS properly rejected the lowball offer in a case tied to sham arrangements.
Colo. Voters To Decide On $2B Graduated Tax Plan
Colorado would adopt graduated income tax rates, cutting taxes for most residents while boosting rates for high earners, under an initiative approved for the November ballot that would raise $2 billion for healthcare, education and childcare efforts.
IRS Moves To Strip Schools' Tax Exemptions Over DEI Policies
As many as 18,000 private schools that enact racially based diversity and inclusion policies could lose their federal tax exemptions under a proposed rule released by the Internal Revenue Service on Thursday.
11th Circ. OKs Refusal Of $1.5M Offer To End $140M Tax Debt
The Eleventh Circuit rebuffed a software company founder's $1.5 million offer to settle his $140 million tax debt from 1999, ruling Wednesday that the IRS properly rejected the lowball offer in a case tied to sham arrangements.
Colo. Voters To Decide On $2B Graduated Tax Plan
Colorado would adopt graduated income tax rates, cutting taxes for most residents while boosting rates for high earners, under an initiative approved for the November ballot that would raise $2 billion for healthcare, education and childcare efforts.
Federal More
The Internal Revenue Service was wrong to disallow two conservation easement deductions worth a combined $78 million based on potential mining activity without adequately explaining why, an Alabama real estate... (more story)
The U.S. Tax Court denied Airbnb's bid to strike IRS expert witness reports from discovery proceedings in the company's challenge against a $1.3 billion tax bill, ruling Wednesday that a procedural rule govern... (more story)
A vitamin company and its owners must face a suit by the federal government seeking $1.4 million stemming from a tax lien on a former owner's 20% interest in the company, a Connecticut federal judge ruled.
U.S. Secretary of Commerce Howard Lutnick on Wednesday said the U.S. is looking to issue a broad tariff on semiconductors, though he also said it would be structured such that companies that commit to U.S. man... (more story)
Three executives who described how Siemens' digital software business integrated Mentor Graphics' operations after acquiring that electronic design automation company in 2017 seemed oblivious to the tax aspect... (more story)
An investment company accused the IRS of mistakenly inflating its 2008 short-term capital gains from certain securities investments to about $170 million from $4 million, telling the U.S. Tax Court the gains w... (more story)
The former boss of a Connecticut strip club who pled guilty to five charges after being accused of hiding $5.7 million from the IRS told a federal court he should serve no prison time since he already coughed ... (more story)
State & Local More
Neb. Justices Urged To Allow $16M Gains Exclusion For Trust
A trust set up by a former Union Pacific executive should receive a $16 million capital gains exclusion despite the shares at issue being indirectly transferred to the trust as part of a corporation, the Nebra... (more story)
NJ Urges Justices To Resolve Kalshi Sports Betting Split
New Jersey regulators on Wednesday asked the U.S. Supreme Court to address the newly emerged circuit split around prediction market regulation, filing a long-awaited petition that challenged a Third Circuit de... (more story)
Fla. Defends Airline Tax Method Targeted By JetBlue
A Florida state court was right to reject JetBlue's challenges to the state's method for apportionment of airline income, including receipts from flights over offshore areas, the state Department of Revenue to... (more story)
Biz Groups Ask Texas Justices To Bar Tax On Stored Oil
If the Texas Supreme Court rules that counties can levy personal property tax on oil slated for export, the decision could be damaging to the state's economy and a boon for other states, the U.S. Chamber of Co... (more story)
Temporary Tariffs Exceeded Trump's Power, Fed. Circ. Told
President Donald Trump illegally based his temporary tariffs on the misapplication of a law allowing the president to address balance-of-payment deficits, two businesses told the Federal Circuit, pushing the c... (more story)
NY Tax Talk: Evaluating The Sales Tax Vendor Relief Program
New York state’s new penalty abatement and interest discount program, recently enacted alongside mandated sales tax vendor reregistration, may be most useful for vendors that recently lost a protest or have no... (more story)
States Ask Fed. Circ. To Revive Their Temporary Tariff Claims
Two dozen states pushed the Federal Circuit on Monday to revive their specific claims against now-expired temporary tariffs while simultaneously pushing the panel to otherwise back the U.S. Court of Internatio... (more story)
A trust set up by a former Union Pacific executive should receive a $16 million capital gains exclusion despite the shares at issue being indirectly transferred to the trust as part of a corporation, the Nebra... (more story)
New Jersey regulators on Wednesday asked the U.S. Supreme Court to address the newly emerged circuit split around prediction market regulation, filing a long-awaited petition that challenged a Third Circuit de... (more story)
A Florida state court was right to reject JetBlue's challenges to the state's method for apportionment of airline income, including receipts from flights over offshore areas, the state Department of Revenue to... (more story)
If the Texas Supreme Court rules that counties can levy personal property tax on oil slated for export, the decision could be damaging to the state's economy and a boon for other states, the U.S. Chamber of Co... (more story)
President Donald Trump illegally based his temporary tariffs on the misapplication of a law allowing the president to address balance-of-payment deficits, two businesses told the Federal Circuit, pushing the c... (more story)
New York state’s new penalty abatement and interest discount program, recently enacted alongside mandated sales tax vendor reregistration, may be most useful for vendors that recently lost a protest or have no... (more story)
Two dozen states pushed the Federal Circuit on Monday to revive their specific claims against now-expired temporary tariffs while simultaneously pushing the panel to otherwise back the U.S. Court of Internatio... (more story)
International More
Canadian Group Can't Blend Insurance Businesses' Income
A fraternal benefit society cannot blend its life insurance and accident insurance businesses for tax purposes, Canada's Federal Court of Appeal said, setting aside a lower court's decision.
Firm Must Give Client Docs To Tax Agency, Canada Court Says
A Toronto-based accounting firm must hand over client information to the Canada Revenue Agency, a Canadian appeals court ruled, holding that a lower court erred in giving the firm "a second kick at the can" in... (more story)
EU Council OKs Bloc Customs Modernization Program
A suite of changes aimed at modernizing the European Union's customs administration to help it handle the e-commerce boom is on the precipice of implementation after the Council of the EU approved them Thursda... (more story)
EU Moves To Ease Armenia Tariffs After Russian Restrictions
The European Parliament's International Trade Committee on Thursday advanced a measure that would remove ad valorem duties on a swath of Armenian products to provide aid to the country in the wake of Russian t... (more story)
German Gov't Backs €10B Tax Break, 'Super-Rich Tax'
Germany's cabinet approved a bill Wednesday that would provide €10 billion ($11.6 billion) in tax relief to low- and middle-income taxpayers, partly funded by adding a 47% top rate for individuals that's been ... (more story)
EU Tax Overhaul Isn't Green Light for Evasion, Official Says
Proposals for European Union tax changes designed to support businesses in the region do not mean the bloc has abandoned its fight against tax evasion, a European Commission official said Wednesday.
OECD Official Presses For EU Biz Tax Regime To Go Further
A European Union proposal to improve the business climate in the bloc could be more effective if it included additional provisions related to research and development and loss-offset rules, a senior figure in ... (more story)
A fraternal benefit society cannot blend its life insurance and accident insurance businesses for tax purposes, Canada's Federal Court of Appeal said, setting aside a lower court's decision.
A Toronto-based accounting firm must hand over client information to the Canada Revenue Agency, a Canadian appeals court ruled, holding that a lower court erred in giving the firm "a second kick at the can" in... (more story)
A suite of changes aimed at modernizing the European Union's customs administration to help it handle the e-commerce boom is on the precipice of implementation after the Council of the EU approved them Thursda... (more story)
The European Parliament's International Trade Committee on Thursday advanced a measure that would remove ad valorem duties on a swath of Armenian products to provide aid to the country in the wake of Russian t... (more story)
Germany's cabinet approved a bill Wednesday that would provide €10 billion ($11.6 billion) in tax relief to low- and middle-income taxpayers, partly funded by adding a 47% top rate for individuals that's been ... (more story)
Proposals for European Union tax changes designed to support businesses in the region do not mean the bloc has abandoned its fight against tax evasion, a European Commission official said Wednesday.
A European Union proposal to improve the business climate in the bloc could be more effective if it included additional provisions related to research and development and loss-offset rules, a senior figure in ... (more story)