Voters In Seven States Will Decide On Limiting State Taxes
Voters in seven states will decide Nov. 3 whether to curb state taxes, as five states have ballot measures to limit how taxes can be raised, one has a measure that would repeal a recently passed high-earner income tax and another state's ballot measure would create a fund to eventually replace all state taxes. Here, Law360 takes a look at these measures.
Sweden Set To Block EU Push To Raise Tobacco Tax Floors
Sweden is set to oppose a European Union bill that would raise minimum excise rates on tobacco products at a meeting between national finance ministers Nov. 9, an EU official told Law360 on Monday.
Virgin Islands NIIT Exemption Should Stay Intact, Court Told
A former U.S. Virgin Islands resident urged a federal court Friday not to rethink its decision holding that locals are exempt from the net investment income tax, arguing it's too late for the territory's revenue collectors to raise new arguments.
Voters In Seven States Will Decide On Limiting State Taxes
Voters in seven states will decide Nov. 3 whether to curb state taxes, as five states have ballot measures to limit how taxes can be raised, one has a measure that would repeal a recently passed high-earner income tax and another state's ballot measure would create a fund to eventually replace all state taxes. Here, Law360 takes a look at these measures.
Sweden Set To Block EU Push To Raise Tobacco Tax Floors
Sweden is set to oppose a European Union bill that would raise minimum excise rates on tobacco products at a meeting between national finance ministers Nov. 9, an EU official told Law360 on Monday.
Virgin Islands NIIT Exemption Should Stay Intact, Court Told
A former U.S. Virgin Islands resident urged a federal court Friday not to rethink its decision holding that locals are exempt from the net investment income tax, arguing it's too late for the territory's revenue collectors to raise new arguments.
Federal More
The U.S. Tax Court erred when it found a former Pennsylvania state senator responsible for losses to the state's Senate, he told the Third Circuit, arguing that the lower court incorrectly determined that exce... (more story)
While the Public Company Accounting Oversight Board recently defeated procedural and structural challenges to its enforcement program in D.C. federal court, it's unclear what claims and sanctions the PCAOB can... (more story)
The North Carolina Supreme Court agreed to take up a former state court judge's appeal challenging the state bar's authority to discipline him for alleged misconduct on the bench, which he said the Tar Heel st... (more story)
A former Willkie Farr & Gallagher LLP partner and his wife owe the U.S. more than $14.5 million in unpaid taxes, penalties and interest, according to a complaint filed in Manhattan federal court that seeks to ... (more story)
The Fifth Circuit should restore a vacated regulation that required disclosure of certain microcaptive transactions due to the risk of tax avoidance and uphold another related rule that carried a lower penalty... (more story)
The U.S. Tax Court imposed conservation easement donation requirements beyond what the law allows in evaluating a property's condition and potential mining value, a partnership told the Fourth Circuit, seeking... (more story)
In this week's Taxation With Representation, EQT Private Equity announces a takeover offer for life sciences testing company Qiagen NV, Salesforce acquires customer engagement platform Braze and London Stock E... (more story)
State & Local More
Colo. Justices Asked To Hear Challenge To Amendment 87
The man challenging the validity of signatures for a Colorado ballot initiative to raise taxes on the state's wealthiest residents appealed the dismissal of his lawsuit to the state's high court Thursday.
Colo. Graduated Tax Measure To Stay On Ballot, Judge Rules
A Colorado ballot initiative to raise taxes on the state's wealthiest residents will be on the ballot this November after a state court judge Wednesday tossed a lawsuit seeking to invalidate signatures gathere... (more story)
Chicago Mayor Pitches Return Of $25-Per-Worker Corp. Tax
The mayor of Chicago released a $17.6 billion budget plan Wednesday that includes the return of a tax on corporations for every employee at large firms, as well as increasing tax rates on sports betting and leased property.
Mastercard Owes $7.7M In Tax And Penalties, SC Panel Rules
Mastercard is liable for $7.7 million in corporate income tax and penalties because the company engaged in income-producing activity in South Carolina, a state appellate panel ruled Wednesday.
US Bank Owes SC Tax Over In-State Services, Court Says
U.S. Bank owes South Carolina about $5 million, an appeals court ruled Wednesday, finding that income-producing mortgage and credit card services related to South Carolina customers occurred within the state a... (more story)
Polymarket Calls Ohio's Gaming Enforcement Unconstitutional
Polymarket has sued Ohio officials in federal court to stave off an enforcement action under the state's gambling laws, arguing its sports event contracts are under the exclusive jurisdiction of the U.S. Commo... (more story)
Tariffs Could Be Behind Surge In FTZ Production Filings
As tariffs reshape production sourcing decisions, manufacturers are seeking foreign trade zone production authority at more than twice last year's pace, making it important to consider the potential duty and e... (more story)
The man challenging the validity of signatures for a Colorado ballot initiative to raise taxes on the state's wealthiest residents appealed the dismissal of his lawsuit to the state's high court Thursday.
A Colorado ballot initiative to raise taxes on the state's wealthiest residents will be on the ballot this November after a state court judge Wednesday tossed a lawsuit seeking to invalidate signatures gathere... (more story)
The mayor of Chicago released a $17.6 billion budget plan Wednesday that includes the return of a tax on corporations for every employee at large firms, as well as increasing tax rates on sports betting and leased property.
Mastercard is liable for $7.7 million in corporate income tax and penalties because the company engaged in income-producing activity in South Carolina, a state appellate panel ruled Wednesday.
U.S. Bank owes South Carolina about $5 million, an appeals court ruled Wednesday, finding that income-producing mortgage and credit card services related to South Carolina customers occurred within the state a... (more story)
Polymarket has sued Ohio officials in federal court to stave off an enforcement action under the state's gambling laws, arguing its sports event contracts are under the exclusive jurisdiction of the U.S. Commo... (more story)
As tariffs reshape production sourcing decisions, manufacturers are seeking foreign trade zone production authority at more than twice last year's pace, making it important to consider the potential duty and e... (more story)
International More
South Korea May Delay Crypto Tax Again, Report Says
South Korea's executive branch is looking at delaying plans to tax cryptocurrency for a fourth time, saying the U.S. government's slow-rolling of tax information exchanges has yielded a dearth of data on taxpa... (more story)
Bank Surcharge Hike Could Raise £5.8B, Think Tank Says
The U.K.'s Labour government could raise £5.8 billion ($7.7 billion) by restoring the bank surcharge to 8% in the autumn budget, a think tank said Monday.
Dems Seek GAO Review Of $166B Tariff Refund Operation
Democratic lawmakers serving in the U.S. House and Senate asked for the Government Accountability Office to evaluate Customs and Border Protection's administration of a tariff refund system designed to repay i... (more story)
5th Circ. Orders New Look At IRS' Loss On FBAR Jury Rights
A Texas federal court must revisit its 2025 ruling that the IRS violated a woman's jury-trial rights by imposing a $1 million civil penalty for failing to report foreign bank accounts, the Fifth Circuit said, ... (more story)
Wyden Questions Big 4 Execs On Int'l Tax Shelter Consulting
The Senate Finance Committee's top Democrat said Wednesday that he was launching an inquiry into whether the Big Four accounting firms — PwC, KPMG, Deloitte and EY — have helped large multinational corporation... (more story)
EU Vows VAT Tool Review As Countries Flag Fraud Risks
Experts leading negotiations at the Council of the European Union pledged that the European Commission would examine potential weaknesses of a value-added tax tool used to streamline import customs in order to... (more story)
Biz Says 50% Canadian Tariff Is Yet Another Illegal Regime
President Donald Trump's retaliatory 50% tariffs against Canadian goods are the latest in a string of illegal trade actions and should be struck down, just like two previous regimes, according to a lawsuit fil... (more story)
South Korea's executive branch is looking at delaying plans to tax cryptocurrency for a fourth time, saying the U.S. government's slow-rolling of tax information exchanges has yielded a dearth of data on taxpa... (more story)
The U.K.'s Labour government could raise £5.8 billion ($7.7 billion) by restoring the bank surcharge to 8% in the autumn budget, a think tank said Monday.
Democratic lawmakers serving in the U.S. House and Senate asked for the Government Accountability Office to evaluate Customs and Border Protection's administration of a tariff refund system designed to repay i... (more story)
A Texas federal court must revisit its 2025 ruling that the IRS violated a woman's jury-trial rights by imposing a $1 million civil penalty for failing to report foreign bank accounts, the Fifth Circuit said, ... (more story)
The Senate Finance Committee's top Democrat said Wednesday that he was launching an inquiry into whether the Big Four accounting firms — PwC, KPMG, Deloitte and EY — have helped large multinational corporation... (more story)
Experts leading negotiations at the Council of the European Union pledged that the European Commission would examine potential weaknesses of a value-added tax tool used to streamline import customs in order to... (more story)
President Donald Trump's retaliatory 50% tariffs against Canadian goods are the latest in a string of illegal trade actions and should be struck down, just like two previous regimes, according to a lawsuit fil... (more story)