3rd Circ. Probes Payment Recipients In Fund's $100M Tax Row
A Third Circuit panel examined dealer-and-customer relations under accounting rules governing their transactions on Wednesday to determine whether the Internal Revenue Service was right to slap a $100 million tax bill against a Cayman Islands hedge fund for payments tied to U.S. portfolio companies.
Biz Groups Tell Texas Justices Oil For Export Not Taxable
A group representing Texas' energy sector urged the state's Supreme Court to uphold a lower court decision finding that local governments are unable to assess property tax on an oil company's stored petroleum that it claimed was for export.
UK Mansion Tax Could Spark Fights Over Valuations Near £2M
The number of disputes over property valuations could rise in England as owners seek to avoid becoming subject to a tax surcharge, known as the mansion tax, being rolled out on properties valued at more than £2 million ($2.7 million), experts say.
3rd Circ. Probes Payment Recipients In Fund's $100M Tax Row
A Third Circuit panel examined dealer-and-customer relations under accounting rules governing their transactions on Wednesday to determine whether the Internal Revenue Service was right to slap a $100 million tax bill against a Cayman Islands hedge fund for payments tied to U.S. portfolio companies.
Biz Groups Tell Texas Justices Oil For Export Not Taxable
A group representing Texas' energy sector urged the state's Supreme Court to uphold a lower court decision finding that local governments are unable to assess property tax on an oil company's stored petroleum that it claimed was for export.
UK Mansion Tax Could Spark Fights Over Valuations Near £2M
The number of disputes over property valuations could rise in England as owners seek to avoid becoming subject to a tax surcharge, known as the mansion tax, being rolled out on properties valued at more than £2 million ($2.7 million), experts say.
Federal More
Federal prosecutors "must place great weight" on a new list of factors when considering potential charges in corporate fraud cases, including whether the matters involve government programs, threats to nationa... (more story)
The Senate passed a wide-ranging bipartisan package Wednesday that would implement a slew of changes intended to improve taxpayer service, including a mandate that the agency digitize more tax returns and othe... (more story)
Three Georgia conservation easement donors asked the full Eleventh Circuit to review a panel's split decision to slash the value of an easement they donated from $18 million to $1 million, saying the decision ... (more story)
Twin brothers pled guilty to failing to report $1.3 million in income to the Internal Revenue Service, including money made from a golf tee-time brokering business they ran as a side hustle, California federal... (more story)
Regulations to continue implementing the 2025 budget reconciliation bill are among the key items the Internal Revenue Service listed as priorities for the next 12 months, including guidance that would address ... (more story)
The New York City Bar Association’s recent ethics opinion, cautioning attorneys not to record nonclient conversations with artificial intelligence tools, reflects an emerging view that AI meeting recaps are no... (more story)
Treasury Secretary Scott Bessent should pay more than $910,000 in payroll taxes as a hedge fund limited partner after the Second Circuit ruled that such partners are subject to the self-employment tax, Senate ... (more story)
State & Local More
DC Says Rail Fee Doesn't Favor Local Carriers Over Others
The Office of Attorney General for the District of Columbia has urged a federal judge to uphold its annual per-car fee on railroads against a challenge from the freight industry, arguing the charge is valid un... (more story)
What's Next For Prediction Markets If States Win At High Court
While the Supreme Court hasn't taken up a prediction market case yet, a high court win for the states in their quest to regulate the exchanges would likely mean a wave of state legislature bills and regulatory... (more story)
NYC Property Owners Say 2nd-Home Tax Is Unconstitutional
A group of New York City property owners and other parties sued the New York state government on Tuesday over its pied-à-terre tax for certain high-value second homes, alleging in state court that the tax is u... (more story)
Botched Application Costs Zipper Co. $20M Tax Break
A Georgia appeals court on Tuesday rejected a zipper maker's efforts to upend a county tax board's decision awarding it a roughly $40 million tax exemption instead of the $60 million it sought, saying the fail... (more story)
Cannabis Distributor Says Partner Denied Its $332K Stake
The manager of a Los Angeles cannabis cultivation facility seized an entire harvest without his business partner's permission, selling much of it until armed men raided the facility and took a significant port... (more story)
Kalshi Sports Contracts Aren't Financial Swaps, 6th Circ. Says
In a closely watched decision that exacerbates an existing circuit split, a Sixth Circuit panel on Friday rejected Kalshi's assertion that the sports-related transactions made on its platform should be conside... (more story)
K&L Gates Adds Townsend SALT Partner In New York
K&L Gates LLP added to its New York office a new corporate tax partner who specializes in complex tax planning and controversy, the firm announced.
The Office of Attorney General for the District of Columbia has urged a federal judge to uphold its annual per-car fee on railroads against a challenge from the freight industry, arguing the charge is valid un... (more story)
While the Supreme Court hasn't taken up a prediction market case yet, a high court win for the states in their quest to regulate the exchanges would likely mean a wave of state legislature bills and regulatory... (more story)
A group of New York City property owners and other parties sued the New York state government on Tuesday over its pied-à-terre tax for certain high-value second homes, alleging in state court that the tax is u... (more story)
A Georgia appeals court on Tuesday rejected a zipper maker's efforts to upend a county tax board's decision awarding it a roughly $40 million tax exemption instead of the $60 million it sought, saying the fail... (more story)
The manager of a Los Angeles cannabis cultivation facility seized an entire harvest without his business partner's permission, selling much of it until armed men raided the facility and took a significant port... (more story)
In a closely watched decision that exacerbates an existing circuit split, a Sixth Circuit panel on Friday rejected Kalshi's assertion that the sports-related transactions made on its platform should be conside... (more story)
K&L Gates LLP added to its New York office a new corporate tax partner who specializes in complex tax planning and controversy, the firm announced.
International More
UK Vape Excise Tax Comes Into Effect
The U.K. government's new tax on vapes went into effect Thursday in a bid to raise the cost of such products and reduce vaping among young people and nonsmokers, according to HM Revenue & Customs.
Laytons Shifts Blame In £2.6M Row Over Disputed Tax Advice
Law firm Laytons LLP has denied a claim that it cost a letting agency more than £2.6 million ($3.4 million) in tax liabilities, arguing it was never actually instructed to review offshore tax advice allegedly ... (more story)
Burnham Needs To Raise Taxes For Social Care, Group Says
The British Labour government will need to raise taxes or cut spending to fund its social care overhaul despite changes that will ease the annual state pension increases, according to a U.K. economic think tank.
Lululemon Says Shoppers Can't Claim Its Tariff Refunds
A proposed class action brought by Lululemon shoppers seeking refunds for higher prices paid due to unlawful tariffs should be rejected because the retailer hasn't yet recovered all its paid duties, the compan... (more story)
Tax Co. Urges 5th Circ. To Deny Microcaptive Rules Case Stay
A global tax services provider asked the Fifth Circuit to deny the IRS' request to stay its challenge to the agency's reporting rules for microcaptive insurance companies pending the resolution of a similar ca... (more story)
EU Prosecutors Arrest 7 In Alleged €300M Phone Scam
Seven people have been arrested as part of an investigation into a network accused of tricking consumers into buying over a million used mobile phones sold as new to pocket €300 million ($340 million), includi... (more story)
Spain Seeks Data Protection Clarity For Tax Info Exchanges
Spain is pushing for new provisions in a European Union tax law to more clearly permit international tax information transfers for reasons of public interest even when they are recurrent, according to a docume... (more story)
The U.K. government's new tax on vapes went into effect Thursday in a bid to raise the cost of such products and reduce vaping among young people and nonsmokers, according to HM Revenue & Customs.
Law firm Laytons LLP has denied a claim that it cost a letting agency more than £2.6 million ($3.4 million) in tax liabilities, arguing it was never actually instructed to review offshore tax advice allegedly ... (more story)
The British Labour government will need to raise taxes or cut spending to fund its social care overhaul despite changes that will ease the annual state pension increases, according to a U.K. economic think tank.
A proposed class action brought by Lululemon shoppers seeking refunds for higher prices paid due to unlawful tariffs should be rejected because the retailer hasn't yet recovered all its paid duties, the compan... (more story)
A global tax services provider asked the Fifth Circuit to deny the IRS' request to stay its challenge to the agency's reporting rules for microcaptive insurance companies pending the resolution of a similar ca... (more story)
Seven people have been arrested as part of an investigation into a network accused of tricking consumers into buying over a million used mobile phones sold as new to pocket €300 million ($340 million), includi... (more story)
Spain is pushing for new provisions in a European Union tax law to more clearly permit international tax information transfers for reasons of public interest even when they are recurrent, according to a docume... (more story)