NYC Must Redo Rollout Of 2nd-Home Tax, Judge Says
New York City must restart the rollout of its tax on high-value second homes because the city's tax agency relied on incomplete data when initially determining whether properties were primary residences that were exempt from the tax, a state court judge ruled Tuesday.
Tax Court Eschews IRS' Math In Facebook Royalty Dispute
The U.S. Tax Court rejected the IRS' proposed flat-rate royalty calculation for Facebook's deal with an Irish affiliate to develop intangibles, holding Tuesday that the rate should vary across asset categories and change over time to reflect underlying economic factors.
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Credit Union Fights NJ Taxes On Property Transfers
A New Jersey credit union challenged the state tax agency's determination that it owed a realty transfer fee and mansion tax on its sale of a property, arguing that federally chartered credit unions are exempt from the levies under federal and state law.
NYC Must Redo Rollout Of 2nd-Home Tax, Judge Says
New York City must restart the rollout of its tax on high-value second homes because the city's tax agency relied on incomplete data when initially determining whether properties were primary residences that were exempt from the tax, a state court judge ruled Tuesday.
Tax Court Eschews IRS' Math In Facebook Royalty Dispute
The U.S. Tax Court rejected the IRS' proposed flat-rate royalty calculation for Facebook's deal with an Irish affiliate to develop intangibles, holding Tuesday that the rate should vary across asset categories and change over time to reflect underlying economic factors.
Credit Union Fights NJ Taxes On Property Transfers
A New Jersey credit union challenged the state tax agency's determination that it owed a realty transfer fee and mansion tax on its sale of a property, arguing that federally chartered credit unions are exempt from the levies under federal and state law.
Federal More
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)
The Internal Revenue Service released a guidance package Tuesday for tax-advantaged brokerage accounts for children, known as Trump Accounts, including temporary rules on how to establish one.
A Texas-based business consulting firm urged the Fifth Circuit's full bench to review a panel's revised opinion that narrowed a tax break for limited partners, arguing it eliminated a clear test for determinin... (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)
An Eleventh Circuit panel refused Tuesday to pause a district court's sanctions order barring President Donald Trump and others from citing the agreement he made to settle his $10 billion suit against the Inte... (more story)
New strategies using exchange-traded funds may be abusing the tax benefits of these legitimate investment vehicles holding various securities, the IRS said Monday, asking for public feedback on future enforcem... (more story)
The First Circuit should vacate a Rhode Island federal court's $3.3 million tax judgment against the first "Survivor" winner, he told the appeals court, saying a senior U.S. district judge improperly refused t... (more story)
State & Local More
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.
Taxation With Representation: Kirkland, Latham, McDermott
In this week's Taxation With Representation, Royal Caribbean invests billions in a joint venture with Sandals, Telix Pharmaceuticals buys ITM Isotope Technologies Munich, and Priority Technology makes a go-pri... (more story)
Emergency Election For Calif. Tax Is Valid, Panel Affirms
A California county lawfully used a rarely tested constitutional measure to put a sales tax question on an early ballot after the county said it needed to do so because of a fiscal emergency, a state appellate panel affirmed.
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.
In this week's Taxation With Representation, Royal Caribbean invests billions in a joint venture with Sandals, Telix Pharmaceuticals buys ITM Isotope Technologies Munich, and Priority Technology makes a go-pri... (more story)
A California county lawfully used a rarely tested constitutional measure to put a sales tax question on an early ballot after the county said it needed to do so because of a fiscal emergency, a state appellate panel affirmed.
International More
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)
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)
Creditor Has Priority Over Co.'s Tax Refunds, Court Says
An Australian coal mining company's secured creditor has first priority over a chunk of about AU$7.5 million ($5.3 million) in contested tax refunds compared with a company that purchased the refunds, the Supr... (more story)
High Court Ruling Requires FBAR Case Redo, 5th Circ. Told
The U.S. government asked the Fifth Circuit to vacate and remand a Texas federal court's decision that struck down the IRS' $1 million penalty assessment over a woman's undisclosed foreign bank accounts, sayin... (more story)
2 Men Deny Role In Alleged Tax Avoidance Scheme
Two men accused of defrauding the government by running a tax-avoidance scheme pled not guilty on Monday, with a trial due to be held in spring 2027.
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)
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)
An Australian coal mining company's secured creditor has first priority over a chunk of about AU$7.5 million ($5.3 million) in contested tax refunds compared with a company that purchased the refunds, the Supr... (more story)
The U.S. government asked the Fifth Circuit to vacate and remand a Texas federal court's decision that struck down the IRS' $1 million penalty assessment over a woman's undisclosed foreign bank accounts, sayin... (more story)
Two men accused of defrauding the government by running a tax-avoidance scheme pled not guilty on Monday, with a trial due to be held in spring 2027.