3rd Circ. Affirms NJ Man's $40M Conviction For Tax Fraud
A jury was right to convict a New Jersey man who made $40 million from filing false tax returns in a countrywide securities fraud scheme, the Third Circuit found in upholding the conviction, saying his arguments were not compelling enough to reverse the guilty verdict.
UK Oil Co. Can Avoid £167M Tax Assessment, Tribunal Says
A U.K. oil company isn't liable for a £167 million ($221 million) increase to its taxable profits because for tax purposes it shouldn't be treated as having acquired an oil-related business following an intra-group transfer, according to an Upper Tribunal decision published Tuesday.
Minn. Business Groups Decry House Bill For Wealth Tax
Minnesota business leaders urged a House panel Tuesday to reject legislation for an annual tax on personal assets beyond $10 million, along with another bill to expand the state tax in investment income.
3rd Circ. Affirms NJ Man's $40M Conviction For Tax Fraud
A jury was right to convict a New Jersey man who made $40 million from filing false tax returns in a countrywide securities fraud scheme, the Third Circuit found in upholding the conviction, saying his arguments were not compelling enough to reverse the guilty verdict.
UK Oil Co. Can Avoid £167M Tax Assessment, Tribunal Says
A U.K. oil company isn't liable for a £167 million ($221 million) increase to its taxable profits because for tax purposes it shouldn't be treated as having acquired an oil-related business following an intra-group transfer, according to an Upper Tribunal decision published Tuesday.
Minn. Business Groups Decry House Bill For Wealth Tax
Minnesota business leaders urged a House panel Tuesday to reject legislation for an annual tax on personal assets beyond $10 million, along with another bill to expand the state tax in investment income.
Federal More
A partnership asked the U.S. Tax Court to reconsider its finding that a company contributing a promissory note for a stake in the partnership had zero basis in the note, saying basis must be determined when a ... (more story)
West Virginia Sen. Jim Justice and his wife challenged a $3.6 million tax penalty for claiming what the Internal Revenue Service said was an erroneous refund for $18 million, telling the U.S. Tax Court they we... (more story)
A dual U.S.-German citizen urged a Florida federal court to reject a magistrate judge's recommendation to uphold a nearly $20 million tax judgment for undisclosed foreign bank account information, contending t... (more story)
A hedge fund manager challenging the denial of a $1.9 million tax refund related to his private jet told the Eleventh Circuit that the federal government is wrongly parroting a lower court's unreasonable appro... (more story)
An energy investment firm urged the First Circuit to disregard a 2009 Federal Circuit decision barring individual partners from seeking refunds of a partnership's income taxes, arguing the opinion has no beari... (more story)
The Bank of New York Mellon Corp. will be the federal government's financial agent in helping implement the new tax-advantaged brokerage accounts for children called Trump accounts, the U.S. Treasury Department said Monday.
My audit of 1,522 court documents from last month found that over 95% contained at least one verifiable error, with fewer than 1% showing clear indicators of artificial intelligence use — highlighting above al... (more story)
State & Local More
AT&T Owes Mo. Local Tax On Some Services, Panel Finds
AT&T was obligated to pay gross receipts tax on its prepaid wireless services, but not on receipts from other sales, under the terms of a class action settlement agreement with Missouri cities, a state appeals... (more story)
Wash. Activist Seeks To Force Vote On 'Millionaire Tax'
A conservative activist urged Washington's highest court to allow voters to weigh in on a newly enacted state income tax on earnings above $1 million, seeking to challenge the secretary of state's position tha... (more story)
Mich. Justices Turn Down Disney's Escheat Timing Case
The Michigan Supreme Court will not consider a request by Disney to review an appellate court ruling that said unclaimed property audit determinations create new legal obligations for holders that trigger a se... (more story)
COST Urges Miss. Justices To Undo AT&T Valuation Ruling
The Mississippi Supreme Court should strike down a trial court decision allowing a county assessor to appraise AT&T's and T-Mobile's broadband equipment using estimated values, the Council on State Taxation sa... (more story)
IRS Lays Out Opportunity Zone Nominating Guidelines
The Internal Revenue Service released guidance Monday describing the nomination process and eligibility requirements for designated qualified opportunity zones and identifying a list of qualifying areas.
Colo. Justices OK High-Earner Tax Ballot Plan
A Colorado proposal to create a graduated income tax and raise rates on high earners, projected to bring in $2 billion annually, took a step closer to the November ballot as the state Supreme Court rejected ef... (more story)
Tax Slashes, DA Oversight Bills Mark End Of Ga. Session
A Republican-driven rollback to Georgia income taxes that could extend through the better part of the next decade capped off the state's 2026 legislative session Thursday, as lawmakers avoided the bitter fight... (more story)
AT&T was obligated to pay gross receipts tax on its prepaid wireless services, but not on receipts from other sales, under the terms of a class action settlement agreement with Missouri cities, a state appeals... (more story)
A conservative activist urged Washington's highest court to allow voters to weigh in on a newly enacted state income tax on earnings above $1 million, seeking to challenge the secretary of state's position tha... (more story)
The Michigan Supreme Court will not consider a request by Disney to review an appellate court ruling that said unclaimed property audit determinations create new legal obligations for holders that trigger a se... (more story)
The Mississippi Supreme Court should strike down a trial court decision allowing a county assessor to appraise AT&T's and T-Mobile's broadband equipment using estimated values, the Council on State Taxation sa... (more story)
The Internal Revenue Service released guidance Monday describing the nomination process and eligibility requirements for designated qualified opportunity zones and identifying a list of qualifying areas.
A Colorado proposal to create a graduated income tax and raise rates on high earners, projected to bring in $2 billion annually, took a step closer to the November ballot as the state Supreme Court rejected ef... (more story)
A Republican-driven rollback to Georgia income taxes that could extend through the better part of the next decade capped off the state's 2026 legislative session Thursday, as lawmakers avoided the bitter fight... (more story)
International More
HMRC Clarifies Tax Relief For Investors Moving To UK
Individuals who moved to the U.K. in recent years have until the end of January 2028 to file for tax relief under the foreign income and capital gains regime, Britain's tax authority said in new guidance Tuesday.
HMRC Kicks Off Tax Fraud Whistleblower Reward Program
New rules have come into force enabling the U.K. tax authority to make significant reward payouts to whistleblowers who report large-scale fraud that leads enforcers to claw back £1.5 million ($2 million) or m... (more story)
Chewy Investor Settles Suit Against BC Partners For $29.5M
A Chewy Inc. investor has brokered a $29.5 million deal with BC Partners that, if finalized, would settle the investor's derivative suit that alleged BC Partners saddled Chewy investors with potential tax liab... (more story)
Germany, Italy Ask EU For Windfall Tax On Energy Companies
Germany, Italy, Spain, Austria and Portugal have asked the European Union to create a windfall profits tax on energy companies so governments can finance relief for spiking oil prices fueled by the U.S. and Is... (more story)
Activewear Co. Fabletics Sued Again For Tariff Refunds
Fabletics, the activewear company cofounded by actress Kate Hudson, was hit with a proposed class action in California federal court Friday alleging it is improperly pocketing tariff surcharges from customers ... (more story)
Int'l Tax In March: Tariff Refunds Coming Amid New Disputes
Tariffs dominated the headlines in March, with the process for refunding those illegally imposed under the International Emergency Economic Powers Act being set up — and customers demanding their cut from busi... (more story)
Iran War's Trade Fallout Likely To Spread Beyond Oil, Fertilizer
The war in Iran has already shocked oil and gas prices worldwide and stakeholders expect further U.S. trade consequences related to the conflict including supply chain constraints, cost increases across a vari... (more story)
Individuals who moved to the U.K. in recent years have until the end of January 2028 to file for tax relief under the foreign income and capital gains regime, Britain's tax authority said in new guidance Tuesday.
New rules have come into force enabling the U.K. tax authority to make significant reward payouts to whistleblowers who report large-scale fraud that leads enforcers to claw back £1.5 million ($2 million) or m... (more story)
A Chewy Inc. investor has brokered a $29.5 million deal with BC Partners that, if finalized, would settle the investor's derivative suit that alleged BC Partners saddled Chewy investors with potential tax liab... (more story)
Germany, Italy, Spain, Austria and Portugal have asked the European Union to create a windfall profits tax on energy companies so governments can finance relief for spiking oil prices fueled by the U.S. and Is... (more story)
Fabletics, the activewear company cofounded by actress Kate Hudson, was hit with a proposed class action in California federal court Friday alleging it is improperly pocketing tariff surcharges from customers ... (more story)
Tariffs dominated the headlines in March, with the process for refunding those illegally imposed under the International Emergency Economic Powers Act being set up — and customers demanding their cut from busi... (more story)
The war in Iran has already shocked oil and gas prices worldwide and stakeholders expect further U.S. trade consequences related to the conflict including supply chain constraints, cost increases across a vari... (more story)