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IRS Mulling Digital Asset Disclosure Program, Official Says
The Internal Revenue Service is weighing whether to create a stand-alone voluntary disclosure practice for digital assets, the head of the agency's criminal investigation unit said Friday.
11th Circ. Judges Question Coke's View Of IRS As Arbitrary
Judges for the Eleventh Circuit probed attorneys for Coca-Cola and the government Thursday about whether the IRS was arbitrary in abandoning its position in a closing agreement the beverage company had relied on for decades to calculate its transfer prices with related foreign suppliers.
Ky. Justices Say City Groups Can't Pursue Airbnb Taxes
An organization that represents several municipalities in Kentucky doesn't have standing to seek a declaratory judgment that Airbnb is subject to local transient room taxes, the state Supreme Court said Thursday, reversing a lower court.
IRS Mulling Digital Asset Disclosure Program, Official Says
The Internal Revenue Service is weighing whether to create a stand-alone voluntary disclosure practice for digital assets, the head of the agency's criminal investigation unit said Friday.
11th Circ. Judges Question Coke's View Of IRS As Arbitrary
Judges for the Eleventh Circuit probed attorneys for Coca-Cola and the government Thursday about whether the IRS was arbitrary in abandoning its position in a closing agreement the beverage company had relied on for decades to calculate its transfer prices with related foreign suppliers.
Ky. Justices Say City Groups Can't Pursue Airbnb Taxes
An organization that represents several municipalities in Kentucky doesn't have standing to seek a declaratory judgment that Airbnb is subject to local transient room taxes, the state Supreme Court said Thursday, reversing a lower court.
Federal More
President Donald Trump threatened to impose a 100% tariff on imports entering the U.S. from countries in the European Union planning to levy new digital service taxes, according to a social media post Friday.
The U.S. Tax Court said it has no jurisdiction to hear Meta's challenge to the IRS assessing interest on the company until it has decided whether a deficiency or overpayment exists in the company's underlying ... (more story)
In this week's Taxation With Representation, Germany's Merck KGaA acquires life sciences tools supplier Bio-Techne Corp., drugmaker AbbVie buys clinical-stage biotechnology company Apogee Therapeutics, and bui... (more story)
The new fraud enforcement division at the U.S. Department of Justice is moving to pursue tax fraud crimes aggressively, an official said Friday, saying the division is characterizing the effort as an "emergenc... (more story)
More tax cases are likely to be appealed as textualist interpretations of statutes gain in suits and litigants increasingly invoke recent U.S. Supreme Court precedent, a U.S. Department of Justice official said Friday.
Convicted SCOTUSblog founder Tom Goldstein and federal prosecutors are clashing again over their dramatically divergent sentencing recommendations, with the defense accusing the government of presenting a "one... (more story)
A North Carolina woman who owned a tax return preparation business will be ordered to pay just under $13.9 million after she pled guilty to conspiring to prepare false tax returns, according to a press release... (more story)
State & Local More
Ohio Justices OK Tax Break For Public Entity's Garage
An Ohio parking garage owned by a public authority but managed by a private entity for the city of Columbus qualifies for a property tax exemption because the authority retained control of the property, the st... (more story)
Pa. Senate OKs Tax Omnibus Bill Minus Digital Ad Tax
Pennsylvania lawmakers passed a tax omnibus bill that doesn't include a gross receipts tax on digital advertising revenue but gets rid of a sales tax exemption for data centers and a tax on electricity under a... (more story)
A Tax Costly To Everyone, Sooner Or Later: SALT In Review
From Pennsylvania's move toward a gross receipts tax on digital advertisers to news of yet another Fortune 500 company leaving New Jersey, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
MTC Broadcast Rule Updates Draw No Public Input At Hearing
A Multistate Tax Commission proposal to update the intergovernmental agency's broadcasting regulation to address sourcing of revenue from streaming and internet content didn't draw any comments from the public... (more story)
Mass. Gov. Pauses New Data Center Sales Tax Breaks
Massachusetts will pause new applications for the state's sales tax exemption for data centers, Gov. Maura Healey announced Thursday, releasing a framework for energy, water and economic considerations around ... (more story)
Mich. Panel Says Detroit Schools Can't Use Tax For Bond Debt
The Detroit Public Schools Community District and its predecessor have lost a bid to continue collecting an operating tax after an emergency loan is paid off, with an appellate court panel finding state law do... (more story)
Kentucky Is Latest State To Catch CFTC Prediction Market Suit
The Commodity Futures Trading Commission has hit back against Kentucky regulators with a suit defending its jurisdiction over event contracts, after the state brought enforcement actions against several predic... (more story)
An Ohio parking garage owned by a public authority but managed by a private entity for the city of Columbus qualifies for a property tax exemption because the authority retained control of the property, the st... (more story)
Pennsylvania lawmakers passed a tax omnibus bill that doesn't include a gross receipts tax on digital advertising revenue but gets rid of a sales tax exemption for data centers and a tax on electricity under a... (more story)
From Pennsylvania's move toward a gross receipts tax on digital advertisers to news of yet another Fortune 500 company leaving New Jersey, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
A Multistate Tax Commission proposal to update the intergovernmental agency's broadcasting regulation to address sourcing of revenue from streaming and internet content didn't draw any comments from the public... (more story)
Massachusetts will pause new applications for the state's sales tax exemption for data centers, Gov. Maura Healey announced Thursday, releasing a framework for energy, water and economic considerations around ... (more story)
The Detroit Public Schools Community District and its predecessor have lost a bid to continue collecting an operating tax after an emergency loan is paid off, with an appellate court panel finding state law do... (more story)
The Commodity Futures Trading Commission has hit back against Kentucky regulators with a suit defending its jurisdiction over event contracts, after the state brought enforcement actions against several predic... (more story)
International More
Irish Watchdog Backs Infrastructure Boost To Stem Tax Flight
Ireland can encourage foreign-owned multinationals to keep their activities in the country by improving its infrastructure, thereby sheltering tax receipts, an economist at Ireland's independent fiscal watchdog said Friday.
Burnham Adviser Says He Should Steer Clear Of Wealth Tax
Labour leadership contender Andy Burnham should not support wealth taxes, including a hike in the capital gains tax, because such measures don't raise a significant amount of money, one of his advisers said.
Trade Group Calls For Pension Tax Breaks Tied To Investment
Members of pension plans should receive billions of pounds in government tax relief only if more of their retirement savings are invested in U.K. companies to revive economic growth, a trade group has said.
IRS 'Embracing' AI For Fraud Checks, Agency Official Says
The IRS is "embracing" artificial intelligence to help with taxpayer compliance, such as using the technology to detect patterns and identify fraud, while at the same time working with guardrails to protect pr... (more story)
EU Implements US Trade Deal, With Safeguards
The European Union granted final approval Thursday to its modified version of a trade deal with the U.S. that will cut tariff rates on U.S. goods, albeit with guardrails.
Gibraltar Tax Probe Can't Be Challenged Yet, EU Adviser Says
A baby formula manufacturer cannot yet challenge a European Commission investigation into whether Gibraltar's government granted the business illegal tax advantages, a senior adviser at the European Court of J... (more story)
Footwear Brand Owner Asks To Abate $378K Tax Penalty
The Canadian owner of a footwear brand asked a Nevada federal court to abate a $378,000 penalty for failing to pay employment taxes, arguing that he was prevented from paying by a since-delicensed lender withh... (more story)
Ireland can encourage foreign-owned multinationals to keep their activities in the country by improving its infrastructure, thereby sheltering tax receipts, an economist at Ireland's independent fiscal watchdog said Friday.
Labour leadership contender Andy Burnham should not support wealth taxes, including a hike in the capital gains tax, because such measures don't raise a significant amount of money, one of his advisers said.
Members of pension plans should receive billions of pounds in government tax relief only if more of their retirement savings are invested in U.K. companies to revive economic growth, a trade group has said.
The IRS is "embracing" artificial intelligence to help with taxpayer compliance, such as using the technology to detect patterns and identify fraud, while at the same time working with guardrails to protect pr... (more story)
The European Union granted final approval Thursday to its modified version of a trade deal with the U.S. that will cut tariff rates on U.S. goods, albeit with guardrails.
A baby formula manufacturer cannot yet challenge a European Commission investigation into whether Gibraltar's government granted the business illegal tax advantages, a senior adviser at the European Court of J... (more story)
The Canadian owner of a footwear brand asked a Nevada federal court to abate a $378,000 penalty for failing to pay employment taxes, arguing that he was prevented from paying by a since-delicensed lender withh... (more story)