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NYC 2nd Home Tax Raises Residency, Co-Op Value Questions
A tax on high-value second homes in New York City slated to take effect in the coming months could lead to disputes over whether such a property qualifies as a primary residence and how the value of a cooperative is determined.
Texas Instruments Defends Deductions For Exercised Options
Texas Instruments challenged total deficiencies of $47.9 million for 2018 and 2019, much of it from the IRS' disallowance of deductions for deferred compensation, such as exercised stock options, under an approach consistent with a 2022 agency advice memorandum.
EU Court Upholds Denial Of Late VAT Correction
European Union law on value-added tax does not prevent member states from restricting VAT corrections after the closure of an audit period, an EU court said Wednesday, provided that the taxpayer had a reasonable opportunity to correct the submission before the deadline.
NYC 2nd Home Tax Raises Residency, Co-Op Value Questions
A tax on high-value second homes in New York City slated to take effect in the coming months could lead to disputes over whether such a property qualifies as a primary residence and how the value of a cooperative is determined.
Texas Instruments Defends Deductions For Exercised Options
Texas Instruments challenged total deficiencies of $47.9 million for 2018 and 2019, much of it from the IRS' disallowance of deductions for deferred compensation, such as exercised stock options, under an approach consistent with a 2022 agency advice memorandum.
EU Court Upholds Denial Of Late VAT Correction
European Union law on value-added tax does not prevent member states from restricting VAT corrections after the closure of an audit period, an EU court said Wednesday, provided that the taxpayer had a reasonable opportunity to correct the submission before the deadline.
Federal More
Senate Democrats questioned Treasury Secretary Scott Bessent on Wednesday about details of a settlement that included a since-dropped plan for a $1.8 billion fund that could have been used to pay off Jan. 6 de... (more story)
Former Purdue Pharma LP President Richard Sackler has appealed a Connecticut probate court decision favoring his son David Sackler in a dispute over his mother Beverly Sackler's estate, saying a judge ignored ... (more story)
The associates who navigate law firm mergers best ask the right questions early, such as inquiring about partners' plans, to assess how the merger could affect their workflow and career path, says Jackie Bokse... (more story)
The U.S. Department of Justice seemed, at least briefly, to support a Republican senator's alternative solution to the "anti-weaponization" $1.8 billion fund that acting Attorney General Todd Blanche said Tues... (more story)
Sixty economies are facing added tariffs of either 10% or 12.5% on their exports to the U.S. following investigations by the U.S. Trade Representative's Office into countries' protections against the importing... (more story)
A Texan who led an $8.5 million tax scheme involving trusts was sentenced to more than seven years in prison, making him the last defendant to be sentenced in a family-run operation, according to the U.S. Depa... (more story)
The Office of the U.S. Trade Representative announced what it is calling a government-to-government mechanism that will manage bilateral trade between the U.S. and China, including by considering tariff cuts, ... (more story)
State & Local More
Minn. Justices OK Liquor Retailer's 6-Year Sales Tax Bill
Minnesota's revenue commissioner properly applied the statute of limitations when hitting a liquor retailer with a $639,000 assessment for substantial underreporting of sales over six years, the state's Suprem... (more story)
Ex-NRA Chief LaPierre Loses Appeal Of $4.4M Fine, Ban
A New York state appellate panel upheld a Manhattan jury verdict against former National Rifle Association chief Wayne LaPierre for alleged misconduct, including $4.4 million in monetary damages and a ban on h... (more story)
'Tax 1st, Plan 2nd' School Funding Fee Unlawful, Panel Told
Counsel for two certified classes of residents and homeowners told a North Carolina state appeals court Tuesday that they should be handed a new jury trial, as a county neglected state statute when it extracte... (more story)
Mo. Appeals Court Fast-Tracks Tax Phaseout Plan Challenges
A Missouri appeals court said it will quickly hear arguments on a ballot measure slated for August to phase out Missouri's income tax in favor of broader sales taxes following a circuit court's rejection of ch... (more story)
2 'Rocket Dockets' And The Rules That Propel Them
The fastest civil trial courts in the country are currently in the Eastern District of Virginia and the Southern District of Florida, and their chief judges provide insights into the court rules that keep them... (more story)
Fla. Seeks Voter Approval Of Homestead Exemption Increase
Florida would increase the amount of its homestead tax exemption and aim to fully exempt homesteads under a resolution passed by the state Legislature on Tuesday that will have a proposed constitutional amendm... (more story)
Fennemore Craig Builds Calif. Presence With Boutique Tie-Up
Fennemore Craig PC has launched its 24th office with the addition of a 15-person team of attorneys and legal professionals from Northern California boutique Reynolds Law LLP.
Minnesota's revenue commissioner properly applied the statute of limitations when hitting a liquor retailer with a $639,000 assessment for substantial underreporting of sales over six years, the state's Suprem... (more story)
A New York state appellate panel upheld a Manhattan jury verdict against former National Rifle Association chief Wayne LaPierre for alleged misconduct, including $4.4 million in monetary damages and a ban on h... (more story)
Counsel for two certified classes of residents and homeowners told a North Carolina state appeals court Tuesday that they should be handed a new jury trial, as a county neglected state statute when it extracte... (more story)
A Missouri appeals court said it will quickly hear arguments on a ballot measure slated for August to phase out Missouri's income tax in favor of broader sales taxes following a circuit court's rejection of ch... (more story)
The fastest civil trial courts in the country are currently in the Eastern District of Virginia and the Southern District of Florida, and their chief judges provide insights into the court rules that keep them... (more story)
Florida would increase the amount of its homestead tax exemption and aim to fully exempt homesteads under a resolution passed by the state Legislature on Tuesday that will have a proposed constitutional amendm... (more story)
Fennemore Craig PC has launched its 24th office with the addition of a 15-person team of attorneys and legal professionals from Northern California boutique Reynolds Law LLP.
International More
UK Adults Unaware Of Inheritance Tax Relief, Insurer Says
Almost three-quarters of British adults don't know that certain gifts are exempt from inheritance tax as the fiscal rules for estates and pensions are set to change in April 2027, according to research published Wednesday.
Brazil Facing 25% US Tariff Over IP, Other 'Unfair Practices'
The U.S. Trade Representative proposed hitting Brazil with a broad 25% tariff following a trade investigation that it says uncovered a slew of "unfair practices that imposed burdens on American businesses," in... (more story)
US Pushes To Keep Trump Tariffs In Effect During Appeal
The Federal Circuit should maintain a pause on a lower court's order blocking President Donald Trump's temporary global tariffs with respect to Washington state and two businesses, the U.S. argued, saying the ... (more story)
EU Says Blocwide Digital Tax Could Bring In €5B Per Year
The European Union estimates that a 3% tax on digital services in the region could bring in €5 billion ($5.8 billion) annually for the bloc's budget, according to a European Commission document seen by Law360 on Tuesday.
Gov't Warned On Tax Regime For Collective Pension Plans
The government should consider new tax rules to ensure new collective pension plans are a success, a consultancy warned on Tuesday.
Fed. Circ. Affirms Dismissal Of Turkish Steel Duty Challenges
A Federal Circuit panel affirmed three U.S. International Trade Court rulings that collectively rejected a Turkish company's attempts to escape a duty on Turkish steel, finding on Monday that the company's app... (more story)
EU Readies Tax Simplification Package With R&D Allowance
The European Union is preparing a shake-up of its corporate tax rules that could slash compliance costs by €7 billion ($8.15 billion) annually, according to an EU draft proposal seen by Law360 on Monday.
Almost three-quarters of British adults don't know that certain gifts are exempt from inheritance tax as the fiscal rules for estates and pensions are set to change in April 2027, according to research published Wednesday.
The U.S. Trade Representative proposed hitting Brazil with a broad 25% tariff following a trade investigation that it says uncovered a slew of "unfair practices that imposed burdens on American businesses," in... (more story)
The Federal Circuit should maintain a pause on a lower court's order blocking President Donald Trump's temporary global tariffs with respect to Washington state and two businesses, the U.S. argued, saying the ... (more story)
The European Union estimates that a 3% tax on digital services in the region could bring in €5 billion ($5.8 billion) annually for the bloc's budget, according to a European Commission document seen by Law360 on Tuesday.
The government should consider new tax rules to ensure new collective pension plans are a success, a consultancy warned on Tuesday.
A Federal Circuit panel affirmed three U.S. International Trade Court rulings that collectively rejected a Turkish company's attempts to escape a duty on Turkish steel, finding on Monday that the company's app... (more story)
The European Union is preparing a shake-up of its corporate tax rules that could slash compliance costs by €7 billion ($8.15 billion) annually, according to an EU draft proposal seen by Law360 on Monday.