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APA Results Should Make Sense Annually, IRS Official Says
Taxpayers seeking advance pricing agreements with the Internal Revenue Service will now be expected to have the results of an agreed-upon transfer pricing method comply with the method on an annual basis rather than only over the multiple years covered by the APA, an IRS official said Monday.
Georgia To Cut Income Tax Rate To 4.99%
Georgia will lower its income tax rate, increase standard deductions and provide temporary exclusions for tax on some overtime pay and cash tips under legislation signed Monday by Republican Gov. Brian Kemp.
Why Trump's 2nd Global Tariff May Fare Better On Appeal
President Donald Trump's administration on Friday appealed the U.S. Court of International Trade's ruling deeming his temporary global tariff unlawful to the Federal Circuit, where judges may view the executive action with more deference than the measures it immediately replaced.
APA Results Should Make Sense Annually, IRS Official Says
Taxpayers seeking advance pricing agreements with the Internal Revenue Service will now be expected to have the results of an agreed-upon transfer pricing method comply with the method on an annual basis rather than only over the multiple years covered by the APA, an IRS official said Monday.
Georgia To Cut Income Tax Rate To 4.99%
Georgia will lower its income tax rate, increase standard deductions and provide temporary exclusions for tax on some overtime pay and cash tips under legislation signed Monday by Republican Gov. Brian Kemp.
Why Trump's 2nd Global Tariff May Fare Better On Appeal
President Donald Trump's administration on Friday appealed the U.S. Court of International Trade's ruling deeming his temporary global tariff unlawful to the Federal Circuit, where judges may view the executive action with more deference than the measures it immediately replaced.
Federal More
Over the last year, at least five federal district courts have issued or analyzed specific protective order provisions restricting the use of generative artificial intelligence platforms with protected materia... (more story)
President Donald Trump on Monday asked the Federal Circuit to block the U.S. Court of International Trade's order last week deeming his temporary global 10% tariffs unlawful, arguing the trade court misinterpr... (more story)
The ex-husband of a woman seeking a $2.9 million tax refund for carryback losses she shared with him is facing a possible arrest warrant and other penalties for repeatedly failing to comply with federal distri... (more story)
Biotechnology giant Amgen is making a "futile" attempt to raise a purported double-taxation issue for tax years 2016 through 2018 in a pair of transfer pricing cases before the U.S. Tax Court, the federal gove... (more story)
The IRS will begin automatically waiving certain penalties for eligible taxpayers starting with the current filing season, said National Taxpayer Advocate Erin Collins, announcing a shift from the agency's lon... (more story)
President Donald Trump said Monday that he wants to temporarily pause the 18-cent-per-gallon federal gas tax amid rising fuel prices caused by the war with Iran.
Pharmaceutical giant McKesson asked a Texas federal court to strike down cost-sharing transfer pricing regulations that underpin the company's $10 million tax refund bid, arguing the U.S. Supreme Court's Loper... (more story)
State & Local More
Ohio Bank's Tax Break On Data Processing Denied By Board
An Ohio bank is liable for sales tax on financial data processing services it purchased, a state board affirmed, applying the true object test to the transactions as directed by the state Supreme Court.
Minn. Justices Challenge County On Hilton Valuation Appeal
Minnesota's justices quizzed counsel for Hennepin County on Monday on whether its arguments for its preferred method for valuing a Hilton-branded Minneapolis hotel and convention center could be enough to over... (more story)
NC Justices Asked To Clarify Leandro School Funding Opinion
The school boards of several low-wealth North Carolina counties are asking the state Supreme Court to elucidate a recent ruling that invalidated nine years of developments in the public school funding case kno... (more story)
Broadway Shows Freed From NYC Rent Tax On Billboards
Operators of four Broadway musicals don't owe New York City's commercial rent tax on billboard advertisements that they paid third-party entities to run because the operators didn't use the billboards, a city ... (more story)
Heppner Ruling Left AI Privilege Risk For Lawyers Unresolved
While a New York federal judge’s recent ruling in U.S. v. Heppner resolved a privilege question surrounding client-side artificial intelligence use, it did not address how to mitigate the risks that can arise ... (more story)
Taxation With Representation: Corrs, Kirkland, Linklaters
In this week's Taxation With Representation, gold companies Regis Resources and Vault Minerals combine, Long Lake Management acquires American Express Global Business Travel and Vodafone buys out CK Hutchison ... (more story)
Hochul Says Budget Deal Will Include NYC 2nd-Home Tax
New York Gov. Kathy Hochul said Thursday that she reached a budget compromise with lawmakers that includes a tax on high-value second homes in New York City and a tax break for tip income, but the state Assemb... (more story)
An Ohio bank is liable for sales tax on financial data processing services it purchased, a state board affirmed, applying the true object test to the transactions as directed by the state Supreme Court.
Minnesota's justices quizzed counsel for Hennepin County on Monday on whether its arguments for its preferred method for valuing a Hilton-branded Minneapolis hotel and convention center could be enough to over... (more story)
The school boards of several low-wealth North Carolina counties are asking the state Supreme Court to elucidate a recent ruling that invalidated nine years of developments in the public school funding case kno... (more story)
Operators of four Broadway musicals don't owe New York City's commercial rent tax on billboard advertisements that they paid third-party entities to run because the operators didn't use the billboards, a city ... (more story)
While a New York federal judge’s recent ruling in U.S. v. Heppner resolved a privilege question surrounding client-side artificial intelligence use, it did not address how to mitigate the risks that can arise ... (more story)
In this week's Taxation With Representation, gold companies Regis Resources and Vault Minerals combine, Long Lake Management acquires American Express Global Business Travel and Vodafone buys out CK Hutchison ... (more story)
New York Gov. Kathy Hochul said Thursday that she reached a budget compromise with lawmakers that includes a tax on high-value second homes in New York City and a tax break for tip income, but the state Assemb... (more story)
International More
Farmers Can't Challenge UK Inheritance Tax Relief Cut Plans
Two Cambridgeshire farmers and a campaign group can't challenge the U.K. government's plans to slash inheritance tax relief for farms on the grounds that there should have been a public consultation before the... (more story)
EU Readies Legal Action Over Weak Tax Reporting Penalties
The European Union's executive branch may take member countries to court for failing to impose adequately high penalties on those that breach the bloc's rules on tax information sharing, an EU official said Tuesday.
Gov't Clarifies Inheritance Tax Rules On Pension Wealth
The government has issued a statement clarifying how it wants pension wealth to be brought into the scope of inheritance tax next year.
1 In 3 Large UK Companies Faced HMRC VAT Probe
Britain's tax authority investigated one in three large companies on value-added tax matters in financial year 2024-25 as part of efforts to crack down on noncompliance, according to official data.
IRS Scrutiny Of Immigrant Employment Tax Fraud To Continue
Scrutinizing businesses with potential employment tax fraud issues related to undocumented immigrants will remain among the Internal Revenue Service Criminal Investigation division's top priorities, a senior d... (more story)
Spinoff Letter Rulings Valuable For IRS Too, Agency Atty Says
The Internal Revenue Service has resumed issuing letter rulings on significant issues in tax-free spinoffs, and an IRS attorney on Saturday encouraged companies to use the program, as it provides the agency wi... (more story)
Admin Cost Of Tax Presence Shouldn't Top Profit, Pros Say
The administrative costs for a company or individual triggering a taxable presence, or permanent establishment, in a jurisdiction shouldn't exceed the profit allocable to the entity, transfer pricing specialists said Friday.
Two Cambridgeshire farmers and a campaign group can't challenge the U.K. government's plans to slash inheritance tax relief for farms on the grounds that there should have been a public consultation before the... (more story)
The European Union's executive branch may take member countries to court for failing to impose adequately high penalties on those that breach the bloc's rules on tax information sharing, an EU official said Tuesday.
The government has issued a statement clarifying how it wants pension wealth to be brought into the scope of inheritance tax next year.
Britain's tax authority investigated one in three large companies on value-added tax matters in financial year 2024-25 as part of efforts to crack down on noncompliance, according to official data.
Scrutinizing businesses with potential employment tax fraud issues related to undocumented immigrants will remain among the Internal Revenue Service Criminal Investigation division's top priorities, a senior d... (more story)
The Internal Revenue Service has resumed issuing letter rulings on significant issues in tax-free spinoffs, and an IRS attorney on Saturday encouraged companies to use the program, as it provides the agency wi... (more story)
The administrative costs for a company or individual triggering a taxable presence, or permanent establishment, in a jurisdiction shouldn't exceed the profit allocable to the entity, transfer pricing specialists said Friday.