Treasury Aiming To Replace Corp. Funding Rule, Official Says
The U.S. Treasury Department is planning to propose regulations that would replace an intercompany funding rule that was designed to prevent corporations from shifting income out of the country through the use of internal debt, a department official said Tuesday.
Justices Won't Hear Corporate Transparency Act Challenges
The U.S. Supreme Court on Monday declined to hear two cases challenging the Corporate Transparency Act, a law designed to establish a national beneficial ownership registry for law enforcement agencies investigating shell companies that was severely curtailed by the U.S. Department of the Treasury.
Justices Decline To Weigh Travel Co.'s Challenge To Wis. Tax
The U.S. Supreme Court declined on Monday to take up a travel company's claims that its provision of travel services sold by Wisconsin-based agents through an online portal qualified for a federal law's protections against state income tax.
Treasury Aiming To Replace Corp. Funding Rule, Official Says
The U.S. Treasury Department is planning to propose regulations that would replace an intercompany funding rule that was designed to prevent corporations from shifting income out of the country through the use of internal debt, a department official said Tuesday.
Justices Won't Hear Corporate Transparency Act Challenges
The U.S. Supreme Court on Monday declined to hear two cases challenging the Corporate Transparency Act, a law designed to establish a national beneficial ownership registry for law enforcement agencies investigating shell companies that was severely curtailed by the U.S. Department of the Treasury.
Justices Decline To Weigh Travel Co.'s Challenge To Wis. Tax
The U.S. Supreme Court declined on Monday to take up a travel company's claims that its provision of travel services sold by Wisconsin-based agents through an online portal qualified for a federal law's protections against state income tax.
Federal More
The former majority owner of Charlotte's minor league hockey team has admitted to filing a false tax return in 2020 that federal prosecutors said drastically understated his income, court records filed in the ... (more story)
The IRS should have allowed a partnership to deduct $22.6 million for its donation of a historic building and land in Buncombe County, North Carolina, to a preservation society in 2019, the partnership told th... (more story)
The former U.S. Department of the Treasury assistant secretary for tax policy has joined Washington Council Ernst & Young, the firm's vice chair for tax said Tuesday.
President Donald Trump signed an executive order to temporarily allow road vehicles to use dyed diesel fuel that is typically used by off-road vehicles and to defer applicable federal excise taxes, the White House said.
A Los Angeles-based cryptocurrency businessman who called himself "The Godfather" was sentenced Monday to more than six years in prison and ordered to pay more than $23 million in restitution for getting Los A... (more story)
The U.S. Department of the Treasury's recent revenue ruling and notice cracking down on improper arrangements using legitimate exchange-traded fund conversions was a response to a marketed transaction that was... (more story)
Brazil's nascent transfer pricing system isn't yet prepared for an influx of advance pricing agreement requests, a tax specialist from that country said Monday, while a Canadian attorney said the APA process i... (more story)
State & Local More
Illinois' Curbs On Kalshi Sports Contracts Blocked For Now
An Illinois federal judge temporarily blocked the state from enforcing its gambling license requirements against Kalshi and Coinbase on Friday, saying that the companies' core sports betting contracts are like... (more story)
Bilzin Sumberg Expands Tax Practice With Nelson Mullins Atty
Bilzin Sumberg Baena Price & Axelrod LLP has expanded its tax and private wealth practice with the addition of a Miami-based partner from Nelson Mullins Riley & Scarborough LLP.
Minn. Court Wrong To OK Childcare Tax Break, County Says
A Minnesota childcare center missed a statutory filing deadline for a property tax break and thus should not be allowed the deduction, the state's largest county told the state Supreme Court, urging it to reve... (more story)
NJ Tax Court Axes Challenge To Internet Activity Tax Rules
The New Jersey Tax Court tossed a trade group's challenge to the state's regulations that outline when an out-of-state company's internet activities exceed a federal law's protections against state income taxe... (more story)
Signatures For Colo. Graduated Tax Plan Valid, Court Told
Signature gatherers for a Colorado ballot measure for graduated income tax rates followed all state laws aimed at preventing fraud, election officials and the measure's backers told a state court, urging it to... (more story)
The Courts Are There For A Reason: SALT In Review
From a challenge to Illinois' taxing of digital advertising and social media to the Montana governor's call for a flat income tax, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Dems Slam Proposed Limit On Tax Credits For Immigrants
A group of Democratic senators urged the U.S. Department of the Treasury to scrap proposed rules that would cut off refundable tax credits to certain immigrants living in the U.S. legally, arguing that the gui... (more story)
An Illinois federal judge temporarily blocked the state from enforcing its gambling license requirements against Kalshi and Coinbase on Friday, saying that the companies' core sports betting contracts are like... (more story)
Bilzin Sumberg Baena Price & Axelrod LLP has expanded its tax and private wealth practice with the addition of a Miami-based partner from Nelson Mullins Riley & Scarborough LLP.
A Minnesota childcare center missed a statutory filing deadline for a property tax break and thus should not be allowed the deduction, the state's largest county told the state Supreme Court, urging it to reve... (more story)
The New Jersey Tax Court tossed a trade group's challenge to the state's regulations that outline when an out-of-state company's internet activities exceed a federal law's protections against state income taxe... (more story)
Signature gatherers for a Colorado ballot measure for graduated income tax rates followed all state laws aimed at preventing fraud, election officials and the measure's backers told a state court, urging it to... (more story)
From a challenge to Illinois' taxing of digital advertising and social media to the Montana governor's call for a flat income tax, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
A group of Democratic senators urged the U.S. Department of the Treasury to scrap proposed rules that would cut off refundable tax credits to certain immigrants living in the U.S. legally, arguing that the gui... (more story)
International More
Hungary's Government Proposes 1% Wealth Tax
Hungary wants to levy an annual 1% wealth tax on fortunes above 1 billion Hungarian forints ($3.07 million) starting at the end of this year, roping in assets held abroad and those held by trusts, private foun... (more story)
Ireland Plans To Lift Threshold For Higher Tax Rate In Budget
The Irish government said Tuesday that it will increase a threshold at which a higher rate of income tax is due as part of its 2027 budget package.
Philippine Airlines Asks Tax Court To Cut $5.7M Off Tax Bill
The IRS cannot deny Philippine Airlines a tax exemption on income from passengers and excess baggage just because the Philippines taxes cargo income, the airline told the U.S. Tax Court in a bid to cut more th... (more story)
Why Importers Should Assess IEEPA Refund Claims Now
Businesses that wait for direction from U.S. Customs and Border Protection or the courts before seeking refunds of their finally liquidated International Economic Emergency Procedure Act duties in court may fi... (more story)
White & Case Hits Back At Agency Over Flawed-Advice Claim
White & Case LLP has denied responsibility for £2.6 million ($3.4 million) in alleged tax liabilities, arguing that a lettings agency sought advice from Laytons LLP before deciding to pay millions in dividends... (more story)
IRS Leaked Whistleblower's Tax Info to DOJ, Agent's Suit Says
An agent in the IRS Criminal Investigation unit has accused the agency of leaking his personal tax information to the U.S. Department of Justice in retaliation against him for blowing the whistle on what he sa... (more story)
High Court Won't Consider $30M Argentine Bondholder Claim
Argentine bondholders claiming the Second Circuit wrongly upheld a block of over $30 million in contractual claims against Argentina won't get a chance to argue their stance at the U.S. Supreme Court, as the j... (more story)
Hungary wants to levy an annual 1% wealth tax on fortunes above 1 billion Hungarian forints ($3.07 million) starting at the end of this year, roping in assets held abroad and those held by trusts, private foun... (more story)
The Irish government said Tuesday that it will increase a threshold at which a higher rate of income tax is due as part of its 2027 budget package.
The IRS cannot deny Philippine Airlines a tax exemption on income from passengers and excess baggage just because the Philippines taxes cargo income, the airline told the U.S. Tax Court in a bid to cut more th... (more story)
Businesses that wait for direction from U.S. Customs and Border Protection or the courts before seeking refunds of their finally liquidated International Economic Emergency Procedure Act duties in court may fi... (more story)
White & Case LLP has denied responsibility for £2.6 million ($3.4 million) in alleged tax liabilities, arguing that a lettings agency sought advice from Laytons LLP before deciding to pay millions in dividends... (more story)
An agent in the IRS Criminal Investigation unit has accused the agency of leaking his personal tax information to the U.S. Department of Justice in retaliation against him for blowing the whistle on what he sa... (more story)
Argentine bondholders claiming the Second Circuit wrongly upheld a block of over $30 million in contractual claims against Argentina won't get a chance to argue their stance at the U.S. Supreme Court, as the j... (more story)