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IRS Proposes Opportunity Zone Information Reporting Rules
The Internal Revenue Service proposed rules on Thursday for implementing new statutory requirements for opportunity funds to file information returns to improve the agency's ability to administer and enforce the federal opportunity zone program's tax benefits.
Treasury Floats Foreign Tax Credit Rules After '25 Budget Bill
The U.S. Treasury Department proposed regulations Thursday that would clarify the 2025 federal budget bill's reduction to the range of expenses that companies must allocate to overseas affiliates when calculating foreign tax credits.
Tax Court Nod To Income Approach Props Easement Valuation
The IRS has been adversarial toward taxpayers using what is known as the income approach to value conservation easements, but the method's legitimacy was significantly reinforced by the U.S. Tax Court in a recent decision that endorsed the use of the method to value a Los Angeles-area donated property.
IRS Proposes Opportunity Zone Information Reporting Rules
The Internal Revenue Service proposed rules on Thursday for implementing new statutory requirements for opportunity funds to file information returns to improve the agency's ability to administer and enforce the federal opportunity zone program's tax benefits.
Treasury Floats Foreign Tax Credit Rules After '25 Budget Bill
The U.S. Treasury Department proposed regulations Thursday that would clarify the 2025 federal budget bill's reduction to the range of expenses that companies must allocate to overseas affiliates when calculating foreign tax credits.
Tax Court Nod To Income Approach Props Easement Valuation
The IRS has been adversarial toward taxpayers using what is known as the income approach to value conservation easements, but the method's legitimacy was significantly reinforced by the U.S. Tax Court in a recent decision that endorsed the use of the method to value a Los Angeles-area donated property.
Federal More
In this week's Taxation With Representation, GE Aerospace buys Consolidated Precision Products from private investment firms Warburg Pincus and Berkshire Partners, Independence Realty Trust Inc. and Centerspac... (more story)
The trajectory of legal ethics guidance in recent years strongly suggests that as redaction technology becomes more accessible, the failure to use it when uploading highly confidential materials into artificia... (more story)
A businessman's widow owes penalties for his failure to report his Indian bank account to the Internal Revenue Service after he deposited $1.5 million from the sale of a New York apartment complex, but the pen... (more story)
McGuireWoods LLP has added a partner in Atlanta from Polsinelli PC, strengthening its tax-exempt organizations team with an attorney who has guided nonprofits and tax-exempt organizations on tax matters, the f... (more story)
A Rhode Island federal court correctly entered a $3.3 million tax judgment against the first "Survivor" winner, the government told the First Circuit, saying the former contestant failed to refute the tax asse... (more story)
The CEO of a defunct tax-compliance startup has been arrested on fraud charges based on allegations she defrauded investors out of more than $13 million by lying about her credentials and her company's revenue... (more story)
Tax professionals from Siemens and Deloitte described for the U.S. Tax Court on Tuesday and Wednesday the wrangling that went on between the German company and its advisers over the 2018 restructuring plan tha... (more story)
State & Local More
Pittsburgh Schools Say Commission Can't Decide Tax Suit
The Pittsburgh public school district urged a court to reject a bid from the city water utility to toss the district's lawsuit calling the utility's stormwater fees illegal taxes, saying that the motion is bas... (more story)
Wash. High Court Takes Up Yakama Nation Fuel Tax Dispute
The Washington State Supreme Court has granted a Yakama Nation fuel distributor's bid for direct review in a case challenging the state Department of Licensing's attempt to collect on a state fuel tax assessment.
Md. Court Got Ad Tax Similarity Analysis Wrong
Decisions striking Maryland’s digital advertising tax are fundamentally flawed because the Maryland Tax Court found similarity between digital ads and other ads without considering deep market distinctions, sa... (more story)
Economists Tell Fed. Circ. Float Rates Bar Temporary Tariff
President Donald Trump's temporary global tariff lacked legal justification in the current international monetary system, a group of economists, including former U.S. Treasury secretary and Federal Reserve Cha... (more story)
Colo. County Repeating Illegal Valuation, Airport Lessee Says
Tax valuations of improvements to property at a Colorado airport possessed through a leasehold interest were wrongly imposed despite substantial legal precedent, the leaseholder told a state court, urging it t... (more story)
With New Tax Partner, Simpson Thacher Boosts Sports Focus
Jonathan Westreich joined Simpson Thacher & Bartlett LLP as a tax partner in its Los Angeles office, the firm announced Tuesday, deepening the firm's sports, media and entertainment bench.
Ohio Bill Would Bar Property Tax Breaks For Data Centers
Ohio would prohibit new property tax breaks for data centers, including facilities used for mining cryptocurrency, under legislation introduced in the state House.
The Pittsburgh public school district urged a court to reject a bid from the city water utility to toss the district's lawsuit calling the utility's stormwater fees illegal taxes, saying that the motion is bas... (more story)
The Washington State Supreme Court has granted a Yakama Nation fuel distributor's bid for direct review in a case challenging the state Department of Licensing's attempt to collect on a state fuel tax assessment.
Decisions striking Maryland’s digital advertising tax are fundamentally flawed because the Maryland Tax Court found similarity between digital ads and other ads without considering deep market distinctions, sa... (more story)
President Donald Trump's temporary global tariff lacked legal justification in the current international monetary system, a group of economists, including former U.S. Treasury secretary and Federal Reserve Cha... (more story)
Tax valuations of improvements to property at a Colorado airport possessed through a leasehold interest were wrongly imposed despite substantial legal precedent, the leaseholder told a state court, urging it t... (more story)
Jonathan Westreich joined Simpson Thacher & Bartlett LLP as a tax partner in its Los Angeles office, the firm announced Tuesday, deepening the firm's sports, media and entertainment bench.
Ohio would prohibit new property tax breaks for data centers, including facilities used for mining cryptocurrency, under legislation introduced in the state House.
International More
Ørsted Secures UK Tax Rights For 2 Offshore Wind Farms
An advisory commission issued an opinion saying Danish multinational Ørsted should pay taxes primarily in the U.K. rather than Denmark on two offshore wind farms based in British territory, according to a company statement.
Tabcorp's $1.4B Tax Deduction Appeal Rejected By High Court
The High Court of Australia has rejected Tabcorp's application for special leave to appeal a ruling that denied it a $1.49 billion tax deduction over alleged entitlements linked to the termination of gaming li... (more story)
English Mayors To Get Authority To Impose Tourist Taxes
The U.K.'s Labour government is moving ahead with devolution plans to allow mayors in England to impose a new levy on tourists taking an overnight stay, the Ministry of Housing, Communities and Local Government said Thursday.
Pillar 2 US Deal Needs Urgent Review, EU Committee Says
Members of the European Parliament's economic and monetary affairs committee approved a report Thursday that calls on the European Commission to urgently release an analysis on the revenue impact of the side-b... (more story)
UK Company Directors Banned Over £15M Vape Tax Scam
Two individuals from the Glasgow region have been banned from serving as U.K. company directors until 2035 for importing more than 350,000 vapes while avoiding more than £15 million ($20.3 million) in tax, the... (more story)
EU Court Adviser Backs Polish VAT Timing Restriction
A Polish decision barring companies from submitting VAT claims for a period within which they did not receive the relevant invoice does not violate European Union law, a senior adviser at the European Court of... (more story)
Fraudulent Co. Can't Claw Back Doctors' Pay, UK Court Says
An umbrella company that was shuttered for tax fraud, along with its liquidators, cannot claw back overpayments to two doctors resulting from the company not collecting payroll taxes, a London court found Wednesday.
An advisory commission issued an opinion saying Danish multinational Ørsted should pay taxes primarily in the U.K. rather than Denmark on two offshore wind farms based in British territory, according to a company statement.
The High Court of Australia has rejected Tabcorp's application for special leave to appeal a ruling that denied it a $1.49 billion tax deduction over alleged entitlements linked to the termination of gaming li... (more story)
The U.K.'s Labour government is moving ahead with devolution plans to allow mayors in England to impose a new levy on tourists taking an overnight stay, the Ministry of Housing, Communities and Local Government said Thursday.
Members of the European Parliament's economic and monetary affairs committee approved a report Thursday that calls on the European Commission to urgently release an analysis on the revenue impact of the side-b... (more story)
Two individuals from the Glasgow region have been banned from serving as U.K. company directors until 2035 for importing more than 350,000 vapes while avoiding more than £15 million ($20.3 million) in tax, the... (more story)
A Polish decision barring companies from submitting VAT claims for a period within which they did not receive the relevant invoice does not violate European Union law, a senior adviser at the European Court of... (more story)
An umbrella company that was shuttered for tax fraud, along with its liquidators, cannot claw back overpayments to two doctors resulting from the company not collecting payroll taxes, a London court found Wednesday.