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Teva, IRS Resolve $44M Case Over Patent Defense Costs
Teva Pharmaceuticals and the IRS resolved a $44.3 million dispute Tuesday that stemmed mostly from disallowed patent defense costs, agreeing that Teva had a $15.9 million overpayment for 2009 and had a deficiency and an overpayment for 2010 that nearly equaled each other.
Mo. Gov. Moves Income Tax Phaseout Plan To August Ballot
Missouri's governor placed a proposed constitutional amendment that seeks to phase out the state's income tax and expand its sales tax base on the August primary ballot instead of the November ballot, saying lawmakers would benefit from additional time to draft legislation if voters approve the measure.
CBP Says $20.6B In IEEPA Tariff Refunds Have Been Sent
U.S. Customs and Border Protection's tariff refund system has processed hundreds of thousands of new entries over the past two weeks, and since coming online last month it has cleared $20.6 billion in refunds for duties struck down by the U.S. Supreme Court to importers, according to a declaration filed Tuesday in the U.S. Court of International Trade.
Teva, IRS Resolve $44M Case Over Patent Defense Costs
Teva Pharmaceuticals and the IRS resolved a $44.3 million dispute Tuesday that stemmed mostly from disallowed patent defense costs, agreeing that Teva had a $15.9 million overpayment for 2009 and had a deficiency and an overpayment for 2010 that nearly equaled each other.
Mo. Gov. Moves Income Tax Phaseout Plan To August Ballot
Missouri's governor placed a proposed constitutional amendment that seeks to phase out the state's income tax and expand its sales tax base on the August primary ballot instead of the November ballot, saying lawmakers would benefit from additional time to draft legislation if voters approve the measure.
CBP Says $20.6B In IEEPA Tariff Refunds Have Been Sent
U.S. Customs and Border Protection's tariff refund system has processed hundreds of thousands of new entries over the past two weeks, and since coming online last month it has cleared $20.6 billion in refunds for duties struck down by the U.S. Supreme Court to importers, according to a declaration filed Tuesday in the U.S. Court of International Trade.
Federal More
A compliance lawyer convicted at trial for allegedly conning an Emigrant Bank unit out of $20 million by lying about his investment firm's tax lien collateral was sentenced Tuesday in Manhattan federal court t... (more story)
The owner of a Pennsylvania mushroom farm will get a new sentence for failing to forward her workers' tax withholdings, after the Third Circuit ruled Tuesday that her sentencing guidelines should not have incl... (more story)
The U.S. Supreme Court's recent decision striking down President Donald Trump's emergency tariff regime should encourage the justices to consider and overrule lower courts' judgments upholding China tariffs an... (more story)
The U.S. government asked the Fifth Circuit to revisit its April opinion finding the tax code's ban on distilling whiskey at home unconstitutional after another appellate court's opposite conclusion affirmed the ban.
As the government expands AI-driven, cross-agency fraud detection, foreign asset disclosure should be viewed as part of a broader, data‑driven enforcement ecosystem that prioritizes consistency, documentation ... (more story)
A former federal prosecutor who worked on Jan. 6, 2021, insurrection cases sued Friday over the $1.8 billion "anti-weaponization" fund created by President Donald Trump's settlement with the Internal Revenue S... (more story)
The Internal Revenue Service is required to accept statements from the U.S. Tax Court's opinion and other items from the record of litigation with Facebook Inc. in its current dispute with the company's succes... (more story)
State & Local More
Signatures Filed To Put Colo. Road Funding Plan On Ballot
A proposed Colorado ballot measure to dedicate tax revenue to road projects has enough petition signatures to qualify for the November ballot, the initiative's backers said Tuesday while decrying state legisla... (more story)
Wis. Justices Turn Away Skechers' License Deal Tax Fight
Wisconsin's top court let stand a ruling that found Skechers USA lacked purpose — other than avoiding taxes — for creating a subsidiary and entering into transactions with it that resulted in the company claim... (more story)
NFL's Bears Bury Idea Of Putting New Stadium In Chicago
The National Football League's Chicago Bears said the team is no longer looking to build a new stadium in the city of Chicago as they weigh a move to either Arlington Heights, Illinois, or Hammond, Indiana.
Cannabis Grower Challenges Colorado's Pot Tax Calculus
Colorado's marijuana regulator used an "unlawful" method for calculating average market rates of cannabis that resulted in inflated excise taxes being assessed against state-licensed operators, a proposed clas... (more story)
Eversheds Sutherland Tax Atty Moves To Greenberg Traurig
Greenberg Traurig LLP has hired in Washington, D.C., a former Eversheds Sutherland counsel who advises clients on state and local tax controversies, tax planning and tax policy matters, the firm has announced.
Tax Teams Get No Bright-Line Rule From AI Privilege Cases
Three recent appellate decisions that considered artificial intelligence in the context of attorney-client privilege protections illustrate that taxpayers and tax practitioners alike must consider the pertinen... (more story)
Taxation With Representation: Goodwin, McGuireWoods
In this week's Taxation With Representation, Equity Residential and AvalonBay Communities Inc. combine, investment firms CVC and Groupe Bruxelles Lambert lead a group of investors to buy pharmaceuticals compan... (more story)
A proposed Colorado ballot measure to dedicate tax revenue to road projects has enough petition signatures to qualify for the November ballot, the initiative's backers said Tuesday while decrying state legisla... (more story)
Wisconsin's top court let stand a ruling that found Skechers USA lacked purpose — other than avoiding taxes — for creating a subsidiary and entering into transactions with it that resulted in the company claim... (more story)
The National Football League's Chicago Bears said the team is no longer looking to build a new stadium in the city of Chicago as they weigh a move to either Arlington Heights, Illinois, or Hammond, Indiana.
Colorado's marijuana regulator used an "unlawful" method for calculating average market rates of cannabis that resulted in inflated excise taxes being assessed against state-licensed operators, a proposed clas... (more story)
Greenberg Traurig LLP has hired in Washington, D.C., a former Eversheds Sutherland counsel who advises clients on state and local tax controversies, tax planning and tax policy matters, the firm has announced.
Three recent appellate decisions that considered artificial intelligence in the context of attorney-client privilege protections illustrate that taxpayers and tax practitioners alike must consider the pertinen... (more story)
In this week's Taxation With Representation, Equity Residential and AvalonBay Communities Inc. combine, investment firms CVC and Groupe Bruxelles Lambert lead a group of investors to buy pharmaceuticals compan... (more story)
International More
Pension Plans Can't Shake Belgium's $144M Tax Fraud Suit
A group of pension plans and associated individuals cannot use timing limitations to quickly dismiss the Belgian government's suit alleging they fraudulently claimed about €124 million ($144 million) in tax re... (more story)
FedEx Says Justices' Freight Ruling Backs $89M Tax Refund
The U.S. Supreme Court's opinion this month in a freight negligence case that adhered closely to statutory text bolsters an argument that the plain language of the law entitles FedEx to an $89 million foreign ... (more story)
UK Labour Leadership Hopeful Floats Capital Gains Tax Hike
A Labour member of the U.K. Parliament vying to succeed Prime Minister Keir Starmer has said he will work to implement a "wealth tax that works" by equalizing capital gains tax and income tax rates if he wins ... (more story)
DC Circ. Seeks Trump Admin Input On $5B Award Case
The D.C. Circuit on Thursday sought the views of the Trump administration on a crucial component of Russia's sovereign immunity defense as the appeals court weighs jurisdiction in litigation to enforce a nearl... (more story)
Baltimore Atty Not Liable For Client's Taxes, 4th Circ. Told
A Baltimore attorney is challenging a court's order that he cover unpaid federal income taxes owed by his client's holding company, telling the Fourth Circuit on Thursday that the government is wrongly using t... (more story)
Portugal Must Reclaim Illegal State Aid, EU Court Says
The European Union's top court said Thursday that Portugal can't suspend tax enforcement proceedings against a company that benefited from unlawful state aid granted by the Madeira Free Zone.
'Check-The-Box' Correctly Applied To Partnership, IRS Says
The U.S. Tax Court properly applied what are commonly known as check-the-box rules in determining that a company contributing a promissory note for a stake in a partnership had zero basis in the note, the IRS ... (more story)
A group of pension plans and associated individuals cannot use timing limitations to quickly dismiss the Belgian government's suit alleging they fraudulently claimed about €124 million ($144 million) in tax re... (more story)
The U.S. Supreme Court's opinion this month in a freight negligence case that adhered closely to statutory text bolsters an argument that the plain language of the law entitles FedEx to an $89 million foreign ... (more story)
A Labour member of the U.K. Parliament vying to succeed Prime Minister Keir Starmer has said he will work to implement a "wealth tax that works" by equalizing capital gains tax and income tax rates if he wins ... (more story)
The D.C. Circuit on Thursday sought the views of the Trump administration on a crucial component of Russia's sovereign immunity defense as the appeals court weighs jurisdiction in litigation to enforce a nearl... (more story)
A Baltimore attorney is challenging a court's order that he cover unpaid federal income taxes owed by his client's holding company, telling the Fourth Circuit on Thursday that the government is wrongly using t... (more story)
The European Union's top court said Thursday that Portugal can't suspend tax enforcement proceedings against a company that benefited from unlawful state aid granted by the Madeira Free Zone.
The U.S. Tax Court properly applied what are commonly known as check-the-box rules in determining that a company contributing a promissory note for a stake in a partnership had zero basis in the note, the IRS ... (more story)