IRS Sets Safe Harbor For Trusts Staking Digital Assets
Investment and grantor trusts can stake their digital assets — which can generate passive income — without losing their tax benefits if they meet certain requirements, including obtaining approval from the U.S. Securities and Exchange Commission to authorize such activities, the Internal Revenue Service said in a revenue procedure Monday.
Ore. Raises Gas Tax, Fees In $4.3B Transportation Package
Oregon will boost its gas tax and several fees by $4.3 billion over 10 years for transportation funding under legislation signed into law by the state's governor, with opponents already planning a ballot measure to repeal it.
Gov'ts Seek Residence Taxing Rights In UN Tax Convention
The United Nations tax convention's section on commitments should clarify that countries have a right to tax businesses residing in their jurisdiction and commit participants to avoiding double taxation, several governments said Monday during the opening of the latest drafting session.
IRS Sets Safe Harbor For Trusts Staking Digital Assets
Investment and grantor trusts can stake their digital assets — which can generate passive income — without losing their tax benefits if they meet certain requirements, including obtaining approval from the U.S. Securities and Exchange Commission to authorize such activities, the Internal Revenue Service said in a revenue procedure Monday.
Ore. Raises Gas Tax, Fees In $4.3B Transportation Package
Oregon will boost its gas tax and several fees by $4.3 billion over 10 years for transportation funding under legislation signed into law by the state's governor, with opponents already planning a ballot measure to repeal it.
Gov'ts Seek Residence Taxing Rights In UN Tax Convention
The United Nations tax convention's section on commitments should clarify that countries have a right to tax businesses residing in their jurisdiction and commit participants to avoiding double taxation, several governments said Monday during the opening of the latest drafting session.
Federal More
The attorneys chosen as Law360's 2025 MVPs have distinguished themselves from their peers by securing significant achievements in high-stakes litigation, complex global matters and record-breaking deals.
Since its founding in 2000, the Massachusetts Business Litigation Session's expertise, procedural flexibility and litigant-friendly case management practices have contributed to the development of a robust bod... (more story)
A former Russian gas company executive convicted of hiding more than $100 million from the IRS asked a Florida federal court to release him from prison now that his sentence has been vacated on appeal, while t... (more story)
The U.S. Supreme Court won't hear a personal injury lawyer's appeal of his conviction over allegations he concealed more than $2.6 million in income from the Internal Revenue Service.
When it acquired Ireland-based Cooper Industries in 2012, Eaton Corp. should have considered the costs of borrowing in Europe to finance the transaction, Tax Court Judge Albert Lauber said Friday in questionin... (more story)
A California company that manages cannabis operators challenged $10 million in taxes and penalties in the U.S. Tax Court, arguing the Internal Revenue Service stripped it of business deductions by incorrectly ... (more story)
An Oklahoma donor asked the U.S. Tax Court to reinstate deductions of $12 million and $13 million he claimed through partnership entities on a pair of charitable conservation easement donations, asserting the ... (more story)
State & Local More
Liquor Seller Asks Minn. Justices To Reject Look-Back Ruling
A Minnesota liquor retailer should not owe delinquent sales tax beyond a 3.5-year statute of limitations, it told the state Supreme Court, arguing that the state tax court erred when it upheld a determination ... (more story)
Block Says Cash App Probe, Bigger SF Tax Bill Could Cost It
Jack Dorsey's fintech firm Block Inc. told investors that it may take a financial hit from a multistate probe into its mobile payments platform CashApp, and remains locked in a separate multimillion-dollar tax... (more story)
MTC Advances Rule Update For Airline Revenue Sourcing
A Multistate Tax Commission work group has completed a proposal to update a sourcing regulation for airlines to account for business practices that didn't exist when the rule was adopted in 1983, the group's c... (more story)
9th Circ. Sides With Calif. In Tribal Cigarette Tax Fight
The Ninth Circuit on Friday backed California in a dispute it brought to enforce cigarette taxes against a tobacco company owned and operated by a federally recognized Native American tribe, holding that the t... (more story)
Ex-Mich. Speaker's Top Aide Admits To Nonprofit Fund Theft
The one-time chief of staff to former Michigan House Speaker Lee Chatfield has pled guilty to two felony charges of misappropriating funds from nonprofit organizations and political action committees, and has ... (more story)
Mass. Panel Hears Proposal For Local Option Tax Hikes
Massachusetts would give cities and towns the option to raise certain taxes under legislation pitched by Democratic Gov. Maura Healey's administration to a legislative panel Friday.
A Wealth Of Wrong Steps: SALT In Review
From a proposed tax on billionaires to what could be a drastic reform in Kansas, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Why Appellees Should Write Their Answering Brief First
Though counterintuitive, appellees should consider writing their answering briefs before they’ve ever seen their opponent’s opening brief, as this practice confers numerous benefits related to argument structu... (more story)
Taxation With Representation: Kirkland, Cravath, Paul Weiss
In this week's Taxation With Representation, consumer products giant Kimberly-Clark acquires Tylenol maker Kenvue, shale producers SM Energy and Civitas Resources announce a merger, and power management compan... (more story)
A Minnesota liquor retailer should not owe delinquent sales tax beyond a 3.5-year statute of limitations, it told the state Supreme Court, arguing that the state tax court erred when it upheld a determination ... (more story)
Jack Dorsey's fintech firm Block Inc. told investors that it may take a financial hit from a multistate probe into its mobile payments platform CashApp, and remains locked in a separate multimillion-dollar tax... (more story)
A Multistate Tax Commission work group has completed a proposal to update a sourcing regulation for airlines to account for business practices that didn't exist when the rule was adopted in 1983, the group's c... (more story)
The Ninth Circuit on Friday backed California in a dispute it brought to enforce cigarette taxes against a tobacco company owned and operated by a federally recognized Native American tribe, holding that the t... (more story)
The one-time chief of staff to former Michigan House Speaker Lee Chatfield has pled guilty to two felony charges of misappropriating funds from nonprofit organizations and political action committees, and has ... (more story)
Massachusetts would give cities and towns the option to raise certain taxes under legislation pitched by Democratic Gov. Maura Healey's administration to a legislative panel Friday.
From a proposed tax on billionaires to what could be a drastic reform in Kansas, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Though counterintuitive, appellees should consider writing their answering briefs before they’ve ever seen their opponent’s opening brief, as this practice confers numerous benefits related to argument structu... (more story)
In this week's Taxation With Representation, consumer products giant Kimberly-Clark acquires Tylenol maker Kenvue, shale producers SM Energy and Civitas Resources announce a merger, and power management compan... (more story)
International More
US, Switzerland Work Towards Tariff Deal, Trump Says
President Donald Trump has said the U.S. is working on a deal with Switzerland to reduce the tariffs imposed on Swiss goods sold in the United States.
The Times Ordered To Pay Costs For Angela Rayner's Trust
A London court has ordered The Times to pay a trust's £8,500 ($11,200) costs in preparing for an unnecessary hearing for the newspaper to secure documents about the financial arrangements of ex-deputy Prime Mi... (more story)
Fossil Fuel Industry Wants Broader Suing Powers In USMCA
Oil and gas industry groups have asked the Office of the U.S. Trade Representative to broaden the ability of foreign investors to sue governments in the U.S.-Mexico-Canada Agreement during an upcoming joint review.
IRS Microcaptive Reporting Rules Suit Can Move Forward
A global tax services provider can move forward with its suit against the IRS to vacate tax reporting rules for microcaptive insurance companies, a Texas federal court said, finding the company had a stake in ... (more story)
Brazil's Senate Approves Tax Breaks For Low-Income Earners
The upper house of Brazil's National Congress voted Thursday to approve income tax breaks for those earning up to 7,350 Brazilian real ($1,373) a month, while creating a progressive tax rate for high-income earners.
German Watchdog Fines JP Morgan €45M For AML Failures
German financial regulator BaFin said Thursday it has hit pan-European bank JP Morgan SE in Frankfurt with its largest-ever fine of €45 million ($52 million) for breaching anti-money-laundering rules.
Judge Questions Transfer Of Eaton's $14B Foreign Asset
A U.S. Tax Court judge questioned a former Eaton Corp. official Wednesday about the company's decision to restructure the ownership of a valuable foreign subsidiary when it inverted in 2012, noting that the mo... (more story)
President Donald Trump has said the U.S. is working on a deal with Switzerland to reduce the tariffs imposed on Swiss goods sold in the United States.
A London court has ordered The Times to pay a trust's £8,500 ($11,200) costs in preparing for an unnecessary hearing for the newspaper to secure documents about the financial arrangements of ex-deputy Prime Mi... (more story)
Oil and gas industry groups have asked the Office of the U.S. Trade Representative to broaden the ability of foreign investors to sue governments in the U.S.-Mexico-Canada Agreement during an upcoming joint review.
A global tax services provider can move forward with its suit against the IRS to vacate tax reporting rules for microcaptive insurance companies, a Texas federal court said, finding the company had a stake in ... (more story)
The upper house of Brazil's National Congress voted Thursday to approve income tax breaks for those earning up to 7,350 Brazilian real ($1,373) a month, while creating a progressive tax rate for high-income earners.
German financial regulator BaFin said Thursday it has hit pan-European bank JP Morgan SE in Frankfurt with its largest-ever fine of €45 million ($52 million) for breaching anti-money-laundering rules.
A U.S. Tax Court judge questioned a former Eaton Corp. official Wednesday about the company's decision to restructure the ownership of a valuable foreign subsidiary when it inverted in 2012, noting that the mo... (more story)