Ohio Justices OK Tax On Co.'s Sales To Distribution Centers
The Ohio Supreme Court denied Wednesday an apparel company's bid for a gross receipts tax refund on goods the business argued were sold to an Ohio distribution center before being sent to other states, ruling that the company failed to prove where the merchandise was ultimately purchased.
Economists Question Integrity Of Judges' Hybrid Methods
Judges in several recent transfer pricing cases, including Facebook's, have reached their decisions by constructing their own valuation methods using elements of those put forth by both sides — an approach that, while it may lead to fair results, has economists questioning these hybrid methods' integrity.
IRS Clarifies 1st-Year 100% Depreciation Deduction Eligibility
The IRS unveiled guidance Wednesday governing the eligibility for and calculation of a retooled tax deduction for the additional first year of depreciation of an asset-producing property, including sound recording production machines, reflecting changes enacted in the July budget reconciliation law.
Ohio Justices OK Tax On Co.'s Sales To Distribution Centers
The Ohio Supreme Court denied Wednesday an apparel company's bid for a gross receipts tax refund on goods the business argued were sold to an Ohio distribution center before being sent to other states, ruling that the company failed to prove where the merchandise was ultimately purchased.
Economists Question Integrity Of Judges' Hybrid Methods
Judges in several recent transfer pricing cases, including Facebook's, have reached their decisions by constructing their own valuation methods using elements of those put forth by both sides — an approach that, while it may lead to fair results, has economists questioning these hybrid methods' integrity.
IRS Clarifies 1st-Year 100% Depreciation Deduction Eligibility
The IRS unveiled guidance Wednesday governing the eligibility for and calculation of a retooled tax deduction for the additional first year of depreciation of an asset-producing property, including sound recording production machines, reflecting changes enacted in the July budget reconciliation law.
Federal More
A former software executive found guilty of failing to pay employment taxes reported to prison Thursday after the Fourth Circuit denied his emergency request for a delay of his yearlong sentence while he fight... (more story)
As automation and arbitration increase the volume of legal filings, in-house counsel must build scalable service of process systems that strengthen corporate governance and manage risk in real time, says Paul ... (more story)
The House passed legislation Wednesday that would provide the IRS with an $11.2 billion budget — a 9% annual cut — in an agreement reached with the Senate to fund the U.S. Department of the Treasury and the U.... (more story)
President Donald Trump signed executive orders Wednesday taking action on semiconductor and mineral imports, choosing to impose a 25% tariff beginning Thursday on a narrow set of chips and their derivative pro... (more story)
Federal prosecutors asked to drop most of the remaining charges against a Russian gas company's former chief financial officer who was convicted of other tax crimes after failing to secure unanimous support fr... (more story)
Relationship-building should begin as early as possible in a law firm merger, as intentional pathways to bringing people together drive collaboration, positive client response, engagements and growth, says Ami... (more story)
The IRS would be required to use barcodes and other technology to digitize paper-filed tax returns under legislation unanimously approved Wednesday by the House Ways and Means Committee.
State & Local More
Wash. Gov. Backs Plan For Tax On Millionaires
Washington state residents earning more than $1 million in a single year would be subject to a nearly 10% tax on that income under a plan backed by the state's governor.
Rescheduling Won't Ease Headaches For Cannabis Landlords
Smoking pot may soon become less legally perilous under federal law, but the risks of owning a marijuana farm or dispensary appear likely to remain, attorneys and experts say.
Iowa Gov. Pitches Property Tax Breaks In State Address
Iowa would bring down local property tax rates by putting into place a series of rate-reducing measures pitched by the governor in her State of the State address.
House GOP Floats Framework For 2nd Tax, Reconciliation BIll
House Republicans laid out their blueprint Tuesday for a budget reconciliation bill this year that would address affordability, outlining goals of eliminating capital gains tax on home sales to first-time home... (more story)
Mo. Gov. Seeks Voter Approval To End Income Tax
Missouri would overhaul its tax system by asking voters to approve a phaseout of the state income tax while also applying the sales tax to an array of services under a plan outlined Tuesday by the governor.
Mich. Court Presses Rehab Co. On Medical Items Tax Claim
A Michigan appeals court pressed a medical device provider Tuesday on its claim that the state's sales tax should not apply to certain medical items, such as gauze and bandages, because those items were prosth... (more story)
3 Key Takeaways From Planned Rescheduling Of Cannabis
An executive order reviving cannabis rescheduling represents a monumental change for the industry and, while the substance will remain illegal at the federal level, introduces several benefits, including impro... (more story)
Washington state residents earning more than $1 million in a single year would be subject to a nearly 10% tax on that income under a plan backed by the state's governor.
Smoking pot may soon become less legally perilous under federal law, but the risks of owning a marijuana farm or dispensary appear likely to remain, attorneys and experts say.
Iowa would bring down local property tax rates by putting into place a series of rate-reducing measures pitched by the governor in her State of the State address.
House Republicans laid out their blueprint Tuesday for a budget reconciliation bill this year that would address affordability, outlining goals of eliminating capital gains tax on home sales to first-time home... (more story)
Missouri would overhaul its tax system by asking voters to approve a phaseout of the state income tax while also applying the sales tax to an array of services under a plan outlined Tuesday by the governor.
A Michigan appeals court pressed a medical device provider Tuesday on its claim that the state's sales tax should not apply to certain medical items, such as gauze and bandages, because those items were prosth... (more story)
An executive order reviving cannabis rescheduling represents a monumental change for the industry and, while the substance will remain illegal at the federal level, introduces several benefits, including impro... (more story)
International More
Jockey's Cos. Say He Can't Cover £765K In Tax Debt
An Italian jockey is not able to pay back over £765,500 ($1.02 million) in company tax debt to HM Revenue & Customs following his bankruptcy last year amid a private dispute with the U.K. tax authority, accord... (more story)
Labour Party Won't Block Scottish Budget With Mansion Tax
The Labour Party will not block plans to implement what is commonly known as a mansion tax in Scotland at a threshold lower than the rest of the U.K. and to raise income tax thresholds to cut taxes for low ear... (more story)
Global Min. Tax Remains Robust After US Deal, OECD Says
Officials from the Organization for Economic Cooperation and Development pushed back Tuesday against the idea that the U.S. had been carved out from the global minimum tax, saying the project remains robust.
Pair Say IRS Records Undercut US In $1.8M Tax Dispute
Internal Revenue Service documents show that a formerly married couple's refund claim was properly received, undermining the government's position that they improperly filed a refund claim for tax penalties of... (more story)
OFAC Sanctions Will Intensify Amid Global Tensions In 2026
The Office of Foreign Assets Control will ramp up its targeting of companies in the private equity, venture capital, real estate and legal markets in 2026, in keeping with the aggressive foreign policy approac... (more story)
5 E-Discovery Predictions For 2026 And Beyond
2026 will likely be shaped by issues ranging from artificial intelligence regulatory turbulence to potential evidence rule changes, and e-discovery professionals will need to understand how to effectively guid... (more story)
2026 Enforcement Trends To Expect In Maritime And Int'l Trade
The maritime and international trade community should expect U.S. federal enforcement to ramp up in 2026, particularly via Office of Foreign Asset Control shipping sanctions, accelerating interagency investiga... (more story)
An Italian jockey is not able to pay back over £765,500 ($1.02 million) in company tax debt to HM Revenue & Customs following his bankruptcy last year amid a private dispute with the U.K. tax authority, accord... (more story)
The Labour Party will not block plans to implement what is commonly known as a mansion tax in Scotland at a threshold lower than the rest of the U.K. and to raise income tax thresholds to cut taxes for low ear... (more story)
Officials from the Organization for Economic Cooperation and Development pushed back Tuesday against the idea that the U.S. had been carved out from the global minimum tax, saying the project remains robust.
Internal Revenue Service documents show that a formerly married couple's refund claim was properly received, undermining the government's position that they improperly filed a refund claim for tax penalties of... (more story)
The Office of Foreign Assets Control will ramp up its targeting of companies in the private equity, venture capital, real estate and legal markets in 2026, in keeping with the aggressive foreign policy approac... (more story)
2026 will likely be shaped by issues ranging from artificial intelligence regulatory turbulence to potential evidence rule changes, and e-discovery professionals will need to understand how to effectively guid... (more story)
The maritime and international trade community should expect U.S. federal enforcement to ramp up in 2026, particularly via Office of Foreign Asset Control shipping sanctions, accelerating interagency investiga... (more story)