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Omnibus Tax Bill Holds Key Developments For North Carolina
North Carolina's omnibus tax bill, signed July 2 by Democratic Gov. Josh Stein, went beyond federal tax conformity and a new tax on prediction markets to make some key technical changes tax professionals should be aware of. Here, Law360 presents these North Carolina tax developments to know.
Int'l Tax In July: New UK PM, Win For Denmark, US Tariff Pivot
New leadership in the U.K. comes with the possibility of higher tax rates for some businesses in light of Prime Minister Andy Burnham's plans to reform the country's healthcare system, while a recent U.K. Supreme Court case could spell good news for Denmark in its long-running battle against cum-ex fraud. Here, Law360 looks at some of July's biggest international tax developments.
Tax Court Nixes Trader's $170M Dividend Tax Break
The Internal Revenue Service correctly disallowed over $170 million in qualified dividend deductions and over $25 million in foreign tax credits to a trading firm in 2012, the U.S. Tax Court held Thursday, finding its transactions failed an anti-abuse rule.
Omnibus Tax Bill Holds Key Developments For North Carolina
North Carolina's omnibus tax bill, signed July 2 by Democratic Gov. Josh Stein, went beyond federal tax conformity and a new tax on prediction markets to make some key technical changes tax professionals should be aware of. Here, Law360 presents these North Carolina tax developments to know.
Int'l Tax In July: New UK PM, Win For Denmark, US Tariff Pivot
New leadership in the U.K. comes with the possibility of higher tax rates for some businesses in light of Prime Minister Andy Burnham's plans to reform the country's healthcare system, while a recent U.K. Supreme Court case could spell good news for Denmark in its long-running battle against cum-ex fraud. Here, Law360 looks at some of July's biggest international tax developments.
Tax Court Nixes Trader's $170M Dividend Tax Break
The Internal Revenue Service correctly disallowed over $170 million in qualified dividend deductions and over $25 million in foreign tax credits to a trading firm in 2012, the U.S. Tax Court held Thursday, finding its transactions failed an anti-abuse rule.
Federal More
The Seventh Circuit doesn't need to reconsider its decision to remand a dispute over the taxability of $300 million in funds from Hyatt Hotels' loyalty rewards program to the U.S. Tax Court, the hospitality gi... (more story)
The U.S. Treasury Department and IRS intend to propose regulations to implement a provision of the Secure 2.0 Act of 2022 designed to allow lower-income taxpayers who contribute to their retirement savings to ... (more story)
Tax preparers who accused a New York tax preparation company of overtime and wage violations have urged a New York federal court to grant preliminary approval of a $1.05 million class action settlement.
A precious metals partnership and its members should be allowed to pursue their suit alleging an attorney and others conspired to bilk them out of out $12 million while advocating an unlawful tax strategy, a C... (more story)
The Senate on Friday approved several of President Donald Trump's picks for roles at the U.S. Department of the Treasury as part of a combined confirmation of 74 nominees to various positions, including his no... (more story)
The U.S. Senate approved legislation Friday that would enhance President Donald Trump's economic tools to pressure Russia, including new tariff authorities that raised concerns for Democratic lawmakers.
In this week's Taxation With Representation, U.K. real estate investment trust Segro's board agrees to a share offer from U.S. rival Prologis with a partial cash alternative, Curium acquires fellow radiopharma... (more story)
State & Local More
Slapping Back When A State Tax Overreaches: SALT In Review
From Apple's big win against a Nebraska tax assessment to a constitutional matter in Oregon, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Ga. Drops Uber Tax Appeal After State High Court Loss
Georgia's tax agency and Uber have settled their dispute over whether the ride-hailing company was required to collect and remit millions in sales taxes on behalf of drivers and customers who used its app befo... (more story)
NJ Tax Court Can't Relax Couple's Tax Bill Before Challenge
The New Jersey Tax Court said Thursday that it cannot relax a couple's property tax assessment payments despite being granted legislative authority, because the couple must first challenge the assessment with ... (more story)
Jones Day Hires Morgan Lewis Tax Partner In DC
Jones Day has hired a former Morgan Lewis & Bockius LLP tax attorney who spent more than 11 years representing multinational businesses, partnerships, and high-net-worth individuals, the firm announced Wednesday.
Biz Groups Back Energy Co.'s $8M Tax Case To Mich. Justices
Wholesale electricity sales to a regional grid operator should be sourced to the states of their final customers, business groups told the Michigan Supreme Court, backing the company's appeal of an $8 million state tax bill.
JBS To Pay $31M In Pilgrim's Pride Investors' Control Suit
Brazil-based meat giant JBS SA agreed to pay $31 million to shareholders of its subsidiary Pilgrim's Pride Corp. to settle a suit accusing JBS, its affiliates and its Pilgrim's board appointees of unfairly inc... (more story)
NJ Firm Winne Banta Brings On Trusts And Estates Atty Duo
The principals behind a Hackensack, New Jersey-based trust and estates and elder law firm have joined Winne Banta Basralian & Kahn PC as members of the firm bringing expertise in tax efficient family wealth tr... (more story)
From Apple's big win against a Nebraska tax assessment to a constitutional matter in Oregon, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Georgia's tax agency and Uber have settled their dispute over whether the ride-hailing company was required to collect and remit millions in sales taxes on behalf of drivers and customers who used its app befo... (more story)
The New Jersey Tax Court said Thursday that it cannot relax a couple's property tax assessment payments despite being granted legislative authority, because the couple must first challenge the assessment with ... (more story)
Jones Day has hired a former Morgan Lewis & Bockius LLP tax attorney who spent more than 11 years representing multinational businesses, partnerships, and high-net-worth individuals, the firm announced Wednesday.
Wholesale electricity sales to a regional grid operator should be sourced to the states of their final customers, business groups told the Michigan Supreme Court, backing the company's appeal of an $8 million state tax bill.
Brazil-based meat giant JBS SA agreed to pay $31 million to shareholders of its subsidiary Pilgrim's Pride Corp. to settle a suit accusing JBS, its affiliates and its Pilgrim's board appointees of unfairly inc... (more story)
The principals behind a Hackensack, New Jersey-based trust and estates and elder law firm have joined Winne Banta Basralian & Kahn PC as members of the firm bringing expertise in tax efficient family wealth tr... (more story)
International More
Nations Defend UN Tax Pact Requiring Treaty Renegotiations
The idea of creating an obligation to renegotiate tax treaties so they align with the United Nations framework convention on international tax cooperation is receiving support among some member states, accordi... (more story)
Tax Uncertainty Causes UK Stock Sell-Off, Report Says
Uncertainty over the future of U.K. tax policy under Prime Minister Andy Burnham has driven a stock sell-off, global funds network Calastone said in a report.
French MP Wants New Cigarette Tax To Fund Wildfire Fight
A French politician is calling for a new tax on cigarette sales to finance firefighting efforts amid a series of extreme wildfires in the country.
Africa Wants Majority Voting For Future UN Tax Pact Decisions
The African Group wants simple majority voting for decisions by governments that ratify the proposed United Nations Framework Convention on International Tax Cooperation, a representative said Thursday.
CIT Judge Confused By Gov't Objection To Tariff Refund Class
A U.S. Court of International Trade judge repeatedly expressed confusion Thursday over the federal government's objection to the certification of a class of importers seeking refunds of President Donald Trump'... (more story)
Meta Can't Force Stipulation Of Facts In $16B Tax Court Fight
Meta cannot force the IRS to agree to the truth of "selective quotes" from trial transcripts and other documents from a related case as the company currently fights a $16 billion tax bill, the U.S. Tax Court ruled Thursday.
Taiwan LED Maker To Pay $5.15M In Customs Fraud Deal
Taiwanese-based Everlight Electronics will pay the U.S. government $5.15 million to resolve duty evasion allegations in a dispute brought under the False Claims Act, the U.S. Attorney's Office for the District... (more story)
The idea of creating an obligation to renegotiate tax treaties so they align with the United Nations framework convention on international tax cooperation is receiving support among some member states, accordi... (more story)
Uncertainty over the future of U.K. tax policy under Prime Minister Andy Burnham has driven a stock sell-off, global funds network Calastone said in a report.
A French politician is calling for a new tax on cigarette sales to finance firefighting efforts amid a series of extreme wildfires in the country.
The African Group wants simple majority voting for decisions by governments that ratify the proposed United Nations Framework Convention on International Tax Cooperation, a representative said Thursday.
A U.S. Court of International Trade judge repeatedly expressed confusion Thursday over the federal government's objection to the certification of a class of importers seeking refunds of President Donald Trump'... (more story)
Meta cannot force the IRS to agree to the truth of "selective quotes" from trial transcripts and other documents from a related case as the company currently fights a $16 billion tax bill, the U.S. Tax Court ruled Thursday.
Taiwanese-based Everlight Electronics will pay the U.S. government $5.15 million to resolve duty evasion allegations in a dispute brought under the False Claims Act, the U.S. Attorney's Office for the District... (more story)