3 Ways UK May Reshape Taxes In Budget
The U.K.'s Labour government is set to announce its fiscal agenda in its autumn budget Wednesday, and many experts predict higher taxes on banks and a crackdown on tax dodgers. Here, Law360 highlights three areas to watch for tax changes in the budget.
Appraiser Defends $37M Deduction For Texas Land Donations
A trial wrapped up Monday for two partnerships claiming a combined $37 million deduction for their donation of beachfront property in Texas after the U.S. Tax Court heard from witnesses, including an appraiser who challenged the government's position that the land was worth only $4.3 million.
States Push Tech Taxes That Could Raise Consumer Costs
The last year has shown states' interest in taxing as many new technologies as possible, creating complexities and often leading to litigation, tax professionals said Monday.
3 Ways UK May Reshape Taxes In Budget
The U.K.'s Labour government is set to announce its fiscal agenda in its autumn budget Wednesday, and many experts predict higher taxes on banks and a crackdown on tax dodgers. Here, Law360 highlights three areas to watch for tax changes in the budget.
Appraiser Defends $37M Deduction For Texas Land Donations
A trial wrapped up Monday for two partnerships claiming a combined $37 million deduction for their donation of beachfront property in Texas after the U.S. Tax Court heard from witnesses, including an appraiser who challenged the government's position that the land was worth only $4.3 million.
States Push Tech Taxes That Could Raise Consumer Costs
The last year has shown states' interest in taxing as many new technologies as possible, creating complexities and often leading to litigation, tax professionals said Monday.
Federal More
The government asked the Eighth Circuit on Monday to reconsider its finding that a 90-day petition-filing deadline is flexible in the case of a couple challenging their tax bill in the U.S. Tax Court, saying t... (more story)
The U.S. Tax Court erred when it found a former Pennsylvania state senator responsible for losses to the state's Senate, he told the Third Circuit, arguing that the lower court incorrectly determined that exce... (more story)
While the Public Company Accounting Oversight Board recently defeated procedural and structural challenges to its enforcement program in D.C. federal court, it's unclear what claims and sanctions the PCAOB can... (more story)
The North Carolina Supreme Court agreed to take up a former state court judge's appeal challenging the state bar's authority to discipline him for alleged misconduct on the bench, which he said the Tar Heel st... (more story)
A former Willkie Farr & Gallagher LLP partner and his wife owe the U.S. more than $14.5 million in unpaid taxes, penalties and interest, according to a complaint filed in Manhattan federal court that seeks to ... (more story)
The Fifth Circuit should restore a vacated regulation that required disclosure of certain microcaptive transactions due to the risk of tax avoidance and uphold another related rule that carried a lower penalty... (more story)
The U.S. Tax Court imposed conservation easement donation requirements beyond what the law allows in evaluating a property's condition and potential mining value, a partnership told the Fourth Circuit, seeking... (more story)
State & Local More
Ariz. Court OKs Local Sales Tax Passed By Simple Majority
An Arizona appeals court rejected a challenge to a local sales tax enacted via ballot measure in 2024, disagreeing with taxpayers who claimed the ballot proposal was a referendum that required 60% approval.
Colo. Justices Asked To Hear Challenge To Amendment 87
The man challenging the validity of signatures for a Colorado ballot initiative to raise taxes on the state's wealthiest residents appealed the dismissal of his lawsuit to the state's high court Thursday.
Taxation With Representation: Milbank, De Brauw, Wachtell
In this week's Taxation With Representation, EQT Private Equity announces a takeover offer for life sciences testing company Qiagen NV, Salesforce acquires customer engagement platform Braze and London Stock E... (more story)
Colo. Graduated Tax Measure To Stay On Ballot, Judge Rules
A Colorado ballot initiative to raise taxes on the state's wealthiest residents will be on the ballot this November after a state court judge Wednesday tossed a lawsuit seeking to invalidate signatures gathere... (more story)
Chicago Mayor Pitches Return Of $25-Per-Worker Corp. Tax
The mayor of Chicago released a $17.6 billion budget plan Wednesday that includes the return of a tax on corporations for every employee at large firms, as well as increasing tax rates on sports betting and leased property.
Mastercard Owes $7.7M In Tax And Penalties, SC Panel Rules
Mastercard is liable for $7.7 million in corporate income tax and penalties because the company engaged in income-producing activity in South Carolina, a state appellate panel ruled Wednesday.
US Bank Owes SC Tax Over In-State Services, Court Says
U.S. Bank owes South Carolina about $5 million, an appeals court ruled Wednesday, finding that income-producing mortgage and credit card services related to South Carolina customers occurred within the state a... (more story)
An Arizona appeals court rejected a challenge to a local sales tax enacted via ballot measure in 2024, disagreeing with taxpayers who claimed the ballot proposal was a referendum that required 60% approval.
The man challenging the validity of signatures for a Colorado ballot initiative to raise taxes on the state's wealthiest residents appealed the dismissal of his lawsuit to the state's high court Thursday.
In this week's Taxation With Representation, EQT Private Equity announces a takeover offer for life sciences testing company Qiagen NV, Salesforce acquires customer engagement platform Braze and London Stock E... (more story)
A Colorado ballot initiative to raise taxes on the state's wealthiest residents will be on the ballot this November after a state court judge Wednesday tossed a lawsuit seeking to invalidate signatures gathere... (more story)
The mayor of Chicago released a $17.6 billion budget plan Wednesday that includes the return of a tax on corporations for every employee at large firms, as well as increasing tax rates on sports betting and leased property.
Mastercard is liable for $7.7 million in corporate income tax and penalties because the company engaged in income-producing activity in South Carolina, a state appellate panel ruled Wednesday.
U.S. Bank owes South Carolina about $5 million, an appeals court ruled Wednesday, finding that income-producing mortgage and credit card services related to South Carolina customers occurred within the state a... (more story)
International More
Former Company Director Can't Avert £283K Tax Bill On Loan
A former company director can't avoid nearly £283,000 ($377,000) in income tax on the unpaid balance of a loan despite it being written off, a London tribunal ruled, because the settlement with liquidators doe... (more story)
Buyer Of Ex-Adgemis Bondi Hotel Ordered To Pay $6M
The Supreme Court of New South Wales has ordered the company that bought bankrupt publican Jon Adgemis' former Bondi Beach hotel to pay Vantage Point Asset Management Special Opportunities $6 million in damage... (more story)
South Korea May Delay Crypto Tax Again, Report Says
South Korea's executive branch is looking at delaying plans to tax cryptocurrency for a fourth time, saying the U.S. government's slow-rolling of tax information exchanges has yielded a dearth of data on taxpa... (more story)
Bank Surcharge Hike Could Raise £5.8B, Think Tank Says
The U.K.'s Labour government could raise £5.8 billion ($7.7 billion) by restoring the bank surcharge to 8% in the autumn budget, a think tank said Monday.
Dems Seek GAO Review Of $166B Tariff Refund Operation
Democratic lawmakers serving in the U.S. House and Senate asked for the Government Accountability Office to evaluate Customs and Border Protection's administration of a tariff refund system designed to repay i... (more story)
5th Circ. Orders New Look At IRS' Loss On FBAR Jury Rights
A Texas federal court must revisit its 2025 ruling that the IRS violated a woman's jury-trial rights by imposing a $1 million civil penalty for failing to report foreign bank accounts, the Fifth Circuit said, ... (more story)
Wyden Questions Big 4 Execs On Int'l Tax Shelter Consulting
The Senate Finance Committee's top Democrat said Wednesday that he was launching an inquiry into whether the Big Four accounting firms — PwC, KPMG, Deloitte and EY — have helped large multinational corporation... (more story)
A former company director can't avoid nearly £283,000 ($377,000) in income tax on the unpaid balance of a loan despite it being written off, a London tribunal ruled, because the settlement with liquidators doe... (more story)
The Supreme Court of New South Wales has ordered the company that bought bankrupt publican Jon Adgemis' former Bondi Beach hotel to pay Vantage Point Asset Management Special Opportunities $6 million in damage... (more story)
South Korea's executive branch is looking at delaying plans to tax cryptocurrency for a fourth time, saying the U.S. government's slow-rolling of tax information exchanges has yielded a dearth of data on taxpa... (more story)
The U.K.'s Labour government could raise £5.8 billion ($7.7 billion) by restoring the bank surcharge to 8% in the autumn budget, a think tank said Monday.
Democratic lawmakers serving in the U.S. House and Senate asked for the Government Accountability Office to evaluate Customs and Border Protection's administration of a tariff refund system designed to repay i... (more story)
A Texas federal court must revisit its 2025 ruling that the IRS violated a woman's jury-trial rights by imposing a $1 million civil penalty for failing to report foreign bank accounts, the Fifth Circuit said, ... (more story)
The Senate Finance Committee's top Democrat said Wednesday that he was launching an inquiry into whether the Big Four accounting firms — PwC, KPMG, Deloitte and EY — have helped large multinational corporation... (more story)