IRS' Easement Fraud Penalties Require Trial, 5th Circ. Told
The Internal Revenue Service violated the Seventh Amendment by imposing civil fraud penalties without a jury first reviewing them, a partnership told the Fifth Circuit, arguing the penalties' common-law roots allow the entity to invoke constitutional protections in its conservation easement tax deduction dispute.
EU Biz Rep Warns Of Overlap Between Pillar 2, Other Rules
The director of a prominent European Union business body said Monday that duplication between requirements of the Pillar Two minimum tax system and EU frameworks for tackling tax avoidance has created regulatory burdens that are holding back investment in Europe.
Uncertainties Remain As UN Cross-Border Tax Talks Progress
The United Nations is finalizing the details of a proposal that would help countries capture the income of remote corporations falling outside traditional tax rules, but sticking points remain over technical details, including the mechanisms of the new measure.
IRS' Easement Fraud Penalties Require Trial, 5th Circ. Told
The Internal Revenue Service violated the Seventh Amendment by imposing civil fraud penalties without a jury first reviewing them, a partnership told the Fifth Circuit, arguing the penalties' common-law roots allow the entity to invoke constitutional protections in its conservation easement tax deduction dispute.
EU Biz Rep Warns Of Overlap Between Pillar 2, Other Rules
The director of a prominent European Union business body said Monday that duplication between requirements of the Pillar Two minimum tax system and EU frameworks for tackling tax avoidance has created regulatory burdens that are holding back investment in Europe.
Uncertainties Remain As UN Cross-Border Tax Talks Progress
The United Nations is finalizing the details of a proposal that would help countries capture the income of remote corporations falling outside traditional tax rules, but sticking points remain over technical details, including the mechanisms of the new measure.
Federal More
A New York federal court threw out claims by three pension plans against a London brokerage firm that, according to the plans, executed fraudulent refund claims for them to the Danish tax authority, finding th... (more story)
As artificial intelligence becomes increasingly accessible, lawyers with a niche practice may stand out as clients seek specialized judgment that automation cannot replicate, but it is important to choose a ni... (more story)
By imposing temporary tariffs under Section 122 of the Trade Act as a stopgap measure while it pivots to less transitory statutory authorities, the Trump administration sent a clear message that the U.S. Supre... (more story)
An attorney who led an investment partnership whose principals were criminally prosecuted for fraud is not entitled to tax deductions for theft loss related to the fallout, the Sixth Circuit ruled, saying ther... (more story)
Treasury Secretary Scott Bessent will continue to lead the Internal Revenue Service even though the time limit on his role as acting commissioner of the agency has expired, the IRS said Friday.
The Office of the U.S. Trade Representative is investigating 60 economies that it suspects failed to prohibit the importing of goods produced with forced labor under a statute that could lead to new, long-last... (more story)
The IRS did not erroneously assess interest and penalties against Meta Platforms during 2020, when the company said it was protected under a diaster-relief provision, the agency argued as it urged the U.S. Tax... (more story)
State & Local More
NJ Tax Agency Looks To Sink Challenge To PL 86-272 Rules
New Jersey regulations that outline when a company's internet activities exceed P.L. 86-272's tax protections account for modern business practices and are consistent with federal law, the state's tax agency a... (more story)
Va. Lawmakers OK Legal, Taxed Marijuana Retail Sales
Virginia lawmakers have given final approval to legislation that would tax and regulate the sale of adult-use cannabis, sending the bill to Democratic Gov. Abigail Spanberger, who is expected to sign it into l... (more story)
Wash. Leg. Greenlights Bill To Undo 2025 Estate Tax Hike
The Washington State Legislature passed a bill that would walk back estate tax rate increases approved by lawmakers last year for estates with taxable value of at least $1 million.
Minn. Sen. Panel Advances $400M Sales Tax Plan For Housing
Minnesota would boost its sales tax rate by 0.375%, with the resulting $400 million raised annually committed to housing efforts, under a ballot measure proposed in legislation approved by the state Senate Hea... (more story)
Texas Justices Uphold Tax On NuStar's Shipped Fuel
The Texas comptroller's office correctly sourced NuStar Energy's fuel sales and denied the company a $2.4 million franchise tax refund, the state's high court said Friday, upholding an appeals panel ruling.
Fla. Lawmakers OK Decoupling From New Corp. Tax Breaks
Florida would decouple from a host of corporate tax breaks in last year's federal budget reconciliation bill under legislation approved by state lawmakers, saying the cost of offering the tax benefits was too ... (more story)
Greenberg Traurig Adds Taft Private Wealth Partner In Chicago
Greenberg Traurig LLP has hired a former Taft Stettinius & Hollister LLP partner, who joins the Chicago team to continue her practice focused on private wealth services, including advising individuals, familie... (more story)
New Jersey regulations that outline when a company's internet activities exceed P.L. 86-272's tax protections account for modern business practices and are consistent with federal law, the state's tax agency a... (more story)
Virginia lawmakers have given final approval to legislation that would tax and regulate the sale of adult-use cannabis, sending the bill to Democratic Gov. Abigail Spanberger, who is expected to sign it into l... (more story)
The Washington State Legislature passed a bill that would walk back estate tax rate increases approved by lawmakers last year for estates with taxable value of at least $1 million.
Minnesota would boost its sales tax rate by 0.375%, with the resulting $400 million raised annually committed to housing efforts, under a ballot measure proposed in legislation approved by the state Senate Hea... (more story)
The Texas comptroller's office correctly sourced NuStar Energy's fuel sales and denied the company a $2.4 million franchise tax refund, the state's high court said Friday, upholding an appeals panel ruling.
Florida would decouple from a host of corporate tax breaks in last year's federal budget reconciliation bill under legislation approved by state lawmakers, saying the cost of offering the tax benefits was too ... (more story)
Greenberg Traurig LLP has hired a former Taft Stettinius & Hollister LLP partner, who joins the Chicago team to continue her practice focused on private wealth services, including advising individuals, familie... (more story)
International More
EU Needs To Unify Tax Policy To Aid Start-Ups, Panelists Say
The European Union should create more unified tax policies to attract start-up companies, including by ensuring firms aren't disadvantaged by the treatment of employee stock options and company losses, former ... (more story)
HMRC Speeds Up Investigations Into Large Businesses
The U.K.'s tax authority has reduced the length of its tax investigations into large businesses, according to data released Monday, though the backlog of open cases has continued to grow.
HMRC Set To Fully Absorb Valuation Office By April
The U.K.'s Valuation Office Agency will become fully integrated into HM Revenue & Customs next month, the office said, bringing property valuations into the remit of fiscal administration for the first time in... (more story)
Taxation With Representation: Paul Hastings, Duane Morris
In this week's Taxation With Representation, uniform maker Cintas Corp. acquires workwear company UniFirst Corp., Controlled Thermal Resources Holdings Inc. plans to go public by merging with a special purpose... (more story)
Tariff Refund System Taking Shape, US Customs Tells CIT
U.S. Customs and Border Protection is making progress developing a system for importers to claim refunds for the global tariff regime struck down by the U.S. Supreme Court, an official told the U.S. Court of I... (more story)
IRS Allows 15% Of KFC Parent's Domestic Production Claim
The IRS and the parent of Pizza Hut, KFC and Taco Bell agreed that the company's total deductions for domestic production activities during 2013-2015 were $1.6 million — roughly 15% of the $10.7 million the co... (more story)
Reeves Says Energy Windfall Tax May Not Apply By Late 2027
The U.K.'s energy profits levy is expected to no longer apply to oil and gas operations in the North Sea in the last quarter of 2027, especially if the current Middle East crisis de-escalates and energy prices... (more story)
The European Union should create more unified tax policies to attract start-up companies, including by ensuring firms aren't disadvantaged by the treatment of employee stock options and company losses, former ... (more story)
The U.K.'s tax authority has reduced the length of its tax investigations into large businesses, according to data released Monday, though the backlog of open cases has continued to grow.
The U.K.'s Valuation Office Agency will become fully integrated into HM Revenue & Customs next month, the office said, bringing property valuations into the remit of fiscal administration for the first time in... (more story)
In this week's Taxation With Representation, uniform maker Cintas Corp. acquires workwear company UniFirst Corp., Controlled Thermal Resources Holdings Inc. plans to go public by merging with a special purpose... (more story)
U.S. Customs and Border Protection is making progress developing a system for importers to claim refunds for the global tariff regime struck down by the U.S. Supreme Court, an official told the U.S. Court of I... (more story)
The IRS and the parent of Pizza Hut, KFC and Taco Bell agreed that the company's total deductions for domestic production activities during 2013-2015 were $1.6 million — roughly 15% of the $10.7 million the co... (more story)
The U.K.'s energy profits levy is expected to no longer apply to oil and gas operations in the North Sea in the last quarter of 2027, especially if the current Middle East crisis de-escalates and energy prices... (more story)