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Tax Court Limits Sysco's Deductions After Varian Ruling
The U.S. Tax Court limited the deductions that Sysco Corp. can take on repatriated income, holding Monday that the food services giant failed to distinguish its case from Varian Medical Systems Inc.'s failed bid for identical deductions in an earlier ruling.
Lawsuits Challenge New Ill. Taxes On Digital Ads, Social Media
Newly enacted taxes in Illinois on digital advertising and social media platforms violate federal law and the U.S. Constitution and should be struck down, an industry group charged in a pair of lawsuits in state court.
EU Countries Contest Legality Of Business Tax Proposal
More than a dozen European Union countries criticized a European Commission decision to put a pro-business bill including tax elements to a majority vote, rather than seeking the support of all member states, sources told Law360 on Monday.
Tax Court Limits Sysco's Deductions After Varian Ruling
The U.S. Tax Court limited the deductions that Sysco Corp. can take on repatriated income, holding Monday that the food services giant failed to distinguish its case from Varian Medical Systems Inc.'s failed bid for identical deductions in an earlier ruling.
Lawsuits Challenge New Ill. Taxes On Digital Ads, Social Media
Newly enacted taxes in Illinois on digital advertising and social media platforms violate federal law and the U.S. Constitution and should be struck down, an industry group charged in a pair of lawsuits in state court.
EU Countries Contest Legality Of Business Tax Proposal
More than a dozen European Union countries criticized a European Commission decision to put a pro-business bill including tax elements to a majority vote, rather than seeking the support of all member states, sources told Law360 on Monday.
Federal More
A California federal judge has dismissed TurboTax distributor Intuit Inc. and several of its partners from a proposed class action alleging their process for distributing tax refund advance loans comes with hi... (more story)
Disaster victims would be allowed to deduct qualified losses above $500 per disaster without having to itemize under bipartisan legislation signed into law by President Donald Trump.
President Donald Trump said Sunday that the U.S. is planning to remove tariffs on whiskey imported from Ireland.
The Internal Revenue Service asked the Sixth Circuit to affirm a Tennessee federal court's ruling that a set of revised IRS rules requiring taxpayers to disclose some microcaptive insurance arrangements doesn'... (more story)
Atlas Energy Solutions Inc. has reached a $17 million settlement to resolve shareholder claims over the oilfield services company's 2023 reorganization, according to a copy of the proposed agreement filed Frid... (more story)
The IRS may withhold documents sought by a tax news publisher, a Washington, D.C., federal judge said, finding the subject is prominent enough that disclosing the records could allow the taxpayer to be identif... (more story)
Appellate luminary Tom Goldstein unveiled a sweeping and forceful critique aimed at erasing his felony fraud convictions, telling the Fourth Circuit that prosecutors were hell-bent on convicting him "no matter... (more story)
State & Local More
Md. Seeks Review Of Court Ruling Scrapping Digital Ad Tax
Maryland's comptroller is appealing state tax court rulings that struck down the state's digital advertising tax, according to filings in state circuit court.
Wis. Justices Decline To Review StubHub's $8.5M Tax Bill
The Wisconsin Supreme Court declined StubHub's petition for review of an appellate court decision that found the company liable for about $8.5 million in sales tax on tickets sold through its online platform.
SF Vacancy Tax Barred By Calif. Law, Appeals Court Affirms
San Francisco's voter-approved tax on vacant residential units penalizes property owners for keeping those off the rental market and thus violates California law, a state appeals court panel ruled, upholding a trial court.
Prediction Markets Ask Justices To Settle Sports Wager Split
Crypto.com on Friday became the third party to call on the U.S. Supreme Court to address the closely-watched circuit split on prediction market regulation, challenging a Ninth Circuit decision that allowed Nev... (more story)
Fox Rothschild Adds Berger Singerman Estate Pro In Miami
Fox Rothschild LLP has deepened its tax and wealth planning department with a Miami-based partner who came aboard from Berger Singerman LLP.
Taxation With Representation: Paul Weiss, Troutman, Wachtell
In this week's Taxation With Representation, GE Aerospace buys Consolidated Precision Products from private investment firms Warburg Pincus and Berkshire Partners, Independence Realty Trust Inc. and Centerspac... (more story)
Attorneys Using AI May Have Ethical Duty To Redact Docs
The trajectory of legal ethics guidance in recent years strongly suggests that as redaction technology becomes more accessible, the failure to use it when uploading highly confidential materials into artificia... (more story)
Maryland's comptroller is appealing state tax court rulings that struck down the state's digital advertising tax, according to filings in state circuit court.
The Wisconsin Supreme Court declined StubHub's petition for review of an appellate court decision that found the company liable for about $8.5 million in sales tax on tickets sold through its online platform.
San Francisco's voter-approved tax on vacant residential units penalizes property owners for keeping those off the rental market and thus violates California law, a state appeals court panel ruled, upholding a trial court.
Crypto.com on Friday became the third party to call on the U.S. Supreme Court to address the closely-watched circuit split on prediction market regulation, challenging a Ninth Circuit decision that allowed Nev... (more story)
Fox Rothschild LLP has deepened its tax and wealth planning department with a Miami-based partner who came aboard from Berger Singerman LLP.
In this week's Taxation With Representation, GE Aerospace buys Consolidated Precision Products from private investment firms Warburg Pincus and Berkshire Partners, Independence Realty Trust Inc. and Centerspac... (more story)
The trajectory of legal ethics guidance in recent years strongly suggests that as redaction technology becomes more accessible, the failure to use it when uploading highly confidential materials into artificia... (more story)
International More
City Of London Urges Tax Restraint To Protect Growth
The Labour government shouldn't risk growth by raising taxes on financial and professional services at a time when the economy is fragile, the City of London Corp. said Monday.
Fed. Circ. Scrutinizes Presumptive Date In Turkish Rebar Row
A Federal Circuit panel on Friday looked to clarify the effect of the U.S. Department of Commerce's presumption that invoice dates are generally the best option for determining dates of sale during duty invest... (more story)
European Commission Sends India Trade Deal To EU Council
The European Commission on Friday presented a "landmark" free trade agreement with India to the Council of the European Union for final approval, with the deal set to eliminate Indian tariffs on almost all EU goods.
Ørsted Secures UK Tax Rights For 2 Offshore Wind Farms
An advisory commission issued an opinion saying Danish multinational Ørsted should pay taxes primarily in the U.K. rather than Denmark on two offshore wind farms based in British territory, according to a company statement.
Tabcorp's $1.4B Tax Deduction Appeal Rejected By High Court
The High Court of Australia has rejected Tabcorp's application for special leave to appeal a ruling that denied it a $1.49 billion tax deduction over alleged entitlements linked to the termination of gaming li... (more story)
Widow Owes FBAR Penalties On India Account, Judge Rules
A businessman's widow owes penalties for his failure to report his Indian bank account to the Internal Revenue Service after he deposited $1.5 million from the sale of a New York apartment complex, but the pen... (more story)
McGuireWoods Adds Polsinelli Nonprofit Tax Atty In Atlanta
McGuireWoods LLP has added a partner in Atlanta from Polsinelli PC, strengthening its tax-exempt organizations team with an attorney who has guided nonprofits and tax-exempt organizations on tax matters, the f... (more story)
The Labour government shouldn't risk growth by raising taxes on financial and professional services at a time when the economy is fragile, the City of London Corp. said Monday.
A Federal Circuit panel on Friday looked to clarify the effect of the U.S. Department of Commerce's presumption that invoice dates are generally the best option for determining dates of sale during duty invest... (more story)
The European Commission on Friday presented a "landmark" free trade agreement with India to the Council of the European Union for final approval, with the deal set to eliminate Indian tariffs on almost all EU goods.
An advisory commission issued an opinion saying Danish multinational Ørsted should pay taxes primarily in the U.K. rather than Denmark on two offshore wind farms based in British territory, according to a company statement.
The High Court of Australia has rejected Tabcorp's application for special leave to appeal a ruling that denied it a $1.49 billion tax deduction over alleged entitlements linked to the termination of gaming li... (more story)
A businessman's widow owes penalties for his failure to report his Indian bank account to the Internal Revenue Service after he deposited $1.5 million from the sale of a New York apartment complex, but the pen... (more story)
McGuireWoods LLP has added a partner in Atlanta from Polsinelli PC, strengthening its tax-exempt organizations team with an attorney who has guided nonprofits and tax-exempt organizations on tax matters, the f... (more story)