Boston Consulting Loses UK Tax Fight Over Partner Pay
Payments to partners made by the U.K. arm of Boston Consulting Group are taxable under rules aimed at preventing avoidance since profit shares were routed through a corporate group and carelessness by the firm caused a loss of tax, a London court ruled Tuesday.
IRS Funding Boost Faces $11.7B Cut In Bipartisan Package
Congress would cut $11.7 billion from the IRS spending boost included in the Inflation Reduction Act under a bipartisan, bicameral spending package released Tuesday by the House and Senate Appropriations committees.
Hochul's Budget Would Decouple NY From Biz Tax Breaks
New York Gov. Kathy Hochul proposed decoupling from some business tax breaks passed in the 2025 federal budget bill and extending the state's corporate surtax for another three years as part of a $260 billion budget plan released Tuesday.
Boston Consulting Loses UK Tax Fight Over Partner Pay
Payments to partners made by the U.K. arm of Boston Consulting Group are taxable under rules aimed at preventing avoidance since profit shares were routed through a corporate group and carelessness by the firm caused a loss of tax, a London court ruled Tuesday.
IRS Funding Boost Faces $11.7B Cut In Bipartisan Package
Congress would cut $11.7 billion from the IRS spending boost included in the Inflation Reduction Act under a bipartisan, bicameral spending package released Tuesday by the House and Senate Appropriations committees.
Hochul's Budget Would Decouple NY From Biz Tax Breaks
New York Gov. Kathy Hochul proposed decoupling from some business tax breaks passed in the 2025 federal budget bill and extending the state's corporate surtax for another three years as part of a $260 billion budget plan released Tuesday.
Federal More
A former office manager at Thomas Goldstein's law firm Tuesday told the jury in his tax fraud trial in Maryland federal court that hundreds of thousands of dollars in wire transfers sent to the U.S. Supreme Co... (more story)
Eight law firms have earned spots as Law360's Firms of the Year, with 48 Practice Group of the Year awards among them, achieving milestones such as high-profile litigation wins at the U.S. Supreme Court and 11... (more story)
The U.S. Department of the Treasury is racing to open a new retirement savings program for children known as Trump Accounts by early July, and officials are warning that the effort will require a massive under... (more story)
The IRS is not authorized to scrutinize a partner's taxable net earnings at the business-entity level under a 1982 law governing partnership audits, an energy investment firm told the First Circuit, challengin... (more story)
Three years after the U.S. Supreme Court declined to resolve a circuit split in In re: Grand Jury, federal courts remain split as to when attorney-client privilege applies to dual-purpose legal and business co... (more story)
The U.S. Tax Court made multiple errors when it reduced the value of rock-rich land underlying a North Carolina partnership's conservation easement donation, the partnership told the Fourth Circuit, urging it ... (more story)
Law360 would like to congratulate the winners of its Practice Groups of the Year awards for 2025, which honor the attorney teams behind litigation wins and significant transaction work that resonated throughou... (more story)
State & Local More
Kim Kardashian's Skims Settles NJ Consumer Fraud Suit
Skims Body Inc. will pay a $200,000 civil penalty and continue refunding New Jersey shoppers after improperly collecting sales tax on clothing that should have been tax exempt for nearly five years, Attorney G... (more story)
Ariz. Gov. Vetoes GOP's $1.4B Conformity, Tax Cut Plan
Arizona Gov. Katie Hobbs vetoed a Republican-backed $1.4 billion tax cut package that would have largely conformed the state with federal tax changes, including corporate tax break extensions, while legislativ... (more story)
Arby's Franchisee Sale Met Taxability Test, Ark. Justices Told
An Oklahoma-based company that was once the largest Arby's franchisee owes Arkansas income tax on the sale of its business, the Arkansas tax department told the state's Supreme Court, saying the property sold ... (more story)
Minn. Tax Court Wrong To Cut Hilton Value, State Justices Told
The valuation of a Hilton hotel and convention center in Minneapolis was wrongly slashed by the state's tax court, including by $70 million in one year, a county told the Minnesota Supreme Court.
Taxation With Representation: Stibbe, A&O Shearman, Latham
In this week's Taxation With Representation, Keurig Dr Pepper Inc. plans to complete its deal to snap up coffee company JDE Peet's NV, Boston Scientific Corp. acquires medical device company Penumbra Inc., and... (more story)
Cannabis Industry Faces An Inflection Point This Year
Cannabis industry developments last year — from the passage of a new wholesale tax in Michigan, to an executive order accelerating the federal rescheduling process — presage a more mature phase of legalization... (more story)
State Rules Add Wrinkle To Scholarship Tax Break's Rollout
The U.S. Treasury Department is grappling with how to balance federal and state rules to implement a new tax credit for contributions to eligible scholarship programs, an official said Friday, describing state... (more story)
Skims Body Inc. will pay a $200,000 civil penalty and continue refunding New Jersey shoppers after improperly collecting sales tax on clothing that should have been tax exempt for nearly five years, Attorney G... (more story)
Arizona Gov. Katie Hobbs vetoed a Republican-backed $1.4 billion tax cut package that would have largely conformed the state with federal tax changes, including corporate tax break extensions, while legislativ... (more story)
An Oklahoma-based company that was once the largest Arby's franchisee owes Arkansas income tax on the sale of its business, the Arkansas tax department told the state's Supreme Court, saying the property sold ... (more story)
The valuation of a Hilton hotel and convention center in Minneapolis was wrongly slashed by the state's tax court, including by $70 million in one year, a county told the Minnesota Supreme Court.
In this week's Taxation With Representation, Keurig Dr Pepper Inc. plans to complete its deal to snap up coffee company JDE Peet's NV, Boston Scientific Corp. acquires medical device company Penumbra Inc., and... (more story)
Cannabis industry developments last year — from the passage of a new wholesale tax in Michigan, to an executive order accelerating the federal rescheduling process — presage a more mature phase of legalization... (more story)
The U.S. Treasury Department is grappling with how to balance federal and state rules to implement a new tax credit for contributions to eligible scholarship programs, an official said Friday, describing state... (more story)
International More
Court Backs HMRC Over Healthcare Co.'s Late VAT Appeal
A private healthcare company has to meet strict conditions to appeal HM Revenue & Customs' value-added-tax assessments and a penalty of over £1 million ($1.3 million) after filing its appeal late, a London court ruled.
Tribunal Dismisses HMRC Race Claims After 4-Year Delay
A tribunal has thrown out two claims of race discrimination in the workplace from an HM Revenue and Customs worker, concluding that there was no convincing reason for the allegations being advanced more than four years late.
Starmer Says No Retaliation To Trump's Greenland Tariffs
The U.K. wants to avoid retaliatory measures to U.S. tariffs over Greenland, Prime Minister Keir Starmer told a news conference Monday following President Donald Trump's weekend threat to impose 10% tariffs on... (more story)
Nomura Denies Overcharging Investor $3.8M To Cover Tax
The U.K. securities brokering arm of Nomura has rejected a claim that it owes an India-based asset manager more than $3.8 million, denying that it deducted too much money from trades to cover capital gains tax.
DOJ Says Wife Owes FBAR Penalties On India Account
A New York federal court should find that a businessman's wife 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 ... (more story)
IRS Boosts Mediation Training In Appeals, Official Says
The IRS has ramped up its training of appeals officers to perform mediation work to account for the recent reduction of staff as part of the agency's ongoing emphasis to quickly resolve taxpayer issues through... (more story)
China, Canada Agree To Lower Tariffs On EVs, Food
Canada will drastically cut a 100% tariff on nearly 50,000 imported Chinese electric vehicles and expects China to lower tariffs on canola, lobsters, crabs and peas, Prime Minister Mark Carney said Friday in a news release.
A private healthcare company has to meet strict conditions to appeal HM Revenue & Customs' value-added-tax assessments and a penalty of over £1 million ($1.3 million) after filing its appeal late, a London court ruled.
A tribunal has thrown out two claims of race discrimination in the workplace from an HM Revenue and Customs worker, concluding that there was no convincing reason for the allegations being advanced more than four years late.
The U.K. wants to avoid retaliatory measures to U.S. tariffs over Greenland, Prime Minister Keir Starmer told a news conference Monday following President Donald Trump's weekend threat to impose 10% tariffs on... (more story)
The U.K. securities brokering arm of Nomura has rejected a claim that it owes an India-based asset manager more than $3.8 million, denying that it deducted too much money from trades to cover capital gains tax.
A New York federal court should find that a businessman's wife 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 ... (more story)
The IRS has ramped up its training of appeals officers to perform mediation work to account for the recent reduction of staff as part of the agency's ongoing emphasis to quickly resolve taxpayer issues through... (more story)
Canada will drastically cut a 100% tariff on nearly 50,000 imported Chinese electric vehicles and expects China to lower tariffs on canola, lobsters, crabs and peas, Prime Minister Mark Carney said Friday in a news release.