Wyden Says Taxes On Billionaires, Data Centers Top Agenda
The Senate Finance Committee's top Democrat intends to use his party's newly won majority to increase taxes on billionaires, establish excise taxes on data center operators and restore clean energy tax incentives, he told reporters Monday.
IRS Seeks Partial Win On Meta Penalties For Brazil Tax Credits
The IRS asked the U.S. Tax Court to back the $58 million in accuracy-related penalties the agency assessed against Facebook parent Meta for what the agency saw as erroneously claiming foreign tax credits on Brazilian income, arguing the penalty determination was procedurally valid.
Progressive Tax Plans May Rise To Surface After Blue Wave
States that experienced a shift to Democratic control of their legislatures and governors' offices on Election Day could be poised to pursue more progressive tax policies next year, including combined reporting and higher taxes on millionaires.
Federal More
A D.C. federal judge ruled Monday that attorney James Bopp Jr. was entitled to just over $150,000 of the nearly $800,000 in legal fees that the Internal Revenue Service was ordered to pay conservative election-monitoring g...(read more)
A U.S. Tax Court judge who heard from an Eaton Corp. tax official about the power management company's transfer pricing method Monday expressed frustration with the process used to extract data for the method, at one point...(read more)
The buyers of a Maine summer camp from bankrupt camp operator SimadHoldings are accusing the camp's former directors of stealing confidential files and taking them to the competition.
A Tennessee federal judge reversed an order stopping the government from collecting an aircraft trader's $14 million tax debt, saying a bankruptcy court improperly concluded that the government's position that the debt cou...(read more)
Lululemon customers urged a Washington federal court to reject the retailer's requests to either toss their proposed class action over tariff costs or pause the case, arguing that the company shouldn't be able to reap both...(read more)
SCOTUSblog co-founder Thomas Goldstein told the Fourth Circuit Friday that the federal prosecutors who netted 12 tax and mortgage fraud convictions effectively conceded they hid evidence by steering a key witness to new te...(read more)
Character.AI's bankruptcy is charting a path for preserving value in an artificial intelligence business that depends on retaining unfinished technology and the employees who know how to develop it, while accounting for th...(read more)
State & Local More
California will not enact a 5% tax to be levied once on the wealth of billionaires in the state, the Associated Press determined on Monday.
Missouri was hit Monday with another lawsuit brought by a prediction market platform, this time with Polymarket filing a preemptive complaint to stave off a threatened gaming enforcement action by the state, as litigation ...(read more)
Portions of a parking ramp owned by the city of Duluth, Minnesota, and leased to a for-profit hotel should not be subject to property taxation, the city told the state Supreme Court, seeking reversal of a state tax court r...(read more)
California will not amend its constitution to prohibit local governments from imposing or increasing a special tax unless it's approved by two-thirds of the electorate, according to preliminary results.
Mary McNulty of Holland & Knight was lead tax counsel in ExxonMobil's landmark litigation related to the company's partnership with Qatar and won a consequential appellate decision on the meaning of a limited liability par...(read more)
In this week's Taxation With Representation, Marvell Technology buys data center optics maker Lumentum, defense technology company Shield acquires radar company Echodyne, and CVS Health plans to split into two independent,...(read more)
The U.S. justice system is long overdue for a cultural shift that encourages judges to engage with the merits of a case from the outset, which would help to cut through procedural complexities and deliver high-quality just...(read more)
International More
Canada can tax a family trust on about CA$2.95 million ($2.09 million) in capital gains based on a deemed disposition triggered by the trust's failure to divide its assets before its 21st anniversary, the Tax Court of Cana...(read more)
The Council of the European Union has reached an agreement to extend the one-stop shop for value-added tax on imports to all e-commerce sales into the trade bloc and make online platforms responsible for collecting the rev...(read more)
The European Union must extend proposed tax relief on cross-border dividend payments to regulated investment funds to reduce costs for savers and remove barriers to investment, the bloc's fund industry urged Monday.
Managers from Eaton's factories in the Dominican Republic and Puerto Rico described in court Friday how products were tested for quality at those facilities, while IRS attorneys seeking to downplay the significance of the ...(read more)
A Blank Rome LLP partner who founded a luxury boutique hotel in Italy told the U.S. Tax Court the IRS improperly determined he owes roughly $15.6 million in taxes and penalties, disputing the agency's assertion that his ho...(read more)
A budget released by the Department of Finance Canada signaled several coming corporate tax proposals, including full-expense deductions for new investments and a tax exemption on up to CA$15 million ($10.6 million) in cap...(read more)
Negotiations to remove the U.S. territories of American Samoa, Guam and the Virgin Islands from the European Union's tax blacklist continue to be hindered by a disagreement on whether data on U.S.-sourced income linked to ...(read more)