GOP Budget Bill May Not Be The End For PL 86-272 Revisions
State representatives celebrated the removal of a provision from the federal budget reconciliation bill that sought to broaden state income tax protections for businesses, but they may need to stay on the lookout for future tax preemption proposals from Congress.
The Tax Angle: Church Politics, Budget Talk, Disaster Relief
From a look at the IRS' statement relaxing a 71-year-old ban on political endorsements by churches to talk of a second budget reconciliation bill this year and the passage of disaster tax relief legislation, here's a peek into a reporter's notebook on a few developing tax stories.
Trump Declares 35% Canadian Import Tariff Is Coming Aug. 1
President Donald Trump has sent a letter to Canadian Prime Minister Mark Carney indicating Canadian goods entering the U.S. outside the compliance of a regional trade agreement will face 35% tariffs beginning Aug. 1.
GOP Budget Bill May Not Be The End For PL 86-272 Revisions
State representatives celebrated the removal of a provision from the federal budget reconciliation bill that sought to broaden state income tax protections for businesses, but they may need to stay on the lookout for future tax preemption proposals from Congress.
The Tax Angle: Church Politics, Budget Talk, Disaster Relief
From a look at the IRS' statement relaxing a 71-year-old ban on political endorsements by churches to talk of a second budget reconciliation bill this year and the passage of disaster tax relief legislation, here's a peek into a reporter's notebook on a few developing tax stories.
Trump Declares 35% Canadian Import Tariff Is Coming Aug. 1
President Donald Trump has sent a letter to Canadian Prime Minister Mark Carney indicating Canadian goods entering the U.S. outside the compliance of a regional trade agreement will face 35% tariffs beginning Aug. 1.
Federal More
Unions and advocacy organizations trying to block the White House's Department of Government Efficiency from sharing taxpayer data across agencies have not shown they've suffered the sort of injuries that woul... (more story)
The U.S. Tax Court’s June 17 opinion in AbbVie v. Commissioner, finding that a $1.6 billion break fee was an ordinary and necessary business expense, marks a pivotal rejection of the Internal Revenue Service’s... (more story)
An 80-year-old widow whose husband went to jail for filing false tax returns asked the Fourth Circuit to overturn a U.S. Tax Court ruling finding her liable for interest payments related to the couple's millio... (more story)
In this week's Taxation With Representation, Merck buys U.K. drugmaker Verona Pharma, CoreWeave acquires fellow data center company Core Scientific, Royal Gold acquires Sandstorm Gold and Horizon Copper, and I... (more story)
An Ohio dentist cannot deduct his life insurance premiums that he intended to potentially donate to a zoo, the Sixth Circuit ruled, saying the arrangement was taxable under 2003 regulations governing policies ... (more story)
Prosecutors urged a Pennsylvania federal judge to reimpose a nearly two-year sentence on a Philadelphia cheesesteak shop owner who was convicted of paying employees off the books, a request that comes two mont... (more story)
The judge who sentenced an IRS contractor for leaking thousands of wealthy people's tax returns to the media, including those of President Donald Trump, kept an open mind when she decided to deliver the maximu... (more story)
State & Local More
PepsiCo Challenges $2.1M Tax Penalty In Ill. Supreme Court
Illinois' justices should overturn lower court decisions allowing $2.1 million in penalties on PepsiCo for categorizing Frito-Lay expatriates' compensation as foreign payroll, a categorization that excluded Fr... (more story)
Pa. Sens. Unveil Bipartisan Plan To Legalize Marijuana
Pennsylvania lawmakers on Thursday unveiled a new bipartisan legislative proposal to legalize and regulate the sale of recreational marijuana in the Keystone State, after a previous proposal to legalize the sa... (more story)
Georgia Banking Brief: All The Notable Legal Updates In Q2
The second quarter brought a number of significant legislative and regulatory changes for Georgia banking, including an extension of the intangibles tax exemption for short-term notes, modernization of routine... (more story)
Pacific Life Calls $11M Florida Income Tax Unconstitutional
Pacific Life Insurance Co. asked a Florida court to void a $10.7 million income tax assessment on its sale of interest in an aircraft financing and leasing group, saying the state's tax agency incorrectly clas... (more story)
Colorado Activists Pitch Fee-Limiting Ballot Measures
Colorado would modify its Taxpayer's Bill of Rights to require voter approval of certain fee increases that fund similar purposes under a group of proposed ballot initiatives submitted to the state Legislative Council.
Nashville Owners Must Face The Music As Tax Burden Surges
Property owners in Nashville are facing greater tax burdens in light of a recent jump in property valuations. Burr & Forman partner John F. Rogers Jr., a veteran real estate attorney in the city, spoke recentl... (more story)
Fund Servicer Contests Fla. Income Allocation In $10M Case
A company that services mutual funds asked a Florida state court to negate a $10 million income tax assessment, arguing that the state applied the wrong sourcing rules and taxed receipts that shouldn't be sour... (more story)
Calif. Court Says Utility Property Can Be Taxed At Higher Rate
AT&T unit Pacific Bell and other telecommunication companies can be taxed at a different property tax rate because the state statute and legal precedent allows utilities to be taxed at different rates, a Calif... (more story)
5 Years Ago, The McGirt Ruling Reshaped Tribal Jurisdiction
It was widely held for decades that Oklahoma had domain over criminal matters on tribal lands, but five years ago, the U.S. Supreme Court turned that regime on its head, finding 19th century federal treaties w... (more story)
Illinois' justices should overturn lower court decisions allowing $2.1 million in penalties on PepsiCo for categorizing Frito-Lay expatriates' compensation as foreign payroll, a categorization that excluded Fr... (more story)
Pennsylvania lawmakers on Thursday unveiled a new bipartisan legislative proposal to legalize and regulate the sale of recreational marijuana in the Keystone State, after a previous proposal to legalize the sa... (more story)
The second quarter brought a number of significant legislative and regulatory changes for Georgia banking, including an extension of the intangibles tax exemption for short-term notes, modernization of routine... (more story)
Pacific Life Insurance Co. asked a Florida court to void a $10.7 million income tax assessment on its sale of interest in an aircraft financing and leasing group, saying the state's tax agency incorrectly clas... (more story)
Colorado would modify its Taxpayer's Bill of Rights to require voter approval of certain fee increases that fund similar purposes under a group of proposed ballot initiatives submitted to the state Legislative Council.
Property owners in Nashville are facing greater tax burdens in light of a recent jump in property valuations. Burr & Forman partner John F. Rogers Jr., a veteran real estate attorney in the city, spoke recentl... (more story)
A company that services mutual funds asked a Florida state court to negate a $10 million income tax assessment, arguing that the state applied the wrong sourcing rules and taxed receipts that shouldn't be sour... (more story)
AT&T unit Pacific Bell and other telecommunication companies can be taxed at a different property tax rate because the state statute and legal precedent allows utilities to be taxed at different rates, a Calif... (more story)
It was widely held for decades that Oklahoma had domain over criminal matters on tribal lands, but five years ago, the U.S. Supreme Court turned that regime on its head, finding 19th century federal treaties w... (more story)
International More
14 Arrested Over Suspected Phishing-Tied Tax Fraud Scheme
Fourteen people have been arrested as part of an international investigation into a large-scale tax fraud operation that used personal data stolen in phishing attacks, the U.K. tax authority announced on Thursday.
Firm Denies Giving Ex-Pandora Chief Negligent Tax Advice
A law firm has denied giving former Pandora boss Peter Andersen negligent tax advice that saddled him and the jeweler with a £3.3 million ($4.5 million) tax bill because of Andersen's pension trust.
EU Prosecutors Detain 8 Individuals In €68M VAT Fraud Probe
European Union prosecutors revealed Thursday that they have detained eight people in Spain for their alleged involvement in a €68 million ($80 million) value-added tax fraud linked to alcohol imported from oth... (more story)
Trump Slaps Brazil With 50% Tariff, Cites Bolsonaro Trial
President Donald Trump said Wednesday that Brazilian goods sent to the U.S. can expect a 50% tariff starting in August, saying that the increased levy was in part due to Brazil's charges against its former pre... (more story)
Baker McKenzie Rehires Int'l Tax Pro As Principal Economist
Baker McKenzie's former director of economics, who spent more than 15 years as an IRS assistant director in a division that focuses on cross-border tax issues, has rejoined the firm after working with EY.
Trump Declares 50% Copper Tariff, Floats 200% Pharma Tariff
President Donald Trump announced Tuesday that he will impose a new 50% tariff on copper imported into the U.S., while also raising the possibility of imposing a 200% tariff on pharmaceuticals.
ABA Opinion Makes It A Bit Easier To Drop A 'Hot Potato'
The American Bar Association's recent ethics opinion clarifies when attorneys may terminate clients without good cause, though courts may still disqualify a lawyer who drops a client like a hot potato, so send... (more story)
Fourteen people have been arrested as part of an international investigation into a large-scale tax fraud operation that used personal data stolen in phishing attacks, the U.K. tax authority announced on Thursday.
A law firm has denied giving former Pandora boss Peter Andersen negligent tax advice that saddled him and the jeweler with a £3.3 million ($4.5 million) tax bill because of Andersen's pension trust.
European Union prosecutors revealed Thursday that they have detained eight people in Spain for their alleged involvement in a €68 million ($80 million) value-added tax fraud linked to alcohol imported from oth... (more story)
President Donald Trump said Wednesday that Brazilian goods sent to the U.S. can expect a 50% tariff starting in August, saying that the increased levy was in part due to Brazil's charges against its former pre... (more story)
Baker McKenzie's former director of economics, who spent more than 15 years as an IRS assistant director in a division that focuses on cross-border tax issues, has rejoined the firm after working with EY.
President Donald Trump announced Tuesday that he will impose a new 50% tariff on copper imported into the U.S., while also raising the possibility of imposing a 200% tariff on pharmaceuticals.
The American Bar Association's recent ethics opinion clarifies when attorneys may terminate clients without good cause, though courts may still disqualify a lawyer who drops a client like a hot potato, so send... (more story)