Med Device Co. Allowed $160M In Deductions, Tax Court Told
New Domestic Content Guidance May Boost Energy Credits
Mo. Lawmakers OK Fee Carveout For Streaming, Satellite Cos.
Med Device Co. Allowed $160M In Deductions, Tax Court Told
A tax code provision in place before the 2017 federal tax overhaul changed it allows a medical device manufacturer to claim more than $160 million in deductions for dividends despite the government's attempt to apply the law retroactively, company counsel told the U.S. Tax Court on Friday.
New Domestic Content Guidance May Boost Energy Credits
The U.S. Treasury Department's new guidance on bonus tax credits for clean energy projects that source domestic-made materials and components aims to simplify the process for determining eligibility and spur more development to get those extra incentives.
Mo. Lawmakers OK Fee Carveout For Streaming, Satellite Cos.
Missouri would exempt streaming and satellite TV companies from local franchise fees that cable companies pay under a bill headed to the governor's desk after the state House of Representatives gave its approval Friday.
Federal More
The Hobby Distillers Association said the federal government is exceeding its constitutional powers and treading on states' rights by banning homemade liquor under its taxing authority, as the group laid out i... (more story)
The Corporate Transparency Act is unconstitutional because it does not regulate interstate commerce yet mandates that state-registered entities disclose personal information, a conservative group affiliated wi... (more story)
An electronic-sweepstakes kiosk salesman from Chicago should spend more than two years in prison for submitting false tax returns that fabricated more than $400,000 in business expenses and more than $60,000 i... (more story)
It's crucial for countries to agree on transfer pricing policies under an international profit reallocation agreement known as Pillar One as they work toward their end-of-June deadline to sign a related multil... (more story)
A California federal judge agreed Friday to consider Hunter Biden's request to push back his $1.4 million criminal tax trial, setting a hearing to address his claim that the dates interfere with his Delaware g... (more story)
In this week's Taxation with Representation, Nippon Life acquires Corebridge Financial, Crescent Energy buys SilverBow Resources and Uber purchases Foodpanda.
An international agreement to reallocate certain corporate profits, known as Pillar One, will likely stall if countries miss their deadline to sign a multilateral treaty by the end of June, a former U.S. Treas... (more story)
State & Local More
Fla. Appeals Court Nixes Condo Tax Sale After Address Mix-Up
A Florida state appeals panel authored a split decision ordering a lower district court to reverse a tax deed sale after a property owner in Miami-Dade claimed the county's clerk of court failed to provide not... (more story)
Credit Suisse Can't Reverse $21.3M Biz Loss Denial
Credit Suisse cannot carry forward $21.3 million in business losses from 2015-2017 to its 2018 Michigan tax return, a state appeals court said, letting stand a ruling that the bank miscalculated its business i... (more story)
Ark. High Court Nixes $35M Hotel Tax Bill On Travel Cos.
An Arkansas circuit court erred in finding that online travel companies such as Hotels.com and Expedia were on the hook for $35 million in unpaid hotel taxes, the state's Supreme Court ruled, finding that a de... (more story)
Ohio School Board Can't Appeal Property Value To Court
An Ohio school board is prohibited from appealing a board of revision's valuation of a property that the school board didn't own to a court of common pleas, a state appeals court ruled.
Missouri Bill To Ban St. Louis Teleworker Tax Fails To Pass
A push by Missouri lawmakers to prevent St. Louis from imposing its earnings tax on remote workers stalled Friday for the fourth consecutive year when the state Senate adjourned for the year without giving the... (more story)
Bad Ideas That Won't Go Away: SALT In Review
From California's latest move toward a digital ad tax to Kansas' proposed tax credits for film production, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Md. Urges Court To Nix Google's Digital Ad Tax Challenge
Google's challenge to Maryland's digital ad tax should be summarily thrown out because the federal law cited by the company in its case is itself unconstitutional, whereas the tax is constitutionally sound, Ma... (more story)
Calif. Digital Tax Clears Key Hurdle, Will Go To Full Senate
A bill calling for California to levy its 7.25% state sales and use tax on large online companies with digital advertising revenue above $2.5 billion passed a key Senate committee Thursday and will go to the f... (more story)
Colo. To Charge Oil, Gas Fees Based On Spot Prices
Colorado will levy new fees on oil and gas producers based on the spot price of a barrel of oil or natural gas under legislation signed into law Thursday by Gov. Jared Polis.
A Florida state appeals panel authored a split decision ordering a lower district court to reverse a tax deed sale after a property owner in Miami-Dade claimed the county's clerk of court failed to provide not... (more story)
Credit Suisse cannot carry forward $21.3 million in business losses from 2015-2017 to its 2018 Michigan tax return, a state appeals court said, letting stand a ruling that the bank miscalculated its business i... (more story)
An Arkansas circuit court erred in finding that online travel companies such as Hotels.com and Expedia were on the hook for $35 million in unpaid hotel taxes, the state's Supreme Court ruled, finding that a de... (more story)
An Ohio school board is prohibited from appealing a board of revision's valuation of a property that the school board didn't own to a court of common pleas, a state appeals court ruled.
A push by Missouri lawmakers to prevent St. Louis from imposing its earnings tax on remote workers stalled Friday for the fourth consecutive year when the state Senate adjourned for the year without giving the... (more story)
From California's latest move toward a digital ad tax to Kansas' proposed tax credits for film production, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Google's challenge to Maryland's digital ad tax should be summarily thrown out because the federal law cited by the company in its case is itself unconstitutional, whereas the tax is constitutionally sound, Ma... (more story)
A bill calling for California to levy its 7.25% state sales and use tax on large online companies with digital advertising revenue above $2.5 billion passed a key Senate committee Thursday and will go to the f... (more story)
Colorado will levy new fees on oil and gas producers based on the spot price of a barrel of oil or natural gas under legislation signed into law Thursday by Gov. Jared Polis.
International More
Australian Lawmakers OK Tougher Corporate Promoter Rules
Australian lawmakers agreed Thursday to raise maximum penalties on corporations that promote tax avoidance schemes and to introduce a cap on deductions under its petroleum resource rent tax despite concerns fr... (more story)
P&G Exec Says FDII Uncertainty May Sway Cos.' IP Decisions
The 2017 tax overhaul's measure for foreign-derived intangible income, a regime that gives tax breaks for domestically held intellectual property, faces uncertainty that could be one factor in keeping some com... (more story)
Eaton Must Give Up Personnel Docs In Transfer Pricing Probe
Eaton must comply with an Internal Revenue Service summons for the personnel records of its foreign employees in the government's transfer pricing investigation of the multinational power management company, a... (more story)
Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, sa... (more story)
Lithuania PM Wants Frozen Russian Assets To Help Ukraine
Lithuania's prime minister said Thursday that Russia's frozen assets should be used to help Ukraine fight off aggression from its larger neighbor, saying that a recent European decision to use profits from fro... (more story)
Russian Gas Ex-CFO Can't Nix $44M FBAR Suit, Judge Rules
The former chief financial officer of a Russian gas company who was sentenced to seven years in prison for hiding money in Swiss banks can't escape the government's civil suit seeking nearly $44 million in rep... (more story)
EU Court Upholds Ruling Against Spanish Ship Tax Scheme
The European Union's General Court upheld Wednesday a European Commission ruling that a Spanish tax scheme for ships constructed in the nation's domestic shipyards was incompatible with the EU's internal market.
Australian lawmakers agreed Thursday to raise maximum penalties on corporations that promote tax avoidance schemes and to introduce a cap on deductions under its petroleum resource rent tax despite concerns fr... (more story)
The 2017 tax overhaul's measure for foreign-derived intangible income, a regime that gives tax breaks for domestically held intellectual property, faces uncertainty that could be one factor in keeping some com... (more story)
Eaton must comply with an Internal Revenue Service summons for the personnel records of its foreign employees in the government's transfer pricing investigation of the multinational power management company, a... (more story)
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, sa... (more story)
Lithuania's prime minister said Thursday that Russia's frozen assets should be used to help Ukraine fight off aggression from its larger neighbor, saying that a recent European decision to use profits from fro... (more story)
The former chief financial officer of a Russian gas company who was sentenced to seven years in prison for hiding money in Swiss banks can't escape the government's civil suit seeking nearly $44 million in rep... (more story)
The European Union's General Court upheld Wednesday a European Commission ruling that a Spanish tax scheme for ships constructed in the nation's domestic shipyards was incompatible with the EU's internal market.