Tax Law360 provides breaking news and analysis on federal, state, and international tax law, with a focus on business enterprises. Coverage includes high-stakes litigation, government enforcement actions, and auditing issues, as well as related policy developments.
The Illinois Attorney General’s Office reached a $4.5 million settlement Thursday to resolve a state False Claims Act lawsuit against 13 Chicago-area gas stations and two gas station owners for sales tax fraud.
Reducing federal tax rates on individuals and businesses is an “extremely important priority” for Congress according to one-fifth of recently polled Americans, but other issues are weighing more heavily on their minds.
Individuals affected by Hurricanes Harvey, Irma and Maria may be able to access their retirement accounts without getting penalized, and they may be able to claim bigger tax deductions for property damage under a bill announced Friday.
In this week’s Taxation With Representation, government contractor Northrop Grumman agrees to pay $7.8 billion for Orbital ATK, Teva sells off the remainder of its women’s health assets for $1.4 billion, and an affiliate of private equity firm H.I.G. Capital buys Vantage Specialty Chemicals for approximately $1 billion.
The city of Portland’s arts tax does not violate the Oregon Constitution, the state’s Supreme Court held on Thursday.