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 outline of a plan to restructure nearly $18 billion in debt owed by the Puerto Rico Sales Tax Financing Corp., or COFINA, is missing vital information, some stakeholders said this week, saying more details are needed on how funds will be distributed and how pending lawsuits will affect the process.
The Internal Revenue Service has focused this year’s criminal investigations on “traditional” cases — including international tax enforcement — as it employed the lowest number of special agents since the early 1970s, according to an agency report issued Wednesday.
The Internal Revenue Service urged the Third Circuit on Wednesday to uphold a U.S. Tax Court decision finding an additional $377 million in taxable income for a U.S. shareholder, saying that loan guarantees from offshore subsidiaries trigger a requirement to include the subsidiaries’ earnings.
The state and city of New York urged a state judge Wednesday to pause a suit accusing them of running a real estate tax system that is so unfair as to be unconstitutional while appeals are underway, but only won a short-term halt while the judge mulls the issue further.
The French government will set taxes on gains from cryptocurrency speculation at 30 percent and ensure corporate holdings are taxed only when converted into euros, Finance Minister Bruno Le Maire said.