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.
Federal prosecutors told a New York federal judge on Tuesday that former U.S. Rep. Michael Grimm, R-N.J., has fully paid the $149,000 in restitution he owed the state and federal governments for underreporting $1 million in sales and wages from his now-defunct Manhattan restaurant.
There is simultaneously abundant content about Congress’ recent efforts to repeal and replace the Affordable Care Act and minimal information that would assist the casual observer to make an educated guess about where these efforts are headed. However, the U.S. Senate offered some insight Tuesday when it voted to move ahead with the health care debate, says Michael Parme of Haight Brown & Bonesteel LLP.
A Fifth Circuit panel refused Tuesday to upend a jury verdict or subsequent $1.3 million judgment awarded against a staffing company found to have purchased a subsidiary from another business only to short that entity on its contractually promised share of a deferred tax benefit.
Legislation to repeal and replace the Affordable Care Act went down to a stinging defeat late Tuesday despite major changes intended to placate both moderate and conservative Republicans.
The National Conference of State Legislatures and coalitions of retailers urged lawmakers Tuesday to ditch a bill codifying the U.S. Supreme Court’s 1992 decision barring interstate sales taxes, saying that the bill erodes state autonomy and negates significant consumer protections.