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 fate of a closely-watched deal designed to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, hangs in the balance as a two-day hearing on the matter came to a close Thursday with opponents complaining it amounts to an unjust taking.
Treasury Secretary Steven Mnuchin declined an invitation Thursday from House Ways and Means Committee Chairman Richard Neal, D-Mass., to testify before the panel about the government shutdown’s impact on his agency.
The European Union mandate to prosecute tax fraud doesn't supersede national laws on the proper collection of evidence, the European Court of Justice ruled Thursday in a Bulgarian criminal value-added tax evasion case.
In December, the IRS proposed regulations under two new sections of the Internal Revenue Code aimed at hybrid arrangements — transactions by multinational companies subject to corporate income tax in one national jurisdiction but not another. Attorneys at Mayer Brown LLP discuss the scope of the rules and which transactions may be affected.
A state judge in Manhattan gave New York City taxi drivers at least two more weeks of breathing room Thursday in their fight against a new $2.50-per-ride congestion surcharge for trips that go through the city's business district, setting a tight schedule for city and state government requests to toss the case.