Siemens Contests Nix Of $315M Foreign-Dividend Tax Break
Regulatory missteps caused the IRS to wrongly slash $315 million from a foreign-dividend tax deduction Siemens claimed on shareholder payments it received from an overseas affiliate, the medical giant told the U.S. Tax Court.
Ore. Gov. Pitches Gas, Payroll Tax Boosts For Transportation
Oregon would raise fuel taxes, vehicle registration fees and its payroll tax under a proposal Thursday from the governor ahead of a special legislative session called to raise revenue for a state transportation funding package.
Colo. Gov. Calls Special Session To Address Federal Tax Bill
Colorado lawmakers will return Aug. 21 for a special legislative session called Wednesday by Democratic Gov. Jared Polis to address what he said will likely be a revenue loss of about $1.2 billion from tax changes under the recent federal budget reconciliation bill.
Siemens Contests Nix Of $315M Foreign-Dividend Tax Break
Regulatory missteps caused the IRS to wrongly slash $315 million from a foreign-dividend tax deduction Siemens claimed on shareholder payments it received from an overseas affiliate, the medical giant told the U.S. Tax Court.
Ore. Gov. Pitches Gas, Payroll Tax Boosts For Transportation
Oregon would raise fuel taxes, vehicle registration fees and its payroll tax under a proposal Thursday from the governor ahead of a special legislative session called to raise revenue for a state transportation funding package.
Colo. Gov. Calls Special Session To Address Federal Tax Bill
Colorado lawmakers will return Aug. 21 for a special legislative session called Wednesday by Democratic Gov. Jared Polis to address what he said will likely be a revenue loss of about $1.2 billion from tax changes under the recent federal budget reconciliation bill.
Federal More
A man accused of numerous financial crimes related to his operation of promoting abusive and illegal tax shelters pled guilty to three charges across two different cases in Colorado federal court on Thursday.
Hodgson Russ LLP has announced that two former New York state and city tax professionals have joined the firm's state and local tax practice in New York City, advising the team on complex regional tax issues.
President Donald Trump signed an executive order Thursday that aims to make it easier for retirement plans to invest in a wider range of assets, including cryptocurrency, private equity and real estate.
Vanguard and investors have reached a second deal in a suit over allegations of surprise tax bills from a fund restructuring after a Pennsylvania federal judge scrapped a previous settlement in which the class... (more story)
Federal Circuit judges seemed skeptical Thursday of a realty company's claim that the IRS improperly blocked its bid to continue leasing office space to the agency after IRS employees complained about the buil... (more story)
A proposed class of former property owners asked a Michigan federal judge Tuesday to give initial support to a settlement with several counties that would allow the ex-homeowners to receive the surplus profits... (more story)
The former associate general counsel at the Federal National Mortgage Association, who spent the past decade as a tax partner with Morris Manning & Martin LLP, has joined Troutman Pepper Locke LLP in the natio... (more story)
State & Local More
New NY Residential Real Estate Rules May Be Overbroad
New legislation imposing a 90-day-waiting period and tax deduction restrictions on certain New York real estate investors may have broad effects and unintended consequences, creating impediments for a wide ran... (more story)
Calif. AG Allows OTA To Decline To Enforce Tax Agency Regs
California's Office of Tax Appeals has the authority to decline to apply tax agency regulations if it concludes applying them would present a conflict with state statute, the California attorney general's offi... (more story)
COST Asks Mich. Justices To OK Nationwide's Unitary Tax Win
The Council on State Taxation backed entities of Nationwide in the Michigan Supreme Court on Wednesday, saying the justices should affirm an appellate court's decision that said the insurance company's affilia... (more story)
Colo. Title Board Advances TABOR Expansion Initiatives
The Colorado Taxpayer's Bill of Rights could apply to a broader range of fee and tax increases under three proposed ballot measures advanced Wednesday by a state board.
Budget Act's Deduction Limit Penalizes Losing Gamblers
A provision in the One Big Beautiful Bill Act that reduces the deduction for gambling losses is unfair to professional and recreational players, risks driving online activity to offshore sites, and will set ba... (more story)
The Legal Education Status Quo Is No Longer Tenable
As underscored by the fallout from California’s February bar exam, legal education and licensure are tethered to outdated systems, and the industry must implement several key reforms to remain relevant and res... (more story)
McGuireWoods Adds Loeb & Loeb Tax Pro In Los Angeles
McGuireWoods LLP is enhancing its corporate team, announcing Tuesday it is bringing in a Loeb & Loeb LLP tax expert as a partner in its Los Angeles office in Century City.
Michigan Tribe Joins State Cannabis Market
Michigan has signed its first tribal-state compact with the Bay Mills Indian Community, which will give the federally recognized tribe the ability to sell cannabis goods within the state's borders.
6 Questions We Should Ask About The Trump Trade Deals
Whenever the text becomes available, certain questions will help determine whether the Trump administration’s trade deals with U.S. trading partners have been crafted to form durable economic relationships, or... (more story)
New legislation imposing a 90-day-waiting period and tax deduction restrictions on certain New York real estate investors may have broad effects and unintended consequences, creating impediments for a wide ran... (more story)
California's Office of Tax Appeals has the authority to decline to apply tax agency regulations if it concludes applying them would present a conflict with state statute, the California attorney general's offi... (more story)
The Council on State Taxation backed entities of Nationwide in the Michigan Supreme Court on Wednesday, saying the justices should affirm an appellate court's decision that said the insurance company's affilia... (more story)
The Colorado Taxpayer's Bill of Rights could apply to a broader range of fee and tax increases under three proposed ballot measures advanced Wednesday by a state board.
A provision in the One Big Beautiful Bill Act that reduces the deduction for gambling losses is unfair to professional and recreational players, risks driving online activity to offshore sites, and will set ba... (more story)
As underscored by the fallout from California’s February bar exam, legal education and licensure are tethered to outdated systems, and the industry must implement several key reforms to remain relevant and res... (more story)
McGuireWoods LLP is enhancing its corporate team, announcing Tuesday it is bringing in a Loeb & Loeb LLP tax expert as a partner in its Los Angeles office in Century City.
Michigan has signed its first tribal-state compact with the Bay Mills Indian Community, which will give the federally recognized tribe the ability to sell cannabis goods within the state's borders.
Whenever the text becomes available, certain questions will help determine whether the Trump administration’s trade deals with U.S. trading partners have been crafted to form durable economic relationships, or... (more story)
International More
Accounting Co. Faces Trial In 1st FTP Tax Evasion Case
Accounting firm Bennett Verby Ltd. faced accusations on Thursday that it had failed to prevent tax evasion alongside six individuals charged with tax evasion and fraud offenses.
Judge Extends Freeze On Assets of Former EY Exec's Wife
A freezing order against the assets of the wife of EY's former head of tax was maintained on Thursday by a court, following a finding that his transfer of his assets to her was a sham designed to hide them from his creditors.
Gov'ts Seek Wider Taxing Rights Pledge In UN Tax Convention
A wide group of countries advocated Wednesday for a de-emphasis on business activities in favor of targeting economic activities in general as governments debated how to articulate a commitment to a "fair allo... (more story)
Trump Hits India With 50% Tariff For Russian Oil Purchases
President Donald Trump announced Wednesday that he would increase India's tariff rate to 50% by late August, citing the country's imports of Russian oil.
Starmer Declines To Rule Out Tax Hikes In UK Budget
U.K. Prime Minister Keir Starmer declined to rule out tax hikes in the autumn budget after a think tank claimed Wednesday that the government will need to raise more tax revenue to meet its fiscal rules and pr... (more story)
Simpson Thacher Adds Tax, Funds Pro From Dechert
Simpson Thacher & Bartlett LLP announced Monday that it has continued its growth in the tax and registered funds spaces, welcoming a partner from Dechert LLP to its New York office.
Swiss President Hustles To DC To Address 39% Tariff
Swiss President Karin Keller-Sutter traveled Tuesday to Washington, D.C., for trade talks with the White House after Switzerland was hit with a 39% tariff on exports to the United States.
Accounting firm Bennett Verby Ltd. faced accusations on Thursday that it had failed to prevent tax evasion alongside six individuals charged with tax evasion and fraud offenses.
A freezing order against the assets of the wife of EY's former head of tax was maintained on Thursday by a court, following a finding that his transfer of his assets to her was a sham designed to hide them from his creditors.
A wide group of countries advocated Wednesday for a de-emphasis on business activities in favor of targeting economic activities in general as governments debated how to articulate a commitment to a "fair allo... (more story)
President Donald Trump announced Wednesday that he would increase India's tariff rate to 50% by late August, citing the country's imports of Russian oil.
U.K. Prime Minister Keir Starmer declined to rule out tax hikes in the autumn budget after a think tank claimed Wednesday that the government will need to raise more tax revenue to meet its fiscal rules and pr... (more story)
Simpson Thacher & Bartlett LLP announced Monday that it has continued its growth in the tax and registered funds spaces, welcoming a partner from Dechert LLP to its New York office.
Swiss President Karin Keller-Sutter traveled Tuesday to Washington, D.C., for trade talks with the White House after Switzerland was hit with a 39% tariff on exports to the United States.