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Saturday, November 17, 2018

Featured Stories

Dems' Middle-Class Tax Shield May Also Protect Wealthy Vidya Kauri

A House Democratic plan requiring a supermajority vote to raise taxes on middle- and lower-income households could backfire by making ... (more story)

Tariffs Could Throw Advance Pricing Agreements Into Doubt Molly Moses

Tariffs imposed on U.S. imports by the Trump administration beginning in 2018 are raising questions about the validity of transfer pri... (more story)

Agency Deference May Be At Risk In High Court Railroad Row Vidya Kauri

A pending U.S. Supreme Court decision on whether compensation for an injured railroad worker’s lost wages should be taxed could jeopar... (more story)

Federal More

High Court Asked To Dismiss Bid To Expand States Immunity

Friday, November 16, 2018

An inventor in a long-running case concerning state immunity from prosecution in other state courts has asked the U.S. Supreme Court to not take up the issue a third time.

Financial Reporting Group Tweaks Rules Following Tax Law

Friday, November 16, 2018

The rules-setting body for the U.S. Securities and Exchange Commission dropped a proposed requirement that corporations specify tax payments relating to the international provisions of the Tax Cuts and Jobs Act.

Accountant Denied Retrial Over $18M Biotech VC Fraud

Friday, November 16, 2018

A California federal judge declined Thursday to order a retrial for an accountant found guilty of helping a venture capitalist siphon $18 million from a fund using false tax returns.

IRS Advisory Group Urges Going Beyond Documentation Guidance

Friday, November 16, 2018

The IRS is expected to release proposed guidelines issued by an advisory group, urging taxpayers to go beyond the legal requirements for international tax documentation and explain unexpected swings in profita... (more story)

Gov't Tells 2nd Circ. Funeral, Estate Costs Not Deductible

Friday, November 16, 2018

The IRS has urged the Second Circuit to uphold a U.S. Tax Court ruling that a husband and wife could not deduct certain funeral or estate administration expenses against income from her father's annuity and th... (more story)

Virgin Islands Told To Stop Collecting Challenged Tax

Friday, November 16, 2018

A federal court has ordered the Virgin Islands government to stop collecting an excise tax on imported goods that a marine refrigeration company had challenged, denying the government’s bid to stay a previous ... (more story)

IRS Watchdog Says Virtual Assistance Promising But Underused

Friday, November 16, 2018

The Internal Revenue Service’s $5.3 million pilot program to use videoconferencing to interact with taxpayers is user-friendly and has high-quality equipment, but fewer than 2,700 taxpayers used it in 2017, an... (more story)

State & Local More

Texas Justices Will Hear Pollution Control Tax Break Fight

Friday, November 16, 2018

The Texas Supreme Court said Friday it would hear a case on whether an electric cooperative that operates heat recovery steam generators in power plants can qualify for a property tax exemption for pollution c... (more story)

Miss. Gov. Unveils $5.8B Proposed Budget With No Tax Hikes

Friday, November 16, 2018

Mississippi could fully fund its $5.8 billion budget for the upcoming fiscal year without cutting funding to government agencies or raising taxes, according to a spending plan that the state’s governor has championed.

Pa. High Court Won't Hear Roots Leaders' Discovery Appeal

Friday, November 16, 2018

The Supreme Court of Pennsylvania rejected a petition of appeal from members of the Roots, including drummer Questlove, who have been fighting producing their tax returns in a former bandmate’s lawsuit over be... (more story)

Weekly Column

Midterm Election Edition: SALT In Review

Friday, November 16, 2018

From several new governors to varying outcomes on tax-related ballot measures, the midterm elections were a mixed bag for low-tax-burden advocates. Here, Quarles & Brady LLP's David Brunori shares his thoughts... (more story)

State Trust Taxes Ripe For Constitutional Challenges

Friday, November 16, 2018

Fielding v. Commissioner of Revenue is the most recent in a series of cases that have used the U.S. Constitution to curtail the ability of states to impose their income taxes on nongrantor irrevocable trusts. ... (more story)

Ga. Discloses $1.97B Failed Tax Incentive Bid For Amazon HQ2

Thursday, November 15, 2018

Georgia offered Amazon.com more than $1.97 billion in state and local tax incentives to try and land the company’s second headquarters, an offer the state disclosed following Amazon’s selection of New York Cit... (more story)

Ill. Senate Overrides Veto Of Car-Sharing Tax Protection

Thursday, November 15, 2018

The Illinois Senate has voted to override vetoed legislation that protected car-sharing services from the same tax and regulatory rules that apply to traditional car rental companies.

International More

Taxation With Representation: Jones Day, Simpson, Gibson

Friday, November 16, 2018

In this week’s Taxation With Representation, SAP SE inks an $8 billion cash deal for Qualtrics International Inc., Veritas Capital and Elliott Management affiliate Evergreen Coast Capital takes Athenahealth pr... (more story)

Swiss To Scrap Principal Co., Finance Tax Schemes In 2019

Friday, November 16, 2018

Swiss tax benefits for finance branches that lend to other corporate group members and for principal companies that centralize risks will be withdrawn as of next year, the tax ministry said this week.

South African Diver Doesn't Have To Pay UK Taxes On Earnings

Friday, November 16, 2018

A South African diver doesn’t have to pay U.K. tax on earnings for work in the North Sea, the England and Wales Court of Appeal ruled Thursday.

Prospects For Tax Policy In The 116th Congress

Friday, November 16, 2018

Now that the results of the 2018 election are (mostly) in, Evan Migdail and Melissa Gierach at DLA Piper LLP consider what a Democratic House, Republican Senate and Trump administration may be able to accompli... (more story)

Growing Privacy Laws Raise GCs' Fears Of Legal Exposure

Thursday, November 15, 2018

As the global patchwork of data protection and cybersecurity laws continues to expand, companies are feeling more exposed than ever to legal disputes over these issues and are spending more time thinking about... (more story)

Global Efforts On Harmful Tax Practices Working, OECD Says

Thursday, November 15, 2018

A global effort to curtail harmful tax practices at the national level and prevent the misuse of preferential tax regimes is having tangible effects, the Organization for Economic Cooperation and Development s... (more story)

800 BBC Presenters At Risk Of Tax Probes, UK Auditor Says

Thursday, November 15, 2018

About 800 on-air presenters for the British Broadcasting Corp. could face tax investigations because the public entity has failed to resolve issues linked to their status as off-payroll employees, the U.K. Par... (more story)