Overseas Income Regs May Cause M&A Headaches
Regulations proposed by the U.S. Treasury Department would provide clean breaks for companies that sell more than 50% of their foreign affiliates, but transactions that fall below this threshold could still expose corporations to post-closing tax risks and deal friction.
Md. Governor Calls For Ending Data Centers' Tax Exemption
Maryland's governor became the latest state executive Wednesday to back off giving tax breaks to data centers, a development becoming increasingly common as the midterm elections draw near.
Ohio Justices Uphold Perrigo's Tax Method For Ohio Receipts
The Ohio Supreme Court agreed with Perrigo on Tuesday that the pharmaceutical company owes gross receipts tax on the net amounts it received for its generic drugs instead of on higher prices it invoiced to distributors but were never paid.
Overseas Income Regs May Cause M&A Headaches
Regulations proposed by the U.S. Treasury Department would provide clean breaks for companies that sell more than 50% of their foreign affiliates, but transactions that fall below this threshold could still expose corporations to post-closing tax risks and deal friction.
Md. Governor Calls For Ending Data Centers' Tax Exemption
Maryland's governor became the latest state executive Wednesday to back off giving tax breaks to data centers, a development becoming increasingly common as the midterm elections draw near.
Ohio Justices Uphold Perrigo's Tax Method For Ohio Receipts
The Ohio Supreme Court agreed with Perrigo on Tuesday that the pharmaceutical company owes gross receipts tax on the net amounts it received for its generic drugs instead of on higher prices it invoiced to distributors but were never paid.
Federal More
The Fourth Circuit balked late Wednesday at freeing Tom Goldstein from prison as he fights felony convictions, and it rejected fast-track review of the renowned appellate advocate's trial, indicating he'll lik... (more story)
The U.S. Tax Court contradicted its own findings by deciding that pharmaceutical company Aventis controlled assets in an investment vehicle with a French affiliate, couldn't deduct related payments and was lia... (more story)
A Tennessee federal judge dismissed a son's bid for a refund of federal income taxes for his dead parents' estates, finding he failed to establish that his father sufficiently participated in an amusement equi... (more story)
Three Maryland Tax Court rulings that recently struck down the state's digital advertising tax suggest constitutional and statutory vulnerabilities that could be used to challenge newly enacted digital service... (more story)
California’s first-in-the-nation act regulating how attorneys and arbitrators use generative artificial intelligence will likely soon become law, but read broadly, the provisions may dissuade lawyers from empl... (more story)
A Baltimore attorney asked the Fourth Circuit to reverse a lower court's order that he cover unpaid federal income taxes owed by his client's holding company, saying he didn't engage in self-dealing.
A man accused of helping form a sham limited liability company that fraudulently received millions in alternative fuel mixture tax credits asked the Eighth Circuit on Tuesday to reverse a judgment of more than... (more story)
State & Local More
DC Pied-à-Terre Tax Plan Targets Pricey Second Homes
Washington, D.C., would impose additional property tax on homes worth about $2.6 million or more that are not rented out or used as primary residences under legislation before the district council.
American Airlines Defends Tax Win On Fees To Texas Justices
American Airlines urged the Texas Supreme Court to decline review of a lower court ruling that held the state wrongly assessed franchise tax on baggage fee revenue because a federal statute bars taxation of ai... (more story)
Wash. Appeals Court Revives Colo. Tax Payment Dispute
Whether intercompany payments count as profit, royalties or taxable management fees is a disputed question of fact, a Washington state appellate panel said Tuesday, ordering back to a trial court a dispute ove... (more story)
Ill. Panel Says News Report Bars Law Firm's FCA Suit
An Illinois appellate court on Friday upheld the dismissal of a whistleblower lawsuit brought by Forde & O'Meara LLP accusing a company of secretly assigning its interests in unpaid state bills to unapproved e... (more story)
Ex-NJ AG Platkin Says Suit Over RICO Case Still Falls Short
Former New Jersey Attorney General Matthew Platkin says an amended malicious prosecution complaint against him, filed by a former CEO indicted in a now-dismissed racketeering case against South Jersey power br... (more story)
Ariz. Launches Tax-Exempt Bond Program For Infrastructure
Arizona property owners may form special districts to issue tax-exempt bonds to fund public infrastructure under a program that has been launched pursuant to legislation passed in June, Gov. Katie Hobbs announced.
Taxation With Representation: Davis Polk, Latham, Sullivan
In this week's Taxation With Representation, a group backed by Michael Dell's family office and Sequence Holdings acquires a majority interest in The Baldwin Group, May Mobility merges with a blank check compa... (more story)
Washington, D.C., would impose additional property tax on homes worth about $2.6 million or more that are not rented out or used as primary residences under legislation before the district council.
American Airlines urged the Texas Supreme Court to decline review of a lower court ruling that held the state wrongly assessed franchise tax on baggage fee revenue because a federal statute bars taxation of ai... (more story)
Whether intercompany payments count as profit, royalties or taxable management fees is a disputed question of fact, a Washington state appellate panel said Tuesday, ordering back to a trial court a dispute ove... (more story)
An Illinois appellate court on Friday upheld the dismissal of a whistleblower lawsuit brought by Forde & O'Meara LLP accusing a company of secretly assigning its interests in unpaid state bills to unapproved e... (more story)
Former New Jersey Attorney General Matthew Platkin says an amended malicious prosecution complaint against him, filed by a former CEO indicted in a now-dismissed racketeering case against South Jersey power br... (more story)
Arizona property owners may form special districts to issue tax-exempt bonds to fund public infrastructure under a program that has been launched pursuant to legislation passed in June, Gov. Katie Hobbs announced.
In this week's Taxation With Representation, a group backed by Michael Dell's family office and Sequence Holdings acquires a majority interest in The Baldwin Group, May Mobility merges with a blank check compa... (more story)
International More
HMRC Disputes £400M Inheritance Tax Underpayment Claim
Britain's tax authority disputed a claim from a law firm that it suspects wealthy individuals may have underpaid inheritance tax by as much as £392 million ($523.2 million) in fiscal year 2025-26, saying the f... (more story)
Watchdog Revises Auditor External Expert Standards
Britain's accounting watchdog has revised two of its standards on using the work of an external expert in the audit process, aligning them Wednesday with changes made by an international standard-setter.
French Official Urges Working With EU On Cheaper Imports
France must move away from unilateral action and work with its European Union partners to manage an increase in small parcels sent to the bloc, a French official said Wednesday.
English Mayors Need £3.8B Tax Shift, Report Says
The Labour government should grant England's mayors a 5% share of income tax revenue, shifting an additional £3.8 billion ($5 billion) a year out of central government, a think tank report said Wednesday.
Arms Dealers Get 32 Years For Evading UK Export Controls
Two men convicted of illegally selling arms and military equipment to countries in Africa and the Middle East were sentenced to a combined 32 years in prison on Wednesday, according to HM Revenue and Customs.
Grant Thornton Sued Over Negligence On $3.7M Tax Bill
Optimus Group has sued Grant Thornton Australia in the Supreme Court of Victoria, alleging that negligent advice on a corporate restructure left the car dealership owner with an unexpected $3.7 million stamp duty bill.
HMRC Reminds Companies To Join Brexit Trade Platform
The U.K.'s tax authority reminded businesses Tuesday that they are required to join the new trader support service for the flow of goods from Northern Ireland to Britain before it goes live in October.
Britain's tax authority disputed a claim from a law firm that it suspects wealthy individuals may have underpaid inheritance tax by as much as £392 million ($523.2 million) in fiscal year 2025-26, saying the f... (more story)
Britain's accounting watchdog has revised two of its standards on using the work of an external expert in the audit process, aligning them Wednesday with changes made by an international standard-setter.
France must move away from unilateral action and work with its European Union partners to manage an increase in small parcels sent to the bloc, a French official said Wednesday.
The Labour government should grant England's mayors a 5% share of income tax revenue, shifting an additional £3.8 billion ($5 billion) a year out of central government, a think tank report said Wednesday.
Two men convicted of illegally selling arms and military equipment to countries in Africa and the Middle East were sentenced to a combined 32 years in prison on Wednesday, according to HM Revenue and Customs.
Optimus Group has sued Grant Thornton Australia in the Supreme Court of Victoria, alleging that negligent advice on a corporate restructure left the car dealership owner with an unexpected $3.7 million stamp duty bill.
The U.K.'s tax authority reminded businesses Tuesday that they are required to join the new trader support service for the flow of goods from Northern Ireland to Britain before it goes live in October.