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Friday, September 21, 2018

Featured Stories

Student Loan 401(k) Matches Could Still Trigger IRS Ire Amy Lee Rosen

The Internal Revenue Service made waves recently by clarifying that a 401(k) plan sponsor may provide matching employer contributions ... (more story)

GILTI Glitch Smoothed Over, But Foreign Tax Puzzle Unclear Alex M. Parker

Treasury has announced it will smooth over a potential glitch in how its global intangible low-taxed income rules calculate foreign in... (more story)

Artificial Intelligence To Revolutionize Tax Planning Vidya Kauri

Artificial intelligence is expected to bring a decisive shift in the tax world within the next decade as more and more businesses and ... (more story)

Federal More

NJ Law Bars Relitigating Foreclosure Case, 3rd Circ. Rules

Thursday, September 20, 2018

A New Jersey woman cannot relitigate her claim that a township failed to provide her a tax deficiency notice and wrongfully foreclosed on her property, the Third Circuit said Thursday, finding that state doctr... (more story)

2nd Circ. Upholds Tossing NY Couple's $5M Tax Dispute

Thursday, September 20, 2018

The Tax Injunction Act stops federal courts from deciding state tax law issues, the Second Circuit has ruled in a New York couple’s $5 million tax dispute with the state, saying their attempt to use a constitu... (more story)

Energy Storage Must Fully Reap Tax Credit, Sens. Say

Thursday, September 20, 2018

Sens. Michael Bennet, D-Colo., and Tim Scott, R-S.C., on Thursday pressed Secretary of Treasury Steve Mnuchin to confirm that energy storage technologies qualify for the federal investment tax credit when used... (more story)

IRS Scraps Form W-4 Changes For 2019 Following Criticism

Thursday, September 20, 2018

The Internal Revenue Service scrapped proposed changes to the W-4 form for 2019, after enduring criticism from members of the tax and payroll communities, the agency announced in a letter Thursday.

OIRA Tax-Rule Reviews Separated From Politics, Panelist Says

Thursday, September 20, 2018

The process by which the federal Office of Information and Regulatory Affairs reviews tax-related regulations was designed to protect against politicization, a former administrator of the office said Thursday ... (more story)

Tax Court Erred In $377M Foreign Income Row, 3rd Circ. Told

Thursday, September 20, 2018

The U.S. Tax Court wrongly upheld unreasonable U.S. Treasury regulations on controlled foreign corporation income, an investment firm told the Third Circuit in a brief filed Wednesday, noting that under the re... (more story)

11th Circ. Affirms Ga. Broker Lied About $389K Tax Liens

Thursday, September 20, 2018

The Eleventh Circuit has affirmed a decision by the U.S. Securities and Exchange Commission that a president of a small broker-dealer firm willfully failed to disclose tax liens totaling nearly $389,000 to the... (more story)

State & Local More

Ill. Firm Can't Collect Fees For Work On Its Qui Tam Suit

Thursday, September 20, 2018

The Illinois Supreme Court on Thursday sided with an appellate panel's ruling rejecting fee awards for lawyers of a firm that brought whistleblower claims accusing My Pillow Inc. of failing to collect taxes on... (more story)

Utah Is Owed $550M In Back Taxes Over 5 Years, Report Says

Thursday, September 20, 2018

Utah is owed more than $550 million in delinquent taxes from a five-year period, and the division responsible for collections is struggling with budget cuts and poor training, according to a recent report by t... (more story)

Portland, Maine, Mulls Unusual Tax Plan To Boost State Aid

Thursday, September 20, 2018

A City Council committee in Maine’s largest city has voted to move forward with an unusual new plan that would increase state aid for local schools while also handing the city as much as $100 million in new lo... (more story)

DC Bill Bets On Sports Gambling To Fund Child Care, Arts

Thursday, September 20, 2018

A Washington, D.C., council member has introduced a bill to legalize sports betting in the nation’s capital, wagering that an influx of gambling tax revenue would help fund early-childhood care and humanities ... (more story)

La. Court Upholds Biz Owners’ Alternative Fuel Tax Refund

Thursday, September 20, 2018

A Louisiana appeals court has said the owners of a waste-hauling S corporation can pass through $710,000 in alternative fuel tax credits to their individual returns, rejecting the state Department of Revenue’s... (more story)

Calif. Gov. Vetoes Tax Deduction For Pot Biz Expenses

Thursday, September 20, 2018

California Gov. Jerry Brown vetoed on Wednesday a bill that would have provided deductions for business expenses for a cannabis trade or business through the state’s personal income tax law, decoupling the sta... (more story)

Ore. Tax Court Lets City Draw The Line On Taxing District

Wednesday, September 19, 2018

The Oregon Department of Revenue must approve a city’s boundary change that withdrew it from a taxing district, after the state tax court said the department did not have the power to determine if the city was... (more story)

International More

Bank Of Montreal’s US Loan Scheme Legal: Canada Tax Court

Thursday, September 20, 2018

The Bank of Montreal didn’t breach the Canadian tax system’s general anti-avoidance rule when it formed a shell company to conduct currency hedge transactions on $1.4 billion in loans to its U.S. subsidiaries,... (more story)

GILTI Guidance Defers Dealing With Most Vexing Issues

Thursday, September 20, 2018

Last week, the IRS issued its first guidance as to proposed rule-making on global intangible low-taxed income. This is a welcome start at clarification and integration of GILTI with other code sections but mor... (more story)

Rejection Of FBAR Penalty Cap To Be Appealed To Fed. Circ.

Wednesday, September 19, 2018

A New York teacher will appeal a U.S. Court of Federal Claims decision that found she owes civil penalties for an undisclosed offshore bank account that amount to eight times that of a decades-old regulatory l... (more story)

Foreign Wage Exclusion Not For Gov't Worker, Tax Court Says

Wednesday, September 19, 2018

The U.S. Tax Court held Wednesday that an individual was not entitled to a foreign earned income exclusion for certain wages because he was considered an employee of the U.S. government.

Tax Court Grants IRS Quick Win Over Foreign Co. Payments

Tuesday, September 18, 2018

A couple owes tax on dividends received from controlled foreign corporations in Cyprus and Hong Kong, the U.S. Tax Court concluded Tuesday in a decision that handed a quick win to the Internal Revenue Service ... (more story)

Undisclosed Foreign Trusts Face Penalties, IRS Official Says

Tuesday, September 18, 2018

The Internal Revenue Service won’t hesitate to lodge penalties against individuals who haven’t timely or accurately reported their dealings with overseas trusts in an effort to increase compliance, an agency o... (more story)

Global Carbon Taxes Still Lag, But There Is Hope, OECD Says

Tuesday, September 18, 2018

Worldwide carbon tax rates are still well below estimates of what would be needed to capture the costs of damage to the environment by 2030, though there are reasons for hope, according to a report issued Tues... (more story)