Thursday, May 24, 2018

Featured Stories

States Race To Put Laws On The Books To Tax Sports Betting Maria Koklanaris

When the U.S. Supreme Court ruled a federal ban on sports betting was unconstitutional — leaving states free to legalize, regulate and... (more story)

The Folly Of Estate Taxes And Other Oddities: SALT In Review David Brunori

Estate taxes are still being imposed while other states are considering "odd" ideas, such as West Virginia's recent call for more taxe... (more story)

Quebec Seen As Imitating Nations With Its ‘Netflix Tax’ Molly Moses

A Quebec tax aimed at remote sellers of digital products resembles efforts by U.S. states to capture the same category of revenue, but... (more story)

Federal More

Akin Gump Partner To Testify At Manafort Trial

Wednesday, May 23, 2018

Attorneys for Special Counsel Robert Mueller confirmed Wednesday in D.C. district court that they intend to call Akin Gump Strauss Hauer & Feld LLP partner Melissa L. Laurenza to testify at the trial of former Trump campaign chairman Paul Manafort.

IRS Holds Its Ground In $68M Conn. Estate Tax Case

Wednesday, May 23, 2018

Despite settling several matters, the Internal Revenue Service continues to pursue $68 million in tax liability against a Connecticut woman's estate, which contends her transfers of property to her sons before her death were not g... (more story)

Senate Chief Tax Counsel Leaves Legacy Of Bipartisanship

Wednesday, May 23, 2018

With Mark Prater, Senate Finance Committee deputy staff director and chief tax counsel, leaving the government after almost 30 years of work in tax policy, colleagues recall his insight and bipartisanship.

TCJA Will Lead To Fewer IP Investments, Panelist Says

Wednesday, May 23, 2018

Last year’s <span data-citation-info="Tax Cuts and Jobs Act, P.L. 115-97">tax overhaul legislation</span> will lead to fewer investments in intellectual property during the next 10 years, a former Obama administration economist ... (more story)

Navigating The Challenges Of Estate And Gift Tax Reform

Wednesday, May 23, 2018

Last year's tax overhaul doubled estate, gift and generation-skipping tax exemptions, which will be adjusted for inflation yearly until the law sunsets in 2025. Planners should be aware of the unintended consequences for existing esta... (more story)

IRS Plans Stress Need For Technological Upgrades

Wednesday, May 23, 2018

The Internal Revenue Service intends to upgrade its aging technological infrastructure and provide more digital options to taxpayers, including mobile-friendly web services, according to a document released Wednesday.

CPA Group Asks IRS To Simplify Proposed Inventory Price Reg

Wednesday, May 23, 2018

The American Institute of CPAs, in a letter released<strong> </strong>Wednesday, recommended changes to the Internal Revenue Service’s proposed dollar-value last-in, first-out regulations on the inventory price computation ... (more story)

State & Local More

La. Panel Tepid On Gov.'s Plan To Raise Taxes, Fund Budget

Wednesday, May 23, 2018

The Louisiana governor’s administration has identified which tax increases they would prefer the Legislature to pass during its special session to address the shortfall in the state’s budget, but the proposals elicited a d... (more story)

Mich. Gov. Backs Legislation To Reform Property Assessment

Wednesday, May 23, 2018

Michigan Republican Gov. Rick Snyder voiced support in a press release Wednesday for legislation that would change the way Michigan assesses and collects $14 billion in property tax.

Sales Tax Holidays Are Wildly Popular But Not Very Effective

Wednesday, May 23, 2018

While many Americans gear up for patriotic tributes and backyard barbecues for Memorial Day weekend, landscapers and contractors in Texas can take advantage of an annual sales tax holiday — part of a trend that experts say is we... (more story)

Buffalo OKs SALT Work-Around As IRS Casts Doubt On Validity

Wednesday, May 23, 2018

The Buffalo City Council voted Tuesday to give residents tax credits for donating money to a special fund to help skirt the $10,000 federal cap on state and local tax deductions, making it one of the first localities in New York to do... (more story)

Ark. Legislative Task Force Considers Sweeping Tax Overhaul

Wednesday, May 23, 2018

An Arkansas joint legislative task force, which convened Wednesday, is considering a comprehensive overhaul of the state's tax regime, with proposals that include conformity to the federal code, possible adoption of mandatory unit... (more story)

Mich. Appeals Court Affirms Holding Co.'s Income Tax Refund

Wednesday, May 23, 2018

The Michigan Court of Appeals has upheld a tax tribunal ruling that a holding company for a chemical research business was owed an income tax refund from the City of Detroit because the company lacked sufficient ties to Detroit for tax purposes.

City's Paper Bag Fee Not A Tax, Colo. High Court Says

Tuesday, May 22, 2018

The Colorado Supreme Court has ruled a citys charge on paper bags is not a tax, meaning the city can enact it without seeking voter approval otherwise required for new taxes under the state taxpayers bill of rights.

International More

Malaysian Cos. Scramble To Respond To Goods Tax’s Demise

Wednesday, May 23, 2018

While Malaysia prepares to scrap its goods-and-services tax, businesses face short-term questions about the phaseout and longer-term concerns about the tax’s replacement with a levy on sales and services, practitioners in the co... (more story)

EU Digital Tax Faces Tech, Political Hurdles, Tax Officials Say

Wednesday, May 23, 2018

European proposals for a short-term digital services tax face several technical and defining issues and could see the scope of the levy reduced, tax and government experts told a Brussels conference Wednesday.

US Tax Changes A ‘Key Risk’ For Ireland, Moody’s Says

Wednesday, May 23, 2018

U.S. tax changes and a proposed digital levy in the European Union follow Brexit as the biggest risks to Irelands economy, according to a report this week by credit rating agency Moodys.

Treasury Staff, Profs Argue Against Corporate Income Tax

Tuesday, May 22, 2018

Corporate income taxes deter business investment, and a U.S. corporate tax rate of 25 percent would increase private companies’ value by 16 percent on average, U.S. Treasury Department researchers and University of Utah finance ... (more story)

Korean Firm's $27M Award Over Calif. Co.'s Tax Issues OK'd

Tuesday, May 22, 2018

A California federal judge has confirmed a South Korea investment firms nearly $27 million arbitral award against a golf club shaft manufacturer it had invested in before learning the company was purportedly avoiding corporate taxes.

Swiss Insurer Counters IRS Use Of Treaty Test In $38.2M Row

Tuesday, May 22, 2018

A Swiss insurer fighting for a $38.2 million tax refund under a treaty with the U.S. told the D.C. Circuit on Monday that the IRS is butchering the meaning of the words in a test used to confer treaty benefits.

Australia Floats Tax Hike On Foreign Stapled Entity Income

Tuesday, May 22, 2018

The Australian government has submitted draft legislation that would apply the national corporate tax rate of 30 percent on income earned by foreign investment trusts that trade in “stapled structures,” to prevent misuse o... (more story)