Tax Court Substance Ruling Offers Silver Lining For Taxpayers
Even though the U.S. Tax Court upheld stiff penalties under the economic substance doctrine against an eye doctor's microcaptive arrangements, the opinion generally favored taxpayers by clarifying that the IRS faces limits on when it can invoke the doctrine to audit transactions.
Shutdown Puts '26 Filing Season In Danger, Ex-IRS Chiefs Say
The longest government shutdown in U.S. history likely disrupted critical Internal Revenue Service preparation for the 2026 filing season and could force the agency to delay opening day, slow refund processing and deliver poor basic taxpayer services, three former IRS commissioners warned Tuesday.
3 Things To Know About Florida v. California At High Court
Florida startled many in the state tax community in late October by telling the U.S. Supreme Court the state has been harmed by a special tax rule that California uses along with its single-sales-factor apportionment method. Here, Law360 explores things to know about the case.
Tax Court Substance Ruling Offers Silver Lining For Taxpayers
Even though the U.S. Tax Court upheld stiff penalties under the economic substance doctrine against an eye doctor's microcaptive arrangements, the opinion generally favored taxpayers by clarifying that the IRS faces limits on when it can invoke the doctrine to audit transactions.
Shutdown Puts '26 Filing Season In Danger, Ex-IRS Chiefs Say
The longest government shutdown in U.S. history likely disrupted critical Internal Revenue Service preparation for the 2026 filing season and could force the agency to delay opening day, slow refund processing and deliver poor basic taxpayer services, three former IRS commissioners warned Tuesday.
3 Things To Know About Florida v. California At High Court
Florida startled many in the state tax community in late October by telling the U.S. Supreme Court the state has been harmed by a special tax rule that California uses along with its single-sales-factor apportionment method. Here, Law360 explores things to know about the case.
Federal More
The federal government's effort to collect on what it claimed was a couple's $24 million tax bill came too late, a North Carolina federal judge ruled, saying the U.S. didn't show why a 10-year collections dead... (more story)
A physician and her husband admitted to committing more than $16 million in healthcare fraud and tax evasion as part of a scheme that injected sick patients with the wrong medications or dosages, according to ... (more story)
A Connecticut-based tobacco wholesaler who admitted defrauding the state out of $1.2 million in tax revenue was sentenced Tuesday to nearly two years in federal prison.
The federal government should be allowed to join a cruise industry trade group's case against the state of Hawaii and several counties over the extension of a transient occupancy tax to cruise passengers, the ... (more story)
A litigation investor’s recent complaint claiming a New York mass torts lawyer effectively ran a Ponzi scheme illustrates how litigation funding arrangements can subject attorneys to legal ethics dilemmas and ... (more story)
The U.S. Securities and Exchange Commission's recent approval of the dual share class structure marks a landmark moment for the U.S. fund industry, opening the door for asset managers to benefit from combining... (more story)
A Maryland federal judge explained in further detail Tuesday her decision against SCOTUSblog co-founder Tom Goldstein on several motions seeking to trim his tax evasion case as it heads to trial next year.
State & Local More
Wis. Justices Urged To Grant Tax Break To Catholic Charities
The New Civil Liberties Alliance urged the Wisconsin Supreme Court to grant a group of Catholic charities an unemployment tax exemption in light of the U.S. Supreme Court's ruling that the state's application ... (more story)
NY Senator Pitches Bill To Regulate, Tax Hemp Beverages
A New York state senator has prefiled a bill to regulate the sale of intoxicating hemp cannabinoid beverages while levying a 10% tax on them.
E-Discovery Quarterly: Recent Rulings On Dynamic Databases
Several recent federal court decisions illustrate how parties continue to grapple with the discovery of data in dynamic databases, so counsel involved in these disputes must consider how structured data should... (more story)
MVP: Sullivan & Cromwell's Isaac Wheeler
Isaac Wheeler of Sullivan & Cromwell LLP's tax practice advised RedBird Capital Partners on the Skydance and Paramount deal, helped xAI and X on a $113 billion transaction related to their merger and guided Ti... (more story)
MVP: Latham's Pardis Zomorodi
Pardis Zomorodi, partner at Latham & Watkins LLP's transactional tax practice in Los Angeles, has guided companies through the tax aspects of major complex transactions, including 2024's largest IPO and the hi... (more story)
Taxation With Representation: Wachtell, Paul Hastings, Sidley
In this week's Taxation With Representation, Pfizer Inc. completes its acquisition of obesity drug developer Metsera Inc., motion and controls technologies company Parker-Hannifin Corp. acquires Filtration Gro... (more story)
Mass. Power Facility Due $2.7M Property Tax Abatement
A Massachusetts hydroelectric facility was overvalued by as much as $125 million by local assessors, the state Appellate Tax Board said in a decision released Thursday, ordering abatements topping $2.7 million.
Hawaiian Airlines Loses Appeal Over $1.6M Tax On Jet Parts
Hawaiian Airlines can't claim a nearly $1.6 million excise tax exemption on jet parts it purchased from Boeing, a Hawaii appeals court ruled, finding the parts don't qualify for a servicing or maintenance tax break.
Seaport Developer, Mass. Spar Over $15M Brownfields Credit
The developer of the Echelon Seaport luxury residential complex in Boston's Seaport District and the Massachusetts Department of Revenue have each made their case for a pretrial win in a long-running dispute o... (more story)
The New Civil Liberties Alliance urged the Wisconsin Supreme Court to grant a group of Catholic charities an unemployment tax exemption in light of the U.S. Supreme Court's ruling that the state's application ... (more story)
A New York state senator has prefiled a bill to regulate the sale of intoxicating hemp cannabinoid beverages while levying a 10% tax on them.
Several recent federal court decisions illustrate how parties continue to grapple with the discovery of data in dynamic databases, so counsel involved in these disputes must consider how structured data should... (more story)
Isaac Wheeler of Sullivan & Cromwell LLP's tax practice advised RedBird Capital Partners on the Skydance and Paramount deal, helped xAI and X on a $113 billion transaction related to their merger and guided Ti... (more story)
Pardis Zomorodi, partner at Latham & Watkins LLP's transactional tax practice in Los Angeles, has guided companies through the tax aspects of major complex transactions, including 2024's largest IPO and the hi... (more story)
In this week's Taxation With Representation, Pfizer Inc. completes its acquisition of obesity drug developer Metsera Inc., motion and controls technologies company Parker-Hannifin Corp. acquires Filtration Gro... (more story)
A Massachusetts hydroelectric facility was overvalued by as much as $125 million by local assessors, the state Appellate Tax Board said in a decision released Thursday, ordering abatements topping $2.7 million.
Hawaiian Airlines can't claim a nearly $1.6 million excise tax exemption on jet parts it purchased from Boeing, a Hawaii appeals court ruled, finding the parts don't qualify for a servicing or maintenance tax break.
The developer of the Echelon Seaport luxury residential complex in Boston's Seaport District and the Massachusetts Department of Revenue have each made their case for a pretrial win in a long-running dispute o... (more story)
International More
Gov'ts Widely Back Mutual Agreement Procedure In UN Treaty
Governments expressed widespread support for adopting measures to strengthen the mutual agreement procedure within a protocol on dispute resolution in the United Nations tax convention during the latest round of negotiations.
Korea Wins Annulment Of $216M Lone Star Funds Award
South Korea on Tuesday prevailed in its bid to wipe out a $216 million arbitral award issued to an affiliate of Lone Star Funds, though the private equity firm has already vowed to resubmit its claim to a new tribunal.
Malawi Reiterates Bid For Gem Export Tax Investigation
Malawi has bolstered its bid for a Washington federal judge to reconsider his decision barring the country from pursing discovery against a gemstone company that partnered with a mining outfit the country clai... (more story)
Ex-Russian Gas CFO Resentenced To 6 Years For Tax Crimes
A Florida federal judge handed a nearly six-year prison term to a Russian gas company's former chief financial officer, who was convicted for tax evasion after the Eleventh Circuit vacated a prior sentence earlier this year.
Fed. Circ. Finds Baby Formulas For Illnesses Duty-Free
A baby formula maker's products designed as therapies for children with chronic medical conditions qualify for duty-free treatment, the Federal Circuit ruled Monday, overturning the U.S. Court of International... (more story)
Fed. Circ. Backs Commerce To Nix Turkish Steel Duties
The U.S. Department of Commerce's removal of countervailing duties on Turkish steel imports was properly justified by the government, and the lower trade court correctly upheld its determination despite object... (more story)
AI Use Has Spiked In Tax Agencies Globally, OECD Says
The use of artificial intelligence has skyrocketed in tax administrations around the world, leading to increased efficiency but also increased risks of data quality issues, according to an Organization for Eco... (more story)
Governments expressed widespread support for adopting measures to strengthen the mutual agreement procedure within a protocol on dispute resolution in the United Nations tax convention during the latest round of negotiations.
South Korea on Tuesday prevailed in its bid to wipe out a $216 million arbitral award issued to an affiliate of Lone Star Funds, though the private equity firm has already vowed to resubmit its claim to a new tribunal.
Malawi has bolstered its bid for a Washington federal judge to reconsider his decision barring the country from pursing discovery against a gemstone company that partnered with a mining outfit the country clai... (more story)
A Florida federal judge handed a nearly six-year prison term to a Russian gas company's former chief financial officer, who was convicted for tax evasion after the Eleventh Circuit vacated a prior sentence earlier this year.
A baby formula maker's products designed as therapies for children with chronic medical conditions qualify for duty-free treatment, the Federal Circuit ruled Monday, overturning the U.S. Court of International... (more story)
The U.S. Department of Commerce's removal of countervailing duties on Turkish steel imports was properly justified by the government, and the lower trade court correctly upheld its determination despite object... (more story)
The use of artificial intelligence has skyrocketed in tax administrations around the world, leading to increased efficiency but also increased risks of data quality issues, according to an Organization for Eco... (more story)