Monday, October 26, 2020

Featured Stories

Chevron Deference's Future In Doubt If Barrett Is Confirmed No Photo Available

Judge Amy Coney Barrett's expected ascent to the U.S. Supreme Court would likely propel a conservative crusade against so-called Chevr... (more story)

Biden Tax Plan Raises Corporate Expatriation Fears Alex M. Parker

Former Vice President Joe Biden's proposals to hike taxes on U.S. companies' foreign income would put pressure on taxpayers to move th... (more story)

5 Tax Ballot Measures To Watch On Election Day No Photo Available

From a proposal to overhaul California’s property tax system to imposing a graduated income tax in Illinois, voters will have the fina... (more story)

Federal More

Fidelity Flubbed $100M Charitable Stock Sale, Economist Says

Friday, October 23, 2020

A California federal court overseeing a Zoom bench trial over Fidelity's handling of a $100 million charitable stock sale heard from an economist Friday who testified that the company was "irresponsible" in it... (more story)

IRS Says It Sent Premature Tax-Exemption Revocation Notices

Friday, October 23, 2020

The IRS prematurely sent notices to nonprofits saying that their tax-exempt status had been revoked because its systems could not account for a filing extension that was granted due to the coronavirus pandemic... (more story)

Taxation With Representation: Wachtell, Gibson, Hunton

Friday, October 23, 2020

In this week's Taxation With Representation, ConocoPhillips inks a $13 billion merger with Concho Resources, Pioneer Natural Resources buys Parsley Energy for $4.5 billion, and real-estate firm Pretium acquire... (more story)

Estate Owes $4M In Penalties For Swiss Accounts, Court Told

Friday, October 23, 2020

A deceased man's estate owes nearly $4 million in penalties for his failure to disclose several accounts he held in Swiss banks to the Internal Revenue Service, the U.S. government told a D.C. federal court.

3rd Circ. Won't Give Shipper Redo In Misclassification Dispute

Thursday, October 22, 2020

A shipping company can't revive its lawsuit challenging New Jersey's statutory scheme for classifying workers as independent contractors or employees, after the Third Circuit found Thursday a federal judge pro... (more story)

Venezuela National Oil Co. Sues US Over $642M In Income Tax

Thursday, October 22, 2020

The U.S. subsidiary of Venezuela's state-owned oil and gas company sued the federal government Thursday in Texas federal court over $641.6 million in disputed income tax related to its use of excise tax credits.

Sioux Tribe Wins Tax Suit For Casino Contractor Work

Thursday, October 22, 2020

A South Dakota federal judge has ruled that the state can't tax contracting work performed by a nontribal company on the Flandreau Santee Sioux Tribe's on-reservation casino, saying the tax is preempted by bot... (more story)

State & Local More

SF Tells Calif. Appeals Court Tax Ballot Challenge Is Moot

Friday, October 23, 2020

A challenge to a San Francisco tax ballot measure was resolved by a recent California court ruling that found citizen-initiated tax ballot measures only need a simple majority to pass, the city told a state appellate court.

Pa. Stores Accused Of Wrongly Charging Sales Tax On Masks

Friday, October 23, 2020

Several Pennsylvania retailers including American Eagle Outfitters, Foot Locker, Kohl's, J. Crew, The Gap, Walgreens and Hot Topic wrongly charged sales tax on tax-exempt protective face masks and face coverin... (more story)

How Fla. Homebuilders Can Protect Pre-Closing Deposits

Friday, October 23, 2020

In light of Florida developers' recent success in negotiating for homebuilders to release deposits while some closing conditions remain unfulfilled, there are some ways homebuilders can safeguard their payment... (more story)

Voters In Wash. And Tax Cuts In Pa.: SALT In Review

Friday, October 23, 2020

From the Washington Supreme Court's latest rejection of the voters to Pennsylvania's ideas about tax cuts, RSM US LLP's David Brunori offers his thoughts on the past week's noteworthy state and local tax news. 

NJ Corp. Tax Technical Correction Bill Advances In Senate

Thursday, October 22, 2020

A technical corrections bill that would make changes to New Jersey's corporate business tax, including language clarifying the requirements for mandatory default combined returns and elective combined returns,... (more story)

NY Says Out-Of-State Telecommuters May Still Owe Income Tax

Thursday, October 22, 2020

New York nonresidents working outside the state during the pandemic, but for a New York business, may still owe income tax to the state on income earned while telecommuting, the state's tax department said in ... (more story)

Montana High Court Rejects Challenge To Pot Legalization Bid

Thursday, October 22, 2020

The Montana Supreme Court rebuffed a last-minute challenge to the state's marijuana legalization ballot measure, saying an anti-drug group can't bring its lawsuit directly to the high court.

Minn. Conforms To Federal Expensing, Like-Kind Exchanges

Thursday, October 22, 2020

Minnesota has fully conformed to federal law on deducting expenses for capital equipment and provided retroactive conformity for like-kind exchanges, under a bill signed by the governor after the Legislature a... (more story)

The Fate Of The ACA And What's Next For Health Care

Thursday, October 22, 2020

The U.S. Supreme Court's decision in Texas v. U.S. could render the Affordable Care Act unconstitutional in whole or in part, which, combined with the upcoming election, could drive a wide range of impacts on ... (more story)

International More

EU, UK Face Serious Issues To Solve When Brexit Talks Resume

Friday, October 23, 2020

The European Union and British government will resume stalled talks about their future trading relationship on Monday following a dispute over the progress of negotiations, with time running short to reach an ... (more story)

EU Tax Official Calls For 'Major Upgrade' Of Conduct Group

Friday, October 23, 2020

A top European Commission tax official called Friday for a "major upgrade" of the European Union body responsible for putting countries on the list of uncooperative jurisdictions and assessing corporate tax ru... (more story)

EU Proposes VAT Reforms For Financial Services, Insurance

Friday, October 23, 2020

The European Commission is seeking responses from the financial sector for a review of rules governing value-added tax for financial services to address legal uncertainty and a potential violation of the princ... (more story)

IRS Offers Microcaptive Insurance Cos. Stricter Settlements

Thursday, October 22, 2020

The IRS said Thursday it will begin sending a new round of time-limited settlement offers — with stricter terms as compared with a previous settlement initiative from 2019 — to certain companies the government... (more story)

Austria Can Tax S. Korean Cell Service, ECJ Adviser Says

Thursday, October 22, 2020

South Korea's largest wireless carrier might be subject to tax for services it provided to customers temporarily staying in Austria after an adviser to Europe's highest court said Thursday those services could... (more story)

Nations Nearing Timeline On Closing Tax Cases, OECD Says

Thursday, October 22, 2020

None of the eight countries recently assessed under global tax standards were on average able to resolve cross-border disputes within two years, but several came close, according to peer reviews released Thurs... (more story)

German Tax Revenue In First 9 Months Down 8.1% From 2019

Thursday, October 22, 2020

German tax revenue fell 8.1% in the year through September from the same period in 2019, the Finance Ministry said in a report Thursday that shows how the COVID-19 pandemic has weighed on the country's finances.