The Tax Angle: TCJA Stalemate, Corp. Rates, Tax Preparers
Amazon SC Sales Tax Case Could Decide Meaning Of 'Seller'
EU Withholding Tax Deal Lacks Ambition, Investors Say
The Tax Angle: TCJA Stalemate, Corp. Rates, Tax Preparers
From a look at the Senate's inaction on a bipartisan House-passed tax bill to efforts to raise the corporate tax rate and regulate tax return preparers, here's a peek into a reporter's notebook on a few of the week's developing tax stories.
Amazon SC Sales Tax Case Could Decide Meaning Of 'Seller'
Amazon's longtime battle with the South Carolina Department of Revenue could ultimately answer critical questions about retroactivity, statutory interpretation and the definition of key terms such as "seller."
EU Withholding Tax Deal Lacks Ambition, Investors Say
A recently agreed-to streamlining of how cross-border withholding taxes are refunded in the European Union lacks ambition and may not do much to help smaller investors, investor advocates said.
Federal More
An arbitration tribunal was within its authority to limit the number of years and the amount that a Houston-based oil company had to reimburse Colombia's state-owned entity, Ecopetrol, for the value-added tax ... (more story)
CohnReznick LLP added a top accountant and tax partner from Mazars USA LLP to its roster of tax professionals, the firm announced.
An Arizona man admitted to conspiring with a New Jersey tax preparer to obtain at least $4.4 million by defrauding the Internal Revenue Service in an elaborate identify theft scheme, the U.S. Department of Justice said.
In this week's Taxation With Representation, SouthState Corp. buys Independent Bank Group Inc., CyberArk acquires Venafi, Carlyle clinches its fifth Japanese buyout fund, and AuditBoard Inc. agrees to be bought by Hg Capital.
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emul... (more story)
The chairs of the Senate's tax and budget committees said Thursday that they were investigating a meeting with former President Donald Trump, oil and energy companies, a trade association where Trump reportedl... (more story)
Lawmakers should preserve the Tax Cuts and Jobs Act's nonexpiring provisions, specifically the 21% corporate tax rate, when debating the extension of the law's expiring provisions in 2025, former House Ways an... (more story)
State & Local More
Shuttered Paper Mill Flouted $12M Incentive Deal, NC AG Says
The state of North Carolina is suing food and beverage packaging company Pactiv Evergreen to recoup $12 million in economic incentives the company allegedly accepted to keep a local mill up and running after i... (more story)
NY Tax Dept. Wrongly Cut CEO's Enterprise Credit, ALJ Says
New York's state tax agency incorrectly used the business allocation percentage of an S corporation to reduce the amount of qualified Empire Zone enterprise tax credits that the company's CEO could claim, an a... (more story)
Ill. Justices OK $28M Tax Value Appeal Without Payment
A power company's property in Illinois was not required to pay disputed property taxes before appealing a valuation, the Illinois Supreme Court affirmed Thursday, upholding a reduction in the assessment of about $28 million.
Akerman Brings On Kilpatrick Tax Ace In LA
Akerman LLP is boosting its tax team, bringing in a Kilpatrick Townsend & Stockton LLP corporate tax and energy tax credit expert as a partner in its Los Angeles office.
Minn. Lawmakers OK Family Leave Payroll Tax Boost
Minnesota would raise the payroll premium for its yet-to-begin paid family and medical leave program under a bill passed by state lawmakers in the final hours of their session.
SC Justices Urged To Review $12.5M Amazon Tax Dispute
South Carolina's highest court should review an appeals court's opinion that Amazon was required to collect and remit sales tax on products sold on its marketplace in 2016 and owes the state $12.5 million in t... (more story)
CohnReznick Adds PwC Partner To International Tax Practice
CohnReznick has a new principal in its international tax practice who previously served as a partner at PwC, the firm announced.
22 States Tell 11th Circ. Corp. Transparency Act Goes Too Far
The federal Corporate Transparency Act unconstitutionally displaces state authority and its enforcement would economically harm states and their residents, attorneys general from 22 states told the Eleventh Ci... (more story)
Tax Assessment: Recapping Georgia's Legislative Session
Jonathan Feldman and Alla Raykin at Eversheds Sutherland examine tax-related changes from Georgia’s General Assembly — such as the governor’s successful push to accelerate income tax cuts — and suggest steps t... (more story)
The state of North Carolina is suing food and beverage packaging company Pactiv Evergreen to recoup $12 million in economic incentives the company allegedly accepted to keep a local mill up and running after i... (more story)
New York's state tax agency incorrectly used the business allocation percentage of an S corporation to reduce the amount of qualified Empire Zone enterprise tax credits that the company's CEO could claim, an a... (more story)
A power company's property in Illinois was not required to pay disputed property taxes before appealing a valuation, the Illinois Supreme Court affirmed Thursday, upholding a reduction in the assessment of about $28 million.
Akerman LLP is boosting its tax team, bringing in a Kilpatrick Townsend & Stockton LLP corporate tax and energy tax credit expert as a partner in its Los Angeles office.
Minnesota would raise the payroll premium for its yet-to-begin paid family and medical leave program under a bill passed by state lawmakers in the final hours of their session.
South Carolina's highest court should review an appeals court's opinion that Amazon was required to collect and remit sales tax on products sold on its marketplace in 2016 and owes the state $12.5 million in t... (more story)
CohnReznick has a new principal in its international tax practice who previously served as a partner at PwC, the firm announced.
The federal Corporate Transparency Act unconstitutionally displaces state authority and its enforcement would economically harm states and their residents, attorneys general from 22 states told the Eleventh Ci... (more story)
Jonathan Feldman and Alla Raykin at Eversheds Sutherland examine tax-related changes from Georgia’s General Assembly — such as the governor’s successful push to accelerate income tax cuts — and suggest steps t... (more story)
International More
White & Case Adds Former A&O Tax Pro In Luxembourg
White & Case LLP announced it has added a tax partner to its Luxembourg office from A&O Shearman who specializes in international and Luxembourg corporate tax law.
New Crypto Reporting Will Require Rigorous Recordkeeping
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to ... (more story)
Property Transfer For Tax Break Not Dishonest, UK Court Says
Two liquidated London real estate companies failed to convince the United Kingdom Court of Appeal that their former director behaved dishonestly by transferring their holdings to Jersey trusts for less than ma... (more story)
UK Gov't Calls Elections For July 4 Despite Poor Polls
Prime Minister Rishi Sunak on Wednesday called an early general election to be held on July 4, advancing the electoral timetable even though his Conservative Party lags decisively behind the opposition Labour Party.
Swiss Gov't Adopts Proposals For Tougher AML Laws
Switzerland on Wednesday approved a new anti-money laundering framework that will introduce a register in which companies and other legal entities in the country will have to disclose information on their bene... (more story)
EU's Carbon Border Tax Pushes Others To Follow, Experts Say
The European Union's carbon border tax is pushing many countries outside the bloc to introduce similar systems, government and academic experts said Wednesday.
UK Dependency To Implement Pillar 2 Starting In 2025
The island of Jersey, a U.K. crown dependency, said it would implement the international minimum tax for large corporations known as Pillar Two, with the law taking effect next year.
White & Case LLP announced it has added a tax partner to its Luxembourg office from A&O Shearman who specializes in international and Luxembourg corporate tax law.
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to ... (more story)
Two liquidated London real estate companies failed to convince the United Kingdom Court of Appeal that their former director behaved dishonestly by transferring their holdings to Jersey trusts for less than ma... (more story)
Prime Minister Rishi Sunak on Wednesday called an early general election to be held on July 4, advancing the electoral timetable even though his Conservative Party lags decisively behind the opposition Labour Party.
Switzerland on Wednesday approved a new anti-money laundering framework that will introduce a register in which companies and other legal entities in the country will have to disclose information on their bene... (more story)
The European Union's carbon border tax is pushing many countries outside the bloc to introduce similar systems, government and academic experts said Wednesday.
The island of Jersey, a U.K. crown dependency, said it would implement the international minimum tax for large corporations known as Pillar Two, with the law taking effect next year.