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Tax

  • July 30, 2014

    House Bill Seeks Nationwide Tax On Soda

    U.S. Congresswoman Rosa DeLauro, D-Conn., on Wednesday introduced a proposed tax on sodas and sugary beverages, a move poised to reignite a debate on the efficacy of these types of measures that have largely been nonstarters at the state and local level.

  • July 30, 2014

    EU Court To Consider Question Of Bitcoin Trading Taxes

    The EU Court of Justice will decide whether exchanging virtual currency like bitcoin for standard money can be classified as a taxable service, according to a notice published Tuesday.

  • July 30, 2014

    GOP Sens. Filibuster ‘Insourcing’ Tax Credit Bill

    A bill to provide a tax credit for U.S. companies “insourcing” jobs while simultaneously ending a credit that purportedly rewarded outsourcing failed to advance in the U.S. Senate Wednesday, after Republicans filibustered the bill when their proposed amendments were not considered.

  • July 29, 2014

    Texas Doubles Down On Same-Sex Marriage Fight In 5th Circ.

    Texas’ attorney general on Monday told the Fifth Circuit the state's ban on same-sex marriage doesn’t violate federal due process and equal rights protections, in a brief asking the appellate court to overturn a federal decision that found the law unconstitutional.

  • July 29, 2014

    Senate Passes Bill Funding Highway Trust Through December

    The U.S. Senate on Tuesday passed a bill extending funding for the U.S. Highway Trust Fund through December as the infrastructure fund faces looming insolvency, giving lawmakers additional time to come up with a long-term solution to the fund’s woes.

  • July 29, 2014

    Mo. High Court Axes Circuit City, Dillard's Tax Refund Claims

    Missouri's Supreme Court on Tuesday said Dillard's Inc. and now-shuttered Circuit City Stores Inc. cannot receive refunds on sales taxes they paid for store credit card customers who defaulted on their payments because the losses were incurred by the banks who issued the cards.

  • July 29, 2014

    CFTC To Hammer Out Deal With RBC Over Wash Trading

    The U.S. Commodity Futures Trading Commission and the Royal Bank of Canada got a step closer to resolving the regulator’s claims that the bank engaged in a massive wash trading scheme, when a New York federal judge agreed Tuesday to schedule a settlement conference for next month.

  • July 29, 2014

    Feds Say NetJets Earnings Are Subject To Excise Tax

    The U.S. government asked an Ohio federal court on Monday to throw out a $643 million tax suit brought by NetJets International Inc. challenging the imposition of a transportation excise tax, saying NetJets is trying to “cherry pick” favorable revenue rulings while ignoring precedent averse to its case.

  • July 29, 2014

    Merck Won't Join Inversion Craze, CEO Says

    Pharmaceutical companies are heavily represented in this year's roster of inversion deals, but Merck & Co. Inc. won't be joining the pack according to CEO Kenneth Frazier, who in an earnings call Tuesday said the drug giant isn't interested in seeking an inversion deal.

  • July 29, 2014

    Windstream Looks To Cut Taxes, Debt By Forming REIT

    Telecommunications provider Windstream said Tuesday that it plans to spin off its fiber and copper networks into a real estate investment trust, an unusual move the company expects will lower its taxes and reduce its debt by $3.2 billion, freeing up money for acquisitions and network upgrades.

  • July 29, 2014

    Withholding Taxes Can't Be Dumped In Bankruptcy: NJ Court

    New Jersey's Tax Court on Tuesday ruled that the head of a bankrupt construction company must pay over $175,000 to satisfy his company's past due withholding taxes because the sums aren't dischargeable in bankruptcy.

  • July 29, 2014

    Dems Target Contractors In Latest Anti-Inversion Bill

    Four Democrat lawmakers on Tuesday unveiled a bill that would ban companies from winning U.S. government contracts if those companies execute so-called inversion transactions to minimize their corporate tax burden.

  • July 28, 2014

    NY State, City Want Property Tax Discrimination Suit Axed

    Both the state and city of New York want a state judge to toss a proposed class action alleging the city's property tax system favors residential owners over renters — who are mostly black and Hispanic — saying the issue should be addressed by the legislature.

  • July 28, 2014

    Amazon Can't Nix $1.5B IRS Transfer Pricing Dispute

    Amazon.com Inc. lost its bid Monday in the U.S. Tax Court to resolve parts of the company's ongoing litigation with the Internal Revenue Service over use of a European subsidiary to substantially reduce its tax bill, a case the retailer estimates could result in a $1.5 billion tax liability.

  • July 28, 2014

    IRS Releases Final Rules On Branded Prescription Drug Fee

    The Internal Revenue Service published final regulations Monday establishing how branded prescription drug manufacturers or importers who have at least $5 million in sales to various government programs like Medicaid and Tricare should calculate an annual fee established by the Affordable Care Act.

  • July 28, 2014

    Gay Marriage Plaintiffs Want Cases In Fla. Supreme Court

    A gay couple from Key West who won a decision overturning Florida's ban on same-sex marriage is seeking to take the state's appeal directly to the Florida Supreme Court, where it seems certain to be headed.

  • July 28, 2014

    4th Circ. Sinks Va. Same-Sex Marriage Bans

    The Fourth Circuit on Monday struck down Virginia's state ban on same-sex marriages, continuing a string of federal and state court rulings finding similar state bans unconstitutional.

  • July 28, 2014

    DOD Security Clearance Holders Owe IRS $730M, Report Says

    About 83,000 U.S. Department of Defense employees and contractors who held or were eligible for secret, top secret or sensitive compartmented information clearances owed more than $730 million in unpaid federal taxes as of June 2012, according to a report released by the Government Accountability Office on Monday.

  • July 28, 2014

    Out-Of-State HVAC Co. Must Pay NY Tax On Contract Work

    The New York State Department of Taxation and Finance on Monday issued an advisory opinion saying that an out-of-state company selling HVAC services to New York residents is subject to state sales tax.

  • July 28, 2014

    Harbinger COO Admits Wrongdoing In SEC Settlement

    A former Harbinger Capital Partners LLC executive has admitted wrongdoing in connection with his role in the hedge fund's $113 million loan scandal, the U.S. Securities and Exchange Commission said Monday, giving the agency a three-for-three record on admissions of wrongdoing in the closely watched Harbinger cases.