The U.S. Department of Treasury has spent the past year attempting to interpret the federal tax overhaul’s complex international measures while a global debate over how to tax digital revenue simmered overseas. Here is a look back at six major tax policy developments in the U.S. and around the world.
This year may have been dominated by federal tax reform, but state and local policy practitioners were plenty busy, too, with issues such as the continued growth of the regulated marijuana industry and the uptake of local opportunity zones. Here, Law360 highlights some of the biggest state and local tax policy moves of 2018.
The past year bore witness to the U.S. Congress appointing a new IRS commissioner and extending nearly 30 expired targeted tax incentives and saw lawmakers stake out opposing tax policy positions in a highly contentious election year. Here, Law360 reviews the biggest federal tax legislation stories of 2018.
The U.S. Senate passed a resolution on Wednesday that would overturn guidance released by the U.S. Department of the Treasury that limits the disclosure requirements of certain nonprofits.
The California Public Utilities Commission is gearing up to vote next month on a controversial proposal that would impose a tax on text messages as part of the commission’s effort to kick-start a waning revenue stream coming out of the telecommunications industry.
Federal prosecutors urged a California district court to reject an accountant’s plea for leniency following his guilty conviction in a client’s $18.2 million fraud, calling instead for a “significant” prison sentence on Wednesday to deter other tax return preparers.
A New York federal court judge has sided with the Cayuga Indian Nation in a long-running dispute with Seneca County over the collection of property taxes on land owned by the tribe, finding that the tribe’s sovereign immunity protects it from the suit.
Puerto Rico will have a lower corporate tax rate and a new tax credit aimed at creating a more attractive tax climate under a bill its governor recently signed that is expected to provide about $2 billion in tax relief.
Prime Minister Theresa May survived a coup attempt by rebel lawmakers within her Conservative Party late Wednesday, winning a no-confidence vote by a sufficiently large margin to allow her to continue pushing to get a draft Brexit withdrawal agreement through a hostile Parliament.
Banks would have to share credit card data with European tax authorities under a draft law proposed by the European Commission on Wednesday, in a bid to cut value-added tax fraud using bogus online stores by €1.2 billion ($1.4 billion).
A Manhattan federal judge sentenced Michael Cohen, President Donald Trump's former lawyer, to three years in prison Wednesday for a “smorgasbord” of crimes, including paying off two women who said they had affairs with the president, lying to Congress about Russia, and dodging taxes on $4.1 million of income.
Prime Minister Theresa May will face a vote of no-confidence from her own Conservative Party MPs on Wednesday evening as opposition to her plan to exit the European Union escalates, raising the prospect of a no-deal departure or no Brexit at all.
The state of New Jersey and Jersey City officials have been slapped with a lawsuit by Mack-Cali Realty Corp. and others claiming the town’s new measure imposing a payroll tax on non-resident employees in order to help offset public education costs is illegal “special legislation” that violates the state constitution.
California will require out-of-state retailers to collect and remit use tax to the nation’s most populous state if they have $100,000 in sales or 200 transactions, the taxing agency handling sales and use tax announced Tuesday.
The Second Circuit won’t rethink its reversal of a U.S. Tax Court decision that had allowed the estate of the deceased founder of Monster.com to escape a $41 million tax deficiency over his contracts with two investment banks.
An accountant found guilty of helping a venture capitalist siphon $18 million from a fund through false tax returns has told a California federal court he should serve no time behind bars despite prosecutors' request for a "significant" prison sentence.
A former Liberty Tax franchise owner has asked the U.S. Supreme Court to review a Fourth Circuit decision partially vacating a $2.7 million award in his favor, saying the ruling contradicts Virginia law and contract terms.
Proposed regulations that exempt from taxation some investment earnings of a U.S. parent’s controlled foreign companies have closed some tax traps related to corporate borrowing, but companies must parse the rules carefully to ensure they meet their requirements.
A manager for a company that provided armed guards to the IRS has pled guilty to conspiracy to defraud the government in a scheme involving the falsification of firearm shooting scores, prosecutors said Monday.
A Manhattan judge probed the pharmaceutical industry's attack on New York’s $600 million levy on the opioid industry and the state's defense of the law at a Monday hearing, asking questions that suggested a range of outcomes were on the table between letting the law be and striking it down.
The new federal tax law was expected to change how deals get structured, and four months after its enactment, it is becoming clear how the legislation is having an impact on negotiations and tax planning strategies.
Reversing the U.S. Tax Court, the Second Circuit recently found that the late Monster.com founder’s estate potentially owed $41 million in taxes for variable prepaid forward contract extensions and remanded calculation to the Tax Court. Lawrence Hill and Kevin Platt of Winston & Strawn LLP discuss Estate of McKelvey v. Commissioner.
Many of the issues that are most likely to draw the attention of state lawmakers next year — including cybersecurity, internet and data privacy, blockchain and cryptocurrencies, sales taxes on remote sellers, transportation and telecommunications infrastructure, and marijuana — are already familiar, says Korey Clark of State Net Capitol Journal.
In November, the Treasury Department issued proposed regulations expanding the safe harbor for hardship distributions from qualified retirement plans. Now plan sponsors need to consider whether, when and how they will adapt, say attorneys at Michael Best & Friedrich LLP.
During its current lame duck session, Congress must compromise on government funding legislation or face a shutdown. It may also endeavor to move additional legislation and continue to confirm Trump administration nominees before the close of the 115th Congress later this month, says Layth Elhassani of Covington & Burling LLP.
This month in NY Tax Minutes, Timothy Noonan and K. Craig Reilly of Hodgson Russ LLP discuss New York’s Amazon tax package, check in with the SALT deduction cap suit, brief the Apple sales tax matter and focus on statutory residency cases in New York state courts.
Recent tax decisions in Pennsylvania and Michigan highlight taxing authorities' unsuccessful attempts to assert sales and use tax on products and services that use new technologies not contemplated by old taxing statutes, say Craig Fields and Rebecca Balinskas of Morrison & Foerster LLP.
Earlier this year, the Treasury Department found it couldn't fix an error that excludes qualified improvement property from the Tax Cuts and Jobs Act's bonus depreciation provisions. Relief might come from Congress if it passes a limited technical corrections bill during the lame duck session, say Dustin Stamper and Omair Taher of Grant Thornton LLP.
While most corporations are required to follow the standard statutory formula for corporate income tax apportionment, insurance companies have to apportion their income to Illinois according to special rules, says Christopher Lutz of Horwood Marcus & Berk Chtd.
Next month the Seventh Circuit will hear arguments addressing whether the IRS has an unlimited period of time to assess penalties against alleged promoters of abusive tax shelters. Skadden attorneys, who filed an amicus brief on behalf of the American College of Tax Counsel, review the arguments on both sides of this pivotal case.
Permitting jurors to submit written questions, or even to pose questions orally to witnesses on the stand, advances several important goals and promotes both fairness and efficiency, says Matthew Wright of McCarter & English LLP.