IRS Docs Bid Flouts Foreign Privacy Rules, 6th Circ. Told
The U.S. Chamber of Commerce and the National Association of Manufacturers urged the Sixth Circuit to reverse an Ohio federal judge's order requiring Eaton Corp. to share European employee evaluations with the IRS, contending that disclosure would create unnecessary conflicts with foreign privacy laws.
Senate Passes GOP Budget Bill With Revised Tax Provisions
Senate Republicans narrowly passed their sweeping tax and policy legislation Tuesday after conference leaders secured a last-minute compromise with some holdout senators in their conference to revise portions of the bill.
Canada Removing Digital Tax To Salvage US Trade Talks
Canada has agreed to roll back its 3% digital services tax just ahead of Monday's first payment deadline in order to continue trade negotiations with the U.S., Canadian Prime Minister Mark Carney announced Sunday evening.
IRS Docs Bid Flouts Foreign Privacy Rules, 6th Circ. Told
The U.S. Chamber of Commerce and the National Association of Manufacturers urged the Sixth Circuit to reverse an Ohio federal judge's order requiring Eaton Corp. to share European employee evaluations with the IRS, contending that disclosure would create unnecessary conflicts with foreign privacy laws.
Senate Passes GOP Budget Bill With Revised Tax Provisions
Senate Republicans narrowly passed their sweeping tax and policy legislation Tuesday after conference leaders secured a last-minute compromise with some holdout senators in their conference to revise portions of the bill.
Canada Removing Digital Tax To Salvage US Trade Talks
Canada has agreed to roll back its 3% digital services tax just ahead of Monday's first payment deadline in order to continue trade negotiations with the U.S., Canadian Prime Minister Mark Carney announced Sunday evening.
Federal More
A father and his twin sons filed false tax returns that sought more than $8.5 million in fraudulent refunds and they used the proceeds to buy cryptocurrency and real estate, according to the U.S. Department of... (more story)
Litigation funders are breathing a sigh of relief after a provision to impose a 41% punitive tax on the $16 billion industry was stripped Tuesday from the massive federal spending bill, but many think the epis... (more story)
Law school curricula often overlook client communication procedures, and those who actively teach this crucial facet of the practice can create exceptional client satisfaction and success, says Patrick Hanson at Wiggam Law.
The South African government said Tuesday it requested that the U.S. extend a July 9 deadline for trade talks before higher tariff rates kick in for it and other major trading partners, in anticipation of a ne... (more story)
The Internal Revenue Service on Tuesday withdrew plans to eliminate a safe harbor that allows some businesses an expanded use of net operating losses, saying the agency received negative feedback on its plan t... (more story)
The America First Legal Foundation and Coalition for a Prosperous America on Monday backed the federal government in an appeal brought by toy makers challenging President Donald Trump's emergency tariffs, argu... (more story)
The Senate underwent a marathon series of votes Monday on amendments to Republicans' mammoth $3.8 trillion budget bill as the chamber made slow progress toward a final vote on the legislation whose outcome remained uncertain.
State & Local More
Calif. Ups Film Tax Break, Requires Single Factor For Banks
California will more than double funding for film and television production tax credits, change the apportionment formula for banks and make other tax policy changes under a $321 billion budget package signed ... (more story)
Wis. Budget Deadlock Breaks With Deal On $1.3B In Tax Cuts
Wisconsin's Democratic governor announced a tentative agreement with Republican lawmakers on the state's biennial budget that sets out $1.3 billion in tax relief, according to a statement released Tuesday.
Ohio Will Move To Flat Income Tax Rate
Ohio will move to a flat personal income tax system and repeal certain sales tax exemptions and its film tax credit program under a biennial budget plan signed by Gov. Mark DeWine.
Conn. Expects Corporate Tax Changes To Raise Almost $350M
Connecticut will make changes to corporate taxes that are projected to raise nearly $350 million over two years — largely from repealing the state's $2.5 million cap on tax increases for some combined unitary ... (more story)
NJ Lawmakers OK Tax Hikes On Online Gambling, Cigarettes
New Jersey lawmakers approved tax increases Monday on cigarettes, online gambling and certain property sales of more than $2 million alongside a $58.8 billion budget plan that also provides property tax credit... (more story)
Oregon Transportation, Tax Package Dies At Session's End
An Oregon transportation funding proposal with billions of dollars in new taxes and fees died when the state Legislature adjourned for the year without passing the package, which had been championed by the state's governor.
Florida To Eliminate Business Rent Tax
Florida will eliminate its business rent tax under budget-related legislation signed Monday by Republican Gov. Ron DeSantis.
Adapting To Private Practice: From US Rep. To Boutique Firm
My transition from serving as a member of Congress to becoming a partner at a boutique firm has been remarkably smooth, in part because I never stopped exercising my legal muscles, maintained relationships wit... (more story)
Justices Pass On Free Speech Challenge To Ga. Strip Club Tax
The U.S. Supreme Court said Monday that it will not review a decision by Georgia's highest court that said a state tax on strip clubs that's used to fund efforts to address child trafficking does not violate t... (more story)
California will more than double funding for film and television production tax credits, change the apportionment formula for banks and make other tax policy changes under a $321 billion budget package signed ... (more story)
Wisconsin's Democratic governor announced a tentative agreement with Republican lawmakers on the state's biennial budget that sets out $1.3 billion in tax relief, according to a statement released Tuesday.
Ohio will move to a flat personal income tax system and repeal certain sales tax exemptions and its film tax credit program under a biennial budget plan signed by Gov. Mark DeWine.
Connecticut will make changes to corporate taxes that are projected to raise nearly $350 million over two years — largely from repealing the state's $2.5 million cap on tax increases for some combined unitary ... (more story)
New Jersey lawmakers approved tax increases Monday on cigarettes, online gambling and certain property sales of more than $2 million alongside a $58.8 billion budget plan that also provides property tax credit... (more story)
An Oregon transportation funding proposal with billions of dollars in new taxes and fees died when the state Legislature adjourned for the year without passing the package, which had been championed by the state's governor.
Florida will eliminate its business rent tax under budget-related legislation signed Monday by Republican Gov. Ron DeSantis.
My transition from serving as a member of Congress to becoming a partner at a boutique firm has been remarkably smooth, in part because I never stopped exercising my legal muscles, maintained relationships wit... (more story)
The U.S. Supreme Court said Monday that it will not review a decision by Georgia's highest court that said a state tax on strip clubs that's used to fund efforts to address child trafficking does not violate t... (more story)
International More
Investor's Personal Loans Close Door On UK Biz Tax Relief
A banker who provided himself non-arm's-length personal loans through his company thereby disqualified from tax relief his £1.5 million ($2.1 million) investment of foreign income into the firm, making him lia... (more story)
Navigating Antitrust Risks When Responding To Tariffs
Companies should assess competitive perils, implement compliance safeguards and document independent decision-making as they consider their responses to recent tariff pressures, say attorneys at White & Case.
Trusts' Mauritius Share Sales Taxable In UK, Court Holds
HM Revenue & Customs was right to assess share sales by a group of Mauritius-based U.K. trusts for capital gains tax because the sale decisions were made in Britain, a London court held Tuesday.
HMRC Can Collect Tax In Disputed Avoidance Schemes
A London court has ruled that HM Revenue and Customs can collect disputed income tax owed by a group of companies that took part in tax avoidance schemes, even though the authority previously promised to postp... (more story)
FCA Can Drop £6M Fine In Cum-Ex Case After Danish Pleas
The Financial Conduct Authority can reverse its decision to fine a cum-ex trader £5.9 million ($8.1 million) to avoid prejudicing Denmark's attempts to claw back the proceeds from an alleged sham trading schem... (more story)
Key Points From HMRC's Tax Reform Proposals
Although HM Revenue & Customs’ recent proposals for reform of U.K. transfer pricing and permanent establishment rules align with the latest international consensus, certain amendments may lead to future contro... (more story)
HMRC Investigated Avoidance Scheme Enough, Court Rules
HM Revenue & Customs didn't need to investigate further before determining that nearly 50 consultants owed taxes on income routed through offshore entities on the Isle of Man, the High Court of Justice said in... (more story)
A banker who provided himself non-arm's-length personal loans through his company thereby disqualified from tax relief his £1.5 million ($2.1 million) investment of foreign income into the firm, making him lia... (more story)
Companies should assess competitive perils, implement compliance safeguards and document independent decision-making as they consider their responses to recent tariff pressures, say attorneys at White & Case.
HM Revenue & Customs was right to assess share sales by a group of Mauritius-based U.K. trusts for capital gains tax because the sale decisions were made in Britain, a London court held Tuesday.
A London court has ruled that HM Revenue and Customs can collect disputed income tax owed by a group of companies that took part in tax avoidance schemes, even though the authority previously promised to postp... (more story)
The Financial Conduct Authority can reverse its decision to fine a cum-ex trader £5.9 million ($8.1 million) to avoid prejudicing Denmark's attempts to claw back the proceeds from an alleged sham trading schem... (more story)
Although HM Revenue & Customs’ recent proposals for reform of U.K. transfer pricing and permanent establishment rules align with the latest international consensus, certain amendments may lead to future contro... (more story)
HM Revenue & Customs didn't need to investigate further before determining that nearly 50 consultants owed taxes on income routed through offshore entities on the Isle of Man, the High Court of Justice said in... (more story)