Colo. Senate OKs Scaled Back Ballot Fiscal Info Plan
Colorado's voter information guide would indicate which government program areas' funding would be affected by ballot measures that boost state expenditures under legislation passed Friday by the state Senate that was reduced in scope from its original version.
Arby's Brand Sale Wasn't Business Income, Ark. Justices Say
A now-defunct corporation that was the largest franchisee of Arby's fast-food restaurants did not earn business income in Arkansas when it sold the brand because it was not in the business of disposing of such property, the state's highest court said Thursday, affirming a trial court.
Ariz. Justices OK Taxing District's Levy Boost For Growth
Adjustments in the base levy limit set by an Arizona community college district were valid under state law in addition to an increase approved by voters, the state's high court said, affirming a tax court decision.
Colo. Senate OKs Scaled Back Ballot Fiscal Info Plan
Colorado's voter information guide would indicate which government program areas' funding would be affected by ballot measures that boost state expenditures under legislation passed Friday by the state Senate that was reduced in scope from its original version.
Arby's Brand Sale Wasn't Business Income, Ark. Justices Say
A now-defunct corporation that was the largest franchisee of Arby's fast-food restaurants did not earn business income in Arkansas when it sold the brand because it was not in the business of disposing of such property, the state's highest court said Thursday, affirming a trial court.
Ariz. Justices OK Taxing District's Levy Boost For Growth
Adjustments in the base levy limit set by an Arizona community college district were valid under state law in addition to an increase approved by voters, the state's high court said, affirming a tax court decision.
Federal More
The Internal Revenue Service's funding would be cut by $1 billion for the 2027 fiscal year under legislation advanced Friday by a House Appropriations subcommittee.
In this week's Taxation With Representation, Amazon.com Inc. buys satellite communications company Globalstar Inc., waste management company GFL Environmental Inc. acquires Secure Waste Infrastructure Corp., a... (more story)
While a New York federal court’s recent ruling in U.S. v. Heppner suggests that some litigants’ communications with AI tools are discoverable, two other recent federal court decisions demonstrate that such int... (more story)
The Internal Revenue Service proposed cutting fees it charges people who take the exam for becoming one of its enrolled agents, though it noted Friday that the overall cost to test takers will increase because... (more story)
A Maryland federal court has resumed a lawsuit accusing a D.C. corporate tax attorney and his former law firm of a $19 million captive insurance scam following notification that the bankruptcy proceedings of t... (more story)
Fund managers would face annual taxation of carried interest based on imputed compensation, instead of primarily enjoying long-term capital gains rates, under a bill introduced Thursday by Senate Finance Commi... (more story)
The IRS unveiled proposed regulations Thursday to implement a higher threshold of $2,000 for when gambling businesses must report payouts to the government — including winnings from bingo, keno and slot machin... (more story)
State & Local More
What's Right Isn't Always Easy To Swallow: SALT In Review
From vodka warehoused in Maine to Nebraska's new excise on something called kratom, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
NYC Tribunal Says Case's 20-Year Hold Didn't Violate Rights
A New York City tribunal rejected an insurance agent's arguments that his tax case that was stuck on hold for nearly 20 years while he waited for a quorum to hear it should be dismissed for denying him due process.
Minn. Senate Panel Pitched On Hennepin Sales Tax Hike
Minnesota would boost the sales tax in its largest county, with some of the resulting funds dedicated to local healthcare facilities, under legislation before a Senate panel on Wednesday.
Virginia Governor Proposes Delaying Cannabis Retail Sales
Virginia Gov. Abigail Spanberger on Tuesday declined to sign into law legislation that would tax and regulate the sale of adult-use cannabis, sending the bill back to the Legislature with numerous changes, inc... (more story)
Capital One Owes Fla. Tax On Card Interest, Tax Dept. Says
A Florida trial court erred when it ruled that two Capital One entities don't owe the state taxes on credit card interest and interchange fees stemming from transactions involving Florida customers, the state'... (more story)
Maine Adopts High-Earner Tax, Updates Fed. Tax Conformity
Maine will create an income tax surtax on those earning more than $1 million, adopt a pass-through entity tax and credit and conform with some federal tax changes under a supplemental budget signed by the state's governor.
Ore. Decouples From 1st-Year Depreciation Of Biz Property
Oregon will decouple from the federal first-year depreciation of certain business property and from a tax break for small-business stock gains under legislation signed by the governor.
From vodka warehoused in Maine to Nebraska's new excise on something called kratom, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
A New York City tribunal rejected an insurance agent's arguments that his tax case that was stuck on hold for nearly 20 years while he waited for a quorum to hear it should be dismissed for denying him due process.
Minnesota would boost the sales tax in its largest county, with some of the resulting funds dedicated to local healthcare facilities, under legislation before a Senate panel on Wednesday.
Virginia Gov. Abigail Spanberger on Tuesday declined to sign into law legislation that would tax and regulate the sale of adult-use cannabis, sending the bill back to the Legislature with numerous changes, inc... (more story)
A Florida trial court erred when it ruled that two Capital One entities don't owe the state taxes on credit card interest and interchange fees stemming from transactions involving Florida customers, the state'... (more story)
Maine will create an income tax surtax on those earning more than $1 million, adopt a pass-through entity tax and credit and conform with some federal tax changes under a supplemental budget signed by the state's governor.
Oregon will decouple from the federal first-year depreciation of certain business property and from a tax break for small-business stock gains under legislation signed by the governor.
International More
Brexit Backer Owes Inheritance Tax On Donations, Court Says
A former hedge fund manager who donated about £750,000 ($1 million) to political groups that mostly advocated for Brexit isn't exempt from about £100,000 of inheritance tax on his donations, the First-tier Tri... (more story)
Taxing Digital Economy Gaining More Traction, OECD says
An official from the Organization for Economic Cooperation and Development said Friday that the Paris-based group is engaging in constructive dialogue on the taxation of the digital economy as interest in the subject grows.
Defunct Canada Law Firm Can't Get Bad Debt Tax Deduction
A shuttered Canadian law firm can't get a tax break on unpaid client bills, the Tax Court of Canada ruled, holding that the firm didn't make a sufficient effort to chase down payments before claiming a bad debt deduction.
OECD To Address Double-Tax Policy Quirk, Official Says
The Organization for Economic Cooperation and Development is working to iron out a policy quirk that can result in double taxation when it is unclear whether restrictions on interest deductions fall under dome... (more story)
CBP's $166B Tariff Refund Portal Needs 4 Safeguards
Before launching its automated web portal to process tariff-refund disbursements on April 20, U.S. Customs and Border Protection should apply the expensive lessons learned from the pandemic-era employee retent... (more story)
Centrica Loses £5.3M Tax Dispute Over North Sea Gas Field
Centrica's activities in a North Sea natural gas field amount to oil extraction, and therefore the company is liable for corporate tax bills totaling £5.3 million ($7.2 million) under the rules governing energ... (more story)
Cross-Border Services Taxes Are 'Quasi-Tariffs,' Report Says
The U.S. arguably has a stronger interest in challenging digital services taxes and other "quasi-tariffs" than in pursuing tariffs on physical goods, according a report Wednesday from the Tax Foundation, which... (more story)
A former hedge fund manager who donated about £750,000 ($1 million) to political groups that mostly advocated for Brexit isn't exempt from about £100,000 of inheritance tax on his donations, the First-tier Tri... (more story)
An official from the Organization for Economic Cooperation and Development said Friday that the Paris-based group is engaging in constructive dialogue on the taxation of the digital economy as interest in the subject grows.
A shuttered Canadian law firm can't get a tax break on unpaid client bills, the Tax Court of Canada ruled, holding that the firm didn't make a sufficient effort to chase down payments before claiming a bad debt deduction.
The Organization for Economic Cooperation and Development is working to iron out a policy quirk that can result in double taxation when it is unclear whether restrictions on interest deductions fall under dome... (more story)
Before launching its automated web portal to process tariff-refund disbursements on April 20, U.S. Customs and Border Protection should apply the expensive lessons learned from the pandemic-era employee retent... (more story)
Centrica's activities in a North Sea natural gas field amount to oil extraction, and therefore the company is liable for corporate tax bills totaling £5.3 million ($7.2 million) under the rules governing energ... (more story)
The U.S. arguably has a stronger interest in challenging digital services taxes and other "quasi-tariffs" than in pursuing tariffs on physical goods, according a report Wednesday from the Tax Foundation, which... (more story)