Siemens Says It Met Conditions For $671M Deduction
Siemens Medical Solutions is entitled to a $670.6 million foreign-dividend tax deduction because it met the three prerequisites set forth in the statute governing the deduction, the company told the U.S. Tax Court.
Ohio Justices Appear Wary Of Tax On W.Va. Car Dealership
Several Ohio justices signaled Tuesday that they are sympathetic to a West Virginia car dealership's arguments that it didn't owe Ohio gross receipts tax on sales of vehicles to Ohio customers who purchased the cars in West Virginia.
Wayfair Doesn't Buoy NJ's 86-272 Rules, Biz Group Argues
New Jersey's tax agency incorrectly relied on U.S. Supreme Court sales tax precedent to support regulations outlining when a company's internet activities exceed P.L. 86-272's federal protections against state income taxes, a business trade group argued in the state Tax Court.
Siemens Says It Met Conditions For $671M Deduction
Siemens Medical Solutions is entitled to a $670.6 million foreign-dividend tax deduction because it met the three prerequisites set forth in the statute governing the deduction, the company told the U.S. Tax Court.
Ohio Justices Appear Wary Of Tax On W.Va. Car Dealership
Several Ohio justices signaled Tuesday that they are sympathetic to a West Virginia car dealership's arguments that it didn't owe Ohio gross receipts tax on sales of vehicles to Ohio customers who purchased the cars in West Virginia.
Wayfair Doesn't Buoy NJ's 86-272 Rules, Biz Group Argues
New Jersey's tax agency incorrectly relied on U.S. Supreme Court sales tax precedent to support regulations outlining when a company's internet activities exceed P.L. 86-272's federal protections against state income taxes, a business trade group argued in the state Tax Court.
Federal More
Two partnerships challenged the IRS in the U.S. Tax Court over penalties and additional taxes tied to separate conservation easement deductions, alleging the agency had failed to explain why it denied their $3... (more story)
U.S. Customs and Border Protection's automated tariff refund system is nearly complete, but thousands of imports may require a more cumbersome manual process that could undermine the agency's other priorities,... (more story)
An increased regulatory focus on affordable housing raises important legal considerations for structuring transactions using the oft overlooked New Markets Tax Credit, which can fill a gap in affordable for-sa... (more story)
The Internal Revenue Service's revocation of a fuel distributor's designation for recovering taxes it paid on exempt sales to state and local governments was arbitrary and capricious, a Florida federal judge s... (more story)
A New York business owner asked the Second Circuit to rethink a panel's decision that held the IRS could automatically assess and administratively collect certain foreign information reporting penalties, argui... (more story)
The U.S. Tax Court considered a property's potential for mineral mining when it shaved more than $21 million from a North Carolina partnership's tax deduction for donating a conservation easement, the IRS told... (more story)
Weil Gotshal & Manges LLP announced two additions to its private funds platform on Monday, one from Kirkland & Ellis and the other from DLA Piper.
State & Local More
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.
American Airlines Wins Fight With Texas Over Franchise Tax
The Texas comptroller's office wrongly levied franchise tax on American Airlines' baggage fee revenue, a state appeals court ruled, upholding a refund for the airline after finding a federal law barred how the... (more story)
Calculating Damages In IEEPA Tariff Refund Litigation
To calculate damages in the spate of refund litigation triggered by the U.S. Supreme Court's recent decision invalidating tariffs collected under the International Emergency Economic Powers Act, the central qu... (more story)
Taxation With Representation: Goodwin, CMS, Wilson Sonsini
In this week's Taxation With Representation, Gilead Sciences Inc. acquires clinical-stage biotechnology company Tubulis GmbH, private equity firm Court Square Capital Partners closes a multibillion-dollar fund... (more story)
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.
The Texas comptroller's office wrongly levied franchise tax on American Airlines' baggage fee revenue, a state appeals court ruled, upholding a refund for the airline after finding a federal law barred how the... (more story)
To calculate damages in the spate of refund litigation triggered by the U.S. Supreme Court's recent decision invalidating tariffs collected under the International Emergency Economic Powers Act, the central qu... (more story)
In this week's Taxation With Representation, Gilead Sciences Inc. acquires clinical-stage biotechnology company Tubulis GmbH, private equity firm Court Square Capital Partners closes a multibillion-dollar fund... (more story)
International More
Canada To Suspend Fuel Taxes Amid War In Iran
Canada will temporarily suspend excise taxes on fuel, a CA$2.4 billion ($1.7 billion) expenditure aimed at combating price spikes linked to the U.S. and Israel's war in Iran, Prime Minister Mark Carney said Tu... (more story)
Fire Alarm Biz Boss Banned Over £327K Tax Dodging
The owner of two fire alarm companies has been banned from running businesses for six years after dodging more than £327,000 ($444,000) in income tax and value-added tax owed to the U.K.'s tax authority, the I... (more story)
EU Biz Plan Aims To Avoid Unanimous Tax Vote, Official Says
The European Commission purposefully stopped short on prescribing tax changes in its EU Inc. company support proposal to avoid having to put the plans to a unanimous vote that may have delayed or derailed the ... (more story)
Starbucks Claims £13.7M Tax Credit Amid Sales Growth
Starbucks received a £13.7 million ($18.4 million) corporate tax credit in the U.K. in 2025, according to company filings, offsetting losses even as its sales increased 6% in the country.
Reform UK Leader Defends Deputy On Claims Of Unpaid Tax
Reform UK leader Nigel Farage said Monday that he is "satisfied" that his deputy Richard Tice's company paid the "full amount of tax" in response to allegations that Tice's property company failed to pay £120,... (more story)
First Phase Of Tariff Refund System To Launch April 20
The first phase of an electronic system allowing U.S. importers to claim refunds for tariffs paid under the global regime struck down by the U.S. Supreme Court will launch April 20, U.S. Customs and Border Pro... (more story)
EU Probing Czech Cos. Over Suspected €113M VAT Evasion
Authorities in Slovakia have conducted searches connected to an investigation of Czech companies suspected of evading €113.3 million ($133 million) in value-added taxes, the European Public Prosecutor's Office said Friday.
Canada will temporarily suspend excise taxes on fuel, a CA$2.4 billion ($1.7 billion) expenditure aimed at combating price spikes linked to the U.S. and Israel's war in Iran, Prime Minister Mark Carney said Tu... (more story)
The owner of two fire alarm companies has been banned from running businesses for six years after dodging more than £327,000 ($444,000) in income tax and value-added tax owed to the U.K.'s tax authority, the I... (more story)
The European Commission purposefully stopped short on prescribing tax changes in its EU Inc. company support proposal to avoid having to put the plans to a unanimous vote that may have delayed or derailed the ... (more story)
Starbucks received a £13.7 million ($18.4 million) corporate tax credit in the U.K. in 2025, according to company filings, offsetting losses even as its sales increased 6% in the country.
Reform UK leader Nigel Farage said Monday that he is "satisfied" that his deputy Richard Tice's company paid the "full amount of tax" in response to allegations that Tice's property company failed to pay £120,... (more story)
The first phase of an electronic system allowing U.S. importers to claim refunds for tariffs paid under the global regime struck down by the U.S. Supreme Court will launch April 20, U.S. Customs and Border Pro... (more story)
Authorities in Slovakia have conducted searches connected to an investigation of Czech companies suspected of evading €113.3 million ($133 million) in value-added taxes, the European Public Prosecutor's Office said Friday.