DC Gov't Urged To Reshape SALT Cap Workaround Plan
A Washington, D.C., bill that would give pass-through entities a workaround to the federal cap on deductions for state and local taxes needs changes to integrate properly with existing district taxes, witnesses said at a D.C. Council hearing Thursday.
Meta Says IRS Defying Settled Facts In $16B Tax Fight
The IRS is refusing to agree to the truth of parts of the trial transcript and the U.S. Tax Court's opinion last year in a Facebook transfer pricing case as the social media platform's parent, Meta, disputes a $16 billion tax bill in a related case, the company told the court.
The Tax Angle: Enhanced ACA Credits, Energy Apprentices
From a look at stalled congressional talks to renew the enhanced Affordable Care Act premium tax credits to efforts by lawmakers and lobbyists to clarify rules on how renewable energy developers document the use of apprentices in order to claim tax deductions for their projects, here's a peek into a reporter's notebook on a few developing tax stories.
DC Gov't Urged To Reshape SALT Cap Workaround Plan
A Washington, D.C., bill that would give pass-through entities a workaround to the federal cap on deductions for state and local taxes needs changes to integrate properly with existing district taxes, witnesses said at a D.C. Council hearing Thursday.
Meta Says IRS Defying Settled Facts In $16B Tax Fight
The IRS is refusing to agree to the truth of parts of the trial transcript and the U.S. Tax Court's opinion last year in a Facebook transfer pricing case as the social media platform's parent, Meta, disputes a $16 billion tax bill in a related case, the company told the court.
The Tax Angle: Enhanced ACA Credits, Energy Apprentices
From a look at stalled congressional talks to renew the enhanced Affordable Care Act premium tax credits to efforts by lawmakers and lobbyists to clarify rules on how renewable energy developers document the use of apprentices in order to claim tax deductions for their projects, here's a peek into a reporter's notebook on a few developing tax stories.
Federal More
The owner of a Kentucky historic property should be subject to additional penalties for improperly deducting $1.6 million in expenses associated with a $43 million tax break claim for a preservation easement t... (more story)
In light of the U.S. Supreme Court's recent decision striking down President Donald Trump's International Emergency Economic Powers Act tariffs as illegal, some companies may have strong prospects for recoveri... (more story)
America's Maritime Action Plan, unveiled by the White House last month, introduces changes to trade investigations, a new maritime trust fund and more — adding regulatory and compliance obligations for compani... (more story)
Online marketplace Temu must refund customers for passed-on costs related to the Trump administration's now-invalidated International Emergency Economic Powers Act tariffs, a consumer leading a proposed nation... (more story)
A Pennsylvania federal jury on Tuesday found a military contractor guilty of 13 counts of defrauding the Defense Logistics Agency of more than $1 million and failing to file corporate tax returns.
A Rhode Island federal court entered a final $3.3 million tax judgment against the first "Survivor" winner, clearing the way for the federal government to start debt collection proceedings to recoup funds tied... (more story)
An Anchorage, Alaska, physician was sentenced to six and a half years in prison for committing over $16 million in healthcare fraud and tax evasion as part of a scheme that injected sick patients with the wron... (more story)
State & Local More
Amazon Unlawfully Taxes Exempt Baby Items In Fla., Suit Says
Two Florida shoppers filed a proposed class action Thursday in Washington federal court accusing Amazon.com Inc. of overcharging customers by collecting sales tax on items that are supposed to be tax-free unde... (more story)
Remote Work Was Not A Choice, Prof Tells NY Appellate Court
A professor at a New York university had no choice other than to work remotely out of the state because of the coronavirus pandemic, so his income earned while he worked at home in Connecticut is not subject t... (more story)
Texas Court Erases $7.8M In Taxes On Stored Export Oil
A Texas company storing presold crude oil to be exported to foreign countries was wrongly taxed $7.8 million by a county assessor, a state appeals court ruled Thursday, reversing a trial court decision.
Minn. Gov. Pitches Social Media Tax, Cut In Sales Tax Rate
Minnesota would enact a tax on large social media platforms and lower its state sales tax rate while expanding its base to include certain services under budget recommendations of Gov. Tim Walz.
Minn. House Blocks Revival Of SALT Cap Workaround Bill
A proposal to extend Minnesota's workaround for pass-through entities of the federal cap on deductions for state and local tax payments was blocked in the state's House, with Democrats voting down an effort to... (more story)
Ga. Legislators Approve 4th Year Of Income Tax Rebates
A one-time income tax refund worth up to $500 per household was given final approval by the Georgia Senate, and so the state's lawmakers have elected to cut across-the-board refund checks to taxpayers for a fo... (more story)
WTO Must Extend Digital Trade Protections, Lawmakers Told
The World Trade Organization's moratorium on digital trade measures must be extended and its scope strengthened in support of U.S. business interests, experts testifying before the U.S. House's trade panel tol... (more story)
Two Florida shoppers filed a proposed class action Thursday in Washington federal court accusing Amazon.com Inc. of overcharging customers by collecting sales tax on items that are supposed to be tax-free unde... (more story)
A professor at a New York university had no choice other than to work remotely out of the state because of the coronavirus pandemic, so his income earned while he worked at home in Connecticut is not subject t... (more story)
A Texas company storing presold crude oil to be exported to foreign countries was wrongly taxed $7.8 million by a county assessor, a state appeals court ruled Thursday, reversing a trial court decision.
Minnesota would enact a tax on large social media platforms and lower its state sales tax rate while expanding its base to include certain services under budget recommendations of Gov. Tim Walz.
A proposal to extend Minnesota's workaround for pass-through entities of the federal cap on deductions for state and local tax payments was blocked in the state's House, with Democrats voting down an effort to... (more story)
A one-time income tax refund worth up to $500 per household was given final approval by the Georgia Senate, and so the state's lawmakers have elected to cut across-the-board refund checks to taxpayers for a fo... (more story)
The World Trade Organization's moratorium on digital trade measures must be extended and its scope strengthened in support of U.S. business interests, experts testifying before the U.S. House's trade panel tol... (more story)
International More
Tariff Refund System Testing Underway, US Customs Says
The program for U.S. importers to claim refunds for tariffs paid under the global regime struck down by the U.S. Supreme Court is undergoing testing, according to a declaration by a Customs and Border Protecti... (more story)
EU Trade Committee Approves US Trade Deal With Conditions
The European Parliament's trade committee approved major tariff cuts Thursday to implement the bloc's U.S. trade deal, but made the cuts contingent on President Donald Trump respecting a 15% cap on rates, lowe... (more story)
Affiliated Cos. Not Automatically Linked, EU High Court Says
Businesses are not automatically linked for the purposes of determining state aid eligibility merely because an individual holds a majority stake in each of them, the European Court of Justice said Thursday in... (more story)
EU Official Says Tax Simplification Requires Trade-Offs
A top tax official in the European Union's executive body said Thursday that EU countries must be prepared to make some trade-offs, for instance on information exchange and information technology investment, i... (more story)
France Wants Digital Tax On US Firms In EU Budget
France wants the European Union to create a digital services tax targeting U.S. firms to help fund the bloc's next budget, a French official said during an EU meeting.
EU Calls For Progress On Stalled Tax Harmonization Plans
The European Commission called for progress Wednesday on tax harmonization proposals that are stuck in the legislative pipeline, saying it is seeking to remove barriers to companies operating in the European Union.
$20M FBAR Judgment Didn't Need Jury Trial, Judge Says
A Florida federal court should reject a U.S.-German citizen's effort to escape a nearly $20 million tax judgment for failing to report foreign bank account information, a magistrate judge suggested, rejecting ... (more story)
The program for U.S. importers to claim refunds for tariffs paid under the global regime struck down by the U.S. Supreme Court is undergoing testing, according to a declaration by a Customs and Border Protecti... (more story)
The European Parliament's trade committee approved major tariff cuts Thursday to implement the bloc's U.S. trade deal, but made the cuts contingent on President Donald Trump respecting a 15% cap on rates, lowe... (more story)
Businesses are not automatically linked for the purposes of determining state aid eligibility merely because an individual holds a majority stake in each of them, the European Court of Justice said Thursday in... (more story)
A top tax official in the European Union's executive body said Thursday that EU countries must be prepared to make some trade-offs, for instance on information exchange and information technology investment, i... (more story)
France wants the European Union to create a digital services tax targeting U.S. firms to help fund the bloc's next budget, a French official said during an EU meeting.
The European Commission called for progress Wednesday on tax harmonization proposals that are stuck in the legislative pipeline, saying it is seeking to remove barriers to companies operating in the European Union.
A Florida federal court should reject a U.S.-German citizen's effort to escape a nearly $20 million tax judgment for failing to report foreign bank account information, a magistrate judge suggested, rejecting ... (more story)