NY Tax Changes Up In Air As Budget Talks Stretch On
New York's budget negotiations stretched past Wednesday's deadline, leaving unresolved the fate of tax policies that include potential pass-through-entity tax changes and rate increases on high-income earners and businesses.
The Tax Angle: Justices' Birthright Case Has Revenue Stakes
The U.S. Supreme Court's coming decision on whether to uphold birthright citizenship could reverberate far beyond immigration policy, with ripple effects seen in the size of the U.S. tax base, federal and state tax collections, labor markets and major benefits programs.
EU, Gibraltar Advance Deal With Intro Of Transaction Tax
European Union countries advanced a post-Brexit deal concerning the British overseas territory of Gibraltar on Wednesday, which includes the introduction of a transaction tax to reduce competitive distortions with Spain, according to a Council of the EU news release.
NY Tax Changes Up In Air As Budget Talks Stretch On
New York's budget negotiations stretched past Wednesday's deadline, leaving unresolved the fate of tax policies that include potential pass-through-entity tax changes and rate increases on high-income earners and businesses.
The Tax Angle: Justices' Birthright Case Has Revenue Stakes
The U.S. Supreme Court's coming decision on whether to uphold birthright citizenship could reverberate far beyond immigration policy, with ripple effects seen in the size of the U.S. tax base, federal and state tax collections, labor markets and major benefits programs.
EU, Gibraltar Advance Deal With Intro Of Transaction Tax
European Union countries advanced a post-Brexit deal concerning the British overseas territory of Gibraltar on Wednesday, which includes the introduction of a transaction tax to reduce competitive distortions with Spain, according to a Council of the EU news release.
Federal More
A Texas federal court rejected a deal between the IRS and church groups that sought to allow churches to engage in political speech without losing their tax-exempt status, saying the court lacked jurisdiction ... (more story)
Republican lobbyist Brian Ballard was "exceptionally angry" and blocked former Florida Congressman David Rivera's number after Rivera insinuated Ballard was tied to a $50 million consulting agreement Rivera si... (more story)
The second iteration of the qualified opportunity zone program, effective Jan. 1, 2027, will introduce new tax incentives for rural real estate development, but these benefits can only be realized if proper go... (more story)
A Connecticut federal court should reject the U.S. government's request for a ruling that its $50 million estate tax suit against the heirs of a plastics company owner is timely, one of the heirs argued, sayin... (more story)
U.S. Customs and Border Protection will enable refunds for imports already liquidated that were subject to tariffs struck down by the U.S. Supreme Court, but that functionality still requires more time to deve... (more story)
The Internal Revenue Service can assess and collect restitution against a former attorney who served prison time in connection with $7 billion in tax fraud, making the amount immediately due and payable, the S... (more story)
Junior associates can better develop the legal, business and interpersonal skills they need for long-term success by approaching their firms’ learning and development programs armed with five tips for getting ... (more story)
State & Local More
Mo. Senate Panel Eyes Income Tax Phaseout Via Sales Tax
A plan to phase out Missouri's individual income tax while giving lawmakers the ability to broaden sales tax would boost the state's economic standing and make the tax code more transparent, proponents told th... (more story)
MTC Panel Advances Broadcasting Tax Rule Clarification
A Multistate Tax Commission panel revised and advanced a draft update Wednesday to its proposed model rule on the sourcing of broadcasting regulations to explicitly address revenue from streaming and internet content.
Mich. Appellate Court Won't Reconsider Energy Co.'s Tax Bill
A Michigan energy company's electricity sales were correctly sourced to Michigan despite the sales being made wholesale to an interstate transmission grid operator, a state appellate court ruled as it affirmed... (more story)
Mass. Panel Considers Tax Rate Cut, New Revenue Cap
Massachusetts voters would decide whether to cut the state's income tax rate and tighten the state's revenue surplus cap under a pair of proposals pitched to a legislative panel.
Michigan Overtaxes Marijuana Sales, Industry Group Claims
Michigan's new tax on marijuana sales has resulted in an effective tax rate that's higher than the constitution permits, a group representing the cannabis industry claimed in a new lawsuit Monday.
La. House Panel Hears Pitch For 10-Year Income Tax Phaseout
Louisiana would phase out its personal income tax over 10 years under legislation pitched to a House panel Monday.
La. House Panel Punts On Centralizing Sales Tax
The sponsor of legislation that would move Louisiana to a centralized sales tax system agreed to delay action on the proposal during a state House committee meeting Monday, giving lawmakers more time to review... (more story)
A plan to phase out Missouri's individual income tax while giving lawmakers the ability to broaden sales tax would boost the state's economic standing and make the tax code more transparent, proponents told th... (more story)
A Multistate Tax Commission panel revised and advanced a draft update Wednesday to its proposed model rule on the sourcing of broadcasting regulations to explicitly address revenue from streaming and internet content.
A Michigan energy company's electricity sales were correctly sourced to Michigan despite the sales being made wholesale to an interstate transmission grid operator, a state appellate court ruled as it affirmed... (more story)
Massachusetts voters would decide whether to cut the state's income tax rate and tighten the state's revenue surplus cap under a pair of proposals pitched to a legislative panel.
Michigan's new tax on marijuana sales has resulted in an effective tax rate that's higher than the constitution permits, a group representing the cannabis industry claimed in a new lawsuit Monday.
Louisiana would phase out its personal income tax over 10 years under legislation pitched to a House panel Monday.
The sponsor of legislation that would move Louisiana to a centralized sales tax system agreed to delay action on the proposal during a state House committee meeting Monday, giving lawmakers more time to review... (more story)
International More
HMRC Absorbs Valuation Office Ahead Of Mansion Tax
Britain's Valuation Office Agency has been integrated into a new branch of HM Revenue & Customs ahead of the rollout of a new tax on high-value homes, the tax authority said Wednesday.
HMRC Gives Guidance Ahead Of Digital Tax Reporting Rollout
Britain's tax authority issued guidance on software and recordkeeping before its plan to digitalize tax reporting for an estimated 864,000 people comes into force April 6.
Emmerson Seeks $1.22B From Morocco Over Potash Mine
British mining company Emmerson PLC on Monday submitted its arguments before an international tribunal based on Morocco's purported breaches of a bilateral investment treaty, accusing the country of expropriat... (more story)
Morgan Lewis Brings On More Tax Pros From Baker McKenzie
Morgan Lewis & Bockius LLP announced Monday it has welcomed a four-member Baker McKenzie team with experience in tax and transfer pricing to the firm's New York office.
AI Presents A Make-Or-Break Moment For Outside Counsel
The rapid adoption of artificial intelligence by corporate legal departments is forcing a long-overdue reset of the relationship between inside and outside counsel, and introducing a significant opportunity to... (more story)
8 Tariff Refund Questions For Restructuring Professionals
For restructuring and turnaround professionals, seeking refunds following the U.S. Supreme Court's recent decision invalidating tariffs imposed under the International Emergency Economic Powers Act raises seve... (more story)
UK College Wins VAT Dispute Over Tax Status Of Funding
A technical college providing free courses to students with U.K. government funding was right to treat the funding as consideration for its taxable supply of services, making it subject to value-added tax that... (more story)
Britain's Valuation Office Agency has been integrated into a new branch of HM Revenue & Customs ahead of the rollout of a new tax on high-value homes, the tax authority said Wednesday.
Britain's tax authority issued guidance on software and recordkeeping before its plan to digitalize tax reporting for an estimated 864,000 people comes into force April 6.
British mining company Emmerson PLC on Monday submitted its arguments before an international tribunal based on Morocco's purported breaches of a bilateral investment treaty, accusing the country of expropriat... (more story)
Morgan Lewis & Bockius LLP announced Monday it has welcomed a four-member Baker McKenzie team with experience in tax and transfer pricing to the firm's New York office.
The rapid adoption of artificial intelligence by corporate legal departments is forcing a long-overdue reset of the relationship between inside and outside counsel, and introducing a significant opportunity to... (more story)
For restructuring and turnaround professionals, seeking refunds following the U.S. Supreme Court's recent decision invalidating tariffs imposed under the International Emergency Economic Powers Act raises seve... (more story)
A technical college providing free courses to students with U.K. government funding was right to treat the funding as consideration for its taxable supply of services, making it subject to value-added tax that... (more story)