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Timing Wrinkle Could Muddle Foreign Currency Tax Rules
The U.S. Treasury Department has signaled plans to simplify the process for determining the taxable corporate income of affiliates that conduct business in foreign currencies, but the unclear timeline of upcoming guidance could complicate compliance initially.
Minn. Lawmakers OK Federal Conformity, Property Tax Relief
Minnesota would conform with several changes to the federal tax code and extend its workaround of the cap on corporate deductions for state and local taxes under an omnibus tax package approved by lawmakers and heading to Gov. Tim Walz.
Spain To Pay Shakira €60M After Tax Fraud Acquittal
The Spanish government must pay Shakira over €60 million ($70 million), including interest, after a Madrid court acquitted the Colombian singer of allegations of tax fraud in a long-running dispute over her residency status, the court announced Monday.
Timing Wrinkle Could Muddle Foreign Currency Tax Rules
The U.S. Treasury Department has signaled plans to simplify the process for determining the taxable corporate income of affiliates that conduct business in foreign currencies, but the unclear timeline of upcoming guidance could complicate compliance initially.
Minn. Lawmakers OK Federal Conformity, Property Tax Relief
Minnesota would conform with several changes to the federal tax code and extend its workaround of the cap on corporate deductions for state and local taxes under an omnibus tax package approved by lawmakers and heading to Gov. Tim Walz.
Spain To Pay Shakira €60M After Tax Fraud Acquittal
The Spanish government must pay Shakira over €60 million ($70 million), including interest, after a Madrid court acquitted the Colombian singer of allegations of tax fraud in a long-running dispute over her residency status, the court announced Monday.
Federal More
Multistate cannabis operator TerrAscend erroneously received more than $8 million in tax refunds that should never have been issued because of a federal law that bars traffickers in controlled substances from ... (more story)
A woman is eligible for innocent spouse relief on interest owed to the IRS after an erroneous refund, the Fourth Circuit held Monday, reversing a 2024 U.S. Tax Court ruling.
Holland & Knight LLP announced Monday that three Dallas-based state and local tax attorneys from K&L Gates LLP have joined the firm's tax, executive compensation and benefits practice.
The IRS can slap a tax assessment against a taxpayer without time constraints when a return is fraudulent, even if a third-party preparer was the scammer, the agency told the U.S. Supreme Court in opposing a w... (more story)
Colorado Supreme Court Justice Maria Berkenkotter and Colorado Court of Appeals Judge Lino Lipinsky de Orlov discuss how artificial intelligence has already fundamentally altered the legal system and offer tip... (more story)
A New York federal judge on Friday set an August trial date for a South Carolina attorney and lobbyist on extortion charges tied to his work as a purported go-between for people with serious legal troubles see... (more story)
A Michigan federal judge on Friday granted the U.S. government's bid to hold the co-founder of a defunct telemarketing fundraiser personally liable for more than $4.3 million in unpaid payroll taxes, finding t... (more story)
State & Local More
Hookah Tobacco Co. Seeks Fla. Justices' Review Of Tax Law
A Florida state appeals court misapplied precedent instructing how to interpret ambiguous tax laws when it found a company's hookah tobacco products subject to the state's tobacco tax, the business argued in a... (more story)
Colo. Lawmakers OK Tax Cuts To Offset Funding Shift Plan
Legislation passed by Colorado lawmakers would adjust the state's transportation funding and cut taxes that fund highway needs to avoid a potential budget crunch from a proposed ballot measure that would shift... (more story)
La. Cancer Center Gets Public Service Property Tax Break
A Louisiana cancer treatment center that is owned by a public hospital satisfies the requirements for a property tax exemption for property used for a public purpose because the public hospital is considered a... (more story)
Taxation With Representation: Cassels, Ropes & Gray
In this week's Taxation With Representation, Equinox Gold Corp. and Orla Mining Ltd. announce a merger to create a major gold producer, OpenAI plans to form a company to boost adoption of its software across e... (more story)
A Ruling That Defies Logic In New York: SALT In Review
From a ruling on P.L. 86-272 in New York state to the Illinois governor's call to defund his state's independent tax tribunal, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
3 AI Adoption Mistakes GCs Should Avoid
The pressure in-house legal teams face to quickly adopt artificial intelligence tools, combined with budget constraints and the need to evaluate a crowded market of options, sets the stage for implementation m... (more story)
Ex-Newsom Aide Cops To Campaign Fund Theft, False Taxes
A former chief of staff to California Gov. Gavin Newsom pled guilty in federal court in Sacramento for her part in a scheme to divert some $225,000 from a dormant political campaign to a former Biden administr... (more story)
A Florida state appeals court misapplied precedent instructing how to interpret ambiguous tax laws when it found a company's hookah tobacco products subject to the state's tobacco tax, the business argued in a... (more story)
Legislation passed by Colorado lawmakers would adjust the state's transportation funding and cut taxes that fund highway needs to avoid a potential budget crunch from a proposed ballot measure that would shift... (more story)
A Louisiana cancer treatment center that is owned by a public hospital satisfies the requirements for a property tax exemption for property used for a public purpose because the public hospital is considered a... (more story)
In this week's Taxation With Representation, Equinox Gold Corp. and Orla Mining Ltd. announce a merger to create a major gold producer, OpenAI plans to form a company to boost adoption of its software across e... (more story)
From a ruling on P.L. 86-272 in New York state to the Illinois governor's call to defund his state's independent tax tribunal, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
The pressure in-house legal teams face to quickly adopt artificial intelligence tools, combined with budget constraints and the need to evaluate a crowded market of options, sets the stage for implementation m... (more story)
A former chief of staff to California Gov. Gavin Newsom pled guilty in federal court in Sacramento for her part in a scheme to divert some $225,000 from a dormant political campaign to a former Biden administr... (more story)
International More
HMRC Wins Appeal In £56M Supplements Dispute
A supplements provider can rely only on expert evidence limited to the nutritional quality of the products in a £56 million ($75 million) value-added tax dispute with HM Revenue & Customs, a London tribunal sa... (more story)
Some Gov'ts To Waive Late Filing Fees For Global Min. Tax
Most jurisdictions with global minimum tax measures have agreed to waive late-filing penalties this year if they lack the means to receive the first specialized tax returns due under the system and if companie... (more story)
HMRC Says Scottish Power Owes Tax On £28M Redress
HM Revenue and Customs told the U.K. Supreme Court Monday that ScottishPower can't dodge paying tax on just over £28 million ($38 million) in redress payments that the energy company made after being investiga... (more story)
DC Circ. Hears Russia's Bid To Block $5B Yukos Award
The Russian Federation's constitution and statutes make clear that Vladimir Putin's administration and Yukos Oil Co.'s financing arm didn't have a valid agreement to arbitrate a dispute that resulted in a near... (more story)
Senators Seek Info From SBA On Tariff Loan Gap
The top Democratic lawmakers on the U.S. Senate Finance and Senate Small Business committees asked the Small Business Administration for information regarding loans for companies seeking assistance following i... (more story)
Wealth Inequality Worsened By Tax Gap, Think Tank Says
The tax gap is contributing to the inequality of wealth in the U.K. that has resulted in 350 individuals and families having a combined wealth equivalent to around a quarter of the country's gross domestic pro... (more story)
Italy Study Says Tax Credits Boosted Investment, Not Output
An Italian tax credit program that was intended to support the digitalization of Italian industry raised business investment but failed to translate into meaningful productivity gains, according to a review fr... (more story)
A supplements provider can rely only on expert evidence limited to the nutritional quality of the products in a £56 million ($75 million) value-added tax dispute with HM Revenue & Customs, a London tribunal sa... (more story)
Most jurisdictions with global minimum tax measures have agreed to waive late-filing penalties this year if they lack the means to receive the first specialized tax returns due under the system and if companie... (more story)
HM Revenue and Customs told the U.K. Supreme Court Monday that ScottishPower can't dodge paying tax on just over £28 million ($38 million) in redress payments that the energy company made after being investiga... (more story)
The Russian Federation's constitution and statutes make clear that Vladimir Putin's administration and Yukos Oil Co.'s financing arm didn't have a valid agreement to arbitrate a dispute that resulted in a near... (more story)
The top Democratic lawmakers on the U.S. Senate Finance and Senate Small Business committees asked the Small Business Administration for information regarding loans for companies seeking assistance following i... (more story)
The tax gap is contributing to the inequality of wealth in the U.K. that has resulted in 350 individuals and families having a combined wealth equivalent to around a quarter of the country's gross domestic pro... (more story)
An Italian tax credit program that was intended to support the digitalization of Italian industry raised business investment but failed to translate into meaningful productivity gains, according to a review fr... (more story)