IRS Finalizes Retirement Savings Catch-Up Rules
The IRS released final regulations Monday that would allow workers reaching retirement age to catch up on their savings by making additional contributions above the annual limits to their employer-sponsored retirement plans, including a requirement for high earners to designate those additional funds as Roth contributions.
Comcast Says Wash. State Tax Unfairly Targets Online Ads
Washington state's new law imposing sales tax on certain advertising services violates the federal Internet Tax Freedom Act and the U.S. Constitution, Comcast said in a complaint obtained Monday by Law360.
McKesson Too Late To Fight IRS Cost-Share Rules, Gov't Says
Pharmaceutical giant McKesson waited too long to challenge transfer pricing regulations that cover cost-sharing arrangements as part of its $10 million tax refund bid, the U.S. government told a Texas federal court, arguing the statutory window to seek invalidation has closed.
IRS Finalizes Retirement Savings Catch-Up Rules
The IRS released final regulations Monday that would allow workers reaching retirement age to catch up on their savings by making additional contributions above the annual limits to their employer-sponsored retirement plans, including a requirement for high earners to designate those additional funds as Roth contributions.
Comcast Says Wash. State Tax Unfairly Targets Online Ads
Washington state's new law imposing sales tax on certain advertising services violates the federal Internet Tax Freedom Act and the U.S. Constitution, Comcast said in a complaint obtained Monday by Law360.
McKesson Too Late To Fight IRS Cost-Share Rules, Gov't Says
Pharmaceutical giant McKesson waited too long to challenge transfer pricing regulations that cover cost-sharing arrangements as part of its $10 million tax refund bid, the U.S. government told a Texas federal court, arguing the statutory window to seek invalidation has closed.
Federal More
The U.S. Tax Court relied on tainted evidence from the IRS when it affirmed the agency's denial of an Ohio attorney's attempt to deduct a theft loss and related legal expenses, he told the Sixth Circuit, urgin... (more story)
The U.S. and China established a commercial framework for a deal with video sharing giant TikTok to transfer ownership of the app to the U.S., just days before a deadline to sell the app or shut it down, U.S. ... (more story)
The federal government's claim that a beneficiary of offshore trusts is likely to spend down assets to avoid a $28 million tax bill lacks evidence, the beneficiary argued in urging a Florida federal court not ... (more story)
Kingsley Napley LLP said Monday that it has hired Paul Davidoff to head its international tax desk as the firm deals with a surge in work connected with tax and trusts amid an exodus of high-net-worth individu... (more story)
A Texas federal court has postponed further proceedings in a suit challenging President Donald Trump's emergency tariffs until the U.S. Supreme Court considers matters involving similar claims that were taken ... (more story)
A theater businessman's descendants and extended family cannot avoid claims by the U.S. accusing them of knowingly engaging in an $80 million tax shelter scheme to sell their shares of the family holding compa... (more story)
As lawyers increasingly use autonomous artificial intelligence agents, disciplinary authorities must decide whether attorney responsibility for an AI-caused legal ethics violation is personal or supervisory, a... (more story)
State & Local More
Mass. Bill Seeks Graduated Real Estate Transfer Tax
Massachusetts would boost taxes on most real estate transfers with a graduated rate to raise revenue for affordable housing efforts under legislation heard Monday by a joint legislative panel.
Taxation With Representation: Felesky Flynn, Gibson, Kirkland
In this week's Taxation With Representation, copper mining companies Anglo American and Teck Resources plan to merge, EchoStar agrees to sell spectrum licenses to SpaceX, and Diversified Energy acquires fellow... (more story)
Effective, Efficient And Wildly Unpopular: SALT In Review
From a potential assault on the property tax in Florida to an effort to abandon the Colorado income tax's flat rate, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Troutman Adds Robinson Bradshaw Benefits Pro
Troutman Pepper Locke LLP has grown its tax and benefits practice group in North Carolina with the addition of a Robinson Bradshaw & Hinson PA attorney.
Montana Tribe Members Ask To Join Justices' Tariff Suit Review
Members of the Blackfeet Nation have asked the U.S. Supreme Court to join its review of cases challenging President Donald Trump's emergency tariffs, telling the justices that their arguments' inclusion in the... (more story)
Texas Justices Wary Of Shifting Franchise Tax Calculation
The Texas Supreme Court on Wednesday pushed an energy company to explain why the Texas tax code would make it eligible for a refund for bunker oil sold in the Lone Star State, asking where it should look in th... (more story)
Colo. Gov. Urges Extension Of Fed. Enhanced Premium Credit
Congress should act to preserve the tax credit that subsidizes individual market health plans, Colorado Gov. Jared Polis told the state's congressional delegation, warning of significant premium increases if t... (more story)
Schenck Price Adds Int'l Tax Pro In NJ From Solo Shop
Schenck Price Smith & King LLP expanded its international tax group this week with the addition of an expert in tax planning for both inbound and outbound companies, institutional investors and investment funds.
Kirkland Adds Fintech Regulatory Partner From McDermott
Kirkland & Ellis LLP has enhanced its fintech regulatory compliance capabilities in New York with the addition of an experienced corporate partner who joins the firm from McDermott Will & Schulte.
Massachusetts would boost taxes on most real estate transfers with a graduated rate to raise revenue for affordable housing efforts under legislation heard Monday by a joint legislative panel.
In this week's Taxation With Representation, copper mining companies Anglo American and Teck Resources plan to merge, EchoStar agrees to sell spectrum licenses to SpaceX, and Diversified Energy acquires fellow... (more story)
From a potential assault on the property tax in Florida to an effort to abandon the Colorado income tax's flat rate, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Troutman Pepper Locke LLP has grown its tax and benefits practice group in North Carolina with the addition of a Robinson Bradshaw & Hinson PA attorney.
Members of the Blackfeet Nation have asked the U.S. Supreme Court to join its review of cases challenging President Donald Trump's emergency tariffs, telling the justices that their arguments' inclusion in the... (more story)
The Texas Supreme Court on Wednesday pushed an energy company to explain why the Texas tax code would make it eligible for a refund for bunker oil sold in the Lone Star State, asking where it should look in th... (more story)
Congress should act to preserve the tax credit that subsidizes individual market health plans, Colorado Gov. Jared Polis told the state's congressional delegation, warning of significant premium increases if t... (more story)
Schenck Price Smith & King LLP expanded its international tax group this week with the addition of an expert in tax planning for both inbound and outbound companies, institutional investors and investment funds.
Kirkland & Ellis LLP has enhanced its fintech regulatory compliance capabilities in New York with the addition of an experienced corporate partner who joins the firm from McDermott Will & Schulte.
International More
Employers Expect Budget Reform On Pension Salary Sacrifice
Nine out of 10 U.K. employers expect the government to ditch tax breaks on pension salary-sacrifice arrangements when it unveils its autumn Budget, a survey has found.
French Court Rejects Challenge To Digital Services Tax
France's digital services tax is consistent with the country's constitution, the country's Constitutional Council said Friday in a decision that rejected arguments put forward by several companies concerning t... (more story)
Another Investor Settles In $2.1B Danish Tax Fraud Case
A U.S. investor and two of his alleged pension plans have settled claims by Denmark's tax agency accusing them of participating in a $2.1 billion scheme that fraudulently claimed refunds on tax withheld from s... (more story)
Declining Corp. Tax Rate Trend Shows Reversal, OECD Finds
A downward trend in corporate income tax rates among OECD members and other jurisdictions that lasted for decades showed further signs of reversing last year, yet countries continued a long-standing practice o... (more story)
Opportunity Zone's Future Corp. Tax Benefits Still Uncertain
Despite recent legislative enhancements to the qualified opportunity fund program, and a new G7 understanding that would exempt U.S.-parented multinationals from the undertaxed profits rule, uncertainties over... (more story)
How GILTI Reform Affects M&A Golden Parachute Planning
Deal teams should evaluate the effect of a recent seemingly technical change to U.S. international tax law on the golden parachute analysis that often plays a critical part of many corporate transactions to av... (more story)
IRS Ordered To Notify Court Of ICE Info-Sharing Requests
A D.C. federal judge in a series of orders Friday and Tuesday said the IRS must notify the court within 24 hours of receiving a request from immigration authorities for taxpayer information and hand over admin... (more story)
Nine out of 10 U.K. employers expect the government to ditch tax breaks on pension salary-sacrifice arrangements when it unveils its autumn Budget, a survey has found.
France's digital services tax is consistent with the country's constitution, the country's Constitutional Council said Friday in a decision that rejected arguments put forward by several companies concerning t... (more story)
A U.S. investor and two of his alleged pension plans have settled claims by Denmark's tax agency accusing them of participating in a $2.1 billion scheme that fraudulently claimed refunds on tax withheld from s... (more story)
A downward trend in corporate income tax rates among OECD members and other jurisdictions that lasted for decades showed further signs of reversing last year, yet countries continued a long-standing practice o... (more story)
Despite recent legislative enhancements to the qualified opportunity fund program, and a new G7 understanding that would exempt U.S.-parented multinationals from the undertaxed profits rule, uncertainties over... (more story)
Deal teams should evaluate the effect of a recent seemingly technical change to U.S. international tax law on the golden parachute analysis that often plays a critical part of many corporate transactions to av... (more story)
A D.C. federal judge in a series of orders Friday and Tuesday said the IRS must notify the court within 24 hours of receiving a request from immigration authorities for taxpayer information and hand over admin... (more story)