Ore. Lawmakers OK Depreciation Decoupling Plan
Oregon would decouple from the federal first-year depreciation of certain business property and from a tax break for small-business stock gains under legislation passed by state lawmakers that would also create a tax credit for job creation.
3 Key Areas Where Tax Administrations Are Using AI
Tax administrations across the globe are increasingly turning to artificial intelligence for everything from flagging suspicious returns to analyzing satellite imagery, allowing authorities to cast a wider net for revenue while potentially raising data bias and privacy risks. Here, Law360 breaks down three key areas where tax administrations are using AI, including the benefits and risks.
Ohio House OKs Immediate Effect For Federal Conformity
Ohio's House of Representatives agreed Wednesday to fast-track the effective date of a bill that would update the state's conformity to the federal tax code, reversing course from a prior action in which the chamber voted against putting the legislation into immediate effect upon enactment.
Ore. Lawmakers OK Depreciation Decoupling Plan
Oregon would decouple from the federal first-year depreciation of certain business property and from a tax break for small-business stock gains under legislation passed by state lawmakers that would also create a tax credit for job creation.
3 Key Areas Where Tax Administrations Are Using AI
Tax administrations across the globe are increasingly turning to artificial intelligence for everything from flagging suspicious returns to analyzing satellite imagery, allowing authorities to cast a wider net for revenue while potentially raising data bias and privacy risks. Here, Law360 breaks down three key areas where tax administrations are using AI, including the benefits and risks.
Ohio House OKs Immediate Effect For Federal Conformity
Ohio's House of Representatives agreed Wednesday to fast-track the effective date of a bill that would update the state's conformity to the federal tax code, reversing course from a prior action in which the chamber voted against putting the legislation into immediate effect upon enactment.
Federal More
SCOTUSblog founder Thomas Goldstein was placed under home confinement by a Maryland federal judge until his sentencing, but will likely be able to keep his $3 million D.C. home after the jury that convicted hi... (more story)
The federal judge who stopped the Internal Revenue Service from sharing taxpayer addresses with immigration authorities said Thursday that a recent admission by the agency showed that it broke the law more tha... (more story)
The U.S. Tax Court won't reconsider its decision that a couple who had argued they were misled by their accountant are liable for penalties over failing to file and failing to pay estimated tax in a case where... (more story)
The IRS improperly denied a Georgia partnership's charitable deduction for its donation of land in Texas that it said was correctly valued at $54.7 million for tax year 2021, the partnership told the U.S. Tax Court.
The IRS wrongly backed a legal error by the U.S. Tax Court in calculating the value of a Georgia conservation easement, a partnership told the Eleventh Circuit in trying to reclaim its $33 million tax deductio... (more story)
Holland & Knight LLP will reorganize its business section into separate units focusing on corporate, financial services and tax law effective March 1, the firm announced Thursday, with a slate of new leaders t... (more story)
A Florida man involved in a $2 billion Danish tax refund scheme fraudulently transferred millions of dollars to a U.S. company to prevent the Danish government from seizing those assets, Denmark's tax agency t... (more story)
State & Local More
PepsiCo Loses Another Frito-Lay Tax Deficiency Fight In Ill.
An Illinois state panel affirmed a trial court's finding that PepsiCo improperly excluded Frito-Lay profits from state income tax calculations by factoring expatriates' foreign payroll into its considerations,... (more story)
Tech Cos. Pitch $200M Change To Md. Data Services Tax
Maryland's new 3% tax on many data services would be altered to exclude those used in taxable services under a bill that technology companies recommended to a state Senate panel Wednesday and that is projected... (more story)
Wisconsin Democrats Introduce Cannabis Legalization Bill
Democratic lawmakers in the Wisconsin Legislature introduced a bill Tuesday to legalize simple possession of marijuana for recreational purposes and to tax and regulate its sale, along with a slew of other cannabis reforms.
Justices Skeptical That Mich. Tax Sale Is Unconstitutional
U.S. Supreme Court justices seemed skeptical Wednesday that a Michigan county violated the U.S. Constitution when it took the title to a home over a tax debt, then sold the home at a low price and refunded onl... (more story)
Tax Group Of The Year: Baker McKenzie
Baker McKenzie's tax practice conquered several high-profile cases in the past year, advising prominent companies like Meta Platforms Inc. on its challenge of a multibillion-dollar income adjustment and S&P Gl... (more story)
Colo. High-Earner Graduated Tax Plan OK'd For Signatures
A proposed ballot measure to replace Colorado's flat tax with a graduated system with higher rates for high earners, netting up to $2.7 billion for the state annually, has qualified for signature gathering.
Polsinelli Brings On Tax Atty In Atlanta From Smith Gambrell
Polsinelli PC has expanded its tax practice with a new shareholder in Atlanta who came aboard from Smith Gambrell & Russell LLP, Polsinelli announced Tuesday.
An Illinois state panel affirmed a trial court's finding that PepsiCo improperly excluded Frito-Lay profits from state income tax calculations by factoring expatriates' foreign payroll into its considerations,... (more story)
Maryland's new 3% tax on many data services would be altered to exclude those used in taxable services under a bill that technology companies recommended to a state Senate panel Wednesday and that is projected... (more story)
Democratic lawmakers in the Wisconsin Legislature introduced a bill Tuesday to legalize simple possession of marijuana for recreational purposes and to tax and regulate its sale, along with a slew of other cannabis reforms.
U.S. Supreme Court justices seemed skeptical Wednesday that a Michigan county violated the U.S. Constitution when it took the title to a home over a tax debt, then sold the home at a low price and refunded onl... (more story)
Baker McKenzie's tax practice conquered several high-profile cases in the past year, advising prominent companies like Meta Platforms Inc. on its challenge of a multibillion-dollar income adjustment and S&P Gl... (more story)
A proposed ballot measure to replace Colorado's flat tax with a graduated system with higher rates for high earners, netting up to $2.7 billion for the state annually, has qualified for signature gathering.
Polsinelli PC has expanded its tax practice with a new shareholder in Atlanta who came aboard from Smith Gambrell & Russell LLP, Polsinelli announced Tuesday.
International More
Biz Owner Gets £2M Tax Evasion Penalty Tossed As Unfair
A company owner isn't liable for a nearly £2 million ($2.7 million) civil tax evasion penalty because HM Revenue & Customs didn't raise its claims of dishonesty by the owner in a prior proceeding it relied on ... (more story)
Belgium Loses Dispute With EU Over Foreign Tax Deductions
Belgium didn't correctly transpose a European Union law requiring states to allow taxpayers a deduction for taxes paid by controlled foreign corporations in their residence jurisdiction, the European Court of ... (more story)
Switzerland Seeks Stable US Trade Amid Tariff Uncertainty
Swiss officials are seeking to stabilize trade with the U.S. in negotiations following the U.S. Supreme Court's rejection of President Donald Trump's tariffs and his subsequent announcement of new tariffs, the... (more story)
Upper Tribunal Blocks Financing Co.'s £94M Loss Tax Relief
A London tribunal ruled in favor of the U.K. tax authority's decision to block nearly £94 million ($127 million) in tax relief to a financing company, saying the relief was improper because the losses dated ba... (more story)
Greenberg Traurig Adds Procopio Tax, Real Estate Pro In Calif.
Greenberg Traurig LLP is growing its California team, bringing in a Procopio Cory Hargreaves & Savitch LLP tax and real estate expert as a shareholder in its San Diego office.
Finance Cos. Say Lender Misled Them On Tax Refund Loans
Two investment companies have sued a tax refund lender and its directors for more than £4.3 million ($6 million) in unpaid debt, alleging that the company made false statements about the performance of loans t... (more story)
Cayman Fund Tells 3rd Circ. Error Sinks $100M Tax Ruling
The Internal Revenue Service has been unable to show that a Cayman Islands hedge fund carried out an on-shore business, the fund told the Third Circuit in challenging a U.S. Tax Court decision that said the fu... (more story)
A company owner isn't liable for a nearly £2 million ($2.7 million) civil tax evasion penalty because HM Revenue & Customs didn't raise its claims of dishonesty by the owner in a prior proceeding it relied on ... (more story)
Belgium didn't correctly transpose a European Union law requiring states to allow taxpayers a deduction for taxes paid by controlled foreign corporations in their residence jurisdiction, the European Court of ... (more story)
Swiss officials are seeking to stabilize trade with the U.S. in negotiations following the U.S. Supreme Court's rejection of President Donald Trump's tariffs and his subsequent announcement of new tariffs, the... (more story)
A London tribunal ruled in favor of the U.K. tax authority's decision to block nearly £94 million ($127 million) in tax relief to a financing company, saying the relief was improper because the losses dated ba... (more story)
Greenberg Traurig LLP is growing its California team, bringing in a Procopio Cory Hargreaves & Savitch LLP tax and real estate expert as a shareholder in its San Diego office.
Two investment companies have sued a tax refund lender and its directors for more than £4.3 million ($6 million) in unpaid debt, alleging that the company made false statements about the performance of loans t... (more story)
The Internal Revenue Service has been unable to show that a Cayman Islands hedge fund carried out an on-shore business, the fund told the Third Circuit in challenging a U.S. Tax Court decision that said the fu... (more story)