Court Sours On Tribunal's Sweets Ruling For Marshmallows
The First-tier Tribunal applied a faulty interpretation of value-added tax law to rule that jumbo-size marshmallows are exempt from VAT, a U.K. Court of Appeal panel said Friday, remanding the £473,000 ($611,000) dispute back to the tribunal.
Mississippi Lawmakers Approve Income Tax Elimination Plan
Mississippi's House of Representatives passed a bill to reduce the state's flat income tax rate to 3% by the end of the decade and eventually eliminate it, with the legislation now going to the governor.
Fed. Circ. Backs Actavis' $12M Patent Suit Cost Deduction
Drugmaker Actavis can take a $12 million tax deduction for money it spent fending off lawsuits while securing approval to sell generic birth control and other drugs, the Federal Circuit ruled Friday, affirming the U.S. Court of Federal Claims' decision that the costs were deductible as ordinary business expenses.
Court Sours On Tribunal's Sweets Ruling For Marshmallows
The First-tier Tribunal applied a faulty interpretation of value-added tax law to rule that jumbo-size marshmallows are exempt from VAT, a U.K. Court of Appeal panel said Friday, remanding the £473,000 ($611,000) dispute back to the tribunal.
Mississippi Lawmakers Approve Income Tax Elimination Plan
Mississippi's House of Representatives passed a bill to reduce the state's flat income tax rate to 3% by the end of the decade and eventually eliminate it, with the legislation now going to the governor.
Fed. Circ. Backs Actavis' $12M Patent Suit Cost Deduction
Drugmaker Actavis can take a $12 million tax deduction for money it spent fending off lawsuits while securing approval to sell generic birth control and other drugs, the Federal Circuit ruled Friday, affirming the U.S. Court of Federal Claims' decision that the costs were deductible as ordinary business expenses.
Federal More
The U.S. Supreme Court will return to the bench Monday to hear arguments in a dispute that could revive a long-dormant separation of powers principle and trigger a regulatory power shift.
A Miami-area tax preparer was sentenced to nearly five years in prison Friday after admitting to filing thousands of individual tax returns wrongly claiming energy credits, resulting in a $20 million loss for ... (more story)
A community college can proceed with its suit seeking a refund of tax penalties for failing to file wage statements for nearly all its employees, a Michigan federal judge ruled Friday, saying the school didn't... (more story)
A Washington, D.C., federal judge let two unions and a retirees group look into any steps the U.S. Secretary of the Treasury took to give the Department of Government Efficiency access to Treasury's computer s... (more story)
As the opportunity zone program approaches its expiration, the Republican-led government could take specific steps to extend and improve the program, address its structural flaws, encourage broader participati... (more story)
A consumer-protection boutique law firm accused the IRS of illegally enforcing payroll taxes while delaying the processing of pandemic-era employee retention tax credits, which the firm claimed would have help... (more story)
The former North American CEO for Swiss bank UBS on Friday agreed to a $4.9 million judgment to end claims that he failed to file timely or accurate foreign bank account reports with the Internal Revenue Servi... (more story)
State & Local More
Md. Panels OK High-Earner Tax Hike, IT Tax In Budget Plan
Maryland would raise its tax rate for high-income earners and create a tax on computer and information technology services under a budget package advanced by a pair of state House committees in line with a dea... (more story)
Mich. Judge Dismisses $217M Dam Repair Tax Challenge
A Michigan federal judge has dismissed a pair of lawsuits alleging a $217 million special assessment to fund the reconstruction of dams destroyed in 2020 floods was unfairly levied on certain properties, findi... (more story)
We Must Allow Judges To Use Their Independent Judgment
As two recent cases show, the ability of judges to access their independent judgment crucially enables courts to exercise the discretion needed to reach the right outcome based on the unique facts within the l... (more story)
Taxation With Representation: Cravath, Paul Weiss, Cooley
In this week's Taxation With Representation, Google acquires Wiz, QXO Inc. acquires Beacon Roofing Supply, and the Boston Celtics are bought by a group led by private equity firm co-founder William Chisholm.
NJ Lawmakers Advance Gains Tax Break For Small Biz Stock
New Jersey would offer a capital gains tax deduction for sales of certain qualified small business stock under a bill advanced by a state Assembly committee Thursday that supporters say aims to align the state... (more story)
Jurisdictional Uncertainty Helps Preserve Ill. Tax Bias Suit
Cook County property owners who mistakenly brought discriminatory assessment accusations in state court before taking their allegations to federal court can continue pursuing those claims, an Illinois judge sa... (more story)
Frost Brown Adds Former Houston City Atty To Finance Team
Frost Brown Todd LLP announced that it has hired an attorney from the ranks of Houston's city government to strengthen its public finance group, adding his expertise in state and local government operations, t... (more story)
Mich. House Approves 6-Fold Rate Hike To Old Biz Tax Regime
Michigan would impose a roughly six-fold increase to the tax rate that applies to businesses that elect to continue filing under a former corporate tax system, under legislation the state House approved as par... (more story)
La. Top Court Tosses Lawsuit Seeking To Block Tax Overhaul
The Louisiana Supreme Court dismissed a lawsuit from a group of state residents to halt a referendum that, if approved, would allow for a state constitutional change to carry out an overhaul of the state's tax regime.
Maryland would raise its tax rate for high-income earners and create a tax on computer and information technology services under a budget package advanced by a pair of state House committees in line with a dea... (more story)
A Michigan federal judge has dismissed a pair of lawsuits alleging a $217 million special assessment to fund the reconstruction of dams destroyed in 2020 floods was unfairly levied on certain properties, findi... (more story)
As two recent cases show, the ability of judges to access their independent judgment crucially enables courts to exercise the discretion needed to reach the right outcome based on the unique facts within the l... (more story)
In this week's Taxation With Representation, Google acquires Wiz, QXO Inc. acquires Beacon Roofing Supply, and the Boston Celtics are bought by a group led by private equity firm co-founder William Chisholm.
New Jersey would offer a capital gains tax deduction for sales of certain qualified small business stock under a bill advanced by a state Assembly committee Thursday that supporters say aims to align the state... (more story)
Cook County property owners who mistakenly brought discriminatory assessment accusations in state court before taking their allegations to federal court can continue pursuing those claims, an Illinois judge sa... (more story)
Frost Brown Todd LLP announced that it has hired an attorney from the ranks of Houston's city government to strengthen its public finance group, adding his expertise in state and local government operations, t... (more story)
Michigan would impose a roughly six-fold increase to the tax rate that applies to businesses that elect to continue filing under a former corporate tax system, under legislation the state House approved as par... (more story)
The Louisiana Supreme Court dismissed a lawsuit from a group of state residents to halt a referendum that, if approved, would allow for a state constitutional change to carry out an overhaul of the state's tax regime.
International More
US-Swiss Agreement Exempts Retirees' Dividends, IRS Says
U.S. retirement accounts, including trusts, qualified annuity plans and other schemes, are exempt from Swiss taxes on dividends from Swiss companies in which they don't own a controlling interest, according to... (more story)
Informal Money Transfers Launder £2B Annually, HMRC Warns
Criminals in the U.K. are laundering an estimated £2 billion (£2.6 billion) every year via informal money transfer services, HM Revenue and Customs has warned.
Preparing For Tariffs On Canadian Power In The Northeast
The on-again, off-again risk of import and export tariffs on energy transactions between the U.S. and Canada may have repercussions for U.S. energy stakeholders in the ISO New England and New York Independent ... (more story)
Prudential's £9.3M Fees To Silverfleet Taxable, HMRC Argues
Prudential's payments of £9.3 million ($12 million) to an investment firm are taxable even though the fees were for services the firm carried out when the two companies were part of the same group, the tax aut... (more story)
IRS Hunter Biden Whistleblower Named Deputy Criminal Chief
An Internal Revenue Service special agent who accused the U.S. Department of Justice of mishandling an investigation into former President Joe Biden's son has been named deputy chief in the IRS Criminal Invest... (more story)
Coke's $2.7B Tax Bill Arbitrary, Business Groups Tell 11th Circ.
Three industry groups asked the Eleventh Circuit to reverse a U.S. Tax Court decision affirming that the Internal Revenue Service could raise Coca-Cola's taxes by $2.7 billion, saying in friend-of-the-court br... (more story)
DC Judge Won't Preemptively Stop IRS Data Sharing With DHS
A D.C. federal judge on Wednesday said two immigrant rights groups had not shown that the IRS is poised to unlawfully share noncitizen taxpayer records with immigration enforcement authorities, rejecting their... (more story)
U.S. retirement accounts, including trusts, qualified annuity plans and other schemes, are exempt from Swiss taxes on dividends from Swiss companies in which they don't own a controlling interest, according to... (more story)
Criminals in the U.K. are laundering an estimated £2 billion (£2.6 billion) every year via informal money transfer services, HM Revenue and Customs has warned.
The on-again, off-again risk of import and export tariffs on energy transactions between the U.S. and Canada may have repercussions for U.S. energy stakeholders in the ISO New England and New York Independent ... (more story)
Prudential's payments of £9.3 million ($12 million) to an investment firm are taxable even though the fees were for services the firm carried out when the two companies were part of the same group, the tax aut... (more story)
An Internal Revenue Service special agent who accused the U.S. Department of Justice of mishandling an investigation into former President Joe Biden's son has been named deputy chief in the IRS Criminal Invest... (more story)
Three industry groups asked the Eleventh Circuit to reverse a U.S. Tax Court decision affirming that the Internal Revenue Service could raise Coca-Cola's taxes by $2.7 billion, saying in friend-of-the-court br... (more story)
A D.C. federal judge on Wednesday said two immigrant rights groups had not shown that the IRS is poised to unlawfully share noncitizen taxpayer records with immigration enforcement authorities, rejecting their... (more story)