Featured Stories

Stalled Pillar 1 Raises Specter Of EU Digital Tax

The stalling at the international level of a redistribution of taxing rights known as Pillar One is raising questi... (more story)

Pot Rescheduling Could Spur Inventory Accounting Change

If cannabis is reclassified to a lower tier under the Controlled Substances Act, it would unlock significant tax b... (more story)

Pillar 2 Could Clash With US Double-Dipping Loss Rules

The Pillar Two international minimum tax agreement involves calculations that could trigger long-standing U.S. rul... (more story)

Federal More

Crapo Seeks Changes To Child Tax Credit Provisions In Bill

The top-ranking Republican on the Senate Finance Committee said Wednesday that he cannot support the bipartisan tax bill pending in the Senate as long as a provision that allows taxpayers to receive a refundab... (more story)

Amgen Seeks Dismissal Of Investor Action Over $11B Tax Bill

Amgen had no obligation to disclose specific amounts of proposed adjustments to its taxes, the company told a New York federal court as it again demanded dismissal of a proposed class action alleging the compa... (more story)

Embattled Philly Loan Biz Principals Hit With RICO Charges

Legal troubles for the principals of Philadelphia's Par Funding cash advance company are mounting as federal prosecutors hit them with a new indictment adding Racketeer Influenced and Corrupt Organizations Act... (more story)

COVID Fraud Jury Can't Hear Of Gov't's Loan Error, Feds Say

A jury shouldn't be shown evidence of the U.S. government's error in approving a Michigan business owner's application for a Paycheck Protection Program loan while he was under indictment, federal prosecutors have argued.

Proposed Hydrogen Tax Credit Regs May Be Legally Flawed

While the recently proposed regulations for the new clean hydrogen production tax credit have been lauded by some in the environmental community, it is unclear whether they are sufficiently grounded in law, re... (more story)

Court Should Block IRS 'Fishing Expedition,' Company Says

A company that claims it has been the victim of an IRS "fishing expedition" after being hit with a raft of document requests urged a Georgia federal judge Tuesday to keep alive its bid to quash the summonses, ... (more story)

US Biz Group Urges Treasury Against Basis Denial Rule

The U.S. Treasury Department should rethink its proposed upcoming rule that would deny the basis that U.S. companies have in particular foreign affiliates involved in certain inbound transactions, the National... (more story)

State & Local More

Wash. Housing Program Funding Stream Survives Challenge

A Washington appellate court has upheld a document-recording surcharge implemented statewide in 2021, the proceeds of which fund housing and homelessness initiatives, overriding a trade group's arguments that ... (more story)

NY Acting Tax Head Says Flow-Through Entity Regs Next

The New York state tax department's focus will shift to sourcing for flow-through entities now that regulations implementing the state's 2015 corporate tax overhaul have been adopted, the department's acting c... (more story)

Trump Can't Freeze $465M Penalty But Can Seek Loans

A New York state appellate judge on Wednesday refused to freeze the $465 million civil fraud judgment against Donald Trump while he appeals the award, but said the former president could take out loans to cove... (more story)

Wash. Judge Asks If COVID 'Fire Sale' Should Impact Tax Plan

A Seattle city attorney asked a Washington state appeals court on Tuesday to let the city keep a $160 million special property tax in place to fund waterfront improvements, as one judge questioned during oral ... (more story)

Attys Get Personal In Mich. Foreclosure Default Fight

Counsel traded jabs Monday over Michigan counties' tax foreclosure practices, with a lawyer for county treasurers claiming the other side took advantage of a family medical situation to launch a default judgme... (more story)

Chicago Board Will Appeal Transfer Tax Referendum Decision

The Chicago Board of Election Commissioners will appeal a Cook County Circuit Court decision that barred the city from counting any votes cast in the real estate transfer tax referendum in the March 19 primary... (more story)

Firm Accused Of 'Racial Panhandling' In Its Tax Collection Biz

Calling the property tax collection business in Texas a "white-boys-only club," a Black attorney in Houston has sued an area firm in state court, alleging it hired him to secure a government contract by appear... (more story)

Ala. Tax Tribunal Says Co. May Deduct Foreign Payments

A global food-packaging manufacturer that made $76.6 million in interest payments to an American parent, which then in turn made payments to foreign affiliates, is eligible for deductions in Alabama for those ... (more story)

No Tax Break On County Pay To Prison Co., NM Court Affirms

Prison company GEO Group was correctly denied an income tax deduction, a New Mexico appeals court said, rejecting the company's claim that the income at issue was from the resale of a license rather than the sale of services.

International More

G20 To Talk Global Minimum Wealth Tax At Brazil's Behest

The Group of 20 nations' finance ministers and central bank governors will hear proposals for a global minimum tax on wealth Thursday, Brazil's finance minister said Wednesday while expressing support for the ... (more story)

Bank Disputes South Africa's $254M Claim Over Client Taxes

A South African bank said it should not be held liable for 4.9 billion rand ($254.2 million) plus interest and costs for taxes that the country's revenue service could not collect from the bank's former foreig... (more story)

HMRC Customer Service At All-Time Low, Report Finds

The U.K. tax authority has reached an all-time low level of customer service due to the rising demands from taxpayers and the growing complexity of tax problems, according to a parliamentary report published Wednesday.

Grim UK Fiscal Outlook Precludes Tax Cuts, Think Tank Warns

The U.K. government should focus on reducing the national debt rather than tax cuts in the March 6 Budget statement, according to research published Tuesday by the Institute for Fiscal Studies, an influential think tank.

6 Pointers For Attys To Build Trust, Credibility On Social Media

In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current... (more story)

Pillar 1 Ratification Will Be Difficult, EU Official Says

A top European Commission official said he expects participating jurisdictions to sign a convention to implement the OECD's Pillar One plan for reallocating taxing rights in June as planned, but he admitted th... (more story)

Taxation With Representation: Gibson Dunn, Wachtell

In this week's Taxation with Representation, two asset managers invest in AITi Global, Chord Energy Corp. buys Enerplus Corp. and Truist sells an insurance subsidiary to an investor group led by private equity firms.