Tax Pact Votes Down Nexus Recommendation For Gross Sales
No Relief For Struggling SPACs Under Buyback Tax Proposal
Treasury Provides Extra Relief For Bonus Energy Tax Credits
Tax Pact Votes Down Nexus Recommendation For Gross Sales
A proposed recommendation from the Streamlined Sales Tax Governing Board for states to use gross sales to measure whether a remote seller crossed a state's economic nexus threshold fell two votes shy of final approval Thursday.
No Relief For Struggling SPACs Under Buyback Tax Proposal
Special-purpose acquisition companies won't get sought-after relief from a new 1% tax on stock buybacks under a recent Treasury Department proposal that otherwise provides helpful clarity on the tax's implications for the subdued SPAC market, lawyers say.
Treasury Provides Extra Relief For Bonus Energy Tax Credits
The U.S. Treasury Department provided additional safe harbors Thursday that clean energy project developers can use to qualify for bonus tax credits for domestically sourcing their steel and aluminum parts in response to the Biden administration's new trade restrictions on solar products from China.
Federal More
An international agreement to reallocate certain corporate profits, known as Pillar One, will likely stall if countries miss their deadline to sign a multilateral treaty by the end of June, a former U.S. Treas... (more story)
The husband of a former president of InfoSpace can be held jointly liable for a nearly $40 million tax debt the IRS asserted against a return they filed for the 2000 tax year, the U.S. Tax Court ruled Thursday... (more story)
The 2017 tax overhaul's measure for foreign-derived intangible income, a regime that gives tax breaks for domestically held intellectual property, faces uncertainty that could be one factor in keeping some com... (more story)
Two Senate Democrats have asked U.S. Supreme Court Justice Clarence Thomas' attorney to respond to what they called a failure to answer their questions about the justice's $267,000 loan from a healthcare indus... (more story)
Eaton must comply with an Internal Revenue Service summons for the personnel records of its foreign employees in the government's transfer pricing investigation of the multinational power management company, a... (more story)
If Senate lawmakers can't pass a bipartisan House bill extending three business provisions and expanding a child tax credit, the hope of a larger deal to renew the 2017 GOP tax overhaul next year seems unlikel... (more story)
A tax advisory firm helping businesses apply for the pandemic-era employee retention credit has asked an Arizona federal court to force the IRS to resume processing claims, saying the moratorium in place since... (more story)
State & Local More
Calif. Digital Tax Clears Key Hurdle, Will Go To Full Senate
A bill calling for California to levy its 7.25% state sales and use tax on large online companies with digital advertising revenue above $2.5 billion passed a key Senate committee Thursday and will go to the f... (more story)
Colo. To Charge Oil, Gas Fees Based On Spot Prices
Colorado will levy new fees on oil and gas producers based on the spot price of a barrel of oil or natural gas under legislation signed into law Thursday by Gov. Jared Polis.
CBRE Biz's Software Liable For NY Sales Tax, Judge Rules
A facilities management business owned by CBRE is liable for New York sales tax on its bundled services, which included sales of prewritten software, an administrative law judge said in a determination released Thursday.
Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, sa... (more story)
BCLP Sues St. Louis Over City Taxes On Partners' Income
Bryan Cave Leighton Paisner LLP is suing St. Louis, Missouri, after the Midwestern city accused the firm of being delinquent on nearly $275,000 in earnings taxes, contending the municipality unlawfully taxed p... (more story)
Biden Admin Proposes To Loosen Restrictions On Marijuana
President Joe Biden on Thursday announced that his administration has formally recommended relaxing restrictions on marijuana, marking the most significant federal policy shift on cannabis since the drug was c... (more story)
Trump Hush Money Case Offers Masterclass In Trial Strategy
The New York criminal hush money trial of former President Donald Trump typifies some of the greatest challenges that lawyers face in crafting persuasive presentations, providing lessons on how to handle bad f... (more story)
Colo. Will Extend Property Tax Assessment Rate Cuts
Colorado will extend its current temporary property tax rate reductions into 2024 and will lower tax rates for future years under a bill signed by Democratic Gov. Jared Polis.
Pardoned NJ Atty Suspended Over Tax, Fraud Convictions
A former Gilmore & Monahan PA partner — who was convicted of failing to pay payroll taxes and lying on a loan application, and was pardoned by then-President Donald Trump — has received a two-year suspension f... (more story)
A bill calling for California to levy its 7.25% state sales and use tax on large online companies with digital advertising revenue above $2.5 billion passed a key Senate committee Thursday and will go to the f... (more story)
Colorado will levy new fees on oil and gas producers based on the spot price of a barrel of oil or natural gas under legislation signed into law Thursday by Gov. Jared Polis.
A facilities management business owned by CBRE is liable for New York sales tax on its bundled services, which included sales of prewritten software, an administrative law judge said in a determination released Thursday.
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, sa... (more story)
Bryan Cave Leighton Paisner LLP is suing St. Louis, Missouri, after the Midwestern city accused the firm of being delinquent on nearly $275,000 in earnings taxes, contending the municipality unlawfully taxed p... (more story)
President Joe Biden on Thursday announced that his administration has formally recommended relaxing restrictions on marijuana, marking the most significant federal policy shift on cannabis since the drug was c... (more story)
The New York criminal hush money trial of former President Donald Trump typifies some of the greatest challenges that lawyers face in crafting persuasive presentations, providing lessons on how to handle bad f... (more story)
Colorado will extend its current temporary property tax rate reductions into 2024 and will lower tax rates for future years under a bill signed by Democratic Gov. Jared Polis.
A former Gilmore & Monahan PA partner — who was convicted of failing to pay payroll taxes and lying on a loan application, and was pardoned by then-President Donald Trump — has received a two-year suspension f... (more story)
International More
Australian Lawmakers OK Tougher Corporate Promoter Rules
Australian lawmakers agreed Thursday to raise maximum penalties on corporations that promote tax avoidance schemes and to introduce a cap on deductions under its petroleum resource rent tax despite concerns fr... (more story)
Lithuania PM Wants Frozen Russian Assets To Help Ukraine
Lithuania's prime minister said Thursday that Russia's frozen assets should be used to help Ukraine fight off aggression from its larger neighbor, saying that a recent European decision to use profits from fro... (more story)
Russian Gas Ex-CFO Can't Nix $44M FBAR Suit, Judge Rules
The former chief financial officer of a Russian gas company who was sentenced to seven years in prison for hiding money in Swiss banks can't escape the government's civil suit seeking nearly $44 million in rep... (more story)
EU Court Upholds Ruling Against Spanish Ship Tax Scheme
The European Union's General Court upheld Wednesday a European Commission ruling that a Spanish tax scheme for ships constructed in the nation's domestic shipyards was incompatible with the EU's internal market.
Schulte Roth Adds Ex-Kleinberg Kaplan Partner To Tax Group
Schulte Roth & Zabel LLP added a former Kleinberg Kaplan Wolff & Cohen PC partner with a focus on private investment funds to its tax group in New York.
South African Tax Official Says Data Swaps Too Limited
South Africa's requests to exchange information on taxpayers with authorities around the world are often denied for criminal investigations of tax crimes, while automatic exchanges sometimes lack the full iden... (more story)
Taxpayers Let Down By HMRC Digital Service, Says Watchdog
HM Revenue and Customs has let down taxpayers by failing to deliver better online services, according to a report published on Wednesday by the public spending watchdog.
Australian lawmakers agreed Thursday to raise maximum penalties on corporations that promote tax avoidance schemes and to introduce a cap on deductions under its petroleum resource rent tax despite concerns fr... (more story)
Lithuania's prime minister said Thursday that Russia's frozen assets should be used to help Ukraine fight off aggression from its larger neighbor, saying that a recent European decision to use profits from fro... (more story)
The former chief financial officer of a Russian gas company who was sentenced to seven years in prison for hiding money in Swiss banks can't escape the government's civil suit seeking nearly $44 million in rep... (more story)
The European Union's General Court upheld Wednesday a European Commission ruling that a Spanish tax scheme for ships constructed in the nation's domestic shipyards was incompatible with the EU's internal market.
Schulte Roth & Zabel LLP added a former Kleinberg Kaplan Wolff & Cohen PC partner with a focus on private investment funds to its tax group in New York.
South Africa's requests to exchange information on taxpayers with authorities around the world are often denied for criminal investigations of tax crimes, while automatic exchanges sometimes lack the full iden... (more story)
HM Revenue and Customs has let down taxpayers by failing to deliver better online services, according to a report published on Wednesday by the public spending watchdog.