OECD Spotlights Progress, Hurdles In Fighting Profit Shifting
The Organization for Economic Cooperation and Development's project against base erosion and profit shifting has led to a greater alignment of corporate profits and economic substance, but challenges remain in combating tax avoidance, according to an OECD report released Wednesday.
Relief Concerns Grow As Sectoral Tariff Actions Build
Importers' hopes for relief from industrywide tariffs are lagging alongside the trade deals President Donald Trump is trying to broker for some goods, while the administration's accelerated rollout of sectoral levies is also stoking concerns the government may be hamstringing its onshoring goals.
'Bitcoin Jesus' Paid $50M In Tax Deal, US Says
The U.S. asked a California federal court Tuesday to dismiss its criminal tax case against a cryptocurrency investor known as Bitcoin Jesus, disclosing that he has paid the $50 million he owed for hiding bitcoin from the IRS after renouncing his U.S. citizenship more than a decade ago.
OECD Spotlights Progress, Hurdles In Fighting Profit Shifting
The Organization for Economic Cooperation and Development's project against base erosion and profit shifting has led to a greater alignment of corporate profits and economic substance, but challenges remain in combating tax avoidance, according to an OECD report released Wednesday.
Relief Concerns Grow As Sectoral Tariff Actions Build
Importers' hopes for relief from industrywide tariffs are lagging alongside the trade deals President Donald Trump is trying to broker for some goods, while the administration's accelerated rollout of sectoral levies is also stoking concerns the government may be hamstringing its onshoring goals.
'Bitcoin Jesus' Paid $50M In Tax Deal, US Says
The U.S. asked a California federal court Tuesday to dismiss its criminal tax case against a cryptocurrency investor known as Bitcoin Jesus, disclosing that he has paid the $50 million he owed for hiding bitcoin from the IRS after renouncing his U.S. citizenship more than a decade ago.
Federal More
Flight booking giant Sabre sued British Airways over a digital tax bill it says it was required to pay the U.K. on the airline's behalf, claiming the airline was contractually obligated to reimburse Sabre for ... (more story)
A former special counsel at the Internal Revenue Service's chief counsel's office has moved to Morgan Lewis & Bockius LLP's tax-exempt organizations team, where he'll continue working on issues related to char... (more story)
The owners of a boutique hotel in Brooklyn and its management company must return pandemic-era refundable tax credits that they received as the hotel filed for Chapter 11 bankruptcy protection, a New York bank... (more story)
A Montana Republican lawmaker announced Tuesday the introduction of a bill that would codify President Donald Trump's executive order that aims to make it easier for retirement plans to invest in nontraditiona... (more story)
The founder of now-defunct Buy.com is challenging a nearly $16 million tax bill before the Tenth Circuit, arguing that the Internal Revenue Service failed to obtain valid consent to extend the statute of limit... (more story)
Six 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 stock dividends, with a New York fed... (more story)
A tax preparer is on the hook for $1.6 million in penalties for foreign bank accounts that he tried to conceal, a Florida federal court found in a default judgment after he failed to respond to the U.S. government's suit.
State & Local More
Ohio Income Tax Dispute Wrongly Barred As Late, Court Told
An Ohio trial court incorrectly ruled that a woman's complaint challenging Akron's collection of tax on a settlement payment was time-barred, a group told an appeals court.
Boston Says Celebrity Chef Moved Money To Skirt Tax Bills
The city of Boston is accusing celebrity chef Barbara Lynch of intentionally scheming to avoid paying nearly $1.7 million in property taxes by "siphoning off" corporate assets, asking a judge to pierce the cor... (more story)
A Remarkable Scheme Undressed: SALT In Review
From allegations involving strip clubs, bribery and a New York tax auditor to yet another proposed digital advertising tax, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Taxation With Representation: Sullivan, MoFo, Freshfields
In this week's Taxation With Representation, Fifth Third Bancorp acquires Comerica in an all-stock deal, Qualtrics buys experience analytics firm Press Ganey Forsta, and SoftBank buys ABB's robotics division.
Adapting To Private Practice: 3 Tips On Finding The Right Job
After 23 years as a state and federal prosecutor, when I contemplated moving to a law firm, practicing solo or going in-house, I found there's a critical first step — deep self-reflection on what you truly wan... (more story)
Baker Botts Adds 2 Tax Pros From Venable In San Francisco
Baker Botts LLP is expanding its West Coast transactional team, bringing in a pair of Venable LLP tax attorneys as partners in its San Francisco office.
GOP Sen. Joins Dems On Bill To Nix Trump's Global Tariffs
Several Senate Democrats and one Republican introduced legislation Thursday to eliminate the national emergency associated with President Donald Trump's so-called reciprocal tariff regime.
Painting Makes Me A Better Lawyer
Painting trains me to see both the fine detail and the whole composition at once, enabling me to identify friction points while keeping sight of a client's bigger vision, but the most significant lesson I've b... (more story)
Trump Tariffs Unconstitutional, Watchdog Tells Justices
Either President Donald Trump doesn't have authority to impose tariffs under the International Emergency Economic Powers Act, or the law is unconstitutional, the nonprofit group Consumer Watchdog told the U.S.... (more story)
An Ohio trial court incorrectly ruled that a woman's complaint challenging Akron's collection of tax on a settlement payment was time-barred, a group told an appeals court.
The city of Boston is accusing celebrity chef Barbara Lynch of intentionally scheming to avoid paying nearly $1.7 million in property taxes by "siphoning off" corporate assets, asking a judge to pierce the cor... (more story)
From allegations involving strip clubs, bribery and a New York tax auditor to yet another proposed digital advertising tax, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
In this week's Taxation With Representation, Fifth Third Bancorp acquires Comerica in an all-stock deal, Qualtrics buys experience analytics firm Press Ganey Forsta, and SoftBank buys ABB's robotics division.
After 23 years as a state and federal prosecutor, when I contemplated moving to a law firm, practicing solo or going in-house, I found there's a critical first step — deep self-reflection on what you truly wan... (more story)
Baker Botts LLP is expanding its West Coast transactional team, bringing in a pair of Venable LLP tax attorneys as partners in its San Francisco office.
Several Senate Democrats and one Republican introduced legislation Thursday to eliminate the national emergency associated with President Donald Trump's so-called reciprocal tariff regime.
Painting trains me to see both the fine detail and the whole composition at once, enabling me to identify friction points while keeping sight of a client's bigger vision, but the most significant lesson I've b... (more story)
Either President Donald Trump doesn't have authority to impose tariffs under the International Emergency Economic Powers Act, or the law is unconstitutional, the nonprofit group Consumer Watchdog told the U.S.... (more story)
International More
High Court Says Blackfeet Members Can't Join Tariff Dispute
The U.S. Supreme Court denied a bid by members of the Blackfeet Nation to join its review of suits challenging the legality of President Donald Trump's emergency tariffs, who had argued that their inclusion in... (more story)
UK Gov't Should Break Its Tax Pledge, Legislators Told
The British Labour government should raise taxes in the coming autumn budget despite its pledge not to increase rates when it won the last general election, tax experts told a parliamentary committee Tuesday.
Gov't Will Be Forced To Answer Calls For 'Pension Tax Lock'
The government must now respond formally to calls for a "pension tax lock," an investment manager said Monday, after more than 14,000 people signed a petition to Parliament.
No Taxes On $137M Failed Merger Payment, UK Court Rules
A British microchip company doesn't owe taxes on $137 million it received from a U.S. company after a failed merger, a U.K. court ruled, rejecting HM Revenue & Customs's contention that the payment constituted... (more story)
Think Tank Urges Reeves To Break Tax Pledge In Budget Plan
Chancellor of the Exchequer Rachel Reeves should raise income tax in the coming autumn budget to match spending commitments and reduce the deficit, a think tank said Friday.
Bulgarian Says US Delay On Sanctions Decision Harming Him
A Bulgarian businessman whose U.S. assets were frozen after the federal government accused him of bribery and tax evasion asked a D.C. federal court to force the U.S. to rule on his administrative challenge to... (more story)
EU Should Tax Super-Rich's' €405B Windfall, Oxfam Says
The European Union should implement a wealth tax to target the combined €405 billion ($471 billion) the super-rich made in the first six months of the year, charity Oxfam said in a report published Wednesday.
The U.S. Supreme Court denied a bid by members of the Blackfeet Nation to join its review of suits challenging the legality of President Donald Trump's emergency tariffs, who had argued that their inclusion in... (more story)
The British Labour government should raise taxes in the coming autumn budget despite its pledge not to increase rates when it won the last general election, tax experts told a parliamentary committee Tuesday.
The government must now respond formally to calls for a "pension tax lock," an investment manager said Monday, after more than 14,000 people signed a petition to Parliament.
A British microchip company doesn't owe taxes on $137 million it received from a U.S. company after a failed merger, a U.K. court ruled, rejecting HM Revenue & Customs's contention that the payment constituted... (more story)
Chancellor of the Exchequer Rachel Reeves should raise income tax in the coming autumn budget to match spending commitments and reduce the deficit, a think tank said Friday.
A Bulgarian businessman whose U.S. assets were frozen after the federal government accused him of bribery and tax evasion asked a D.C. federal court to force the U.S. to rule on his administrative challenge to... (more story)
The European Union should implement a wealth tax to target the combined €405 billion ($471 billion) the super-rich made in the first six months of the year, charity Oxfam said in a report published Wednesday.