US, China Battling Over Entrenched Economies, Experts Say
Differing economic philosophies are contributing to the escalating trade war between the United States and China, according to professionals who follow the countries' relations, with the Chinese government's supply-side ideology rooted in exports and U.S. deficit spending driving demand for imports.
State & Local Tax Takeaways From April
The federal law that shields businesses from a state's tax on net income when their only business activities in that state are soliciting orders of tangible personal property was the focus of significant attention in April. Those events were part of another busy month in the state and local tax world. Here, Law360 presents state and local tax developments to know from the past month.
White House Budget Seeks $2.5B Cut From IRS Funding
The Internal Revenue Service's budget would be cut by nearly $2.5 billion compared with 2025 under the 2026 budget request released Friday by President Donald Trump's administration.
US, China Battling Over Entrenched Economies, Experts Say
Differing economic philosophies are contributing to the escalating trade war between the United States and China, according to professionals who follow the countries' relations, with the Chinese government's supply-side ideology rooted in exports and U.S. deficit spending driving demand for imports.
State & Local Tax Takeaways From April
The federal law that shields businesses from a state's tax on net income when their only business activities in that state are soliciting orders of tangible personal property was the focus of significant attention in April. Those events were part of another busy month in the state and local tax world. Here, Law360 presents state and local tax developments to know from the past month.
White House Budget Seeks $2.5B Cut From IRS Funding
The Internal Revenue Service's budget would be cut by nearly $2.5 billion compared with 2025 under the 2026 budget request released Friday by President Donald Trump's administration.
Federal More
The owner of a mail-order medical equipment company can move forward with his lawsuit against the federal government seeking to deduct a $5 million settlement payment, even though he didn't technically add his... (more story)
An Indiana federal judge dismissed the U.S. government's cases against a man accused of operating an unlicensed money transmitting business, laundering proceeds through cryptocurrency transactions and failing ... (more story)
Nixon Peabody LLP has appointed a more than 20-year veteran of the firm as its Washington, D.C., office managing partner, who focuses his practice on a range of corporate, finance and real estate matters, acco... (more story)
A California district court must stop federal agencies from moving ahead with President Donald Trump's directive to reorganize and terminate government workers, unions and other groups argued, calling for a te... (more story)
In this week's Taxation With Representation, Merck buys SpringWorks Therapeutics, Novartis AG acquires Regulus Therapeutics Inc., Sabre Corp. sells its Hospitality Solutions business to private equity shop TPG... (more story)
A group of community associations has told the Fourth Circuit they aren't opposed to a government motion to pause litigation over the Corporate Transparency Act, even as they maintained the information disclos... (more story)
Before a potential economic downturn, in-house attorneys should investigate whether their company is sitting on hidden litigation claims that could unlock large recoveries to help the business withstand tough ... (more story)
State & Local More
Charter Ineligible For Tech Tax Break, NY Tells Appeals Court
New York's tax agency urged a state appeals court to affirm its determination that Charter Communications Inc. is ineligible for a reduced tax rate offered to certain technology businesses because some members... (more story)
Miss. Justices Agree Gas Co.'s Freight Charges Not Taxable
The Mississippi Department of Revenue didn't have the authority to tax freight charges paid by a gas transportation company to a third party because they were part of a separate transaction and not the overall... (more story)
PepsiCo Owes $2.1M In Tax Penalties, Illinois Panel Affirms
PepsiCo was correctly assessed $2.1 million in penalties for categorizing Frito-Lay expatriates' compensation as foreign payroll that would allow the company's profits to be excluded from state income tax calc... (more story)
Ore. Tax Court Retains Nix Of Microsoft Foreign Income Relief
The Oregon Tax Court is adhering to its finding on the treatment of Microsoft's repatriated foreign income when calculating its state income, making only minor changes to an earlier order and rejecting the com... (more story)
Sheppard Mullin Brings On Kirkland Tax Ace In Houston
Sheppard Mullin Richter & Hampton LLP announced Wednesday that it expanded its tax, employee benefits and trusts and estates practice with a new partner most recently with Kirkland & Ellis LLP.
Fried Frank Taps Sidley's UK Tax Head
The former head of Sidley Austin LLP's U.K. tax practice has joined Fried Frank Harris Shriver & Jacobson LLP's London office, where he will advise on U.K. and international tax structuring, the firm announced.
NJ Panel Declines To Revive Tobacco Co.'s Tax Refund Claim
A tobacco company cannot revive its claim for a tax refund, a New Jersey appeals court found, agreeing with the state's tax court that 2020 amendments to a regulation limiting a royalty add-back deduction must... (more story)
Adapting To Private Practice: From DOJ Enviro To Mid-Law
Practitioners leaving a longtime government role for private practice — as when I departed the U.S. Department of Justice’s environmental enforcement division — should prioritize finding a firm that shares the... (more story)
Bipartisan House Members Pitch Expanded Paid Family Leave
A bipartisan group of House lawmakers unveiled legislation Wednesday that they said would expand access to paid family leave by incentivizing states to establish their own programs and facilitating the exchang... (more story)
New York's tax agency urged a state appeals court to affirm its determination that Charter Communications Inc. is ineligible for a reduced tax rate offered to certain technology businesses because some members... (more story)
The Mississippi Department of Revenue didn't have the authority to tax freight charges paid by a gas transportation company to a third party because they were part of a separate transaction and not the overall... (more story)
PepsiCo was correctly assessed $2.1 million in penalties for categorizing Frito-Lay expatriates' compensation as foreign payroll that would allow the company's profits to be excluded from state income tax calc... (more story)
The Oregon Tax Court is adhering to its finding on the treatment of Microsoft's repatriated foreign income when calculating its state income, making only minor changes to an earlier order and rejecting the com... (more story)
Sheppard Mullin Richter & Hampton LLP announced Wednesday that it expanded its tax, employee benefits and trusts and estates practice with a new partner most recently with Kirkland & Ellis LLP.
The former head of Sidley Austin LLP's U.K. tax practice has joined Fried Frank Harris Shriver & Jacobson LLP's London office, where he will advise on U.K. and international tax structuring, the firm announced.
A tobacco company cannot revive its claim for a tax refund, a New Jersey appeals court found, agreeing with the state's tax court that 2020 amendments to a regulation limiting a royalty add-back deduction must... (more story)
Practitioners leaving a longtime government role for private practice — as when I departed the U.S. Department of Justice’s environmental enforcement division — should prioritize finding a firm that shares the... (more story)
A bipartisan group of House lawmakers unveiled legislation Wednesday that they said would expand access to paid family leave by incentivizing states to establish their own programs and facilitating the exchang... (more story)
International More
UK Customs Co. Liable For £1.1M VAT Bill, Tribunal Says
A U.K. company responsible for getting goods through customs must split a £1.1 million ($1.3 million) value-added tax bill that an importer deferred before going out of business, the First-tier Tribunal ruled.
Glencore Exec Can't Duck Tax On £150M In Offshore Shares
Glencore's former head of oil failed to overturn a finding he was liable for income tax on nearly £150 million ($200 million) in share distributions from the Jersey-incorporated company, when an appeals court ... (more story)
Trump Picks Tax Controversy Pro For IRS Chief Counsel Spot
President Donald Trump has tapped a former Internal Revenue Service chief counsel to return to the role, and if he is confirmed, it will represent the second time in his career that the veteran tax controversy... (more story)
IRS And ICE Info Sharing Could Drive Payroll Tax Enforcement
Tax crimes are historically difficult to prosecute, but the Internal Revenue Services’ recent agreement with U.S. Immigration and Customs Enforcement to share taxpayer records of non-U.S. citizens could be use... (more story)
Estate Pushes Back On IRS In DC Circ. Lost Records Case
The estate of a man whose offshore businesses were raided by the IRS, giving rise to a nearly $18 million tax judgment, criticized the agency's effort to rebuff the estate's claims to the D.C. Circuit that the... (more story)
ECB Says Consumers Ready To Avoid US Goods Over Tariffs
European consumers are prepared to avoid American goods for the long term, following the impact of tariffs imposed by the U.S. administration, according to a survey by the European Central Bank.
BNY Can't Escape A&O Shearman's £93M Negligence Claim
Bank of New York Mellon lost its fight Thursday to escape a claim from Allen Overy Shearman Sterling alleging that the lender caused Nationwide Building Society to face a £93 million ($109 million) tax bill by... (more story)
A U.K. company responsible for getting goods through customs must split a £1.1 million ($1.3 million) value-added tax bill that an importer deferred before going out of business, the First-tier Tribunal ruled.
Glencore's former head of oil failed to overturn a finding he was liable for income tax on nearly £150 million ($200 million) in share distributions from the Jersey-incorporated company, when an appeals court ... (more story)
President Donald Trump has tapped a former Internal Revenue Service chief counsel to return to the role, and if he is confirmed, it will represent the second time in his career that the veteran tax controversy... (more story)
Tax crimes are historically difficult to prosecute, but the Internal Revenue Services’ recent agreement with U.S. Immigration and Customs Enforcement to share taxpayer records of non-U.S. citizens could be use... (more story)
The estate of a man whose offshore businesses were raided by the IRS, giving rise to a nearly $18 million tax judgment, criticized the agency's effort to rebuff the estate's claims to the D.C. Circuit that the... (more story)
European consumers are prepared to avoid American goods for the long term, following the impact of tariffs imposed by the U.S. administration, according to a survey by the European Central Bank.
Bank of New York Mellon lost its fight Thursday to escape a claim from Allen Overy Shearman Sterling alleging that the lender caused Nationwide Building Society to face a £93 million ($109 million) tax bill by... (more story)