Tax Credit Sales Would Be Difficult To Insure Under House Bill
House Republicans' sweeping budget bill proposes to promptly scale back the clean energy tax incentives established by the 2022 climate law, a move that would make it difficult for tax insurers to back project development deals that want to sell their tax credits for cash.
Senate Confirms Former US Rep To Take IRS Helm
The Senate confirmed President Donald Trump's nomination of former U.S. Rep. Billy Long to be Internal Revenue Service commissioner Thursday, clearing the path for him to begin a term that will end in November 2027.
Ohio Senate Passes Budget Plan With Flat Tax
Ohio would levy a flat tax on income, doing away with its progressive tax regime, and increase the homestead deduction as part of a $60 billion budget plan passed by the state Senate.
Tax Credit Sales Would Be Difficult To Insure Under House Bill
House Republicans' sweeping budget bill proposes to promptly scale back the clean energy tax incentives established by the 2022 climate law, a move that would make it difficult for tax insurers to back project development deals that want to sell their tax credits for cash.
Senate Confirms Former US Rep To Take IRS Helm
The Senate confirmed President Donald Trump's nomination of former U.S. Rep. Billy Long to be Internal Revenue Service commissioner Thursday, clearing the path for him to begin a term that will end in November 2027.
Ohio Senate Passes Budget Plan With Flat Tax
Ohio would levy a flat tax on income, doing away with its progressive tax regime, and increase the homestead deduction as part of a $60 billion budget plan passed by the state Senate.
Federal More
An Israeli businessman who was held in contempt of court for dodging discovery requests is liable for $3.24 million in penalties and interest for willfully failing to report his foreign bank accounts, accordin... (more story)
The Internal Revenue Service settled a lawsuit seeking more than $790,000 in pandemic-era worker tax credits by a law firm that had claimed the agency was delaying paying out, according to a dismissal order Fr... (more story)
In this week's Taxation With Representation, Brown & Brown Inc. buys Accession Risk Management Group Inc., Allison Transmission Holdings Inc. acquires Dana Inc.'s off-highway unit, Qualcomm Inc. buys Alphawave... (more story)
A Dallas jury cleared a real estate executive charged with attempting to bribe city council members in exchange for federal low income housing credits, finding the executive not guilty Thursday after the Fifth... (more story)
Senate Finance Committee Republicans and U.S. Treasury Secretary Scott Bessent maintained Thursday that making permanent the expiring tax provisions in the 2017 tax overhaul would not raise the federal budget ... (more story)
Attacks on judicial independence now run the gamut from gross (bald-faced interference) to systemic (structural changes) to insidious (efforts to undermine public trust), so lawyers, judges and the public must... (more story)
A California federal judge on Thursday resentenced disbarred attorney Michael Avenatti to just over 11 years in federal prison for filching millions of dollars from his clients' settlement funds, reducing a 14... (more story)
State & Local More
NH High Court Upholds Towns Keeping Excess Tax Revenue
The right of New Hampshire communities to retain excess statewide education property taxes for other purposes doesn't violate the state constitution's uniformity clause, the state Supreme Court ruled, partiall... (more story)
Philly Lowers Business Income Tax Rates In Approved Budget
Philadelphia will lower the city's business income and receipts tax rate, eventually phasing out the gross receipts portion of the tax and lowering the net income portion under a budget approved by the City Co... (more story)
Mo. House Passes $1.5B Stadium Bill To Keep Chiefs, Royals
The Missouri House of Representatives voted Wednesday to approve tax and other incentives worth $1.5 billion to help build or upgrade stadiums for Kansas City's MLB and NFL franchises, on the last day of a spe... (more story)
RI Tax Panel Nixes Digital Ad Tax From Budget Plan
Rhode Island's House tax writers advanced an amended version of the governor's budget plan that includes taxing parking lots and nonowner-occupied homes, but they stripped out a proposed tax on digital advertisements.
Power Co. Asks Justices To Settle Split In Tribal Tax Dispute
Arizona courts were wrong to rule that an energy company located on tribal land is subject to property taxes, the company told the U.S. Supreme Court on Tuesday, urging it to address an "intolerable" state-federal split.
Section 899 Could Be A Costly Tax Shift For US Borrowers
Intended to deter foreign governments from applying unfair taxes to U.S. companies, the proposal adding new Section 899 to the Internal Revenue Code would more likely increase tax burdens on U.S. borrowers tha... (more story)
Calif. Bar Exam Fiasco Shows Why Attys Must Disclose AI Use
The recent revelation that a handful of questions from the controversial California bar exam administered in February were drafted using generative artificial intelligence demonstrates the continued importance... (more story)
Del. Corporate Law Rework May Not Stem M&A Challenges
While Delaware's S.B. 21 introduced significant changes regarding controllers and conflicted transactions by limiting what counts as a controlling stake and improving safe harbors, which would seem to narrow t... (more story)
NJ Tax Agency Atty Promises Fairness In Mediation Program
New Jersey Division of Taxation employees who will serve as mediators in a coming tax mediation pilot program will be impartial and will aim to promote productive discussions between businesses and state repre... (more story)
The right of New Hampshire communities to retain excess statewide education property taxes for other purposes doesn't violate the state constitution's uniformity clause, the state Supreme Court ruled, partiall... (more story)
Philadelphia will lower the city's business income and receipts tax rate, eventually phasing out the gross receipts portion of the tax and lowering the net income portion under a budget approved by the City Co... (more story)
The Missouri House of Representatives voted Wednesday to approve tax and other incentives worth $1.5 billion to help build or upgrade stadiums for Kansas City's MLB and NFL franchises, on the last day of a spe... (more story)
Rhode Island's House tax writers advanced an amended version of the governor's budget plan that includes taxing parking lots and nonowner-occupied homes, but they stripped out a proposed tax on digital advertisements.
Arizona courts were wrong to rule that an energy company located on tribal land is subject to property taxes, the company told the U.S. Supreme Court on Tuesday, urging it to address an "intolerable" state-federal split.
Intended to deter foreign governments from applying unfair taxes to U.S. companies, the proposal adding new Section 899 to the Internal Revenue Code would more likely increase tax burdens on U.S. borrowers tha... (more story)
The recent revelation that a handful of questions from the controversial California bar exam administered in February were drafted using generative artificial intelligence demonstrates the continued importance... (more story)
While Delaware's S.B. 21 introduced significant changes regarding controllers and conflicted transactions by limiting what counts as a controlling stake and improving safe harbors, which would seem to narrow t... (more story)
New Jersey Division of Taxation employees who will serve as mediators in a coming tax mediation pilot program will be impartial and will aim to promote productive discussions between businesses and state repre... (more story)
International More
UK Businessman Defends Asset Transfer As Tax Strategy
A British businessman denied that he transferred a company to his son to defraud a creditor, arguing it was part of a long-term tax strategy rather than a tactic to avoid repaying £4.7 million ($6.4 million) in debt.
Private Schools Lose Bid To Overturn VAT On Fees
The U.K. government has not breached human rights law by extending value-added tax to private school fees, the High Court ruled Friday, rejecting claims brought by a group of schools and families.
UK Investors Sue Cricket Team Owner Over Claimed Tax Fraud
Three U.K.-based investors in an Indian Premier League cricket team are seeking £10 million ($13.6 million) in damages from the club's owner, claiming in a London court that he duped them over the tax implicat... (more story)
Russia Must Face $5B Yukos Award Suit, DC Judge Rules
At D.C. federal judge on Wednesday denied Russia's bid to nix litigation filed by the financing arm of Yukos Oil Co. to enforce a nearly $5 billion arbitral award, saying the Kremlin's jurisdictional objections fell short.
US Consultant In France Must Pay $2M In FBAR Penalties
An American energy consultant residing in France must pay more than $2 million in penalties for purposely not disclosing foreign bank accounts that held more than $3 million, as opposed to the under $30,000 in... (more story)
UK Refiner Wins A Round In $200M EU Energy Tax Dispute
An international tribunal has ruled that a British oil refiner's claim challenging a €175 million ($200 million) windfall tax in Europe will proceed without bifurcation, concluding that jurisdictional objectio... (more story)
Yukos Says $5B Russia Award Suit Must Proceed
Yukos Oil Co.'s financing arm has told a D.C. federal court that a recent U.S. Supreme Court decision rejecting the Ninth Circuit's outlier interpretation of a jurisdictional question moots Russia's request th... (more story)
A British businessman denied that he transferred a company to his son to defraud a creditor, arguing it was part of a long-term tax strategy rather than a tactic to avoid repaying £4.7 million ($6.4 million) in debt.
The U.K. government has not breached human rights law by extending value-added tax to private school fees, the High Court ruled Friday, rejecting claims brought by a group of schools and families.
Three U.K.-based investors in an Indian Premier League cricket team are seeking £10 million ($13.6 million) in damages from the club's owner, claiming in a London court that he duped them over the tax implicat... (more story)
At D.C. federal judge on Wednesday denied Russia's bid to nix litigation filed by the financing arm of Yukos Oil Co. to enforce a nearly $5 billion arbitral award, saying the Kremlin's jurisdictional objections fell short.
An American energy consultant residing in France must pay more than $2 million in penalties for purposely not disclosing foreign bank accounts that held more than $3 million, as opposed to the under $30,000 in... (more story)
An international tribunal has ruled that a British oil refiner's claim challenging a €175 million ($200 million) windfall tax in Europe will proceed without bifurcation, concluding that jurisdictional objectio... (more story)
Yukos Oil Co.'s financing arm has told a D.C. federal court that a recent U.S. Supreme Court decision rejecting the Ninth Circuit's outlier interpretation of a jurisdictional question moots Russia's request th... (more story)