2nd Circ. Upholds Ban On Certain SALT Cap Workarounds
An Internal Revenue Service rule prohibiting charitable donation workarounds to the federal cap on state and local tax deductions will remain in place, a Second Circuit panel said Wednesday, affirming a district court determination that upheld the agency's ban on the programs.
Australian Top Court Frees Pepsi From Royalty Taxes
Australia's top court sided with Pepsi in a long-running tax dispute Wednesday, holding that the beverage giant's soft drink manufacturing agreement with an Australian company did not generate income that would warrant royalty withholding taxes.
Ohio Says Constitutional Claims Barred In Tax Sourcing Fight
A West Virginia car dealer failed to properly raise constitutional arguments against a tax sourcing law in its filings to Ohio's highest court, putting those claims outside the court's jurisdiction, the state's tax agency said.
2nd Circ. Upholds Ban On Certain SALT Cap Workarounds
An Internal Revenue Service rule prohibiting charitable donation workarounds to the federal cap on state and local tax deductions will remain in place, a Second Circuit panel said Wednesday, affirming a district court determination that upheld the agency's ban on the programs.
Australian Top Court Frees Pepsi From Royalty Taxes
Australia's top court sided with Pepsi in a long-running tax dispute Wednesday, holding that the beverage giant's soft drink manufacturing agreement with an Australian company did not generate income that would warrant royalty withholding taxes.
Ohio Says Constitutional Claims Barred In Tax Sourcing Fight
A West Virginia car dealer failed to properly raise constitutional arguments against a tax sourcing law in its filings to Ohio's highest court, putting those claims outside the court's jurisdiction, the state's tax agency said.
Federal More
Clark Hill PLC announced Thursday that it has bolstered its tax and estate planning group in North Texas with an attorney who came aboard from Plunk Smith PLLC.
Recently enacted reforms making the qualified opportunity zone program permanent, restoring the basis step-up for capital gains and adding flexibility to the zone designation process enhance the program’s appe... (more story)
The U.S. Government Accountability Office shot down a protest from an incumbent contractor for the Internal Revenue Service after it lost out on an information technology deal to a rival business, saying the I... (more story)
Taking seriously President Donald Trump's pledge to adopt a pro-innovation mindset toward digital assets and blockchain technologies, a recent benchmark White House report on crypto provides a comprehensive re... (more story)
The Second Circuit should review a federal court's decision to grant the Metropolitan Transportation Authority and Triborough Bridge and Tunnel Authority's bid to dismiss a pair of lawsuits alleging Manhattan'... (more story)
The U.S. government has preemptively threatened to retaliate against countries that adopt a multilateral plan to shift the global shipping industry toward achieving net-zero greenhouse gas emissions, claiming ... (more story)
A real estate company failed to show that the Internal Revenue Service improperly blocked its bid to continue leasing office space to the agency after agency employees complained about the building, the Federa... (more story)
State & Local More
Fla. Court Rules 50% Property Transfer Resets Tax Cap
A Florida appeals court ruled Wednesday that the transfer of 50% ownership of a commercial property constituted a change of ownership under state law, making the property ineligible for the 10% annual cap on a... (more story)
Anheuser-Busch Sales Tax Fight Ends As Mo. Grants Refund
Missouri's tax department and Anheuser-Busch ended their dispute over about $262,000 in sales and use taxes the brewer said it paid on exempt transactions, with the state agreeing to send the company a refund,... (more story)
Ohio High Court Affirms Board's $3.7B Pipeline Valuation
The Ohio Board of Tax Appeals was correct when it accepted the state commissioner's valuation of a pipeline over the pipeline's claims that it was overvalued by $1.7 billion, the state Supreme Court ruled Wednesday.
Ohio Justices Toss Tax Bill On Timber Farm's Mercedes
A timber farm's purchase of a Mercedes-Benz vehicle that helps workers tend the land qualifies for a use tax exemption for items used primarily for farming purposes, the Ohio Supreme Court ruled Wednesday.
Taxpayers Face Tough Choices Under NJ's New Nexus Rules
Though New Jersey’s new rules expanding the commercial nexus that triggers state taxation are likely to be challenged, businesses still need to carefully consider whether it’s best to minimize potential tax by... (more story)
Holland & Knight Hires Sen. Cornyn Tax Counsel In DC
The former senior tax counsel for U.S. Sen. John Cornyn, R-Texas, who worked for the lawmaker for almost two decades on appropriations, taxation, banking and other finance-related issues, has joined Holland & ... (more story)
Bar Exam Reform Must Expand Beyond A Single Updated Test
Recently released information about the National Conference of Bar Examiners’ new NextGen Uniform Bar Exam highlights why a single test is not ideal for measuring newly licensed lawyers’ competency, demonstrat... (more story)
A Simple Way Courts Can Help Attys Avoid AI Hallucinations
As attorneys increasingly rely on generative artificial intelligence for legal research, courts should consider expanding online quality control programs to flag potential hallucinations — permitting counsel t... (more story)
Taxation With Representation: Latham, Alston & Bird, Orrick
In this week's Taxation With Representation, fiber optic connector systems maker Amphenol Corp. buys CommScope's connectivity and cable solutions business, Blackstone acquires Enverus from private equity firms... (more story)
A Florida appeals court ruled Wednesday that the transfer of 50% ownership of a commercial property constituted a change of ownership under state law, making the property ineligible for the 10% annual cap on a... (more story)
Missouri's tax department and Anheuser-Busch ended their dispute over about $262,000 in sales and use taxes the brewer said it paid on exempt transactions, with the state agreeing to send the company a refund,... (more story)
The Ohio Board of Tax Appeals was correct when it accepted the state commissioner's valuation of a pipeline over the pipeline's claims that it was overvalued by $1.7 billion, the state Supreme Court ruled Wednesday.
A timber farm's purchase of a Mercedes-Benz vehicle that helps workers tend the land qualifies for a use tax exemption for items used primarily for farming purposes, the Ohio Supreme Court ruled Wednesday.
Though New Jersey’s new rules expanding the commercial nexus that triggers state taxation are likely to be challenged, businesses still need to carefully consider whether it’s best to minimize potential tax by... (more story)
The former senior tax counsel for U.S. Sen. John Cornyn, R-Texas, who worked for the lawmaker for almost two decades on appropriations, taxation, banking and other finance-related issues, has joined Holland & ... (more story)
Recently released information about the National Conference of Bar Examiners’ new NextGen Uniform Bar Exam highlights why a single test is not ideal for measuring newly licensed lawyers’ competency, demonstrat... (more story)
As attorneys increasingly rely on generative artificial intelligence for legal research, courts should consider expanding online quality control programs to flag potential hallucinations — permitting counsel t... (more story)
In this week's Taxation With Representation, fiber optic connector systems maker Amphenol Corp. buys CommScope's connectivity and cable solutions business, Blackstone acquires Enverus from private equity firms... (more story)
International More
What US-India Trade Deal Will Mean For Indian Pharma
Complicated by newly imposed tariffs from the U.S., the outcome of the U.S.-India trade talks is poised to reshape not just trade policy, but also the strategic alignment of the two countries' pharmaceutical e... (more story)
Machinery Biz FD Gets 11-Year Ban For £1.5M Undeclared Tax
A former financial director of a machinery business has been banned from the profession for 11 years for submitting false value-added tax returns over three years and leaving more than £1.5 million ($2 million... (more story)
Data Co. Asks DC Circ. To Revive $22M Guinea Award Bid
A data consulting company has again urged the D.C. Circuit to reverse a lower court order denying its bid to enforce a $22 million arbitral award against Guinea, saying the country wrongly wants the appeals co... (more story)
6th Circ. Orders Eaton To Give Employee Records To IRS
The Sixth Circuit affirmed an Ohio federal judge's order requiring Eaton Corp. to share performance evaluations for Ireland-based workers with the IRS, holding that the agency's interest in investigating poten... (more story)
2nd Circ. Affirms Denial Of Partnership's $22.7M Tax Loss
The U.S. Tax Court correctly found the IRS properly denied a Connecticut partnership's $22.7 million loss deduction because the underlying transactions, which involved a Brazilian company, were tantamount to a... (more story)
DC Circ. Hands Banker's Estate Win In IRS Whistleblower Bid
A split D.C. Circuit sided with the estate of a former banker at Rabobank in ruling Friday that the Internal Revenue Service used the wrong legal standard to deny him an award for contributing to investigation... (more story)
Swiss Metals Group Fears US Tariffs' Impact On Gold
The U.S.-imposed 39% tariffs on Switzerland may "negatively impact" gold trading, a Swiss metals association warned Friday.
Complicated by newly imposed tariffs from the U.S., the outcome of the U.S.-India trade talks is poised to reshape not just trade policy, but also the strategic alignment of the two countries' pharmaceutical e... (more story)
A former financial director of a machinery business has been banned from the profession for 11 years for submitting false value-added tax returns over three years and leaving more than £1.5 million ($2 million... (more story)
A data consulting company has again urged the D.C. Circuit to reverse a lower court order denying its bid to enforce a $22 million arbitral award against Guinea, saying the country wrongly wants the appeals co... (more story)
The Sixth Circuit affirmed an Ohio federal judge's order requiring Eaton Corp. to share performance evaluations for Ireland-based workers with the IRS, holding that the agency's interest in investigating poten... (more story)
The U.S. Tax Court correctly found the IRS properly denied a Connecticut partnership's $22.7 million loss deduction because the underlying transactions, which involved a Brazilian company, were tantamount to a... (more story)
A split D.C. Circuit sided with the estate of a former banker at Rabobank in ruling Friday that the Internal Revenue Service used the wrong legal standard to deny him an award for contributing to investigation... (more story)
The U.S.-imposed 39% tariffs on Switzerland may "negatively impact" gold trading, a Swiss metals association warned Friday.