Trump, Ontario Back Down After Two-Day Trade Flare-Up
President Donald Trump called off additional tariffs on Canadian steel and aluminum Tuesday after the Ontario government dropped a briefly imposed surcharge on electricity exports, the White House told Law360 on Tuesday evening.
NY Lawmakers Pitch Tax Hikes, Retaining Entity Tax Deadline
New York would raise the state's top personal and corporate income tax rates in budget plans that state lawmakers released that varied from certain elements of Gov. Kathy Hochul's budget proposal, including by eschewing Hochul's suggestion to push back the annual election date for entity-level taxes.
With Guardrails, AI Is A Valuable Tax Tool, Tax Pros Say
Relevance of artificial intelligence in the tax world is expanding rapidly, and individuals and businesses should consider using it as long as cautions and guidelines are in place, tax professionals who have adopted the technology said Tuesday.
Trump, Ontario Back Down After Two-Day Trade Flare-Up
President Donald Trump called off additional tariffs on Canadian steel and aluminum Tuesday after the Ontario government dropped a briefly imposed surcharge on electricity exports, the White House told Law360 on Tuesday evening.
NY Lawmakers Pitch Tax Hikes, Retaining Entity Tax Deadline
New York would raise the state's top personal and corporate income tax rates in budget plans that state lawmakers released that varied from certain elements of Gov. Kathy Hochul's budget proposal, including by eschewing Hochul's suggestion to push back the annual election date for entity-level taxes.
With Guardrails, AI Is A Valuable Tax Tool, Tax Pros Say
Relevance of artificial intelligence in the tax world is expanding rapidly, and individuals and businesses should consider using it as long as cautions and guidelines are in place, tax professionals who have adopted the technology said Tuesday.
Federal More
Untangling a "ridiculous" arbitration proceeding that produced four contradictory awards in a legal malpractice dispute, the Fifth Circuit on Tuesday affirmed three awards and most of another, adding that the ... (more story)
A federal jury in Hawaii was justified in finding that an international businessman hadn't willfully failed to report his foreign bank accounts in an $11.6 million dispute, and the U.S. government is not entit... (more story)
The House passed legislation Tuesday that would repeal a final U.S. Treasury Department rule implementing additional reporting requirements for decentralized finance brokers.
The Internal Revenue Service would continue to be blocked from accessing more than $20 billion in Inflation Reduction Act funding under legislation passed Tuesday by the House of Representatives, paving the wa... (more story)
A dozen Republican governors, led by Georgia Gov. Brian Kemp, urged the Fifth Circuit to maintain a nationwide block of enforcement of the Corporate Transparency Act, arguing the law undermines the traditional... (more story)
Florida's Trenam Law has added a past chair of the tax section of the state bar after her 25-year stint at Carlton Fields PA.
U.S. Supreme Court lawyer and SCOTUSblog publisher Tom Goldstein asked a Maryland federal judge to let him see grand jury material related to the government's claim that he offered to pay a potential witness c... (more story)
State & Local More
Ohio High Court Orders City Tax Question To Appear On Ballot
An Ohio county board of elections disregarded state law when it stopped a city's proposed extension of an additional income tax levy from appearing on a ballot, the state Supreme Court ruled Tuesday.
NY High Court Judges Quiz Attys On Scope Of Information Tax
New York Court of Appeals judges wrestled Tuesday with whether a lower court correctly found that a research company's measuring of the effectiveness of advertising campaigns constituted taxable information se... (more story)
Wis. Senate Prez Rejects Gov.'s Proposed High-Earner Tax
The president of the Wisconsin Senate rejected the governor's budget proposals, which include a new income tax bracket for high earners and a property tax freeze, saying Republicans would take the lead in craf... (more story)
Texas Committee Weighs Financial Transactions Tax Ban
Texas would have voters decide whether to prevent the state from taxing securities transactions under a joint resolution that would put the state on the road to becoming a global capital market, its sponsor to... (more story)
Ariz. Power Co. Asks Justices To Review Tax On Tribal Plant
An energy company asked the U.S. Supreme Court to review Arizona court decisions that said a power plant it owns on tribal land is subject to property taxes, arguing that privately owned improvements located o... (more story)
SC Court Should Reverse $7.7M Assessment, Mastercard Says
The South Carolina Appeals Court should rely on precedent when determining Mastercard's income-producing activity in the state and reverse an administrative law judge's determination upholding a $7.7 million c... (more story)
Colo. Proposal Seeks Taxpayer Votes On New State Fees
Colorado voters could decide whether to require future votes to approve new state fees and other charges to fund major state enterprises under a pair of proposed initiatives with titles approved by a state board.
Tax Pro Rejoins Norton Rose From Reed Smith In Houston
Norton Rose Fulbright announced Monday that it has bulked up in the face of increased demand in the corporate transactions space with the return of a tax partner in Houston who came aboard from Reed Smith LLP.
Grand Rapids Moves Social Equity Fee Dispute To Fed. Court
The city of Grand Rapids, Michigan, is looking to push into federal court a state lawsuit filed by cannabis companies looking to upend the fees, fines and residency requirements of the municipality's social eq... (more story)
An Ohio county board of elections disregarded state law when it stopped a city's proposed extension of an additional income tax levy from appearing on a ballot, the state Supreme Court ruled Tuesday.
New York Court of Appeals judges wrestled Tuesday with whether a lower court correctly found that a research company's measuring of the effectiveness of advertising campaigns constituted taxable information se... (more story)
The president of the Wisconsin Senate rejected the governor's budget proposals, which include a new income tax bracket for high earners and a property tax freeze, saying Republicans would take the lead in craf... (more story)
Texas would have voters decide whether to prevent the state from taxing securities transactions under a joint resolution that would put the state on the road to becoming a global capital market, its sponsor to... (more story)
An energy company asked the U.S. Supreme Court to review Arizona court decisions that said a power plant it owns on tribal land is subject to property taxes, arguing that privately owned improvements located o... (more story)
The South Carolina Appeals Court should rely on precedent when determining Mastercard's income-producing activity in the state and reverse an administrative law judge's determination upholding a $7.7 million c... (more story)
Colorado voters could decide whether to require future votes to approve new state fees and other charges to fund major state enterprises under a pair of proposed initiatives with titles approved by a state board.
Norton Rose Fulbright announced Monday that it has bulked up in the face of increased demand in the corporate transactions space with the return of a tax partner in Houston who came aboard from Reed Smith LLP.
The city of Grand Rapids, Michigan, is looking to push into federal court a state lawsuit filed by cannabis companies looking to upend the fees, fines and residency requirements of the municipality's social eq... (more story)
International More
Russia Says Guinea Ruling Backs Dismissal In $5B Award Suit
A recent D.C. federal court decision supports the Russian Federation's bid to dismiss an arbitration enforcement action stemming from a tax dispute with Yukos Capital Ltd., Russia told the same court.
Feds Sue FDIC For $1.9M For First Republic Tax Bill
The U.S. government sued the Federal Deposit Insurance Corp. in D.C. federal court as receiver for the failed First Republic Bank, alleging the bank understated its withholding tax for U.S.-sourced income of f... (more story)
Court Affirms FBAR Penalties Against Estate, Not Widow
The estate of a man who failed to report his Swiss bank accounts is liable for tax penalties of at least $2 million, an Idaho federal court determined, finding the man's widow off the hook.
Mauritius Government Lawyer Joins CMS Affiliate
CMS said an attorney with more than a decade of experience as a Mauritius government lawyer has joined CMS Prism, the firm's Mauritian affiliate.
Taxation With Representation: Kirkland, Wachtell, Skadden
In this week's Taxation With Representation, Walgreens Boots Alliance goes private via a deal with Sycamore Partners, Honeywell buys Sundyne from Warburg Pincus, and Jazz Pharmaceuticals acquires Chimerix.
Four Men Imprisoned For 43 Yrs For Money Laundering Plot
Four men involved in a plot to launder £266 million ($343 million) in criminal cash were on Friday sentenced to a total of more than 43 years in prison, in one of the biggest cases of its kind ever prosecuted in England.
Mining Co. Seeks Arbitration Of $7B Dispute With Venezuela
The subsidiary of a Bermuda-based mining company asked an international arbitration institution to settle a dispute in excess of $7 billion against the Venezuelan government, saying its actions damaged the com... (more story)
A recent D.C. federal court decision supports the Russian Federation's bid to dismiss an arbitration enforcement action stemming from a tax dispute with Yukos Capital Ltd., Russia told the same court.
The U.S. government sued the Federal Deposit Insurance Corp. in D.C. federal court as receiver for the failed First Republic Bank, alleging the bank understated its withholding tax for U.S.-sourced income of f... (more story)
The estate of a man who failed to report his Swiss bank accounts is liable for tax penalties of at least $2 million, an Idaho federal court determined, finding the man's widow off the hook.
CMS said an attorney with more than a decade of experience as a Mauritius government lawyer has joined CMS Prism, the firm's Mauritian affiliate.
In this week's Taxation With Representation, Walgreens Boots Alliance goes private via a deal with Sycamore Partners, Honeywell buys Sundyne from Warburg Pincus, and Jazz Pharmaceuticals acquires Chimerix.
Four men involved in a plot to launder £266 million ($343 million) in criminal cash were on Friday sentenced to a total of more than 43 years in prison, in one of the biggest cases of its kind ever prosecuted in England.
The subsidiary of a Bermuda-based mining company asked an international arbitration institution to settle a dispute in excess of $7 billion against the Venezuelan government, saying its actions damaged the com... (more story)