Hochul Pitches Shifts To Partnership Filing Rules, Entity Taxes
New York would push back the annual election date for entity-level taxes and draw from the Multistate Tax Commission's model for allowing partnerships to file state tax adjustments stemming from federal partnership audit changes under a budget plan Gov. Kathy Hochul unveiled Tuesday.
Tribal Tax Status Regs Leave Energy Credit Access Up In Air
While recently proposed regulations would provide long-awaited clarity that enterprises wholly owned by Native American tribes are exempt from federal taxes, the rules leave glaring questions open about whether tribes can access clean energy tax credits through business structures like joint ventures.
EU Officials Still Committed To Global Tax Deal Without US
The European Union remains committed to the global tax deal signed by over 130 countries in 2021 even after President Donald Trump announced the U.S. would no longer participate in the agreement, according to EU officials speaking in Brussels on Tuesday.
Hochul Pitches Shifts To Partnership Filing Rules, Entity Taxes
New York would push back the annual election date for entity-level taxes and draw from the Multistate Tax Commission's model for allowing partnerships to file state tax adjustments stemming from federal partnership audit changes under a budget plan Gov. Kathy Hochul unveiled Tuesday.
Tribal Tax Status Regs Leave Energy Credit Access Up In Air
While recently proposed regulations would provide long-awaited clarity that enterprises wholly owned by Native American tribes are exempt from federal taxes, the rules leave glaring questions open about whether tribes can access clean energy tax credits through business structures like joint ventures.
EU Officials Still Committed To Global Tax Deal Without US
The European Union remains committed to the global tax deal signed by over 130 countries in 2021 even after President Donald Trump announced the U.S. would no longer participate in the agreement, according to EU officials speaking in Brussels on Tuesday.
Federal More
The U.S. Tax Court reduced a partnership's claimed $33 million tax deduction for a donation of a Georgia conservation easement Tuesday, saying the easement was only worth $4.7 million, partly because the partn... (more story)
An American woman living in Switzerland faces $6.9 million in penalties, interest and late fees because she did not report her accounts that were held at a Swiss bank, the U.S. government told a D.C. federal court.
President Donald Trump must halt efforts to enforce his executive order easing the process to fire certain federal employees, the National Treasury Employees Union argued in a lawsuit, claiming thousands of wo... (more story)
A Delaware federal court should refund tax penalties a company paid on a $2.7 bill from the IRS for activities related to captive insurance companies and promoting abusive tax shelters, the company argued Tues... (more story)
The Senate Finance Committee on Tuesday approved Scott Bessent, President Donald Trump's nominee for treasury secretary, sending his nomination to the full Senate for a vote.
Law360 would like to congratulate the winners of its Practice Groups of the Year awards for 2024, which honor the attorney teams behind litigation wins and significant transaction work that resonated throughou... (more story)
Eight law firms have earned spots as Law360's Firms of the Year, with 54 Practice Group of the Year awards among them, steering some of the largest deals of 2024 and securing high-profile litigation wins, incl... (more story)
State & Local More
Detroit Council OKs $45K Settlement Over Holding Co.'s Gain
The city of Detroit approved a settlement Tuesday in the Michigan Tax Tribunal in a long-running tax assessment dispute stemming from a holding company's gain from selling stock in a Canadian tobacco testing company.
Md. Bill Seeks High Earner Tax, Water's-Edge Reporting
Maryland would impose a new tax rate on high earners, adopt combined water's-edge corporate tax reporting and lower its corporate tax rate under legislation introduced in the House of Delegates to enact propos... (more story)
Rethinking Litigation Risk And What It Really Means To Win
Attorneys have a tendency to overestimate litigation risk before summary judgment and underestimate risk after it, but an eight-stage litigation framework can clarify risk at different points and help litigato... (more story)
Minn. Gov. Calls For Trimming Sales Tax, Adding It To Services
Minnesota would shave its sales tax rate but apply it to professional services under a biennial budget proposal by Gov. Tim Walz.
Taxation With Representation: Simpson Thacher, Covington
In this week's Taxation With Representation, Eli Lilly and Co. buys a precision breast cancer program, Applied Digital Corp. enters a financing agreement for its high-performance computing business, Clearwater... (more story)
Bad Ideas From Coast To Coast: SALT In Review
From calls for higher taxes in Washington state to New Jersey's tax credits for Netflix, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Browns Stadium Fight Belongs In Ohio State Court, Judge Told
The city of Cleveland has sued the Browns in Ohio state court in an attempt to block the NFL team's planned stadium move, as the city and the state are urging the judge in a separate federal case to toss the t... (more story)
NY Urges Retroactive Application Of P.L. 86-272 Regulations
A federal law providing limited protections against state income tax does not curb a state's authority to tax nonsolicitation business activities over the internet, and a New York rule allowing state taxation ... (more story)
Md. Gov. Pitches Taxing High Earners, Combined Reporting
Maryland's governor proposed higher income tax rates for people who make more than $500,000 and adopting water's-edge combined reporting for its corporate income tax in his 2026 budget proposal.
The city of Detroit approved a settlement Tuesday in the Michigan Tax Tribunal in a long-running tax assessment dispute stemming from a holding company's gain from selling stock in a Canadian tobacco testing company.
Maryland would impose a new tax rate on high earners, adopt combined water's-edge corporate tax reporting and lower its corporate tax rate under legislation introduced in the House of Delegates to enact propos... (more story)
Attorneys have a tendency to overestimate litigation risk before summary judgment and underestimate risk after it, but an eight-stage litigation framework can clarify risk at different points and help litigato... (more story)
Minnesota would shave its sales tax rate but apply it to professional services under a biennial budget proposal by Gov. Tim Walz.
In this week's Taxation With Representation, Eli Lilly and Co. buys a precision breast cancer program, Applied Digital Corp. enters a financing agreement for its high-performance computing business, Clearwater... (more story)
From calls for higher taxes in Washington state to New Jersey's tax credits for Netflix, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
The city of Cleveland has sued the Browns in Ohio state court in an attempt to block the NFL team's planned stadium move, as the city and the state are urging the judge in a separate federal case to toss the t... (more story)
A federal law providing limited protections against state income tax does not curb a state's authority to tax nonsolicitation business activities over the internet, and a New York rule allowing state taxation ... (more story)
Maryland's governor proposed higher income tax rates for people who make more than $500,000 and adopting water's-edge combined reporting for its corporate income tax in his 2026 budget proposal.
International More
Parliamentary Panel Faults HMRC's Customer Service
HM Revenue & Customs is failing to deliver a good service to taxpayers, with its standards sliding even lower last tax year compared with the prior year, the U.K. Parliament's Public Accounts Committee said in... (more story)
Skadden Hires Tax Pro In London From Baker McKenzie
Skadden Arps Slate Meagher & Flom LLP has hired a former Baker McKenzie partner to serve in the firm's tax group in London.
HMRC Wins Appeal In £197M BlueCrest Tax Battle
A London appeals court has sent a challenge by British-American hedge fund BlueCrest to a demand from HM Revenue and Customs for approximately £197 million ($242 million) in tax back to a lower tribunal for fr... (more story)
Gov't Gets Mixed Reception On Inheritance Tax Pension Plans
Proposals by the U.K. government to bring pension assets within the scope of inheritance tax will result in "numerous problems" and raise concerns in their current form, a trade body and consultants warned on Monday.
UK Parliament Calls New Treasury Unit 'Poorly Defined'
A new HM Treasury office set up to scrutinize fiscal policy lacks staff and its purpose is poorly defined, which means it could duplicate the work of other organizations, the U.K. Parliament's Treasury Select ... (more story)
Scottish Power Loses £28M Redress Case Against HMRC
Scottish Power lost its appeal against HM Revenue and Customs on Friday, as a tribunal ruled that the energy company was wrong to argue that just over £28 million ($34 million) in redress payments it made afte... (more story)
Small Biz Caught In Corporate Transparency Act Crossfire
Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act — and confusion over the... (more story)
HM Revenue & Customs is failing to deliver a good service to taxpayers, with its standards sliding even lower last tax year compared with the prior year, the U.K. Parliament's Public Accounts Committee said in... (more story)
Skadden Arps Slate Meagher & Flom LLP has hired a former Baker McKenzie partner to serve in the firm's tax group in London.
A London appeals court has sent a challenge by British-American hedge fund BlueCrest to a demand from HM Revenue and Customs for approximately £197 million ($242 million) in tax back to a lower tribunal for fr... (more story)
Proposals by the U.K. government to bring pension assets within the scope of inheritance tax will result in "numerous problems" and raise concerns in their current form, a trade body and consultants warned on Monday.
A new HM Treasury office set up to scrutinize fiscal policy lacks staff and its purpose is poorly defined, which means it could duplicate the work of other organizations, the U.K. Parliament's Treasury Select ... (more story)
Scottish Power lost its appeal against HM Revenue and Customs on Friday, as a tribunal ruled that the energy company was wrong to argue that just over £28 million ($34 million) in redress payments it made afte... (more story)
Despite compliance being put on hold due to a nationwide preliminary injunction, small businesses have been caught in the middle of the legal battle over the Corporate Transparency Act — and confusion over the... (more story)