IRS Cuts May Delay Taxpayer Help Beyond 2025 Filing Season
IRS staff cuts and early retirements, driven by the White House's push to shrink government, will likely lead to longer phone hold times and reduced service and make it harder for taxpayers to get assistance for the remainder of the 2025 tax return filing season and beyond.
Minn. Law, Finance Groups Urge Sens. To Reject Services Tax
A proposed expansion of the sales tax in Minnesota to certain consumer legal and financial services would hurt residents and the state's economy, opponents of the proposal told a state Senate panel Tuesday.
Ex-Wife Of UK Activist Barred Over £319K Tax Debt
A U.K. political figure's former wife who owes about £319,000 ($413,000) in taxes has been disqualified from serving as a director of any business for the next seven years because of her failure to keep detailed financial records of her company, the U.K. Insolvency Service announced.
IRS Cuts May Delay Taxpayer Help Beyond 2025 Filing Season
IRS staff cuts and early retirements, driven by the White House's push to shrink government, will likely lead to longer phone hold times and reduced service and make it harder for taxpayers to get assistance for the remainder of the 2025 tax return filing season and beyond.
Minn. Law, Finance Groups Urge Sens. To Reject Services Tax
A proposed expansion of the sales tax in Minnesota to certain consumer legal and financial services would hurt residents and the state's economy, opponents of the proposal told a state Senate panel Tuesday.
Ex-Wife Of UK Activist Barred Over £319K Tax Debt
A U.K. political figure's former wife who owes about £319,000 ($413,000) in taxes has been disqualified from serving as a director of any business for the next seven years because of her failure to keep detailed financial records of her company, the U.K. Insolvency Service announced.
Federal More
A Maryland community bank is contesting in the U.S. Tax Court the Internal Revenue Service's decision to scrap two years' worth of tax deductions tied to a reinsurance captive, disputing the agency's findings ... (more story)
The IRS must pay nearly $169 million in refunds to tax return preparers for charging them excessive fees for special identification numbers, a D.C. federal judge ruled, a judgment the preparers requested after... (more story)
Carlton Fields has brought on a former tenured professor at Georgia State University College of Law to its team in Atlanta, strengthening its tax and business transactions practices with an attorney experience... (more story)
The U.S. Supreme Court’s recent Thompson v. U.S. decision clarified that a federal statute used to prosecute false statements made to bank regulators only criminalizes outright falsehoods, narrowing prosecutor... (more story)
A New Jersey woman should be allowed to continue challenging her tax debt in a property seizure hearing after the IRS withheld her tax refunds and dropped its levy pursuit, business and tax groups told the U.S... (more story)
McDermott Will & Emery LLP announced Monday that it has chosen a former Skadden Arps Slate Meagher & Flom LLP partner to serve as the new leader of the firm's U.K. tax office in London.
The Internal Revenue Service should bear the burden of proof in making adjustments to an amended return filed by electronics-maker Kyocera, the company argued as it urged the U.S. Tax Court to review an IRS no... (more story)
State & Local More
Youngkin Backs Off More Car Tax Relief, Taxes On Tips
Virginia Gov. Glenn Youngkin has abandoned proposals to credit some residents for car tax payments and eliminate taxes on tips after the Democratic-controlled General Assembly made it clear it would not pass t... (more story)
NJ Says NYC Congestion Pricing Fight Ripe For Decision
The Garden State's legal battle to dismantle New York's congestion pricing program can still advance even while the Metropolitan Transportation Authority fights the federal government's withdrawal of approval ... (more story)
NJ Judge Upholds Mansion Tax On Sale Of Doomed House
A New Jersey company that bought a property for $4.7 million after obtaining approval to demolish an uninhabitable farmhouse on the land and use the property for industrial purposes owes the state's so-called ... (more story)
Ky. Gov. Vetoes Bill Mandating End To Agency Deference
Kentucky's governor vetoed legislation that would have prevented courts from deferring to a state agency's interpretation of a statute or regulation, including the state Department of Revenue, saying the bill ... (more story)
Colo. Senate Panel OKs Tax Credit To Draw Sundance Festival
A proposal for a tax credit aimed at attracting the Sundance Film Festival to Colorado was advanced Tuesday by a state Senate committee as supporters continued to tout the expected economic boost should the ev... (more story)
Firms Still Have Lateral Market Advantage, But Risks Persist
Partner and associate mobility data from the fourth quarter of 2024 shows that we’re in a new, stable era of lateral hiring where firms have the edge, but leaders should proceed cautiously, looking beyond expe... (more story)
Making The Opportunity Zones Program Great At Last
As the opportunity zone program approaches its expiration, the Republican-led government could take specific steps to extend and improve the program, address its structural flaws, encourage broader participati... (more story)
Md. Panels OK High-Earner Tax Hike, IT Tax In Budget Plan
Maryland would raise its tax rate for high-income earners and create a tax on computer and information technology services under a budget package advanced by a pair of state House committees in line with a dea... (more story)
Mich. Judge Dismisses $217M Dam Repair Tax Challenge
A Michigan federal judge has dismissed a pair of lawsuits alleging a $217 million special assessment to fund the reconstruction of dams destroyed in 2020 floods was unfairly levied on certain properties, findi... (more story)
Virginia Gov. Glenn Youngkin has abandoned proposals to credit some residents for car tax payments and eliminate taxes on tips after the Democratic-controlled General Assembly made it clear it would not pass t... (more story)
The Garden State's legal battle to dismantle New York's congestion pricing program can still advance even while the Metropolitan Transportation Authority fights the federal government's withdrawal of approval ... (more story)
A New Jersey company that bought a property for $4.7 million after obtaining approval to demolish an uninhabitable farmhouse on the land and use the property for industrial purposes owes the state's so-called ... (more story)
Kentucky's governor vetoed legislation that would have prevented courts from deferring to a state agency's interpretation of a statute or regulation, including the state Department of Revenue, saying the bill ... (more story)
A proposal for a tax credit aimed at attracting the Sundance Film Festival to Colorado was advanced Tuesday by a state Senate committee as supporters continued to tout the expected economic boost should the ev... (more story)
Partner and associate mobility data from the fourth quarter of 2024 shows that we’re in a new, stable era of lateral hiring where firms have the edge, but leaders should proceed cautiously, looking beyond expe... (more story)
As the opportunity zone program approaches its expiration, the Republican-led government could take specific steps to extend and improve the program, address its structural flaws, encourage broader participati... (more story)
Maryland would raise its tax rate for high-income earners and create a tax on computer and information technology services under a budget package advanced by a pair of state House committees in line with a dea... (more story)
A Michigan federal judge has dismissed a pair of lawsuits alleging a $217 million special assessment to fund the reconstruction of dams destroyed in 2020 floods was unfairly levied on certain properties, findi... (more story)
International More
Caribbean Bank, CEO Accused Of Helping In £415M VAT Fraud
A Caribbean bank and its former CEO "knowingly" assisted in the commission of a £415 million ($536 million) value-added tax fraud, the creditors of a company allegedly linked to the scam said on the first day ... (more story)
FinCEN Exempts US Businesses From Disclosure Rules
The U.S. Department of the Treasury's financial crimes unit issued interim final rules that exempt domestic businesses from contested reporting regulations, which the department had previously signaled it woul... (more story)
Ex-UBS North America CEO Agrees To $4.9M FBAR Judgment
The former North American CEO for Swiss bank UBS on Friday agreed to a $4.9 million judgment to end claims that he failed to file timely or accurate foreign bank account reports with the Internal Revenue Servi... (more story)
We Must Allow Judges To Use Their Independent Judgment
As two recent cases show, the ability of judges to access their independent judgment crucially enables courts to exercise the discretion needed to reach the right outcome based on the unique facts within the l... (more story)
US-Swiss Agreement Exempts Retirees' Dividends, IRS Says
U.S. retirement accounts, including trusts, qualified annuity plans and other schemes, are exempt from Swiss taxes on dividends from Swiss companies in which they don't own a controlling interest, according to... (more story)
Taxation With Representation: Cravath, Paul Weiss, Cooley
In this week's Taxation With Representation, Google acquires Wiz, QXO Inc. acquires Beacon Roofing Supply, and the Boston Celtics are bought by a group led by private equity firm co-founder William Chisholm.
Informal Money Transfers Launder £2B Annually, HMRC Warns
Criminals in the U.K. are laundering an estimated £2 billion (£2.6 billion) every year via informal money transfer services, HM Revenue and Customs has warned.
A Caribbean bank and its former CEO "knowingly" assisted in the commission of a £415 million ($536 million) value-added tax fraud, the creditors of a company allegedly linked to the scam said on the first day ... (more story)
The U.S. Department of the Treasury's financial crimes unit issued interim final rules that exempt domestic businesses from contested reporting regulations, which the department had previously signaled it woul... (more story)
The former North American CEO for Swiss bank UBS on Friday agreed to a $4.9 million judgment to end claims that he failed to file timely or accurate foreign bank account reports with the Internal Revenue Servi... (more story)
As two recent cases show, the ability of judges to access their independent judgment crucially enables courts to exercise the discretion needed to reach the right outcome based on the unique facts within the l... (more story)
U.S. retirement accounts, including trusts, qualified annuity plans and other schemes, are exempt from Swiss taxes on dividends from Swiss companies in which they don't own a controlling interest, according to... (more story)
In this week's Taxation With Representation, Google acquires Wiz, QXO Inc. acquires Beacon Roofing Supply, and the Boston Celtics are bought by a group led by private equity firm co-founder William Chisholm.
Criminals in the U.K. are laundering an estimated £2 billion (£2.6 billion) every year via informal money transfer services, HM Revenue and Customs has warned.