3 Key Questions On Trump's Pharma Tariffs
President Donald Trump recently announced 100% tariffs on certain imported pharmaceutical products, with opportunities for drug companies to lower their tariff rates to zero, but questions remain about the requirements for preferential treatment and abilities to administer the regime. Here, Law360 examines three open questions surrounding pharmaceutical tariffs' implementation.
Colo. Senate OKs Scaled-Back Ballot Fiscal Info Plan
Colorado's voter information guide would indicate which government program areas' funding would be affected by ballot measures that boost state expenditures under legislation passed Friday by the state Senate that was reduced in scope from its original version.
Arby's Brand Sale Wasn't Business Income, Ark. Justices Say
A now-defunct corporation that was the largest franchisee of Arby's fast-food restaurants did not earn business income in Arkansas when it sold the brand because it was not in the business of disposing of such property, the state's highest court said Thursday, affirming a trial court.
3 Key Questions On Trump's Pharma Tariffs
President Donald Trump recently announced 100% tariffs on certain imported pharmaceutical products, with opportunities for drug companies to lower their tariff rates to zero, but questions remain about the requirements for preferential treatment and abilities to administer the regime. Here, Law360 examines three open questions surrounding pharmaceutical tariffs' implementation.
Colo. Senate OKs Scaled-Back Ballot Fiscal Info Plan
Colorado's voter information guide would indicate which government program areas' funding would be affected by ballot measures that boost state expenditures under legislation passed Friday by the state Senate that was reduced in scope from its original version.
Arby's Brand Sale Wasn't Business Income, Ark. Justices Say
A now-defunct corporation that was the largest franchisee of Arby's fast-food restaurants did not earn business income in Arkansas when it sold the brand because it was not in the business of disposing of such property, the state's highest court said Thursday, affirming a trial court.
Federal More
A New York attorney has filed a $3.1 million contract suit against her former employer, accusing an Oklahoma-based national litigation firm of terminating her employment after she requested an overdue invoice,... (more story)
The founder of now-defunct Buy.com told the Tenth Circuit that the IRS cannot use "a patchwork of documents" to show it didn't miss the window to hit him with a nearly $16 million tax bill, pushing for reversa... (more story)
The Internal Revenue Service fell short in its request for the full Fifth Circuit to revisit a high-profile case it lost in January over the self-employment tax exception for business partners with limited lia... (more story)
A forensic accountant testified in Florida federal court on Friday that his investigation into the finances of politician David Rivera found that no funds were given to Venezuelan opposition officials, telling... (more story)
The Internal Revenue Service's funding would be cut by $1 billion for the 2027 fiscal year under legislation advanced Friday by a House Appropriations subcommittee.
In this week's Taxation With Representation, Amazon.com Inc. buys satellite communications company Globalstar Inc., waste management company GFL Environmental Inc. acquires Secure Waste Infrastructure Corp., a... (more story)
While a New York federal court’s recent ruling in U.S. v. Heppner suggests that some litigants’ communications with AI tools are discoverable, two other recent federal court decisions demonstrate that such int... (more story)
State & Local More
Tenn. Senate OKs Tax On International Money Transfers
Tennessee would impose a tax on money transferred from the state to anywhere outside the country and U.S. territories under a bill passed by the state Senate.
What's Right Isn't Always Easy To Swallow: SALT In Review
From vodka warehoused in Maine to Nebraska's new excise on something called kratom, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
NYC Tribunal Says Case's 20-Year Hold Didn't Violate Rights
A New York City tribunal rejected an insurance agent's arguments that his tax case that was stuck on hold for nearly 20 years while he waited for a quorum to hear it should be dismissed for denying him due process.
Minn. Senate Panel Pitched On Hennepin Sales Tax Hike
Minnesota would boost the sales tax in its largest county, with some of the resulting funds dedicated to local healthcare facilities, under legislation before a Senate panel on Wednesday.
Virginia Governor Proposes Delaying Cannabis Retail Sales
Virginia Gov. Abigail Spanberger on Tuesday declined to sign into law legislation that would tax and regulate the sale of adult-use cannabis, sending the bill back to the Legislature with numerous changes, inc... (more story)
Capital One Owes Fla. Tax On Card Interest, Tax Dept. Says
A Florida trial court erred when it ruled that two Capital One entities don't owe the state taxes on credit card interest and interchange fees stemming from transactions involving Florida customers, the state'... (more story)
Maine Adopts High-Earner Tax, Updates Fed. Tax Conformity
Maine will create an income tax surtax on those earning more than $1 million, adopt a pass-through entity tax and credit and conform with some federal tax changes under a supplemental budget signed by the state's governor.
Tennessee would impose a tax on money transferred from the state to anywhere outside the country and U.S. territories under a bill passed by the state Senate.
From vodka warehoused in Maine to Nebraska's new excise on something called kratom, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
A New York City tribunal rejected an insurance agent's arguments that his tax case that was stuck on hold for nearly 20 years while he waited for a quorum to hear it should be dismissed for denying him due process.
Minnesota would boost the sales tax in its largest county, with some of the resulting funds dedicated to local healthcare facilities, under legislation before a Senate panel on Wednesday.
Virginia Gov. Abigail Spanberger on Tuesday declined to sign into law legislation that would tax and regulate the sale of adult-use cannabis, sending the bill back to the Legislature with numerous changes, inc... (more story)
A Florida trial court erred when it ruled that two Capital One entities don't owe the state taxes on credit card interest and interchange fees stemming from transactions involving Florida customers, the state'... (more story)
Maine will create an income tax surtax on those earning more than $1 million, adopt a pass-through entity tax and credit and conform with some federal tax changes under a supplemental budget signed by the state's governor.
International More
UK Co. Should Have Known About VAT Fraud, Tribunal Says
A computer company should have known it was dealing with value-added tax fraudsters whose business was too good to be true, so HMRC's denial of a nearly £430,000 ($582,000) tax deduction is valid, the First-ti... (more story)
Irish Co. Defeats £18M Tax Appeal Over Lehman Bros. Debt
HM Revenue & Customs can't retain over £18 million ($24.3 million) in a withholding tax claimed by an Irish company on debt interest from collapsed bank Lehman Brothers, a London court ruled Monday.
Reform UK Deputy Says His Co. May Have Made Tax Errors
Reform UK deputy Richard Tice said "some errors" are inevitable when running multiple businesses following a report that his investment company failed to pay almost £100,000 ($135,000) in corporate tax, adding... (more story)
Brexit Backer Owes Inheritance Tax On Donations, Court Says
A former hedge fund manager who donated about £750,000 ($1 million) to political groups that mostly advocated for Brexit isn't exempt from about £100,000 of inheritance tax on his donations, the First-tier Tri... (more story)
Furniture Cos.' $19M Captive Insurance Scam Suit Resumed
A Maryland federal court has resumed a lawsuit accusing a D.C. corporate tax attorney and his former law firm of a $19 million captive insurance scam following notification that the bankruptcy proceedings of t... (more story)
Taxing Digital Economy Gaining More Traction, OECD says
An official from the Organization for Economic Cooperation and Development said Friday that the Paris-based group is engaging in constructive dialogue on the taxation of the digital economy as interest in the subject grows.
Senate Bill Seeks To End Carried Interest Tax Break
Fund managers would face annual taxation of carried interest based on imputed compensation, instead of primarily enjoying long-term capital gains rates, under a bill introduced Thursday by Senate Finance Commi... (more story)
A computer company should have known it was dealing with value-added tax fraudsters whose business was too good to be true, so HMRC's denial of a nearly £430,000 ($582,000) tax deduction is valid, the First-ti... (more story)
HM Revenue & Customs can't retain over £18 million ($24.3 million) in a withholding tax claimed by an Irish company on debt interest from collapsed bank Lehman Brothers, a London court ruled Monday.
Reform UK deputy Richard Tice said "some errors" are inevitable when running multiple businesses following a report that his investment company failed to pay almost £100,000 ($135,000) in corporate tax, adding... (more story)
A former hedge fund manager who donated about £750,000 ($1 million) to political groups that mostly advocated for Brexit isn't exempt from about £100,000 of inheritance tax on his donations, the First-tier Tri... (more story)
A Maryland federal court has resumed a lawsuit accusing a D.C. corporate tax attorney and his former law firm of a $19 million captive insurance scam following notification that the bankruptcy proceedings of t... (more story)
An official from the Organization for Economic Cooperation and Development said Friday that the Paris-based group is engaging in constructive dialogue on the taxation of the digital economy as interest in the subject grows.
Fund managers would face annual taxation of carried interest based on imputed compensation, instead of primarily enjoying long-term capital gains rates, under a bill introduced Thursday by Senate Finance Commi... (more story)