House's ACA Credit Expansion Edges Toward Vote
The House of Representatives voted Wednesday to begin debate on legislation that would reinstate the expired Affordable Care Act's enhanced premium tax credit for three more years.
Ga. Republicans Outline $16B Plan To End State Income Tax
Georgia Republican lawmakers laid out a $16 billion proposal Wednesday to abolish the state's income tax, a plan that would gradually reduce the levy over the next six years with a goal of complete elimination by 2032.
IRS Mulling Budget Bill's Changes To CFC Rules, Official Says
The Internal Revenue Service is weighing a balance between precision and administrability as it works on guidance for U.S. shareholders of foreign companies after the federal budget bill changed how to allocate overseas income, an agency official said Wednesday.
House's ACA Credit Expansion Edges Toward Vote
The House of Representatives voted Wednesday to begin debate on legislation that would reinstate the expired Affordable Care Act's enhanced premium tax credit for three more years.
Ga. Republicans Outline $16B Plan To End State Income Tax
Georgia Republican lawmakers laid out a $16 billion proposal Wednesday to abolish the state's income tax, a plan that would gradually reduce the levy over the next six years with a goal of complete elimination by 2032.
IRS Mulling Budget Bill's Changes To CFC Rules, Official Says
The Internal Revenue Service is weighing a balance between precision and administrability as it works on guidance for U.S. shareholders of foreign companies after the federal budget bill changed how to allocate overseas income, an agency official said Wednesday.
Federal More
The Internal Revenue Service floated changes Thursday to withholding rules for organizations such as PayPal and Venmo that make payments to settle third-party network transactions, saying the move would align ... (more story)
Recent changes to the commentary on when a home office gives rise to a permanent establishment in the OECD model tax treaty reflect delegates' unhappiness with previous language on the availability of an offic... (more story)
The U.S. Department of the Treasury plans to issue a summary of the IRS' successes in conservation easement cases as it works on a final settlement initiative for hundreds of remaining disputes, a department o... (more story)
The Internal Revenue Service improperly backdated documents to impose steep civil fraud penalties over a claimed $48 million deduction for a Louisiana conservation easement donation and bypass the statute of l... (more story)
The standard for willful failure to report foreign bank accounts includes reckless conduct, and a 6% late payment penalty is mandatory for a couple who neglected fines for stashing millions in an undisclosed S... (more story)
Taxpayers will need to adjust approaches to dealing with the IRS in 2026, as the agency is likely to shift its audit strategies and increases reliance on technology following the significant reductions in fund... (more story)
Federal prosecutors preparing to try SCOTUSblog founder Tom Goldstein for tax crimes next week are looking to use his comments in a New York Times Magazine article against him, claiming that admissions and det... (more story)
State & Local More
Mich. Again Falls Short In Bid To Ax Challenge To 24% Pot Tax
A Michigan federal judge is standing firm in her decision to allow industry members to proceed with a portion of their challenge to the state's excise tax on wholesale marijuana sales, finding that the state h... (more story)
Ore. Gov. Seeks Repeal Of Transportation Funding Package
Oregon's governor said Wednesday that lawmakers should repeal a transportation package with tax and fee increases passed last year that is now slated for a voter referendum in November.
Ore. Tax Court Won't Limit Chevron Order To Enable Appeal
Chevron's tax and penalty refund requests from Oregon totaling $14.8 million were part of a single claim, the state Tax Court found, declining to limit its judgment against the company to an apportionment ques... (more story)
Paul Hastings Adds Ex-Cravath Tax Pro To Growing M&A Team
After adding 20 partners to its mergers and acquisitions platform over the past two years, Paul Hastings LLP announced on Tuesday that it has hired a former Cravath Swaine & Moore LLP partner who advises on th... (more story)
Gibson Dunn Adds Sidley Tax Pro In Silicon Valley
Gibson Dunn & Crutcher LLP announced Monday that it has bulked up its tax practice group with a partner in Palo Alto, California, who previously co-led the global tax practice and headed up the West Coast tax ... (more story)
Ore. Voters To Have Say On Blocking Transportation Tax Hikes
A proposed Oregon referendum to block recently passed fuel and payroll tax hikes has enough valid signatures to qualify for the November ballot, state election officials said.
Ore. Tax On Delta Intangibles Unlawful, High Court Told
Oregon's taxation of Delta Air Lines' intangible property violates the equal protection clause of the U.S. Constitution, a pair of business groups told the U.S. Supreme Court, urging it to review an Oregon Sup... (more story)
Hilton Hotel Tax Valuation Rightly Cut, Minn. Justices Told
Minnesota's tax court was correct in reducing the tax valuations of a Hilton hotel and convention center, which included a $70 million drop in one year, the property owner told the Minnesota Supreme Court.
IRS Floats Updates To Fee Paid By Brand Drugmakers
The Internal Revenue Service floated updates to regulations governing how branded prescription drug manufacturers or importers should calculate an annual fee established by the Affordable Care Act, a move the ... (more story)
A Michigan federal judge is standing firm in her decision to allow industry members to proceed with a portion of their challenge to the state's excise tax on wholesale marijuana sales, finding that the state h... (more story)
Oregon's governor said Wednesday that lawmakers should repeal a transportation package with tax and fee increases passed last year that is now slated for a voter referendum in November.
Chevron's tax and penalty refund requests from Oregon totaling $14.8 million were part of a single claim, the state Tax Court found, declining to limit its judgment against the company to an apportionment ques... (more story)
After adding 20 partners to its mergers and acquisitions platform over the past two years, Paul Hastings LLP announced on Tuesday that it has hired a former Cravath Swaine & Moore LLP partner who advises on th... (more story)
Gibson Dunn & Crutcher LLP announced Monday that it has bulked up its tax practice group with a partner in Palo Alto, California, who previously co-led the global tax practice and headed up the West Coast tax ... (more story)
A proposed Oregon referendum to block recently passed fuel and payroll tax hikes has enough valid signatures to qualify for the November ballot, state election officials said.
Oregon's taxation of Delta Air Lines' intangible property violates the equal protection clause of the U.S. Constitution, a pair of business groups told the U.S. Supreme Court, urging it to review an Oregon Sup... (more story)
Minnesota's tax court was correct in reducing the tax valuations of a Hilton hotel and convention center, which included a $70 million drop in one year, the property owner told the Minnesota Supreme Court.
The Internal Revenue Service floated updates to regulations governing how branded prescription drug manufacturers or importers should calculate an annual fee established by the Affordable Care Act, a move the ... (more story)
International More
HSBC To Pay €300M To Settle French Tax Fraud Probe
HSBC has agreed to pay French authorities more than €300 million ($350 million) in fines and unpaid taxes to settle a criminal probe into how the bank's Paris branch handled dividend arbitrage transactions bet... (more story)
OECD Project Seeks To Ease Access To Tax Dispute Process
A new project at the OECD will aim to ensure that double-tax cases are eligible to be resolved through bilateral government negotiations under treaties no matter how they're characterized by a country's tax au... (more story)
Gov't Slow-Rolling Lower Fee For Expatriation, Court Told
The U.S. State Department has impermissibly slow-walked the rollout of a reduced fee for renouncing U.S. citizenship, a Paris-based group that represents Americans permanently residing abroad told a D.C. federal court.
IRS Appeals Pause Of ICE Info-Sharing Agreement
The Internal Revenue Service is appealing to the D.C. Circuit a federal court order temporarily stopping the agency from sharing confidential taxpayer addresses with immigration enforcement officials, accordin... (more story)
Tax Firm Says IRS Can't Justify Microcaptive Reporting Rules
A global tax services provider urged a Texas federal court to vacate tax reporting rules for microcaptive insurance companies, arguing that the Internal Revenue Service failed to provide evidence of tax evasio... (more story)
Md. Railway Distributor Exec Sued Over Alleged Asset Looting
Chinese railway equipment manufacturer Anyang Railway Equipment Co. Ltd. has filed suit in Maryland federal court, claiming the sole executive and majority shareholder of a railway distribution company, in whi... (more story)
EU Sets Default Emission Levels For Carbon Border Tax
The European Union released default levels of greenhouse gas emissions that importers must use to calculate liabilities for the newly enforced carbon border adjustment mechanism when they lack reliable informa... (more story)
HSBC has agreed to pay French authorities more than €300 million ($350 million) in fines and unpaid taxes to settle a criminal probe into how the bank's Paris branch handled dividend arbitrage transactions bet... (more story)
A new project at the OECD will aim to ensure that double-tax cases are eligible to be resolved through bilateral government negotiations under treaties no matter how they're characterized by a country's tax au... (more story)
The U.S. State Department has impermissibly slow-walked the rollout of a reduced fee for renouncing U.S. citizenship, a Paris-based group that represents Americans permanently residing abroad told a D.C. federal court.
The Internal Revenue Service is appealing to the D.C. Circuit a federal court order temporarily stopping the agency from sharing confidential taxpayer addresses with immigration enforcement officials, accordin... (more story)
A global tax services provider urged a Texas federal court to vacate tax reporting rules for microcaptive insurance companies, arguing that the Internal Revenue Service failed to provide evidence of tax evasio... (more story)
Chinese railway equipment manufacturer Anyang Railway Equipment Co. Ltd. has filed suit in Maryland federal court, claiming the sole executive and majority shareholder of a railway distribution company, in whi... (more story)
The European Union released default levels of greenhouse gas emissions that importers must use to calculate liabilities for the newly enforced carbon border adjustment mechanism when they lack reliable informa... (more story)