Fla. House OKs Corp. Tax Decoupling, Other Tax Changes
Florida would decouple from many of the corporate income tax changes made in the 2025 federal budget bill, create new statewide tax exemptions and make other modifications under an omnibus bill passed Thursday by the state House.
Two Dozen States Sue Trump To Halt New Global Tariffs
A coalition of 24 states sued President Donald Trump's administration Thursday in the U.S. Court of International Trade to block global tariffs that the White House imposed shortly after the U.S. Supreme Court struck down an earlier round of tariffs.
IRS Begins Removal Of Partnership Basis-Shifting Regs
The U.S. Treasury Department and IRS officially proposed revoking partnership basis-shifting regulations Thursday that were meant to curb income tax abuse but have been criticized as burdening businesses.
Fla. House OKs Corp. Tax Decoupling, Other Tax Changes
Florida would decouple from many of the corporate income tax changes made in the 2025 federal budget bill, create new statewide tax exemptions and make other modifications under an omnibus bill passed Thursday by the state House.
Two Dozen States Sue Trump To Halt New Global Tariffs
A coalition of 24 states sued President Donald Trump's administration Thursday in the U.S. Court of International Trade to block global tariffs that the White House imposed shortly after the U.S. Supreme Court struck down an earlier round of tariffs.
IRS Begins Removal Of Partnership Basis-Shifting Regs
The U.S. Treasury Department and IRS officially proposed revoking partnership basis-shifting regulations Thursday that were meant to curb income tax abuse but have been criticized as burdening businesses.
Federal More
Federal prosecutors have accused a Miami real estate developer of leading an $85 million investment fraud scheme and failing to pay both his personal income taxes and payroll taxes for his employees, the U.S. ... (more story)
Two labor unions and a retirees group that claimed Department of Government Efficiency personnel were allowed to access the Treasury Department's computer systems can't proceed with their lawsuit, a D.C. feder... (more story)
The U.S. Department of the Treasury and the Internal Revenue Service proposed tax guidance Friday for people considering the government's offer to make $1,000 contributions under a new type of individual retir... (more story)
In this week's Taxation With Representation, British insurer Beazley accepts a cash takeover offer from Zurich Insurance Group, a consortium of investors led by Blackrock's Global Infrastructure Partners and t... (more story)
Revamped rules requiring taxpayers to disclose certain microcaptive insurance arrangements to the Internal Revenue Service do not violate the Administrative Procedure Act, a Tennessee federal judge found Thurs... (more story)
The U.S. government cannot force a Floridian facing a $28 million tax bill to repatriate assets from his trusts because they're governed by Bahamian law and thus the trustee, a Bahamian trust provider, has sol... (more story)
A recent Financial Crimes Enforcement Unit order limiting the circumstances under which banks should identify and verify beneficial owners may allow banks to tailor their approach to verification compliance, b... (more story)
State & Local More
Colo. House OKs Fiscal Info Requirement For Ballot Measures
Colorado ballot measures that would increase state expenditures without identifying corresponding revenues to pay for them would be required to explain what government operations would receive reduced funding ... (more story)
A Worthy Successor: SALT In Review
From the naming of the Multistate Tax Commission's new executive director to a bidding war for the Chicago Bears, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Colo. High-Earner Tax Plans Unlawful, State Justices Told
Proposed Colorado ballot measures that would hike taxes on high earners by creating a graduated income tax and dedicate the increased revenue to specific purposes violate the state constitution, opponents told... (more story)
Ohio Lawmakers OK Updating Conformity To Fed. Tax Code
Ohio would immediately update its conformity to the federal tax code under a bill given final passage Wednesday by the state Senate that would largely follow federal tax breaks enacted last year.
Ariz. Justices OK Manufacturing Tax Break For Launderer
An Arizona company that rents and launders textiles for the healthcare industry qualifies as a manufacturing or processing operation for purposes of a use tax exemption, the state Supreme Court ruled, reversing a lower court.
Mo. House Panel Advances Income Tax Phaseout Plan
A proposed constitutional amendment that would phase out Missouri's personal income tax in exchange for a broader sales tax base moved a step closer to going before voters Wednesday when a state House committe... (more story)
RI Budget Director Pitches New Top Income Tax Bracket
Rhode Island should create a new tax bracket on income over $1 million in its next budget and decouple from the federal tax code's research and development expense deduction, the state's budget director said i... (more story)
Colorado ballot measures that would increase state expenditures without identifying corresponding revenues to pay for them would be required to explain what government operations would receive reduced funding ... (more story)
From the naming of the Multistate Tax Commission's new executive director to a bidding war for the Chicago Bears, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Proposed Colorado ballot measures that would hike taxes on high earners by creating a graduated income tax and dedicate the increased revenue to specific purposes violate the state constitution, opponents told... (more story)
Ohio would immediately update its conformity to the federal tax code under a bill given final passage Wednesday by the state Senate that would largely follow federal tax breaks enacted last year.
An Arizona company that rents and launders textiles for the healthcare industry qualifies as a manufacturing or processing operation for purposes of a use tax exemption, the state Supreme Court ruled, reversing a lower court.
A proposed constitutional amendment that would phase out Missouri's personal income tax in exchange for a broader sales tax base moved a step closer to going before voters Wednesday when a state House committe... (more story)
Rhode Island should create a new tax bracket on income over $1 million in its next budget and decouple from the federal tax code's research and development expense deduction, the state's budget director said i... (more story)
International More
Italian Police Seize €2M In EU Tax Fraud Probe
Italian police seized almost €2 million ($2.3 million) in assets as part of an investigation into 12 people suspected of claiming European tax credits for fake energy projects, the European Public Prosecutor's... (more story)
EU Top Court Says In-Game Gold Trade Not Exempt From VAT
A Lithuanian business' proceeds from the trading of virtual gold in an online video game are not exempt from value-added tax, the European Union's top court ruled Thursday, supporting efforts from the Lithuani... (more story)
Fla. Court Urged To Toss $19M Tax Fine Decided With No Jury
A U.S.-German citizen asked a Florida federal court to toss a nearly $19.6 million tax penalty assessed by the IRS for failing to report foreign bank account information, telling a judge on Wednesday that he w... (more story)
11th Circ. Shouldn't Apply 3M Ruling To Coke, Gov't Says
The Eleventh Circuit should not apply the reasoning used by the Eighth Circuit in its October ruling for 3M Co. to allow Coca-Cola to indefinitely defer taxes it owes under IRS transfer pricing regulations, th... (more story)
Firm's Suit Against GILTI Regs Fails On Details, DC Court Told
A law firm failed to articulate the costs it incurred for complying with tax regulations for overseas income, the U.S. told a D.C. federal court, urging it to toss the firm's suit alleging the rules disproport... (more story)
Police Detain 9, Seize €13.5M In Luxury Car Tax Fraud Probe
European officials have detained nine individuals suspected of running a tax scam involving luxury cars and seized €13.5 million ($15.7 million) in assets, the European Public Prosecutor's Office said Wednesday.
DC Circ. Urged To Aid Discovery In ICE-IRS Data-Sharing Case
A taxpayer group challenging the legality of a deal allowing the Internal Revenue Service to share taxpayer location information with immigration authorities asked the D.C. Circuit to remand part of the case t... (more story)
Italian police seized almost €2 million ($2.3 million) in assets as part of an investigation into 12 people suspected of claiming European tax credits for fake energy projects, the European Public Prosecutor's... (more story)
A Lithuanian business' proceeds from the trading of virtual gold in an online video game are not exempt from value-added tax, the European Union's top court ruled Thursday, supporting efforts from the Lithuani... (more story)
A U.S.-German citizen asked a Florida federal court to toss a nearly $19.6 million tax penalty assessed by the IRS for failing to report foreign bank account information, telling a judge on Wednesday that he w... (more story)
The Eleventh Circuit should not apply the reasoning used by the Eighth Circuit in its October ruling for 3M Co. to allow Coca-Cola to indefinitely defer taxes it owes under IRS transfer pricing regulations, th... (more story)
A law firm failed to articulate the costs it incurred for complying with tax regulations for overseas income, the U.S. told a D.C. federal court, urging it to toss the firm's suit alleging the rules disproport... (more story)
European officials have detained nine individuals suspected of running a tax scam involving luxury cars and seized €13.5 million ($15.7 million) in assets, the European Public Prosecutor's Office said Wednesday.
A taxpayer group challenging the legality of a deal allowing the Internal Revenue Service to share taxpayer location information with immigration authorities asked the D.C. Circuit to remand part of the case t... (more story)