IRS Guidance Offers Relief In Energy Credits' Sourcing Limits
The IRS issued interim guidance Thursday providing two safe harbor options for clean energy facilities or manufacturers of energy components to determine the extent to which they received material assistance from an entity tied to a foreign government that the U.S. deems adversarial.
Mass. Panel Hears Mixed Views On Delaying Tax Conformity
Massachusetts would delay conformity with federal corporate tax breaks under a bill proposed by Gov. Maura Healey and pitched to a legislative panel Thursday as a balanced approach to the changes, but labor leaders and others pushed back on adopting the tax breaks at all.
NYC Mayor Calls For Tax On Wealthy During Budget Hearing
New York City Mayor Zohran Mamdani urged lawmakers to raise taxes on the city's richest residents and most profitable corporations in his testimony before a joint session of the Legislature's tax committee Wednesday.
IRS Guidance Offers Relief In Energy Credits' Sourcing Limits
The IRS issued interim guidance Thursday providing two safe harbor options for clean energy facilities or manufacturers of energy components to determine the extent to which they received material assistance from an entity tied to a foreign government that the U.S. deems adversarial.
Mass. Panel Hears Mixed Views On Delaying Tax Conformity
Massachusetts would delay conformity with federal corporate tax breaks under a bill proposed by Gov. Maura Healey and pitched to a legislative panel Thursday as a balanced approach to the changes, but labor leaders and others pushed back on adopting the tax breaks at all.
NYC Mayor Calls For Tax On Wealthy During Budget Hearing
New York City Mayor Zohran Mamdani urged lawmakers to raise taxes on the city's richest residents and most profitable corporations in his testimony before a joint session of the Legislature's tax committee Wednesday.
Federal More
A bipartisan measure to remove federal taxes on some nonlethal weapons and exempt them from firearm control laws passed the House of Representatives on Thursday, sparking debate among lawmakers over police acc... (more story)
A Canadian man living in the U.S. was unconstitutionally fined more than $700,000 for failing to report his foreign bank accounts, he told a Washington federal court, arguing that the amount is excessive and t... (more story)
An attorney who spent more than a decade working as an attorney and reviewer at the Internal Revenue Service has joined Dinsmore & Shohl LLP's Washington, D.C., tax group, the firm announced this week.
SCOTUSblog founder Thomas Goldstein told the Maryland federal jury in his tax fraud trial Wednesday that he lost nearly $3 million playing poker in 2016, directly contradicting charges that he underreported hi... (more story)
A Washington, D.C., local law that uncouples elements of the city's tax code from federal tax law would be repealed under a resolution passed in the U.S. Senate on Wednesday.
The U.S. House of Representatives approved a resolution Wednesday evening that would end President Donald Trump's tariffs on Canadian imports, a day after Republican lawmakers were unable to pass a measure blo... (more story)
Sullivan & Cromwell LLP's tax practice showed the depth of its experience this past year, advising on multijurisdictional tax litigations to playing a key role counseling RedBird Capital Partners in a deal tha... (more story)
State & Local More
Md. Panel Told Data Center Tax Break Too Costly
Maryland should pass proposed legislation to repeal the state's tax break for data centers, the bill's sponsor told a House of Delegates committee Thursday, saying the incentive threatens to be more costly than anticipated.
Tuscaloosa, Others Give Up Ala. Remote Seller Tax Challenge
Alabama cities that were challenging the state's optional flat sales tax system for remote sellers have voluntarily dropped their suit in the hopes that the state Legislature will offer a solution.
Wash. 'Millionaires Tax' Bill Clears First Legislative Hurdle
A lawmaking committee in Washington state has advanced an amended "millionaires tax" proposal, voting mostly along party lines to pass a bill that would levy a 9.9% income tax on earnings above $1 million.
Ohio Justices Told Parking Garage Wrongly Denied Tax Break
The Ohio Board of Tax Appeals erred when it ruled that a parking garage owned by a public authority but managed by a private entity wasn't eligible for a property tax exemption, an attorney for the authority t... (more story)
NY Justice Inquires About Wayfair's Impact On PL 86-272 Rule
A New York state appellate court justice asked Wednesday whether the U.S. Supreme Court's Wayfair decision, which involved sales tax responsibilities for out-of-state sellers, can support a New York rule that ... (more story)
Ariz. House OKs Fed. Conformity, Including Corp. Tax Breaks
Arizona would conform with corporate tax and other changes in last year's federal budget bill, including its tax breaks for tips and overtime, under legislation approved Wednesday by the state House of Representatives.
Ill. Tax, Tip Swipe Fee Ban Survives Banks' Challenge
An Illinois federal judge Tuesday cleared most of a landmark Illinois law banning swipe fees on tax and tip payments to take effect this summer, dealing a major blow to banking industry groups that sought to b... (more story)
Maryland should pass proposed legislation to repeal the state's tax break for data centers, the bill's sponsor told a House of Delegates committee Thursday, saying the incentive threatens to be more costly than anticipated.
Alabama cities that were challenging the state's optional flat sales tax system for remote sellers have voluntarily dropped their suit in the hopes that the state Legislature will offer a solution.
A lawmaking committee in Washington state has advanced an amended "millionaires tax" proposal, voting mostly along party lines to pass a bill that would levy a 9.9% income tax on earnings above $1 million.
The Ohio Board of Tax Appeals erred when it ruled that a parking garage owned by a public authority but managed by a private entity wasn't eligible for a property tax exemption, an attorney for the authority t... (more story)
A New York state appellate court justice asked Wednesday whether the U.S. Supreme Court's Wayfair decision, which involved sales tax responsibilities for out-of-state sellers, can support a New York rule that ... (more story)
Arizona would conform with corporate tax and other changes in last year's federal budget bill, including its tax breaks for tips and overtime, under legislation approved Wednesday by the state House of Representatives.
An Illinois federal judge Tuesday cleared most of a landmark Illinois law banning swipe fees on tax and tip payments to take effect this summer, dealing a major blow to banking industry groups that sought to b... (more story)
International More
Gov'ts Favor Optionality In UN Tax Treaty's Dispute Protocol
Governments widely supported having the ability to choose between options for dispute resolution and prevention while making an opt-out unavailable for some methods in the dispute protocol under the United Nat... (more story)
Broker Says Denmark Can't Bring £56M Cum-Ex Fraud Claim
An English broker told Britain's top court on Thursday that Denmark's tax authority can't sue it for more than £56 million ($76 million) over a tax refund fraud, because an earlier decision in related proceedi... (more story)
Gov'ts Want Net Or Gross Option For Services In UN Tax Pact
There should be an option for taxpayers to elect gross-basis or net-basis taxation within the protocol on cross-border services under the United Nations framework convention on international tax cooperation, s... (more story)
Tax Advisers Urge EU To Scrap Disclosure Rules
The European Union should scrap rules requiring tax advisers to disclose potentially abusive cross-border strategies as it looks to update its regime for member countries' exchange of information, a European t... (more story)
Morgan Lewis Adds 30-Year Baker McKenzie Atty, Ex-Tax Chair
The former chair of Baker McKenzie's Americas tax practice has joined Morgan Lewis & Bockius LLP's Washington, D.C., team, where he'll work as a partner on transfer pricing disputes and tax matters, the firm a... (more story)
Gov'ts Want Varied Nexus In UN Treaty's Services Protocol
Business models should have different nexus rules that don't rely on physical presence in the protocol on cross-border services under the United Nations framework convention on international tax cooperation, g... (more story)
Malpractice Claim Assignability Continues To Divide Courts
Recent decisions from courts across the country demonstrate how different jurisdictions balance competing policy interests in determining whether legal malpractice claims can be assigned, providing a framework... (more story)
Governments widely supported having the ability to choose between options for dispute resolution and prevention while making an opt-out unavailable for some methods in the dispute protocol under the United Nat... (more story)
An English broker told Britain's top court on Thursday that Denmark's tax authority can't sue it for more than £56 million ($76 million) over a tax refund fraud, because an earlier decision in related proceedi... (more story)
There should be an option for taxpayers to elect gross-basis or net-basis taxation within the protocol on cross-border services under the United Nations framework convention on international tax cooperation, s... (more story)
The European Union should scrap rules requiring tax advisers to disclose potentially abusive cross-border strategies as it looks to update its regime for member countries' exchange of information, a European t... (more story)
The former chair of Baker McKenzie's Americas tax practice has joined Morgan Lewis & Bockius LLP's Washington, D.C., team, where he'll work as a partner on transfer pricing disputes and tax matters, the firm a... (more story)
Business models should have different nexus rules that don't rely on physical presence in the protocol on cross-border services under the United Nations framework convention on international tax cooperation, g... (more story)
Recent decisions from courts across the country demonstrate how different jurisdictions balance competing policy interests in determining whether legal malpractice claims can be assigned, providing a framework... (more story)