IRS Concedes To Partnership's $48M Easement Deduction
A partnership will be entitled to all of a $48.3 million tax deduction for donating a Louisiana conservation easement amid allegations that the IRS improperly backdated documents to impose civil fraud penalties and circumvent the statute of limitations, according to a decision entered Monday in the U.S. Tax Court.
Wyden Questions Leon Black On Epstein Financial Dealings
The Senate Finance Committee's top Democrat pressed Apollo Global Management co-founder Leon Black in a letter released Monday to provide more information about his financial dealings with Jeffrey Epstein, including why he agreed to pay Epstein $170 million for supposed tax and estate planning services.
Democratic AGs Demand IEEPA Tariff Refund Legislation
A group of Democratic state attorneys general pushed congressional leaders to enact legislation that would require timely refunds of all duties levied under the now-invalidated International Emergency Economic Powers Act tariffs, including interest.
IRS Concedes To Partnership's $48M Easement Deduction
A partnership will be entitled to all of a $48.3 million tax deduction for donating a Louisiana conservation easement amid allegations that the IRS improperly backdated documents to impose civil fraud penalties and circumvent the statute of limitations, according to a decision entered Monday in the U.S. Tax Court.
Wyden Questions Leon Black On Epstein Financial Dealings
The Senate Finance Committee's top Democrat pressed Apollo Global Management co-founder Leon Black in a letter released Monday to provide more information about his financial dealings with Jeffrey Epstein, including why he agreed to pay Epstein $170 million for supposed tax and estate planning services.
Democratic AGs Demand IEEPA Tariff Refund Legislation
A group of Democratic state attorneys general pushed congressional leaders to enact legislation that would require timely refunds of all duties levied under the now-invalidated International Emergency Economic Powers Act tariffs, including interest.
Federal More
Tax administrations in member countries of the Organization for Economic Cooperation and Development are using artificial intelligence mainly to detect tax evasion and fraud, the OECD reported Tuesday, saying ... (more story)
A man who missed the deadline for challenging his tax bill in the U.S. Tax Court should not be allowed extra time to make his case, the government told the Fourth Circuit on Monday, saying the deadline, despit... (more story)
A North Dakota law firm that got the U.S. Supreme Court to revive its day-late levy challenge has failed to prove that it deserved equitable tolling of its statute of limitations, the IRS told the Eighth Circuit on Monday.
A Floridian facing a $28 million tax bill cannot invoke Bahamian law to avoid repatriating funds held in two Bahamian trusts, the U.S. government told a federal court, contending he is "cherry-picking" which j... (more story)
The owner of a vertical farming business whom federal authorities sought to arrest after he failed to report to prison for tax evasion was hospitalized for a medical emergency on his way to surrender, his wife... (more story)
The Fifth Circuit on Friday vacated the Federal Trade Commission's cease-and-desist order imposed on Intuit Inc. for its TurboTax advertising that regulators say duped customers into thinking they could file t... (more story)
A Georgia conservation easement donor asked the Eleventh Circuit to resurrect a nearly $22 million deduction associated with the land donation, saying the U.S. Tax Court admitted that there was no abuse in the... (more story)
State & Local More
Wash. OKs Cash Transaction Rounding Rules As Penny Fades
Washington adopted a law on Monday allowing cash retail transactions to be rounded to the nearest nickel increment, providing clarity for Evergreen State merchants in the wake of the federal government's decis... (more story)
Ga. Updates Federal Tax Conformity, Provides Refunds
Georgia will update its conformity to the Internal Revenue Code, offer income tax exemptions for overtime and tips and provide a one-time tax refund of up to $500 per household under bills signed by Republican... (more story)
5 Tips For Navigating Your Firm's All-Attorney Summit
Law firm retreats should be approached strategically, as they present valuable opportunities to advance both the firm's objectives and attorneys' professional development through meaningful participation, buil... (more story)
Duane Morris Bolsters SF Team With Hanson Bridgett Hire
Duane Morris LLP is growing its West Coast team, bringing in a Hanson Bridgett LLP transactions attorney as a partner in its San Francisco office.
Neb. Tax Board Backs $1M Assessment Of Home
The Nebraska tax review board said that a residential property was fairly assessed at over $1 million, siding with the local assessor's sales comparison approach in an order released Friday.
Taxation With Representation: Clifford Chance, Davis Polk
In this Week's Taxation With Representation, Public Storage acquires National Storage Affiliates Trust, 3M teams up with Bain Capital to buy Madison Fire & Rescue, and Mastercard acquires stablecoin infrastructure firm BVNK.
A Ruling That Shakes Things Up In California: SALT In Review
From a monumentally important ruling against California's apportionment rules to a call for no more personal income tax in Louisiana, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Washington adopted a law on Monday allowing cash retail transactions to be rounded to the nearest nickel increment, providing clarity for Evergreen State merchants in the wake of the federal government's decis... (more story)
Georgia will update its conformity to the Internal Revenue Code, offer income tax exemptions for overtime and tips and provide a one-time tax refund of up to $500 per household under bills signed by Republican... (more story)
Law firm retreats should be approached strategically, as they present valuable opportunities to advance both the firm's objectives and attorneys' professional development through meaningful participation, buil... (more story)
Duane Morris LLP is growing its West Coast team, bringing in a Hanson Bridgett LLP transactions attorney as a partner in its San Francisco office.
The Nebraska tax review board said that a residential property was fairly assessed at over $1 million, siding with the local assessor's sales comparison approach in an order released Friday.
In this Week's Taxation With Representation, Public Storage acquires National Storage Affiliates Trust, 3M teams up with Bain Capital to buy Madison Fire & Rescue, and Mastercard acquires stablecoin infrastructure firm BVNK.
From a monumentally important ruling against California's apportionment rules to a call for no more personal income tax in Louisiana, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
International More
EU, Australia Reach Major Free Trade Deal, Cut Tariffs
The European Union and Australia on Tuesday agreed to terms of a free trade deal that would nearly zero out tariffs on trade between them following eight years of negotiations.
Brexit Donor Loses Appeal Of Inheritance Tax Bill
A political donor's bid to secure an inheritance tax exemption on £1.7 million ($2.2 million) in Brexit campaign donations made as lifetime gifts has been dismissed by a London tribunal.
Frozen Tax Thresholds Boost UK Inheritance Tax Receipts
Inheritance tax revenue is still rising due to the freeze on tax thresholds amid rising house prices, Britain's tax authority said Friday.
Aussie Tax Agency Says Pepsi's Court Win Has Limited Reach
A ruling from Australia's top court that sided with Pepsi in a long-running tax dispute is likely to have limited applications to other cases because of the beverage giant's uncommon facts, according to the Au... (more story)
Paris Firm Adds Longtime Transfer Pricing Expert
De Gaulle Fleurance, a Paris firm specializing in business law, has boosted its international tax department with the addition of a longtime expert in transfer pricing.
Tariff Refund System Testing Underway, US Customs Says
The program for U.S. importers to claim refunds for tariffs paid under the global regime struck down by the U.S. Supreme Court is undergoing testing, according to a declaration by a Customs and Border Protecti... (more story)
Texas Court Erases $7.8M In Taxes On Stored Export Oil
A Texas company storing presold crude oil to be exported to foreign countries was wrongly taxed $7.8 million by a county assessor, a state appeals court ruled Thursday, reversing a trial court decision.
The European Union and Australia on Tuesday agreed to terms of a free trade deal that would nearly zero out tariffs on trade between them following eight years of negotiations.
A political donor's bid to secure an inheritance tax exemption on £1.7 million ($2.2 million) in Brexit campaign donations made as lifetime gifts has been dismissed by a London tribunal.
Inheritance tax revenue is still rising due to the freeze on tax thresholds amid rising house prices, Britain's tax authority said Friday.
A ruling from Australia's top court that sided with Pepsi in a long-running tax dispute is likely to have limited applications to other cases because of the beverage giant's uncommon facts, according to the Au... (more story)
De Gaulle Fleurance, a Paris firm specializing in business law, has boosted its international tax department with the addition of a longtime expert in transfer pricing.
The program for U.S. importers to claim refunds for tariffs paid under the global regime struck down by the U.S. Supreme Court is undergoing testing, according to a declaration by a Customs and Border Protecti... (more story)
A Texas company storing presold crude oil to be exported to foreign countries was wrongly taxed $7.8 million by a county assessor, a state appeals court ruled Thursday, reversing a trial court decision.