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Bermuda Firm Owes UK Tax In £41M Dispute, Tribunal Rules
A Bermuda-based investment firm was a U.K. tax resident for several years and therefore may be liable for over £40.5 million ($54.3 million) in corporate tax because its beneficiary had effective control, a London tribunal ruled.
Blanche's Nix Of Trump's $1.8B Fund Wins Over GOP Sens.
Two holdout GOP senators said Monday that they would support confirmation of acting Attorney General Todd Blanche to the permanent role after he gave assurances that President Donald Trump's $1.8 billion "anti-weaponization" fund, created as part of a settlement with the IRS, would not move forward.
Wash. Tax Carrot Attracts Fewer Than 100 Foreign Sellers
Washington's first-in-the-nation sales tax settlement program for unregistered foreign sellers attracted roughly 59 participants, and details on the amount of revenue the initiative generated should be available in the coming months, a state Department of Revenue manager told Law360.
Bermuda Firm Owes UK Tax In £41M Dispute, Tribunal Rules
A Bermuda-based investment firm was a U.K. tax resident for several years and therefore may be liable for over £40.5 million ($54.3 million) in corporate tax because its beneficiary had effective control, a London tribunal ruled.
Blanche's Nix Of Trump's $1.8B Fund Wins Over GOP Sens.
Two holdout GOP senators said Monday that they would support confirmation of acting Attorney General Todd Blanche to the permanent role after he gave assurances that President Donald Trump's $1.8 billion "anti-weaponization" fund, created as part of a settlement with the IRS, would not move forward.
Wash. Tax Carrot Attracts Fewer Than 100 Foreign Sellers
Washington's first-in-the-nation sales tax settlement program for unregistered foreign sellers attracted roughly 59 participants, and details on the amount of revenue the initiative generated should be available in the coming months, a state Department of Revenue manager told Law360.
Federal More
U.S. Treasury Department officials subjected a Chinese American IRS senior manager to a campaign of discrimination and harassment, including removal from her leadership position and replacement by a white male... (more story)
Law360 is pleased to announce the Rising Stars of 2026, our list of more than 160 attorneys under 40 whose legal accomplishments belie their age.
President Donald Trump will ask the Eleventh Circuit to overturn a Florida federal judge's order blocking a settlement deal that would have given him and others broad protection from federal tax audits and inv... (more story)
A federal court correctly ruled that Alabama localities could not impose sales taxes on rail carriers' diesel fuel purchases, because a corresponding state-level tax was found to be discriminatory and the auth... (more story)
In this week's Taxation With Representation, DCC Energy PLC backs a takeover offer from investment firm KKR and Energy Capital Partners, the parent company of the New York Stock Exchange acquires MarketAxess H... (more story)
U.S. pharmaceutical giants aren't expected to face various tariff rates up to 100% on certain imported patented drugs and ingredients beginning Friday, but all importers must begin to classify their goods that... (more story)
An Ohio federal court must decide whether an IRS worker gave up her disability bias and retaliation claims against the U.S. Treasury Department in a resignation agreement, a split Sixth Circuit panel ruled, re... (more story)
State & Local More
Childcare Timely Sought Tax Exemption, Minn. Justices Told
A Minnesota childcare center that missed a county deadline for claiming a tax exemption was still entitled to secure the tax break through an appeal to the state's tax court, the center's owner told the state Supreme Court.
NY Takes Aim At Kalshi's 'Illegal Gambling Operation'
New York sued Kalshi in state court early Friday, alleging that the prediction market giant is running a vast "illegal gambling operation" by allowing customers to trade on the outcomes of events across sports... (more story)
MTC On Track To Approve Updated Airline Tax Rule, Atty Says
The Multistate Tax Commission appears to have approved updating a sourcing regulation for airlines to account for income generated from Wi-Fi access and other modern activities, an MTC attorney told Law360 on ... (more story)
Assessing The Benefits Of Fla.'s Newest Business Structure
As of July 1, Florida business owners can create protected series LLCs to shield assets from liability while avoiding increased costs and wasted time, but burdensome recordkeeping obligations are crucial to ma... (more story)
Kalshi Sports Offerings Appear On Shaky Ground At 6th Circ.
A Sixth Circuit panel looked askance at Kalshi's push to have its sports event contracts shielded from state gambling regulators Thursday, pointedly questioning the prediction market giant about the difference... (more story)
Justices' Tax Sale Ruling Tees Up Auction Fairness Battles
The U.S. Supreme Court’s recent decision in Pung v. Isabella County, Michigan, that taxpayers are not entitled to fair market value of real property seized to satisfy a tax debt shifts attention to the fairnes... (more story)
Property's $108M Valuation Unfounded, Minn. Justices Told
The Minnesota Tax Court's $108 million valuation of a Minneapolis office building is not backed by the evidence, the building owner told the Minnesota Supreme Court, asserting that the local assessor's apprais... (more story)
A Minnesota childcare center that missed a county deadline for claiming a tax exemption was still entitled to secure the tax break through an appeal to the state's tax court, the center's owner told the state Supreme Court.
New York sued Kalshi in state court early Friday, alleging that the prediction market giant is running a vast "illegal gambling operation" by allowing customers to trade on the outcomes of events across sports... (more story)
The Multistate Tax Commission appears to have approved updating a sourcing regulation for airlines to account for income generated from Wi-Fi access and other modern activities, an MTC attorney told Law360 on ... (more story)
As of July 1, Florida business owners can create protected series LLCs to shield assets from liability while avoiding increased costs and wasted time, but burdensome recordkeeping obligations are crucial to ma... (more story)
A Sixth Circuit panel looked askance at Kalshi's push to have its sports event contracts shielded from state gambling regulators Thursday, pointedly questioning the prediction market giant about the difference... (more story)
The U.S. Supreme Court’s recent decision in Pung v. Isabella County, Michigan, that taxpayers are not entitled to fair market value of real property seized to satisfy a tax debt shifts attention to the fairnes... (more story)
The Minnesota Tax Court's $108 million valuation of a Minneapolis office building is not backed by the evidence, the building owner told the Minnesota Supreme Court, asserting that the local assessor's apprais... (more story)
International More
Nations Continue Push To Avoid Duplication In UN Tax Treaty
Several countries continued to push for avoiding duplication of other international tax work during Monday's opening of a two-week negotiating session for the draft proposal of the United Nations' framework co... (more story)
Canada Imposes Temporary Cabinet Tariff But Exempts US
Certain wood cabinets and vanities will be subject to a 25% surtax when imported into Canada under a temporary provision designed to protect the country's softwood lumber industry, though the Canadian governme... (more story)
NGO Seeks UN Push For Unitary Tax To Tackle Profit Shifting
Officials contributing to the United Nations tax talks should explicitly commit to a system of global unitary taxation to tackle corporate profit shifting, an advocacy group said.
Perenco Beats HMRC's Challenge Of £39M In Tax Allowances
British oil company Perenco is entitled to tax allowances of £39 million ($52.5 million) on the purchase of BP oilfields even though it agreed to sell part of the sites to Premier Oil days later, a London trib... (more story)
Airbus Pays HMRC £6.4M Over Export Control Breaches
Aerospace giant Airbus reached an agreement with the U.K. tax authority to pay £6.4 million ($8.6 million) to settle claims that the company breached export control rules, the agency announced Thursday.
Bressler Grows In Northeast, Southeast With Atty Trio Hire
Bressler Amery & Ross PC announced Wednesday that the firm has added three attorneys in Alabama, Florida and New Jersey to bolster its capabilities in commercial litigation, insurance defense, tax, trusts and estates.
CORRECTED: Tipster's Info Didn't Aid IRS Audit Of Co., DC Circ. Told
The Internal Revenue Service appropriately denied a whistleblower award to an individual alleging that a company underpaid taxes by not following transfer pricing regulations, the U.S. government told the D.C.... (more story)
Several countries continued to push for avoiding duplication of other international tax work during Monday's opening of a two-week negotiating session for the draft proposal of the United Nations' framework co... (more story)
Certain wood cabinets and vanities will be subject to a 25% surtax when imported into Canada under a temporary provision designed to protect the country's softwood lumber industry, though the Canadian governme... (more story)
Officials contributing to the United Nations tax talks should explicitly commit to a system of global unitary taxation to tackle corporate profit shifting, an advocacy group said.
British oil company Perenco is entitled to tax allowances of £39 million ($52.5 million) on the purchase of BP oilfields even though it agreed to sell part of the sites to Premier Oil days later, a London trib... (more story)
Aerospace giant Airbus reached an agreement with the U.K. tax authority to pay £6.4 million ($8.6 million) to settle claims that the company breached export control rules, the agency announced Thursday.
Bressler Amery & Ross PC announced Wednesday that the firm has added three attorneys in Alabama, Florida and New Jersey to bolster its capabilities in commercial litigation, insurance defense, tax, trusts and estates.
The Internal Revenue Service appropriately denied a whistleblower award to an individual alleging that a company underpaid taxes by not following transfer pricing regulations, the U.S. government told the D.C.... (more story)