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Illinois Adds Taxes On Digital Ads, Crypto, Prediction Markets
Illinois will tax digital advertising, social media platforms, cryptocurrency, prediction markets and more under a nearly $56 billion budget signed Tuesday by Democratic Gov. JB Pritzker.
Revamp Of EU Tax Rules Set To Change Reporting Hallmarks
A shake-up of European Union rules on tax information sharing is set to change criteria that trigger reporting obligations, notably tweaking hallmarks of potentially aggressive tax arrangements, according to draft revisions seen Tuesday by Law360.
HMRC Can Levy Exit Tax On Trust's £142M Gains, Court Rules
Britain's tax authority can collect an exit tax charged on over £142 million ($190 million) in gains from a real estate company and on over £330,000 in assets from a family trust, provided that the tax is paid in a five-year installment plan, a London court ruled.
Illinois Adds Taxes On Digital Ads, Crypto, Prediction Markets
Illinois will tax digital advertising, social media platforms, cryptocurrency, prediction markets and more under a nearly $56 billion budget signed Tuesday by Democratic Gov. JB Pritzker.
Revamp Of EU Tax Rules Set To Change Reporting Hallmarks
A shake-up of European Union rules on tax information sharing is set to change criteria that trigger reporting obligations, notably tweaking hallmarks of potentially aggressive tax arrangements, according to draft revisions seen Tuesday by Law360.
HMRC Can Levy Exit Tax On Trust's £142M Gains, Court Rules
Britain's tax authority can collect an exit tax charged on over £142 million ($190 million) in gains from a real estate company and on over £330,000 in assets from a family trust, provided that the tax is paid in a five-year installment plan, a London court ruled.
Federal More
The Second Circuit issued a summary order Tuesday affirming the conviction of a Connecticut man who pled guilty to tax crimes, disagreeing that allegedly misleading advice from trial attorneys about the immigr... (more story)
An Israeli law firm cannot challenge IRS regulations implementing the 2017 tax law's global intangible low-taxed income regime largely because any connected compliance burden is borne by its U.S. shareholder, ... (more story)
The U.S. Supreme Court's recent decision upholding federal agency fines without a jury trial doesn't undermine a challenge against IRS penalties tied to a charitable tax deduction for a Louisiana conservation ... (more story)
A Maryland federal judge on Tuesday denied SCOTUSblog founder Tom Goldstein's bid for an acquittal or new trial, rejecting his claims that issues with jury instructions and excluded evidence warranted a do-ove... (more story)
European Union lawmakers voted Tuesday to approve legislation implementing the bloc's safeguard-bolstered trade deal with the U.S. founded on a series of tariff cuts, moving one step closer to implementation t... (more story)
An IRS directive issued last month ordering the removal of flyers and other materials promoting the National Treasury Employees Union is a "textbook example" of First Amendment violations, the NTEU told a Dist... (more story)
An Atlanta attorney was sentenced to more than one year in federal prison after evading almost $1.5 million in federal income taxes from 2016 through 2019, a Georgia federal court announced Monday.
State & Local More
Va. Budget Deal Sets 2027 Launch For Retail Cannabis
Virginia's governor and lawmakers on Tuesday announced an agreement to tax and regulate the sale of adult-use cannabis with sales beginning in July 2027.
Fla. Decouples From 2025 Fed. Law's Corporate Tax Breaks
Florida, citing what legislators identified as the negative revenue impacts of corporate tax breaks in last year's federal budget bill, will decouple from many of those breaks under legislation signed by Repub... (more story)
Building's $108M Taxable Value Too High, Minn. Justices Told
A Minnesota office building was overvalued at $108 million, its owner told the state Supreme Court, challenging the state tax court's reconciliation of competing appraisers' conclusions and other matters.
Economic Questions To Ask Amid Tariff Refund Class Actions
The U.S. Supreme Court's recent holding that the International Emergency Economic Powers Act doesn't authorize the president to impose tariffs has sparked class actions, but determining whether a retailer rece... (more story)
DC Court OKs $6M Tax Bill For Merger Property Transfer
The 2002 title transfer of a Washington, D.C., property resulting from the merger of a partnership and a limited liability company was subject to the district's real estate recordation and transfer taxes, an a... (more story)
RI Enacts $15B Budget With Phased-In Millionaires Tax
Rhode Island will create a phased-in surcharge on income over $1 million and decouple the state from some federal budget provisions under a $15.2 billion budget plan signed by the state's governor Friday.
Fox Rothschild Hires Tax Atty From McDermott In DC
Fox Rothschild LLP has hired a former tax attorney from McDermott Will & Schulte LLP who is bringing his advisory practice focused on sophisticated tax planning and structuring matters to the Washington, D.C.,... (more story)
Virginia's governor and lawmakers on Tuesday announced an agreement to tax and regulate the sale of adult-use cannabis with sales beginning in July 2027.
Florida, citing what legislators identified as the negative revenue impacts of corporate tax breaks in last year's federal budget bill, will decouple from many of those breaks under legislation signed by Repub... (more story)
A Minnesota office building was overvalued at $108 million, its owner told the state Supreme Court, challenging the state tax court's reconciliation of competing appraisers' conclusions and other matters.
The U.S. Supreme Court's recent holding that the International Emergency Economic Powers Act doesn't authorize the president to impose tariffs has sparked class actions, but determining whether a retailer rece... (more story)
The 2002 title transfer of a Washington, D.C., property resulting from the merger of a partnership and a limited liability company was subject to the district's real estate recordation and transfer taxes, an a... (more story)
Rhode Island will create a phased-in surcharge on income over $1 million and decouple the state from some federal budget provisions under a $15.2 billion budget plan signed by the state's governor Friday.
Fox Rothschild LLP has hired a former tax attorney from McDermott Will & Schulte LLP who is bringing his advisory practice focused on sophisticated tax planning and structuring matters to the Washington, D.C.,... (more story)
International More
KC Defends Gardener Trust Deal In £2M Evasion Trial
A senior barrister accused of cheating the public purse out of almost £2 million ($2.7 million) argued Tuesday that his former gardener perfectly understood that an agreement to be compensated for his services... (more story)
Dutch Gov't Rejects National Parcel Handling Fee
The Dutch government rejected a request from lawmakers to introduce a national handling fee for parcels and will instead rely on measures at the European Union level.
Disqualified Director Jailed For £3M Fraud, Money Laundering
A company director has been sentenced to four years in prison for diverting more than £3 million ($4 million) through an insolvency fraud and money laundering scheme, the Insolvency Service said.
KC Says He Was Entitled To Cut Tax Bill In £2M Evasion Case
A senior barrister accused of cheating the public purse out of almost £2 million ($2.7 million) told a court on Monday that he was "morally entitled" to pursue a strategy to reduce his tax liability.
Global Minimum Tax Was A Bad Bargain, Tax Pros Say
The global minimum tax known as Pillar Two had the paradoxical goal of increasing countries' taxing power by having them cede some of their authority to set corporate rates — and ultimately would have hurt bot... (more story)
Biz Groups Back Liberty Global In $2.4B Tax Substance Fight
The Tenth Circuit should reconsider its decision denying telecommunications company Liberty Global a $2.4 billion income deduction, the U.S. Chamber of Commerce and other groups said, arguing the court excessi... (more story)
EU States Aim To Expand Carbon Border Tax Downstream
The European Union's council of ministers wants to expand the bloc's tax on emissions-intensive imports from raw materials to a selection of downstream products containing steel and aluminum while also closing... (more story)
A senior barrister accused of cheating the public purse out of almost £2 million ($2.7 million) argued Tuesday that his former gardener perfectly understood that an agreement to be compensated for his services... (more story)
The Dutch government rejected a request from lawmakers to introduce a national handling fee for parcels and will instead rely on measures at the European Union level.
A company director has been sentenced to four years in prison for diverting more than £3 million ($4 million) through an insolvency fraud and money laundering scheme, the Insolvency Service said.
A senior barrister accused of cheating the public purse out of almost £2 million ($2.7 million) told a court on Monday that he was "morally entitled" to pursue a strategy to reduce his tax liability.
The global minimum tax known as Pillar Two had the paradoxical goal of increasing countries' taxing power by having them cede some of their authority to set corporate rates — and ultimately would have hurt bot... (more story)
The Tenth Circuit should reconsider its decision denying telecommunications company Liberty Global a $2.4 billion income deduction, the U.S. Chamber of Commerce and other groups said, arguing the court excessi... (more story)
The European Union's council of ministers wants to expand the bloc's tax on emissions-intensive imports from raw materials to a selection of downstream products containing steel and aluminum while also closing... (more story)