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Developers Stumped By Energy Credits' Foreign Debt Limits
Developers seeking to finalize projects financed with clean energy tax credits and several loans are hitting a roadblock in demonstrating to the IRS that their debt has limited ties to prohibited foreign entities, a requirement for qualifying for the incentives.
Calif.'s Global Reporting Bill Could Embolden Other States
A California bill that would require multinational corporations to report their global profits could spark similar legislation across the U.S. if lawmakers of revenue-hungry states perceive shortcomings in federal and international efforts to tackle profit shifting.
Irish Presidency Outlines Forecast For EU Tax Info Shake-Up
The incoming Irish presidency of the Council of the European Union outlined predictions for EU tax changes — including some related to information sharing — in a note to policy experts seen by Law360 on Friday.
Developers Stumped By Energy Credits' Foreign Debt Limits
Developers seeking to finalize projects financed with clean energy tax credits and several loans are hitting a roadblock in demonstrating to the IRS that their debt has limited ties to prohibited foreign entities, a requirement for qualifying for the incentives.
Calif.'s Global Reporting Bill Could Embolden Other States
A California bill that would require multinational corporations to report their global profits could spark similar legislation across the U.S. if lawmakers of revenue-hungry states perceive shortcomings in federal and international efforts to tackle profit shifting.
Irish Presidency Outlines Forecast For EU Tax Info Shake-Up
The incoming Irish presidency of the Council of the European Union outlined predictions for EU tax changes — including some related to information sharing — in a note to policy experts seen by Law360 on Friday.
Federal More
A Maryland federal judge has agreed to push SCOTUSblog founder Thomas Goldstein's sentencing to July, after federal prosecutors speculated that his defense attorneys might come to the previously scheduled June... (more story)
The IRS overvalued works in the estate of artist Carmen Herrera by $9 million, the estate told the U.S. Tax Court, saying the agency erred in basing its estimation of her later work on the sales of her earlier... (more story)
Telecommunications firm Liberty Global wants another shot at showing the Tenth Circuit that it's entitled to a $2.4 billion deduction linked to transactions with foreign affiliates, claiming the court misappli... (more story)
Reality television stars Todd and Julie Chrisley, who were pardoned by President Donald Trump in May 2025 after serving over two years in prison for financial crimes, filed suit against Balch & Bingham LLP and... (more story)
Oklahoma-based Arnold & Smith Law PLLC on Friday asked a New York federal judge to dismiss a New York attorney's lawsuit accusing the firm of misclassifying employees as contractors to avoid paying benefits, s... (more story)
A senior vice president with Aon's global mergers and acquisitions and transactions solutions team has rejoined McGuireWoods LLP as a partner in San Francisco, the firm announced Monday.
The U.S. government urged a Texas federal court to uphold transfer pricing regulations that pharmaceutical giant McKesson is challenging in its push for a nearly $10 million tax refund, arguing the rules fall ... (more story)
State & Local More
Philly Mayor's Hotel, Ride-Share Taxes Nixed By Council
Philadelphia would not increase its tax on hotel stays in the city, impose a tax on ride-sharing or impose a tax on retail deliveries in the city in a draft 2027 budget passed by the City Council without the m... (more story)
Neb. Justices Say MLB Can't Protest $2.5M Tax Recapture
The Nebraska Supreme Court ruled Friday that a division of Major League Baseball can't protest the state tax agency's denial of its tax incentive transfer to a third party for a data center project and the rec... (more story)
Taxation With Representation: Simpson Thacher, Fried Frank
In this week's Taxation With Representation, Berkshire Hathaway Inc. takes Taylor Morrison Home Corp. private, global real estate investment company Kennedy Wilson forms a residential joint venture with Nether... (more story)
State Tax Pros Say Federal Coupling Is No Longer Routine
States' decisions of whether to conform their tax codes to the federal code, at one time a matter of routine, have become increasingly complex, state tax professionals said Thursday.
Feds Appeal Trade Court's Emergency Tariff Refund Order
The federal government has appealed the U.S. Court of International Trade's order requiring refunds on all duties paid under the International Emergency Economic Powers Act after the U.S. Supreme Court struck ... (more story)
Wash. Justices Won't Review Card Processor's Tax Refund
Washington state's high court declined to review a lower court decision finding that the state's tax agency wrongly included fees charged by issuing banks in a credit card processor's gross income calculation.
NY AG Must Preserve Cohen Docs In Trump's Civil Fraud Case
The New York state trial court judge overseeing President Donald Trump's civil fraud case granted his request to preserve notes from private meetings between state litigators and Trump's former attorney Michae... (more story)
Philadelphia would not increase its tax on hotel stays in the city, impose a tax on ride-sharing or impose a tax on retail deliveries in the city in a draft 2027 budget passed by the City Council without the m... (more story)
The Nebraska Supreme Court ruled Friday that a division of Major League Baseball can't protest the state tax agency's denial of its tax incentive transfer to a third party for a data center project and the rec... (more story)
In this week's Taxation With Representation, Berkshire Hathaway Inc. takes Taylor Morrison Home Corp. private, global real estate investment company Kennedy Wilson forms a residential joint venture with Nether... (more story)
States' decisions of whether to conform their tax codes to the federal code, at one time a matter of routine, have become increasingly complex, state tax professionals said Thursday.
The federal government has appealed the U.S. Court of International Trade's order requiring refunds on all duties paid under the International Emergency Economic Powers Act after the U.S. Supreme Court struck ... (more story)
Washington state's high court declined to review a lower court decision finding that the state's tax agency wrongly included fees charged by issuing banks in a credit card processor's gross income calculation.
The New York state trial court judge overseeing President Donald Trump's civil fraud case granted his request to preserve notes from private meetings between state litigators and Trump's former attorney Michae... (more story)
International More
Inheritance Tax Penalties Surge By 35%, Data Shows
Britain's tax authority imposed 35% more penalties for late inheritance tax returns in tax year 2024-25 compared with 2020-21, according to government data released by a law firm Saturday.
11th Circ. Lets Man Fight $2.2M FBAR Penalties As Excessive
A Georgia federal court correctly found that the owner of a sports equipment business willfully failed to disclose his foreign bank accounts, but it must give him a chance to challenge $2.2 million in resultin... (more story)
Abbott Says Timing Mismatch Lets $8B Gain Go Untaxed
Abbott Laboratories asked the U.S. Tax Court to find that it needn't recognize an $8 billion gain in 2020 from transactions between several of its controlled foreign corporations because of a mismatch in the e... (more story)
HMRC's Reading Would Double-Tax £10M, Upper Tribunal Told
Shareholders of a holding company argued before the Upper Tribunal on Friday that HM Revenue & Customs misinterpreted tax legislation, risking the same £10 million ($13.4 million) in payouts being taxed twice ... (more story)
Wife Of Bankrupt Former EY Tax Chief Sued By Trustees
The bankruptcy trustees of former EY head of tax John Dixon are bringing a claim against his wife, according to a newly public entry on the High Court's filing system.
HMRC Defends Tax Win In £10M Share Payout Dispute
The U.K.'s tax authority told a London court Thursday that a shareholder payout falls within anti-tax avoidance rules in a case concerning the tax treatment of £10 million ($13.4 million) in shares paid out fo... (more story)
Ex-Surgeon Agrees To $7.7M Tax Bill From Offshore Scheme
A retired plastic surgeon reached a $7.7 million settlement with the federal government to resolve an Internal Revenue Service case alleging that he ran an offshore employee leasing scheme, according to an agr... (more story)
Britain's tax authority imposed 35% more penalties for late inheritance tax returns in tax year 2024-25 compared with 2020-21, according to government data released by a law firm Saturday.
A Georgia federal court correctly found that the owner of a sports equipment business willfully failed to disclose his foreign bank accounts, but it must give him a chance to challenge $2.2 million in resultin... (more story)
Abbott Laboratories asked the U.S. Tax Court to find that it needn't recognize an $8 billion gain in 2020 from transactions between several of its controlled foreign corporations because of a mismatch in the e... (more story)
Shareholders of a holding company argued before the Upper Tribunal on Friday that HM Revenue & Customs misinterpreted tax legislation, risking the same £10 million ($13.4 million) in payouts being taxed twice ... (more story)
The bankruptcy trustees of former EY head of tax John Dixon are bringing a claim against his wife, according to a newly public entry on the High Court's filing system.
The U.K.'s tax authority told a London court Thursday that a shareholder payout falls within anti-tax avoidance rules in a case concerning the tax treatment of £10 million ($13.4 million) in shares paid out fo... (more story)
A retired plastic surgeon reached a $7.7 million settlement with the federal government to resolve an Internal Revenue Service case alleging that he ran an offshore employee leasing scheme, according to an agr... (more story)