Mich. Justices Let Nationwide's Combined Filing Win Stand
The Michigan Supreme Court declined Friday to review a lower court's ruling that allowed Nationwide entities to file combined returns and share tax credits among their members, with one justice suggesting the state Legislature should revise the combined filing rules for insurance companies.
Treasury's Rule Pace Unchanged After Loper Bright, Atty Says
The U.S. Supreme Court's 2024 landmark decision limiting federal agencies' deference in interpreting ambiguous statutes has not significantly altered the pace and volume of the U.S. Department of the Treasury's rulemaking workload, a Treasury attorney said Friday.
US Pillar 2 Deal May Spur Other Nations To Seek Exemptions
International negotiators designed a 15% corporate minimum tax known as Pillar Two to apply worldwide, but a recently agreed-to carveout for the U.S. may prompt other countries with qualifying alternative regimes to seek similar exemptions that ultimately strain the global system.
Mich. Justices Let Nationwide's Combined Filing Win Stand
The Michigan Supreme Court declined Friday to review a lower court's ruling that allowed Nationwide entities to file combined returns and share tax credits among their members, with one justice suggesting the state Legislature should revise the combined filing rules for insurance companies.
Treasury's Rule Pace Unchanged After Loper Bright, Atty Says
The U.S. Supreme Court's 2024 landmark decision limiting federal agencies' deference in interpreting ambiguous statutes has not significantly altered the pace and volume of the U.S. Department of the Treasury's rulemaking workload, a Treasury attorney said Friday.
US Pillar 2 Deal May Spur Other Nations To Seek Exemptions
International negotiators designed a 15% corporate minimum tax known as Pillar Two to apply worldwide, but a recently agreed-to carveout for the U.S. may prompt other countries with qualifying alternative regimes to seek similar exemptions that ultimately strain the global system.
Federal More
Business partners with limited liability under state law are excluded from the federal self-employment tax, a Fifth Circuit panel ruled, siding with a management consulting firm in its long-running controversy... (more story)
A New York federal court should find that a businessman's wife owes penalties for his failure to report his Indian bank account to the Internal Revenue Service after he deposited $1.5 million from the sale of ... (more story)
The Internal Revenue Service properly invoked two Freedom of Information Act exemptions to withhold portions of internal directives about the employee retention tax credit requested by an attorney who represen... (more story)
The IRS has ramped up its training of appeals officers to perform mediation work to account for the recent reduction of staff as part of the agency's ongoing emphasis to quickly resolve taxpayer issues through... (more story)
In this week's Taxation With Representation, Keurig Dr Pepper Inc. plans to complete its deal to snap up coffee company JDE Peet's NV, Boston Scientific Corp. acquires medical device company Penumbra Inc., and... (more story)
Realty Trust, Hudson Pacific Properties Inc. and Blackstone Real Estate announced that the joint venture partners behind a Manhattan studio still under construction have signed the property's first lease with ... (more story)
Cannabis industry developments last year — from the passage of a new wholesale tax in Michigan, to an executive order accelerating the federal rescheduling process — presage a more mature phase of legalization... (more story)
State & Local More
Arby's Franchisee Sale Met Taxability Test, Ark. Justices Told
An Oklahoma-based company that was once the largest Arby's franchisee owes Arkansas income tax on the sale of its business, the Arkansas tax department told the state's Supreme Court, saying the property sold ... (more story)
Minn. Tax Court Wrong To Cut Hilton Value, State Justices Told
The valuation of a Hilton hotel and convention center in Minneapolis was wrongly slashed by the state's tax court, including by $70 million in one year, a county told the Minnesota Supreme Court.
State Rules Add Wrinkle To Scholarship Tax Break's Rollout
The U.S. Treasury Department is grappling with how to balance federal and state rules to implement a new tax credit for contributions to eligible scholarship programs, an official said Friday, describing state... (more story)
NY Panel Upholds $1M Tax On Temp Firm's Software Sales
A company that helps businesses hire and manage temporary workers is subject to about $1 million in New York sales tax because it sold taxable software to execute its services, a state appeals court ruled Thursday.
StubHub Loses Wis.' Appeal Over $8.5M Tax On Ticket Sales
StubHub was correctly assessed $8.5 million in sales tax by the Wisconsin Department of Revenue, a state appeals court panel ruled, reversing a lower court decision finding the company not liable for the tax.
RJ Reynolds Asks ITC To Probe Vape Restriction Violations
R.J. Reynolds Tobacco Co. is pushing the U.S. International Trade Commission to open an investigation into China-based competitors' alleged skirting of vape restrictions in order to illicitly grow their market share.
Georgia Governor Pitches Income Tax Rate Cut, Rebates
Georgia would cut its corporate and personal income tax rate and provide $1 billion in rebates for taxpayers under a plan pitched Thursday by Gov. Brian Kemp.
An Oklahoma-based company that was once the largest Arby's franchisee owes Arkansas income tax on the sale of its business, the Arkansas tax department told the state's Supreme Court, saying the property sold ... (more story)
The valuation of a Hilton hotel and convention center in Minneapolis was wrongly slashed by the state's tax court, including by $70 million in one year, a county told the Minnesota Supreme Court.
The U.S. Treasury Department is grappling with how to balance federal and state rules to implement a new tax credit for contributions to eligible scholarship programs, an official said Friday, describing state... (more story)
A company that helps businesses hire and manage temporary workers is subject to about $1 million in New York sales tax because it sold taxable software to execute its services, a state appeals court ruled Thursday.
StubHub was correctly assessed $8.5 million in sales tax by the Wisconsin Department of Revenue, a state appeals court panel ruled, reversing a lower court decision finding the company not liable for the tax.
R.J. Reynolds Tobacco Co. is pushing the U.S. International Trade Commission to open an investigation into China-based competitors' alleged skirting of vape restrictions in order to illicitly grow their market share.
Georgia would cut its corporate and personal income tax rate and provide $1 billion in rebates for taxpayers under a plan pitched Thursday by Gov. Brian Kemp.
International More
China, Canada Agree To Lower Tariffs On EVs, Food
Canada will drastically cut a 100% tariff on nearly 50,000 imported Chinese electric vehicles and expects China to lower tariffs on canola, lobsters, crabs and peas, Prime Minister Mark Carney said Friday in a news release.
German Co. Cites Good Faith In Disputing $1.2M Tax Bill
A German manufacturer is challenging a $1.2 million tax bill stemming from late information filings, telling the U.S. Tax Court it relied in good faith on its domestic partnership's manager and other qualified professionals.
Spain, US Spell Out Tax Treaty Arbitration Process
Spain and the United States signed an agreement spelling out the process for binding arbitration under their tax treaty, which requires an independent panel to resolve disputes by selecting only one side's pos... (more story)
GM Unit's Transfer Pricing Doesn't Affect VAT, Adviser Says
A former General Motors subsidiary in Portugal should not have its value-added tax increased after the Portuguese tax authority determined that its bearing the cost of repairing defects amounted to a service t... (more story)
China, Germany Seek To Avoid Double Tax In UN Tax Treaty
China and Germany want to insert a pledge on avoiding double taxation within the main body of the United Nations framework convention on international tax cooperation, according to letters released by the U.N.
Ryanair Will Cut 2M Flight Seats To Belgium Over Aviation Tax
Irish budget airliner Ryanair said it will cut 2 million flight seats to and from Belgium over two years because of the country's steep aviation taxes after months of demanding concessions from the Belgian government.
Jockey's Cos. Say He Can't Cover £765K In Tax Debt
An Italian jockey is not able to pay back over £765,500 ($1.02 million) in company tax debt to HM Revenue & Customs following his bankruptcy last year amid a private dispute with the U.K. tax authority, accord... (more story)
Canada will drastically cut a 100% tariff on nearly 50,000 imported Chinese electric vehicles and expects China to lower tariffs on canola, lobsters, crabs and peas, Prime Minister Mark Carney said Friday in a news release.
A German manufacturer is challenging a $1.2 million tax bill stemming from late information filings, telling the U.S. Tax Court it relied in good faith on its domestic partnership's manager and other qualified professionals.
Spain and the United States signed an agreement spelling out the process for binding arbitration under their tax treaty, which requires an independent panel to resolve disputes by selecting only one side's pos... (more story)
A former General Motors subsidiary in Portugal should not have its value-added tax increased after the Portuguese tax authority determined that its bearing the cost of repairing defects amounted to a service t... (more story)
China and Germany want to insert a pledge on avoiding double taxation within the main body of the United Nations framework convention on international tax cooperation, according to letters released by the U.N.
Irish budget airliner Ryanair said it will cut 2 million flight seats to and from Belgium over two years because of the country's steep aviation taxes after months of demanding concessions from the Belgian government.
An Italian jockey is not able to pay back over £765,500 ($1.02 million) in company tax debt to HM Revenue & Customs following his bankruptcy last year amid a private dispute with the U.K. tax authority, accord... (more story)