Varian Case Backs $315M Siemens Deduction, Tax Court Told
The U.S. Tax Court should restore $315 million of Siemens' foreign-dividend tax deduction for the same reasons it upheld a similar deduction for Varian Medical Solutions in 2024, an attorney for Siemens told the court Wednesday.
Minn. Plan To Extend SALT Cap Workaround Stalls In House
A Minnesota bill to extend the state's workaround for pass-through entities of the federal cap on deductions for state and local tax payments stalled in a House panel Wednesday as Democrats blocked an effort to advance it.
NJ Gov. Floats Curtailing Business Deductions In Budget
New Jersey would place temporary restrictions on net operating loss deductions and pare back a personal income tax deduction for certain losses under a $60.7 billion budget plan that the state's governor unveiled Tuesday.
Varian Case Backs $315M Siemens Deduction, Tax Court Told
The U.S. Tax Court should restore $315 million of Siemens' foreign-dividend tax deduction for the same reasons it upheld a similar deduction for Varian Medical Solutions in 2024, an attorney for Siemens told the court Wednesday.
Minn. Plan To Extend SALT Cap Workaround Stalls In House
A Minnesota bill to extend the state's workaround for pass-through entities of the federal cap on deductions for state and local tax payments stalled in a House panel Wednesday as Democrats blocked an effort to advance it.
NJ Gov. Floats Curtailing Business Deductions In Budget
New Jersey would place temporary restrictions on net operating loss deductions and pare back a personal income tax deduction for certain losses under a $60.7 billion budget plan that the state's governor unveiled Tuesday.
Federal More
The IRS and the parent of Pizza Hut, KFC and Taco Bell agreed that the company's total deductions for domestic production activities during 2013-2015 were $1.6 million — roughly 15% of the $10.7 million the co... (more story)
The owner of a broadcasting company whose deal to sell $75 million in assets fell through is headed to settlement negotiations with the federal government over $18 million in taxes related to his father's esta... (more story)
A Puerto Rico magistrate judge recommended denying a taxpayer's bid to block the IRS from assessing her tax liabilities while the agency's clerical errors that she alleges remain unresolved, holding that she f... (more story)
Sidley Austin LLP has hired a former Weil Gotshal & Manges LLP tax partner, who joined the firm in New York.
Costco shoppers are owed back the higher costs they paid as a result of President Donald Trump's global tariffs that the nation's highest court has since declared unlawful, according to a putative consumer cla... (more story)
The head of an investment firm who was sentenced to nearly 20 years in prison after admitting to tax fraud in connection with a $20 million Ponzi scheme asked the Fourth Circuit to vacate his sentence, saying ... (more story)
Two companies are challenging President Donald Trump's revamped global tariff regime, telling the U.S. Court of International Trade that the circumstances required to justify the regime cannot exist.
State & Local More
Congestion Pricing Fight In 2nd Circ. Turns On Jurisdiction
The Second Circuit asked Thursday whether New York City congestion pricing is a tax or a toll, with one judge suggesting that a challenge to the program from two Empire State counties could land in state court... (more story)
Fiserv Arm Freed From $3.4M Fla. Tax Bill In Sourcing Fight
A Fiserv entity didn't conduct enough activities in Florida to source income generated from online billing payment services to the state, a Florida state court found, voiding a roughly $3.4 million income tax ... (more story)
Minn. Biz Groups Make Case For Mirroring Fed. Tax Breaks
Minnesota business groups urged a state House panel Wednesday to support legislation to conform the state to provisions enhancing corporate tax deductions and credits in last year's federal budget legislation.
Ariz. Panel OKs Plan To Need Supermajorities For Fee Hikes
Arizona voters would decide whether to require at least two-thirds support from lawmakers for fee increases under a resolution advanced Wednesday by the state House Ways and Means Committee.
Colo. House Panel OKs Decoupling From Corp. Tax Changes
Colorado would decouple from four corporate tax changes in the federal budget bill enacted last year and use the added revenue for an expanded family tax credit under legislation advanced by a state House panel.
Feds Urge End To IRS Wind, Solar Safe Harbor Fight
The Trump administration has told a D.C. federal judge there's no basis to sustain a lawsuit challenging an IRS notice eliminating a safe harbor test that wind and solar projects could use to qualify for clean... (more story)
Colo. Panel Advances Limit On Executive Pay Tax Deduction
Colorado would limit its corporate tax deduction for the salaries of top executives and reduce the state's net operating loss deduction while extending a family tax credit under legislation advanced by a House panel.
The Second Circuit asked Thursday whether New York City congestion pricing is a tax or a toll, with one judge suggesting that a challenge to the program from two Empire State counties could land in state court... (more story)
A Fiserv entity didn't conduct enough activities in Florida to source income generated from online billing payment services to the state, a Florida state court found, voiding a roughly $3.4 million income tax ... (more story)
Minnesota business groups urged a state House panel Wednesday to support legislation to conform the state to provisions enhancing corporate tax deductions and credits in last year's federal budget legislation.
Arizona voters would decide whether to require at least two-thirds support from lawmakers for fee increases under a resolution advanced Wednesday by the state House Ways and Means Committee.
Colorado would decouple from four corporate tax changes in the federal budget bill enacted last year and use the added revenue for an expanded family tax credit under legislation advanced by a state House panel.
The Trump administration has told a D.C. federal judge there's no basis to sustain a lawsuit challenging an IRS notice eliminating a safe harbor test that wind and solar projects could use to qualify for clean... (more story)
Colorado would limit its corporate tax deduction for the salaries of top executives and reduce the state's net operating loss deduction while extending a family tax credit under legislation advanced by a House panel.
International More
Reeves Says Energy Windfall Tax May Not Apply By Late 2027
The U.K.'s energy profits levy is expected to no longer apply to oil and gas operations in the North Sea in the last quarter of 2027, especially if the current Middle East crisis de-escalates and energy prices... (more story)
EU Top Court Allows Spain's Entertainment VAT Break Limit
Spain's restriction on VAT deductions linked to entertainment expenses doesn't constitute a violation of European Union law, the bloc's top court said Thursday, rejecting a human resources firm's claim that th... (more story)
Dairy Giant Loses Bid For UK Tax Deductions On IP Transfers
A London court on Wednesday dismissed a European dairy giant's appeal seeking corporate tax deductions for intellectual property transferred to the partnership by its corporate members.
Tax Court Ruling Signals Cross-Border Loan Scrutiny
The U.S. Tax Court’s recent decision in Aventis v. Commissioner compounds ongoing regulatory focus on debt originations and should prompt practitioners to assess their existing cross-border lending structures ... (more story)
EU Refers Spain To Top Court For Inaction On VAT Directives
Spain will be referred to the European Union's top court for failing to incorporate two legal directives on value-added tax into Spanish law by a December 2024 deadline, the EU's executive arm said Wednesday.
Barrister's Libel Claim Against Neidle Dismissed As SLAPP
A judge has struck out a barrister's £8 million ($11 million) libel claim against Dan Neidle, ruling on Wednesday that the case had no chance of succeeding and amounted to a strategic legal claim designed to s... (more story)
Exxon Wins $27M Deduction In Canadian Tax Dispute
The Tax Court of Canada backed Exxon Mobil's bid for a CA$36.2 million ($26.7 million) income deduction for expenses tied to an abandoned Alaskan pipeline project, holding that the company incurred the costs w... (more story)
The U.K.'s energy profits levy is expected to no longer apply to oil and gas operations in the North Sea in the last quarter of 2027, especially if the current Middle East crisis de-escalates and energy prices... (more story)
Spain's restriction on VAT deductions linked to entertainment expenses doesn't constitute a violation of European Union law, the bloc's top court said Thursday, rejecting a human resources firm's claim that th... (more story)
A London court on Wednesday dismissed a European dairy giant's appeal seeking corporate tax deductions for intellectual property transferred to the partnership by its corporate members.
The U.S. Tax Court’s recent decision in Aventis v. Commissioner compounds ongoing regulatory focus on debt originations and should prompt practitioners to assess their existing cross-border lending structures ... (more story)
Spain will be referred to the European Union's top court for failing to incorporate two legal directives on value-added tax into Spanish law by a December 2024 deadline, the EU's executive arm said Wednesday.
A judge has struck out a barrister's £8 million ($11 million) libel claim against Dan Neidle, ruling on Wednesday that the case had no chance of succeeding and amounted to a strategic legal claim designed to s... (more story)
The Tax Court of Canada backed Exxon Mobil's bid for a CA$36.2 million ($26.7 million) income deduction for expenses tied to an abandoned Alaskan pipeline project, holding that the company incurred the costs w... (more story)