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Credit Union Fights NJ Taxes On Property Transfers
A New Jersey credit union challenged the state tax agency's determination that it owed a realty transfer fee and mansion tax on its sale of a property, arguing that federally chartered credit unions are exempt from the levies under federal and state law.
Calif. Man Can't Duck $1M Penalties For Unreported Accounts
A San Diego businessman is on the hook for more than $1.1 million in civil penalties for failing to disclose offshore accounts to the IRS, a California federal judge said, holding that a disputed conversation between the man and his accountant did not preclude a ruling for the government.
Insurance Broker Loses Bid To Undo $6.6M IRS Penalty
A Pennsylvania federal judge rejected an insurance broker's second attempt at challenging a $6.6 million tax penalty imposed by the Internal Revenue Service, ruling Monday that the penalty doesn't violate the company's Seventh Amendment rights.
Credit Union Fights NJ Taxes On Property Transfers
A New Jersey credit union challenged the state tax agency's determination that it owed a realty transfer fee and mansion tax on its sale of a property, arguing that federally chartered credit unions are exempt from the levies under federal and state law.
Calif. Man Can't Duck $1M Penalties For Unreported Accounts
A San Diego businessman is on the hook for more than $1.1 million in civil penalties for failing to disclose offshore accounts to the IRS, a California federal judge said, holding that a disputed conversation between the man and his accountant did not preclude a ruling for the government.
Insurance Broker Loses Bid To Undo $6.6M IRS Penalty
A Pennsylvania federal judge rejected an insurance broker's second attempt at challenging a $6.6 million tax penalty imposed by the Internal Revenue Service, ruling Monday that the penalty doesn't violate the company's Seventh Amendment rights.
Federal More
A Texas-based business consulting firm urged the Fifth Circuit's full bench to review a panel's revised opinion that narrowed a tax break for limited partners, arguing it eliminated a clear test for determinin... (more story)
A global tax services provider asked the Fifth Circuit to deny the IRS' request to stay its challenge to the agency's reporting rules for microcaptive insurance companies pending the resolution of a similar ca... (more story)
An Eleventh Circuit panel refused Tuesday to pause a district court's sanctions order barring President Donald Trump and others from citing the agreement he made to settle his $10 billion suit against the Inte... (more story)
New strategies using exchange-traded funds may be abusing the tax benefits of these legitimate investment vehicles holding various securities, the IRS said Monday, asking for public feedback on future enforcem... (more story)
The First Circuit should vacate a Rhode Island federal court's $3.3 million tax judgment against the first "Survivor" winner, he told the appeals court, saying a senior U.S. district judge improperly refused t... (more story)
The U.S. government asked the Fifth Circuit to vacate and remand a Texas federal court's decision that struck down the IRS' $1 million penalty assessment over a woman's undisclosed foreign bank accounts, sayin... (more story)
The Internal Revenue Service's recharacterization of transactions between a music production company and its owners makes no economic sense, the U.S. Tax Court said Friday, rejecting the agency's argument that... (more story)
State & Local More
Cannabis Distributor Says Partner Denied Its $332K Stake
The manager of a Los Angeles cannabis cultivation facility seized an entire harvest without his business partner's permission, selling much of it until armed men raided the facility and took a significant port... (more story)
Kalshi Sports Contracts Aren't Financial Swaps, 6th Circ. Says
In a closely watched decision that exacerbates an existing circuit split, a Sixth Circuit panel on Friday rejected Kalshi's assertion that the sports-related transactions made on its platform should be conside... (more story)
K&L Gates Adds Townsend SALT Partner In New York
K&L Gates LLP added to its New York office a new corporate tax partner who specializes in complex tax planning and controversy, the firm announced.
Taxation With Representation: Kirkland, Latham, McDermott
In this week's Taxation With Representation, Royal Caribbean invests billions in a joint venture with Sandals, Telix Pharmaceuticals buys ITM Isotope Technologies Munich, and Priority Technology makes a go-pri... (more story)
Emergency Election For Calif. Tax Is Valid, Panel Affirms
A California county lawfully used a rarely tested constitutional measure to put a sales tax question on an early ballot after the county said it needed to do so because of a fiscal emergency, a state appellate panel affirmed.
Ind. Tax Court Rules Nestle Facility Accurately Assessed
A Nestle facility in Indiana was correctly assessed from 2018 through 2023 at roughly $50 million, the state tax court said, rejecting the company's claim that the state tax board failed to properly consider i... (more story)
Playing Bid Whist Makes Me A Better Lawyer
As a child, I viewed bid whist as a family tradition and a source of friendly card game competition, but as a lawyer, I see it as a tool that has helped me cultivate skills like communication, teamwork, risk a... (more story)
The manager of a Los Angeles cannabis cultivation facility seized an entire harvest without his business partner's permission, selling much of it until armed men raided the facility and took a significant port... (more story)
In a closely watched decision that exacerbates an existing circuit split, a Sixth Circuit panel on Friday rejected Kalshi's assertion that the sports-related transactions made on its platform should be conside... (more story)
K&L Gates LLP added to its New York office a new corporate tax partner who specializes in complex tax planning and controversy, the firm announced.
In this week's Taxation With Representation, Royal Caribbean invests billions in a joint venture with Sandals, Telix Pharmaceuticals buys ITM Isotope Technologies Munich, and Priority Technology makes a go-pri... (more story)
A California county lawfully used a rarely tested constitutional measure to put a sales tax question on an early ballot after the county said it needed to do so because of a fiscal emergency, a state appellate panel affirmed.
A Nestle facility in Indiana was correctly assessed from 2018 through 2023 at roughly $50 million, the state tax court said, rejecting the company's claim that the state tax board failed to properly consider i... (more story)
As a child, I viewed bid whist as a family tradition and a source of friendly card game competition, but as a lawyer, I see it as a tool that has helped me cultivate skills like communication, teamwork, risk a... (more story)
International More
EU Prosecutors Arrest 7 In Alleged €300M Phone Scam
Seven people have been arrested as part of an investigation into a network accused of tricking consumers into buying over a million used mobile phones sold as new to pocket €300 million ($340 million), includi... (more story)
Spain Seeks Data Protection Clarity For Tax Info Exchanges
Spain is pushing for new provisions in a European Union tax law to more clearly permit international tax information transfers for reasons of public interest even when they are recurrent, according to a docume... (more story)
Creditor Has Priority Over Co.'s Tax Refunds, Court Says
An Australian coal mining company's secured creditor has first priority over a chunk of about AU$7.5 million ($5.3 million) in contested tax refunds compared with a company that purchased the refunds, the Supr... (more story)
2 Men Deny Role In Alleged Tax Avoidance Scheme
Two men accused of defrauding the government by running a tax-avoidance scheme pled not guilty on Monday, with a trial due to be held in spring 2027.
WTO To Weigh Russian Claim EU Carbon Levy Breaks Rules
The World Trade Organization said Friday it will consider Russia's challenge that the European Union's carbon import levy poses significant trade barriers despite the bloc's protest that it is unreasonable to ... (more story)
Revamping UK Property Tax Could Fuel Spending, Group Says
The U.K. government should consider introducing a proportional property tax to replace council tax and stamp duty, a move that could unlock more than £10 billion ($13.2 billion) in consumer spending, a campaig... (more story)
Construction Co. Administrators Recover £3.4M From HMRC
Administrators for collapsed construction company Ardmore Construction recovered £3.4 million ($4.5 million) in overpayments from Britain's tax authority, according to a public filing.
Seven people have been arrested as part of an investigation into a network accused of tricking consumers into buying over a million used mobile phones sold as new to pocket €300 million ($340 million), includi... (more story)
Spain is pushing for new provisions in a European Union tax law to more clearly permit international tax information transfers for reasons of public interest even when they are recurrent, according to a docume... (more story)
An Australian coal mining company's secured creditor has first priority over a chunk of about AU$7.5 million ($5.3 million) in contested tax refunds compared with a company that purchased the refunds, the Supr... (more story)
Two men accused of defrauding the government by running a tax-avoidance scheme pled not guilty on Monday, with a trial due to be held in spring 2027.
The World Trade Organization said Friday it will consider Russia's challenge that the European Union's carbon import levy poses significant trade barriers despite the bloc's protest that it is unreasonable to ... (more story)
The U.K. government should consider introducing a proportional property tax to replace council tax and stamp duty, a move that could unlock more than £10 billion ($13.2 billion) in consumer spending, a campaig... (more story)
Administrators for collapsed construction company Ardmore Construction recovered £3.4 million ($4.5 million) in overpayments from Britain's tax authority, according to a public filing.