The Tax Angle: Enhanced ACA Credits, Energy Apprentices
From a look at stalled congressional talks to renew the enhanced Affordable Care Act premium tax credits to efforts by lawmakers and lobbyists to clarify rules on how renewable energy developers document the use of apprentices in order to claim tax deductions for their projects, here's a peek into a reporter's notebook on a few developing tax stories.
Amazon Stuck With SC Sales Tax On 3rd-Party Transactions
Amazon was required to collect South Carolina sales tax on goods that third-party merchants sold on its online platform before the U.S. Supreme Court's Wayfair decision, the state Supreme Court ruled Wednesday, saying the company was engaged in the business of selling products.
HMRC Counters Barclays Bid To Revive £800M Tax Deduction
Barclays Bank wasn't entitled to treat as a corporate tax deduction £800 million ($1 billion) of £3 billion raised issuing debt instruments in a deal with Qatar and Abu Dhabi, HM Revenue & Customs argued Wednesday, because the bank gave away certain securities as a "sweetener" for the deal.
The Tax Angle: Enhanced ACA Credits, Energy Apprentices
From a look at stalled congressional talks to renew the enhanced Affordable Care Act premium tax credits to efforts by lawmakers and lobbyists to clarify rules on how renewable energy developers document the use of apprentices in order to claim tax deductions for their projects, here's a peek into a reporter's notebook on a few developing tax stories.
Amazon Stuck With SC Sales Tax On 3rd-Party Transactions
Amazon was required to collect South Carolina sales tax on goods that third-party merchants sold on its online platform before the U.S. Supreme Court's Wayfair decision, the state Supreme Court ruled Wednesday, saying the company was engaged in the business of selling products.
HMRC Counters Barclays Bid To Revive £800M Tax Deduction
Barclays Bank wasn't entitled to treat as a corporate tax deduction £800 million ($1 billion) of £3 billion raised issuing debt instruments in a deal with Qatar and Abu Dhabi, HM Revenue & Customs argued Wednesday, because the bank gave away certain securities as a "sweetener" for the deal.
Federal More
A Rhode Island federal court entered a final $3.3 million tax judgment against the first "Survivor" winner, clearing the way for the federal government to start debt collection proceedings to recoup funds tied... (more story)
An Anchorage, Alaska, physician was sentenced to six and a half years in prison for committing over $16 million in healthcare fraud and tax evasion as part of a scheme that injected sick patients with the wron... (more story)
France wants the European Union to create a digital services tax targeting U.S. firms to help fund the bloc's next budget, a French official said during an EU meeting.
A man who alleged that the IRS violated his privacy rights in its summons of personal financial documents from Coinbase failed to properly serve the U.S. in his attempt to block the summons, a California feder... (more story)
An investment company's bid to restore a self-employment tax exemption for its limited partners improperly relies on state law to define their federal tax status, New York University's Tax Law Center told the ... (more story)
Two tax preparation companies don't have enough interest in their clients' refunds to stop the IRS from issuing batch denials of thousands of pandemic-era worker credit claims, the Ninth Circuit found, affirmi... (more story)
A Fourth Circuit panel expressed skepticism Tuesday over the IRS' pursuit of a decades-old debt from a Maryland woman whose late husband's fraudulent activities triggered the liability, with one judge calling ... (more story)
State & Local More
Minn. Gov. Pitches Social Media Tax, Cut In Sales Tax Rate
Minnesota would enact a tax on large social media platforms and lower its state sales tax rate while expanding its base to include certain services under budget recommendations of Gov. Tim Walz.
Minn. House Blocks Revival Of SALT Cap Workaround Bill
A proposal to extend Minnesota's workaround for pass-through entities of the federal cap on deductions for state and local tax payments was blocked in the state's House, with Democrats voting down an effort to... (more story)
Ga. Legislators Approve 4th Year Of Income Tax Rebates
A one-time income tax refund worth up to $500 per household was given final approval by the Georgia Senate, and so the state's lawmakers have elected to cut across-the-board refund checks to taxpayers for a fo... (more story)
WTO Must Extend Digital Trade Protections, Lawmakers Told
The World Trade Organization's moratorium on digital trade measures must be extended and its scope strengthened in support of U.S. business interests, experts testifying before the U.S. House's trade panel tol... (more story)
OCC Calls For Preemption Of Ill. Swipe-Fee Law At 7th Circ.
A top U.S. banking regulator is seconding the banking industry's call for the Seventh Circuit to block Illinois' tax and tip swipe-fee ban, arguing a lower-court judge missed the "forest for the trees" in ruli... (more story)
MTC's Cookie Nexus Rule Could Face Legal Challenges
Removing state income tax protection from placing of internet cookies on customers' computers is likely to be the provision spurring the most lawsuits from companies seeking to challenge the Multistate Tax Com... (more story)
NJ Tax Agency Looks To Sink Challenge To PL 86-272 Rules
New Jersey regulations that outline when a company's internet activities exceed P.L. 86-272's tax protections account for modern business practices and are consistent with federal law, the state's tax agency a... (more story)
Minnesota would enact a tax on large social media platforms and lower its state sales tax rate while expanding its base to include certain services under budget recommendations of Gov. Tim Walz.
A proposal to extend Minnesota's workaround for pass-through entities of the federal cap on deductions for state and local tax payments was blocked in the state's House, with Democrats voting down an effort to... (more story)
A one-time income tax refund worth up to $500 per household was given final approval by the Georgia Senate, and so the state's lawmakers have elected to cut across-the-board refund checks to taxpayers for a fo... (more story)
The World Trade Organization's moratorium on digital trade measures must be extended and its scope strengthened in support of U.S. business interests, experts testifying before the U.S. House's trade panel tol... (more story)
A top U.S. banking regulator is seconding the banking industry's call for the Seventh Circuit to block Illinois' tax and tip swipe-fee ban, arguing a lower-court judge missed the "forest for the trees" in ruli... (more story)
Removing state income tax protection from placing of internet cookies on customers' computers is likely to be the provision spurring the most lawsuits from companies seeking to challenge the Multistate Tax Com... (more story)
New Jersey regulations that outline when a company's internet activities exceed P.L. 86-272's tax protections account for modern business practices and are consistent with federal law, the state's tax agency a... (more story)
International More
EU Calls For Progress On Stalled Tax Harmonization Plans
The European Commission called for progress Wednesday on tax harmonization proposals that are stuck in the legislative pipeline, saying it is seeking to remove barriers to companies operating in the European Union.
$20M FBAR Judgment Didn't Need Jury Trial, Judge Says
A Florida federal court should reject a U.S.-German citizen's effort to escape a nearly $20 million tax judgment for failing to report foreign bank account information, a magistrate judge suggested, rejecting ... (more story)
Barclays Defends £800M Deduction For Financial Crisis Debt
Barclays Bank defended its tax treatment of £3 billion ($4 billion) in debt instruments issued during the financial crisis, telling the U.K. Upper Tribunal on Tuesday that £800 million should be deductible as ... (more story)
US Minimum Tax Deal Has Clear Drawbacks, UK Official Says
There are clear drawbacks to U.S. companies escaping the global minimum tax's international reach as the result of an agreement reached under pressure from the U.S. government, panelists said Tuesday.
Director Owing £120K Tax Banned For 'Abusive Phoenixism'
A business adviser who repeatedly set up new firms that left unpaid tax bills has been banned as a director for five years after his consultancy collapsed owing more than £120,000 ($160,000).
Brokerage Lacks NY Ties In Pensions' Tax Claims, Judge Says
A New York federal court threw out claims by three pension plans against a London brokerage firm that, according to the plans, executed fraudulent refund claims for them to the Danish tax authority, finding th... (more story)
EU Needs To Unify Tax Policy To Aid Start-Ups, Panelists Say
The European Union should create more unified tax policies to attract start-up companies, including by ensuring firms aren't disadvantaged by the treatment of employee stock options and company losses, former ... (more story)
The European Commission called for progress Wednesday on tax harmonization proposals that are stuck in the legislative pipeline, saying it is seeking to remove barriers to companies operating in the European Union.
A Florida federal court should reject a U.S.-German citizen's effort to escape a nearly $20 million tax judgment for failing to report foreign bank account information, a magistrate judge suggested, rejecting ... (more story)
Barclays Bank defended its tax treatment of £3 billion ($4 billion) in debt instruments issued during the financial crisis, telling the U.K. Upper Tribunal on Tuesday that £800 million should be deductible as ... (more story)
There are clear drawbacks to U.S. companies escaping the global minimum tax's international reach as the result of an agreement reached under pressure from the U.S. government, panelists said Tuesday.
A business adviser who repeatedly set up new firms that left unpaid tax bills has been banned as a director for five years after his consultancy collapsed owing more than £120,000 ($160,000).
A New York federal court threw out claims by three pension plans against a London brokerage firm that, according to the plans, executed fraudulent refund claims for them to the Danish tax authority, finding th... (more story)
The European Union should create more unified tax policies to attract start-up companies, including by ensuring firms aren't disadvantaged by the treatment of employee stock options and company losses, former ... (more story)