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OECD Issues Updated Pillar 2 Return For Side-By-Side Deal
The OECD published a revised information return for a worldwide corporate 15% minimum tax agreement known as Pillar Two on Friday, including updated sections to implement a side-by-side safe harbor that exempts U.S. multinational corporations from the global regime.
Corp. Transparency Law Unconstitutional, Justices Told
The Supreme Court should find that the Corporate Transparency Act is unconstitutional to prevent a future administration from reviving its application to domestic entities, the National Small Business Association told the justices.
Emails Detail Siemens' Tax Planning For 2018 Deduction
Emails from a former Deloitte Touche Tohmatsu Ltd. senior manager called by the IRS to testify at Siemens' U.S. Tax Court trial this week showed detailed planning behind the 2018 transactions that led to a $3.5 billion deduction in the U.S. for the German company.
OECD Issues Updated Pillar 2 Return For Side-By-Side Deal
The OECD published a revised information return for a worldwide corporate 15% minimum tax agreement known as Pillar Two on Friday, including updated sections to implement a side-by-side safe harbor that exempts U.S. multinational corporations from the global regime.
Corp. Transparency Law Unconstitutional, Justices Told
The Supreme Court should find that the Corporate Transparency Act is unconstitutional to prevent a future administration from reviving its application to domestic entities, the National Small Business Association told the justices.
Emails Detail Siemens' Tax Planning For 2018 Deduction
Emails from a former Deloitte Touche Tohmatsu Ltd. senior manager called by the IRS to testify at Siemens' U.S. Tax Court trial this week showed detailed planning behind the 2018 transactions that led to a $3.5 billion deduction in the U.S. for the German company.
Federal More
Atlas Energy Solutions Inc. has reached a $17 million settlement to resolve shareholder claims over the oilfield services company's 2023 reorganization, according to a copy of the proposed agreement filed Frid... (more story)
The IRS may withhold documents sought by a tax news publisher, a Washington, D.C., federal judge said, finding the subject is prominent enough that disclosing the records could allow the taxpayer to be identif... (more story)
Appellate luminary Tom Goldstein unveiled a sweeping and forceful critique aimed at erasing his felony fraud convictions, telling the Fourth Circuit that prosecutors were hell-bent on convicting him "no matter... (more story)
A Federal Circuit panel on Friday looked to clarify the effect of the U.S. Department of Commerce's presumption that invoice dates are generally the best option for determining dates of sale during duty invest... (more story)
Fox Rothschild LLP has deepened its tax and wealth planning department with a Miami-based partner who came aboard from Berger Singerman LLP.
In this week's Taxation With Representation, GE Aerospace buys Consolidated Precision Products from private investment firms Warburg Pincus and Berkshire Partners, Independence Realty Trust Inc. and Centerspac... (more story)
The trajectory of legal ethics guidance in recent years strongly suggests that as redaction technology becomes more accessible, the failure to use it when uploading highly confidential materials into artificia... (more story)
State & Local More
Prediction Markets Ask Justices To Settle Sports Wager Split
Crypto.com on Friday became the third party to call on the U.S. Supreme Court to address the closely-watched circuit split on prediction market regulation, challenging a Ninth Circuit decision that allowed Nev... (more story)
Pittsburgh Schools Say Commission Can't Decide Tax Suit
The Pittsburgh public school district urged a court to reject a bid from the city water utility to toss the district's lawsuit calling the utility's stormwater fees illegal taxes, saying that the motion is bas... (more story)
Wash. High Court Takes Up Yakama Nation Fuel Tax Dispute
The Washington State Supreme Court has granted a Yakama Nation fuel distributor's bid for direct review in a case challenging the state Department of Licensing's attempt to collect on a state fuel tax assessment.
McGuireWoods Adds Polsinelli Nonprofit Tax Atty In Atlanta
McGuireWoods LLP has added a partner in Atlanta from Polsinelli PC, strengthening its tax-exempt organizations team with an attorney who has guided nonprofits and tax-exempt organizations on tax matters, the f... (more story)
Md. Court Got Ad Tax Similarity Analysis Wrong
Decisions striking Maryland’s digital advertising tax are fundamentally flawed because the Maryland Tax Court found similarity between digital ads and other ads without considering deep market distinctions, sa... (more story)
Economists Tell Fed. Circ. Float Rates Bar Temporary Tariff
President Donald Trump's temporary global tariff lacked legal justification in the current international monetary system, a group of economists, including former U.S. Treasury secretary and Federal Reserve Cha... (more story)
Colo. County Repeating Illegal Valuation, Airport Lessee Says
Tax valuations of improvements to property at a Colorado airport possessed through a leasehold interest were wrongly imposed despite substantial legal precedent, the leaseholder told a state court, urging it t... (more story)
Crypto.com on Friday became the third party to call on the U.S. Supreme Court to address the closely-watched circuit split on prediction market regulation, challenging a Ninth Circuit decision that allowed Nev... (more story)
The Pittsburgh public school district urged a court to reject a bid from the city water utility to toss the district's lawsuit calling the utility's stormwater fees illegal taxes, saying that the motion is bas... (more story)
The Washington State Supreme Court has granted a Yakama Nation fuel distributor's bid for direct review in a case challenging the state Department of Licensing's attempt to collect on a state fuel tax assessment.
McGuireWoods LLP has added a partner in Atlanta from Polsinelli PC, strengthening its tax-exempt organizations team with an attorney who has guided nonprofits and tax-exempt organizations on tax matters, the f... (more story)
Decisions striking Maryland’s digital advertising tax are fundamentally flawed because the Maryland Tax Court found similarity between digital ads and other ads without considering deep market distinctions, sa... (more story)
President Donald Trump's temporary global tariff lacked legal justification in the current international monetary system, a group of economists, including former U.S. Treasury secretary and Federal Reserve Cha... (more story)
Tax valuations of improvements to property at a Colorado airport possessed through a leasehold interest were wrongly imposed despite substantial legal precedent, the leaseholder told a state court, urging it t... (more story)
International More
European Commission Sends India Trade Deal To EU Council
The European Commission on Friday presented a "landmark" free trade agreement with India to the Council of the European Union for final approval, with the deal set to eliminate Indian tariffs on almost all EU goods.
Ørsted Secures UK Tax Rights For 2 Offshore Wind Farms
An advisory commission issued an opinion saying Danish multinational Ørsted should pay taxes primarily in the U.K. rather than Denmark on two offshore wind farms based in British territory, according to a company statement.
Tabcorp's $1.4B Tax Deduction Appeal Rejected By High Court
The High Court of Australia has rejected Tabcorp's application for special leave to appeal a ruling that denied it a $1.49 billion tax deduction over alleged entitlements linked to the termination of gaming li... (more story)
Widow Owes FBAR Penalties On India Account, Judge Rules
A businessman's widow 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 a New York apartment complex, but the pen... (more story)
English Mayors To Get Authority To Impose Tourist Taxes
The U.K.'s Labour government is moving ahead with devolution plans to allow mayors in England to impose a new levy on tourists taking an overnight stay, the Ministry of Housing, Communities and Local Government said Thursday.
Pillar 2 US Deal Needs Urgent Review, EU Committee Says
Members of the European Parliament's economic and monetary affairs committee approved a report Thursday that calls on the European Commission to urgently release an analysis on the revenue impact of the side-b... (more story)
UK Company Directors Banned Over £15M Vape Tax Scam
Two individuals from the Glasgow region have been banned from serving as U.K. company directors until 2035 for importing more than 350,000 vapes while avoiding more than £15 million ($20.3 million) in tax, the... (more story)
The European Commission on Friday presented a "landmark" free trade agreement with India to the Council of the European Union for final approval, with the deal set to eliminate Indian tariffs on almost all EU goods.
An advisory commission issued an opinion saying Danish multinational Ørsted should pay taxes primarily in the U.K. rather than Denmark on two offshore wind farms based in British territory, according to a company statement.
The High Court of Australia has rejected Tabcorp's application for special leave to appeal a ruling that denied it a $1.49 billion tax deduction over alleged entitlements linked to the termination of gaming li... (more story)
A businessman's widow 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 a New York apartment complex, but the pen... (more story)
The U.K.'s Labour government is moving ahead with devolution plans to allow mayors in England to impose a new levy on tourists taking an overnight stay, the Ministry of Housing, Communities and Local Government said Thursday.
Members of the European Parliament's economic and monetary affairs committee approved a report Thursday that calls on the European Commission to urgently release an analysis on the revenue impact of the side-b... (more story)
Two individuals from the Glasgow region have been banned from serving as U.K. company directors until 2035 for importing more than 350,000 vapes while avoiding more than £15 million ($20.3 million) in tax, the... (more story)