3rd Circ. Affirms NJ Man's Conviction For $40M Tax Fraud
A jury was right to convict a New Jersey man who made $40 million from filing false tax returns in a countrywide securities fraud scheme, the Third Circuit found in upholding the conviction, saying his arguments were not compelling enough to reverse the guilty verdict.
UK Oil Co. Can Avoid £167M Tax Assessment, Tribunal Says
A U.K. oil company isn't liable for a £167 million ($221 million) increase to its taxable profits because for tax purposes it shouldn't be treated as having acquired an oil-related business following an intra-group transfer, according to an Upper Tribunal decision published Tuesday.
Minn. Business Groups Decry House Bill For Wealth Tax
Minnesota business leaders urged a House panel Tuesday to reject legislation for an annual tax on personal assets beyond $10 million, along with another bill to expand the state tax in investment income.
3rd Circ. Affirms NJ Man's Conviction For $40M Tax Fraud
A jury was right to convict a New Jersey man who made $40 million from filing false tax returns in a countrywide securities fraud scheme, the Third Circuit found in upholding the conviction, saying his arguments were not compelling enough to reverse the guilty verdict.
UK Oil Co. Can Avoid £167M Tax Assessment, Tribunal Says
A U.K. oil company isn't liable for a £167 million ($221 million) increase to its taxable profits because for tax purposes it shouldn't be treated as having acquired an oil-related business following an intra-group transfer, according to an Upper Tribunal decision published Tuesday.
Minn. Business Groups Decry House Bill For Wealth Tax
Minnesota business leaders urged a House panel Tuesday to reject legislation for an annual tax on personal assets beyond $10 million, along with another bill to expand the state tax in investment income.
Federal More
The IRS and a New Jersey resident reached a settlement in a $42,000 tax refund suit in federal court nearly a year after the U.S. Supreme Court maintained the agency could eliminate her tax debt using overpaym... (more story)
The government's star witness took the stand Tuesday in the criminal case against former U.S. Rep. David Rivera of Florida, telling jurors that Rivera and others kept a $50 million consulting contract with a u... (more story)
A partnership asked the U.S. Tax Court to reconsider its finding that a company contributing a promissory note for a stake in the partnership had zero basis in the note, saying basis must be determined when a ... (more story)
West Virginia Sen. Jim Justice and his wife challenged a $3.6 million tax penalty for claiming what the Internal Revenue Service said was an erroneous refund for $18 million, telling the U.S. Tax Court they we... (more story)
A dual U.S.-German citizen urged a Florida federal court to reject a magistrate judge's recommendation to uphold a nearly $20 million tax judgment for undisclosed foreign bank account information, contending t... (more story)
A hedge fund manager challenging the denial of a $1.9 million tax refund related to his private jet told the Eleventh Circuit that the federal government is wrongly parroting a lower court's unreasonable appro... (more story)
An energy investment firm urged the First Circuit to disregard a 2009 Federal Circuit decision barring individual partners from seeking refunds of a partnership's income taxes, arguing the opinion has no beari... (more story)
State & Local More
Minn. Senate Panel Weighs Digital Ad Tax, Sales Tax Rate Cut
Minnesota legislation to cut the sales tax rate and impose the tax on digital advertising services would modernize the state's tax structure and raise needed revenue, supporters told a Senate panel Wednesday, ... (more story)
AT&T Owes Mo. Local Tax On Some Services, Panel Finds
AT&T was obligated to pay gross receipts tax on its prepaid wireless services, but not on receipts from other sales, under the terms of a class action settlement agreement with Missouri cities, a state appeals... (more story)
Wash. Activist Seeks To Force Vote On 'Millionaire Tax'
A conservative activist urged Washington's highest court to allow voters to weigh in on a newly enacted state income tax on earnings above $1 million, seeking to challenge the secretary of state's position tha... (more story)
Mich. Justices Turn Down Disney's Escheat Timing Case
The Michigan Supreme Court will not consider a request by Disney to review an appellate court ruling that said unclaimed property audit determinations create new legal obligations for holders that trigger a se... (more story)
What A Court Doc Audit Reveals About Erroneous Filings
My audit of 1,522 court documents from last month found that over 95% contained at least one verifiable error, with fewer than 1% showing clear indicators of artificial intelligence use — highlighting above al... (more story)
COST Urges Miss. Justices To Undo AT&T Valuation Ruling
The Mississippi Supreme Court should strike down a trial court decision allowing a county assessor to appraise AT&T's and T-Mobile's broadband equipment using estimated values, the Council on State Taxation sa... (more story)
IRS Lays Out Opportunity Zone Nominating Guidelines
The Internal Revenue Service released guidance Monday describing the nomination process and eligibility requirements for designated qualified opportunity zones and identifying a list of qualifying areas.
Minnesota legislation to cut the sales tax rate and impose the tax on digital advertising services would modernize the state's tax structure and raise needed revenue, supporters told a Senate panel Wednesday, ... (more story)
AT&T was obligated to pay gross receipts tax on its prepaid wireless services, but not on receipts from other sales, under the terms of a class action settlement agreement with Missouri cities, a state appeals... (more story)
A conservative activist urged Washington's highest court to allow voters to weigh in on a newly enacted state income tax on earnings above $1 million, seeking to challenge the secretary of state's position tha... (more story)
The Michigan Supreme Court will not consider a request by Disney to review an appellate court ruling that said unclaimed property audit determinations create new legal obligations for holders that trigger a se... (more story)
My audit of 1,522 court documents from last month found that over 95% contained at least one verifiable error, with fewer than 1% showing clear indicators of artificial intelligence use — highlighting above al... (more story)
The Mississippi Supreme Court should strike down a trial court decision allowing a county assessor to appraise AT&T's and T-Mobile's broadband equipment using estimated values, the Council on State Taxation sa... (more story)
The Internal Revenue Service released guidance Monday describing the nomination process and eligibility requirements for designated qualified opportunity zones and identifying a list of qualifying areas.
International More
Pryor Cashman Hires Tax Atty In NY From Curtis
Pryor Cashman LLP announced Tuesday that it has hired a former Curtis Mallet-Prevost Colt & Mosle LLP partner, touting her history advising businesses on complex tax matters across jurisdictions.
Engineering Co. Owes £3M Contributions, UK Court Says
A Scotland-based engineering company is on the hook for £2.9 million ($3.9 million) in national insurance contributions, according to a U.K. appeals court, which held the company couldn't avoid contributions b... (more story)
UK Gov't Expands Tax Relief For Startup Investment
The U.K.'s Labour government is expanding investment tax relief to unlock £100 million ($134.4 million) worth of funding for startups and early-stage businesses looking to grow, according to HM Treasury.
HMRC Clarifies Tax Relief For Investors Moving To UK
Individuals who moved to the U.K. in recent years have until the end of January 2028 to file for tax relief under the foreign income and capital gains regime, Britain's tax authority said in new guidance Tuesday.
CORRECTED: HMRC Takes On New Powers As Tax Dodge Measures Kick In
HM Revenue and Customs has assumed new powers to tackle tax fraud and evasion as key parts of new legislation take effect, including tougher rules on construction industry schemes and penalties for promoters o... (more story)
Chewy Investor Settles Suit Against BC Partners For $29.5M
A Chewy Inc. investor has brokered a $29.5 million deal with BC Partners that, if finalized, would settle the investor's derivative suit that alleged BC Partners saddled Chewy investors with potential tax liab... (more story)
Germany, Italy Ask EU For Windfall Tax On Energy Companies
Germany, Italy, Spain, Austria and Portugal have asked the European Union to create a windfall profits tax on energy companies so governments can finance relief for spiking oil prices fueled by the U.S. and Is... (more story)
Pryor Cashman LLP announced Tuesday that it has hired a former Curtis Mallet-Prevost Colt & Mosle LLP partner, touting her history advising businesses on complex tax matters across jurisdictions.
A Scotland-based engineering company is on the hook for £2.9 million ($3.9 million) in national insurance contributions, according to a U.K. appeals court, which held the company couldn't avoid contributions b... (more story)
The U.K.'s Labour government is expanding investment tax relief to unlock £100 million ($134.4 million) worth of funding for startups and early-stage businesses looking to grow, according to HM Treasury.
Individuals who moved to the U.K. in recent years have until the end of January 2028 to file for tax relief under the foreign income and capital gains regime, Britain's tax authority said in new guidance Tuesday.
HM Revenue and Customs has assumed new powers to tackle tax fraud and evasion as key parts of new legislation take effect, including tougher rules on construction industry schemes and penalties for promoters o... (more story)
A Chewy Inc. investor has brokered a $29.5 million deal with BC Partners that, if finalized, would settle the investor's derivative suit that alleged BC Partners saddled Chewy investors with potential tax liab... (more story)
Germany, Italy, Spain, Austria and Portugal have asked the European Union to create a windfall profits tax on energy companies so governments can finance relief for spiking oil prices fueled by the U.S. and Is... (more story)