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Calif. Panel Signals SF Vacancy Tax Is Barred By State Law
A California state appeals court panel appeared primed Tuesday to strike down San Francisco's tax on vacant residential units, as a justice repeatedly cast doubt on the city's claims that the levy isn't preempted by state law.
Valid Regs Require Abbott To Pay Tax On $8B Gain, IRS Says
The IRS urged the U.S. Tax Court to validate regulations that the agency said required Abbott Laboratories to pay taxes on an $8 billion gain stemming from transactions between its foreign affiliates, arguing the pharmaceutical giant is pushing for "an inappropriately rigid" statutory interpretation.
Investors Can't Escape Danish Tax Fraud Case, 2nd Circ. Says
Four investors and their pension plans owe $476 million for their role in a tax fraud scheme against the Danish government, the Second Circuit affirmed Monday, rejecting the investors' contention that they are beyond the reach of Danish revenue collectors.
Calif. Panel Signals SF Vacancy Tax Is Barred By State Law
A California state appeals court panel appeared primed Tuesday to strike down San Francisco's tax on vacant residential units, as a justice repeatedly cast doubt on the city's claims that the levy isn't preempted by state law.
Valid Regs Require Abbott To Pay Tax On $8B Gain, IRS Says
The IRS urged the U.S. Tax Court to validate regulations that the agency said required Abbott Laboratories to pay taxes on an $8 billion gain stemming from transactions between its foreign affiliates, arguing the pharmaceutical giant is pushing for "an inappropriately rigid" statutory interpretation.
Investors Can't Escape Danish Tax Fraud Case, 2nd Circ. Says
Four investors and their pension plans owe $476 million for their role in a tax fraud scheme against the Danish government, the Second Circuit affirmed Monday, rejecting the investors' contention that they are beyond the reach of Danish revenue collectors.
Federal More
U.S. Secretary of Commerce Howard Lutnick on Wednesday said the U.S. is looking to issue a broad tariff on semiconductors, though he also said it would be structured such that companies that commit to U.S. man... (more story)
Three executives who described how Siemens' digital software business integrated Mentor Graphics' operations after acquiring that electronic design automation company in 2017 seemed oblivious to the tax aspect... (more story)
An investment company accused the IRS of mistakenly inflating its 2008 short-term capital gains from certain securities investments to about $170 million from $4 million, telling the U.S. Tax Court the gains w... (more story)
The former boss of a Connecticut strip club who pled guilty to five charges after being accused of hiding $5.7 million from the IRS told a federal court he should serve no prison time since he already coughed ... (more story)
The North Carolina State Bar's decision to punish a former judge for actions he took while on the bench is not an attack on judicial independence, the bar argued in urging the state's top court not to take up ... (more story)
President Donald Trump illegally based his temporary tariffs on the misapplication of a law allowing the president to address balance-of-payment deficits, two businesses told the Federal Circuit, pushing the c... (more story)
An attorney for Siemens USA asked the U.S. Tax Court on Monday to consider all elements of the restructuring that followed the company's 2017 acquisition of Mentor Graphics and led to a $3.5 billion deduction ... (more story)
State & Local More
Fla. Defends Airline Tax Method Targeted By JetBlue
A Florida state court was right to reject JetBlue's challenges to the state's method for apportionment of airline income, including receipts from flights over offshore areas, the state Department of Revenue to... (more story)
Biz Groups Ask Texas Justices To Bar Tax On Stored Oil
If the Texas Supreme Court rules that counties can levy personal property tax on oil slated for export, the decision could be damaging to the state's economy and a boon for other states, the U.S. Chamber of Co... (more story)
NY Tax Talk: Evaluating The Sales Tax Vendor Relief Program
New York state’s new penalty abatement and interest discount program, recently enacted alongside mandated sales tax vendor reregistration, may be most useful for vendors that recently lost a protest or have no... (more story)
States Ask Fed. Circ. To Revive Their Temporary Tariff Claims
Two dozen states pushed the Federal Circuit on Monday to revive their specific claims against now-expired temporary tariffs while simultaneously pushing the panel to otherwise back the U.S. Court of Internatio... (more story)
Avalara Investors Suing Over $8.4B Buyout Win Class Cert.
A Washington federal judge granted class certification to investors in tax software company Avalara in a suit alleging it misled investors ahead of an $8.4 billion deal to take the company private.
Miami Developer Fights New Orleans' Bid To Transfer Ch. 11
A Miami-based developer is fighting New Orleans' attempt to transfer his company's Chapter 11 proceeding to Louisiana, telling a Florida federal bankruptcy judge that the case should stay put because the case ... (more story)
New Jersey Cuts Business Tax Credits For Data Centers
New Jersey barred data centers from receiving tax credits under a program designed to develop its artificial intelligence industry, reallocating $250 million to other economic incentive programs under a bill s... (more story)
A Florida state court was right to reject JetBlue's challenges to the state's method for apportionment of airline income, including receipts from flights over offshore areas, the state Department of Revenue to... (more story)
If the Texas Supreme Court rules that counties can levy personal property tax on oil slated for export, the decision could be damaging to the state's economy and a boon for other states, the U.S. Chamber of Co... (more story)
New York state’s new penalty abatement and interest discount program, recently enacted alongside mandated sales tax vendor reregistration, may be most useful for vendors that recently lost a protest or have no... (more story)
Two dozen states pushed the Federal Circuit on Monday to revive their specific claims against now-expired temporary tariffs while simultaneously pushing the panel to otherwise back the U.S. Court of Internatio... (more story)
A Washington federal judge granted class certification to investors in tax software company Avalara in a suit alleging it misled investors ahead of an $8.4 billion deal to take the company private.
A Miami-based developer is fighting New Orleans' attempt to transfer his company's Chapter 11 proceeding to Louisiana, telling a Florida federal bankruptcy judge that the case should stay put because the case ... (more story)
New Jersey barred data centers from receiving tax credits under a program designed to develop its artificial intelligence industry, reallocating $250 million to other economic incentive programs under a bill s... (more story)
International More
EU Tax Overhaul Isn't Green Light for Evasion, Official Says
Proposals for European Union tax changes designed to support businesses in the region do not mean the bloc has abandoned its fight against tax evasion, a European Commission official said Wednesday.
OECD Official Presses For EU Biz Tax Regime To Go Further
A European Union proposal to improve the business climate in the bloc could be more effective if it included additional provisions related to research and development and loss-offset rules, a senior figure in ... (more story)
Start Of EU Tax Simplification Talks Will Cover Anti-Avoidance
Early discussions among European Union countries on tax simplification will begin Thursday with a focus on the anti-tax avoidance directive, according to a steering note seen Tuesday by Law360.
Levi Strauss Buyer Seeks Refund After Trump Tariffs Tossed
Levi Strauss & Co. has yet to provide a way for its customers to get refunds of unlawful tariff-related costs they had to pay for imported goods affected by President Donald Trump's since-invalidated global "t... (more story)
Canada, France Treaties Don't Ax Investment Tax, Court Says
U.S. tax treaties with Canada and France don't shield taxpayers from the net investment income tax because the treaties' foreign tax credits are subject to limitations in the Internal Revenue Code, the Court o... (more story)
Trump Opening 1st Round Of Tariff-Free Ground Beef Tuesday
The first 100,000 of a total 300,000 metric tons of ground beef that can be imported into the U.S. without an added tariff can enter into the country starting Sept. 1, according to a proclamation published Monday.
Canada Court Backs Ex-Blue Jays' Income Tax Formula
Two former Major League Baseball stars who played for the Toronto Blue Jays need to subtract their tax-free retirement contributions from only their Canadian income and not their U.S. earnings as well, a Canad... (more story)
Proposals for European Union tax changes designed to support businesses in the region do not mean the bloc has abandoned its fight against tax evasion, a European Commission official said Wednesday.
A European Union proposal to improve the business climate in the bloc could be more effective if it included additional provisions related to research and development and loss-offset rules, a senior figure in ... (more story)
Early discussions among European Union countries on tax simplification will begin Thursday with a focus on the anti-tax avoidance directive, according to a steering note seen Tuesday by Law360.
Levi Strauss & Co. has yet to provide a way for its customers to get refunds of unlawful tariff-related costs they had to pay for imported goods affected by President Donald Trump's since-invalidated global "t... (more story)
U.S. tax treaties with Canada and France don't shield taxpayers from the net investment income tax because the treaties' foreign tax credits are subject to limitations in the Internal Revenue Code, the Court o... (more story)
The first 100,000 of a total 300,000 metric tons of ground beef that can be imported into the U.S. without an added tariff can enter into the country starting Sept. 1, according to a proclamation published Monday.
Two former Major League Baseball stars who played for the Toronto Blue Jays need to subtract their tax-free retirement contributions from only their Canadian income and not their U.S. earnings as well, a Canad... (more story)