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BlueCrest Ruling Sparks Tax Uncertainty For UK Firms
The U.K. Supreme Court's recent ruling that fund managers are taxable as employees rather than partners injects considerable uncertainty into the financial services industry, with companies potentially facing increased scrutiny from tax authorities and less predictable tax obligations.
NY Tribunal Upholds Tax On Co.'s Doc Management Services
A company's sales of cloud-based document management services to law firms and financial service businesses constitute sales of taxable prewritten software, the New York State Tax Appeals Tribunal ruled in a decision released Thursday.
EU Council OKs Bloc Customs Modernization Program
A suite of changes aimed at modernizing the European Union's customs administration to help it handle the e-commerce boom is on the precipice of implementation after the Council of the EU approved them Thursday, teeing up a final vote in the European Parliament.
BlueCrest Ruling Sparks Tax Uncertainty For UK Firms
The U.K. Supreme Court's recent ruling that fund managers are taxable as employees rather than partners injects considerable uncertainty into the financial services industry, with companies potentially facing increased scrutiny from tax authorities and less predictable tax obligations.
NY Tribunal Upholds Tax On Co.'s Doc Management Services
A company's sales of cloud-based document management services to law firms and financial service businesses constitute sales of taxable prewritten software, the New York State Tax Appeals Tribunal ruled in a decision released Thursday.
EU Council OKs Bloc Customs Modernization Program
A suite of changes aimed at modernizing the European Union's customs administration to help it handle the e-commerce boom is on the precipice of implementation after the Council of the EU approved them Thursday, teeing up a final vote in the European Parliament.
Federal More
The Internal Revenue Service was wrong to disallow two conservation easement deductions worth a combined $78 million based on potential mining activity without adequately explaining why, an Alabama real estate... (more story)
The U.S. Tax Court denied Airbnb's bid to strike IRS expert witness reports from discovery proceedings in the company's challenge against a $1.3 billion tax bill, ruling Wednesday that a procedural rule govern... (more story)
A vitamin company and its owners must face a suit by the federal government seeking $1.4 million stemming from a tax lien on a former owner's 20% interest in the company, a Connecticut federal judge ruled.
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)
State & Local More
Credit Where It Is Due: SALT In Review
From the Texas comptroller's plan to reform his state's tax system to the reduction of an income tax credit in New York City, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Neb. Justices Urged To Allow $16M Gains Exclusion For Trust
A trust set up by a former Union Pacific executive should receive a $16 million capital gains exclusion despite the shares at issue being indirectly transferred to the trust as part of a corporation, the Nebra... (more story)
NJ Urges Justices To Resolve Kalshi Sports Betting Split
New Jersey regulators on Wednesday asked the U.S. Supreme Court to address the newly emerged circuit split around prediction market regulation, filing a long-awaited petition that challenged a Third Circuit de... (more story)
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)
Temporary Tariffs Exceeded Trump's Power, Fed. Circ. Told
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)
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)
From the Texas comptroller's plan to reform his state's tax system to the reduction of an income tax credit in New York City, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
A trust set up by a former Union Pacific executive should receive a $16 million capital gains exclusion despite the shares at issue being indirectly transferred to the trust as part of a corporation, the Nebra... (more story)
New Jersey regulators on Wednesday asked the U.S. Supreme Court to address the newly emerged circuit split around prediction market regulation, filing a long-awaited petition that challenged a Third Circuit de... (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)
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)
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)
International More
Spain Calls For EU Energy Firm Tax To Fund Climate Action
Spain called on the European Union to consider a levy on the profits of oil and gas companies to fund the region's response to the climate crisis, according to a letter and policy paper seen Friday by Law360.
EU Countries Bristle At Tax Avoidance Rule Proposal
European Union member states are concerned that proposed changes to anti-tax avoidance rules, such as those that relate to how much interest companies can deduct from taxable profits, may result in revenue los... (more story)
Canadian Group Can't Blend Insurance Businesses' Income
A fraternal benefit society cannot blend its life insurance and accident insurance businesses for tax purposes, Canada's Federal Court of Appeal said, setting aside a lower court's decision.
Firm Must Give Client Docs To Tax Agency, Canada Court Says
A Toronto-based accounting firm must hand over client information to the Canada Revenue Agency, a Canadian appeals court ruled, holding that a lower court erred in giving the firm "a second kick at the can" in... (more story)
EU Moves To Ease Armenia Tariffs After Russian Restrictions
The European Parliament's International Trade Committee on Thursday advanced a measure that would remove ad valorem duties on a swath of Armenian products to provide aid to the country in the wake of Russian t... (more story)
German Gov't Backs €10B Tax Break, 'Super-Rich Tax'
Germany's cabinet approved a bill Wednesday that would provide €10 billion ($11.6 billion) in tax relief to low- and middle-income taxpayers, partly funded by adding a 47% top rate for individuals that's been ... (more story)
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.
Spain called on the European Union to consider a levy on the profits of oil and gas companies to fund the region's response to the climate crisis, according to a letter and policy paper seen Friday by Law360.
European Union member states are concerned that proposed changes to anti-tax avoidance rules, such as those that relate to how much interest companies can deduct from taxable profits, may result in revenue los... (more story)
A fraternal benefit society cannot blend its life insurance and accident insurance businesses for tax purposes, Canada's Federal Court of Appeal said, setting aside a lower court's decision.
A Toronto-based accounting firm must hand over client information to the Canada Revenue Agency, a Canadian appeals court ruled, holding that a lower court erred in giving the firm "a second kick at the can" in... (more story)
The European Parliament's International Trade Committee on Thursday advanced a measure that would remove ad valorem duties on a swath of Armenian products to provide aid to the country in the wake of Russian t... (more story)
Germany's cabinet approved a bill Wednesday that would provide €10 billion ($11.6 billion) in tax relief to low- and middle-income taxpayers, partly funded by adding a 47% top rate for individuals that's been ... (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.