MTC Partnership Tax Model Moves Toward Final Review
The Multistate Tax Commission group working on uniform rules for the state taxation of partnerships said Wednesday that it will send its draft combined model act to the MTC's uniformity committee for review, a signal that the work group is moving to wrap up a project that has lasted several years.
IRS Says Eaton Misportrayed Intercompany Loan Example
Eaton misportrayed the IRS' argument about a regulatory example concerning the relevance of companies' relatedness when analyzing an arm's-length price of a transaction, the agency told the U.S. Tax Court, defending its denial of related-party interest and fee deductions.
ScottishPower's £28M Redress Payments Are Not Deductible
ScottishPower must pay tax on £28 million ($37.5 million) in redress for regulatory failures after Britain's top court ruled on Wednesday that the compensation was similar to a penalty.
MTC Partnership Tax Model Moves Toward Final Review
The Multistate Tax Commission group working on uniform rules for the state taxation of partnerships said Wednesday that it will send its draft combined model act to the MTC's uniformity committee for review, a signal that the work group is moving to wrap up a project that has lasted several years.
IRS Says Eaton Misportrayed Intercompany Loan Example
Eaton misportrayed the IRS' argument about a regulatory example concerning the relevance of companies' relatedness when analyzing an arm's-length price of a transaction, the agency told the U.S. Tax Court, defending its denial of related-party interest and fee deductions.
ScottishPower's £28M Redress Payments Are Not Deductible
ScottishPower must pay tax on £28 million ($37.5 million) in redress for regulatory failures after Britain's top court ruled on Wednesday that the compensation was similar to a penalty.
Federal More
The Senate Finance Committee's top Democrat said Wednesday that he was launching an inquiry into whether the Big Four accounting firms — PwC, KPMG, Deloitte and EY — have helped large multinational corporation... (more story)
An Illinois federal judge dismissed a skin care corporate group's $8.3 million tax refund suit, finding she lacked jurisdiction to review its amended returns claiming business deductions because those filings ... (more story)
Squire Patton Boggs LLP announced Wednesday that it has added the co-chair of Akerman LLP's public finance group to bolster its capacity to handle public finance, healthcare finance and other matters.
A Michigan woman who owned a series of staffing companies pled guilty to conspiring to defraud the U.S. for more than a decade via an employment tax scheme, causing a tax loss to the IRS of roughly $1.7 millio... (more story)
President Donald Trump's retaliatory 50% tariffs against Canadian goods are the latest in a string of illegal trade actions and should be struck down, just like two previous regimes, according to a lawsuit fil... (more story)
As tariffs reshape production sourcing decisions, manufacturers are seeking foreign trade zone production authority at more than twice last year's pace, making it important to consider the potential duty and e... (more story)
The founder of a plastic manufacturing company asked the Fifth Circuit not to dismiss his bid to restore a tax deduction the IRS denied on premiums the company paid for its captive insurance arrangement, sayin... (more story)
State & Local More
Colo. Graduated Tax Measure To Stay On Ballot, Judge Rules
A Colorado ballot initiative to raise taxes on the state's wealthiest residents will be on the ballot this November after a state court judge Wednesday tossed a lawsuit seeking to invalidate signatures gathere... (more story)
Chicago Mayor Pitches Return Of $25-Per-Worker Corp. Tax
The mayor of Chicago released a $17.6 billion budget plan Wednesday that includes the return of a tax on corporations for every employee at large firms, as well as increasing tax rates on sports betting and leased property.
Mastercard Owes $7.7M In Tax And Penalties, SC Panel Rules
Mastercard is liable for $7.7 million in corporate income tax and penalties because the company engaged in income-producing activity in South Carolina, a state appellate panel ruled Wednesday.
US Bank Owes SC Tax Over In-State Services, Court Says
U.S. Bank owes South Carolina about $5 million, an appeals court ruled Wednesday, finding that income-producing mortgage and credit card services related to South Carolina customers occurred within the state a... (more story)
Polymarket Calls Ohio's Gaming Enforcement Unconstitutional
Polymarket has sued Ohio officials in federal court to stave off an enforcement action under the state's gambling laws, arguing its sports event contracts are under the exclusive jurisdiction of the U.S. Commo... (more story)
Colorado Official Says Rule Can't Sink Graduated Tax Measure
A battle over a Colorado ballot initiative to raise taxes on the state's wealthiest residents underwent a 10-hour evidentiary hearing Monday, featuring testimony from a state official who told the court that r... (more story)
Texas Proposes Change To Data Processing Services Tax Rule
Texas' tax agency has proposed an amendment to its marketplace selling rule to remove certain fees from its definition of taxable data processing services, a move that the agency forecasts to reduce state reve... (more story)
A Colorado ballot initiative to raise taxes on the state's wealthiest residents will be on the ballot this November after a state court judge Wednesday tossed a lawsuit seeking to invalidate signatures gathere... (more story)
The mayor of Chicago released a $17.6 billion budget plan Wednesday that includes the return of a tax on corporations for every employee at large firms, as well as increasing tax rates on sports betting and leased property.
Mastercard is liable for $7.7 million in corporate income tax and penalties because the company engaged in income-producing activity in South Carolina, a state appellate panel ruled Wednesday.
U.S. Bank owes South Carolina about $5 million, an appeals court ruled Wednesday, finding that income-producing mortgage and credit card services related to South Carolina customers occurred within the state a... (more story)
Polymarket has sued Ohio officials in federal court to stave off an enforcement action under the state's gambling laws, arguing its sports event contracts are under the exclusive jurisdiction of the U.S. Commo... (more story)
A battle over a Colorado ballot initiative to raise taxes on the state's wealthiest residents underwent a 10-hour evidentiary hearing Monday, featuring testimony from a state official who told the court that r... (more story)
Texas' tax agency has proposed an amendment to its marketplace selling rule to remove certain fees from its definition of taxable data processing services, a move that the agency forecasts to reduce state reve... (more story)
International More
EU Vows VAT Tool Review As Countries Flag Fraud Risks
Experts leading negotiations at the Council of the European Union pledged that the European Commission would examine potential weaknesses of a value-added tax tool used to streamline import customs in order to... (more story)
UK Chancellor Rejects Capital Gains Tax Hike, Report Says
Chancellor of the Exchequer John Healey has rejected calls from other Labour figures to raise capital gains tax in the U.K.'s upcoming budget, according to a newspaper report, in favor of taxes on banks.
Ryanair Cuts Belgian Routes In Response To Aviation Tax Hike
Ryanair has cut 20 routes across Belgium's two biggest airports over the winter because of a scheduled increase in the country's aviation tax, the airline announced Tuesday.
Gov't Urged To Scrap Premium Tax On Health Insurance
The government should scrap the tax added to health insurance policies as a "practical step" to support employers investing in workplace health and wellbeing, a financial services consultancy said Tuesday.
Meta Says It Didn't Concede Stock Options Issue In Facebook
Despite IRS arguments to the contrary, Meta Platforms told the U.S. Tax Court that it didn't concede that stock option costs need to be included in cost-sharing agreements between affiliates in a prior case in... (more story)
Rajasthan Royals Owner Settles UK Investors' Tax Dispute
Three U.K.-based investors have settled their claim against an owner of India's Rajasthan Royals cricket team who they alleged misled them over the tax consequences of selling their shares and a $300 million v... (more story)
Gov't Must Not Tax Bereaved Families Over Pension Delays
A former U.K. pensions minister has called on the government to ensure that the administrative backlog in civil service pension payouts does not leave the families of deceased civil service pensioners exposed ... (more story)
Experts leading negotiations at the Council of the European Union pledged that the European Commission would examine potential weaknesses of a value-added tax tool used to streamline import customs in order to... (more story)
Chancellor of the Exchequer John Healey has rejected calls from other Labour figures to raise capital gains tax in the U.K.'s upcoming budget, according to a newspaper report, in favor of taxes on banks.
Ryanair has cut 20 routes across Belgium's two biggest airports over the winter because of a scheduled increase in the country's aviation tax, the airline announced Tuesday.
The government should scrap the tax added to health insurance policies as a "practical step" to support employers investing in workplace health and wellbeing, a financial services consultancy said Tuesday.
Despite IRS arguments to the contrary, Meta Platforms told the U.S. Tax Court that it didn't concede that stock option costs need to be included in cost-sharing agreements between affiliates in a prior case in... (more story)
Three U.K.-based investors have settled their claim against an owner of India's Rajasthan Royals cricket team who they alleged misled them over the tax consequences of selling their shares and a $300 million v... (more story)
A former U.K. pensions minister has called on the government to ensure that the administrative backlog in civil service pension payouts does not leave the families of deceased civil service pensioners exposed ... (more story)