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Trade Probes Likely To Be Strong Bulwark For Trump's Tariffs
President Donald Trump will likely deploy new tariffs this summer across numerous countries under a law that provides the federal government with its strongest legal footing yet in federal court for a global tariff regime.
Newsom's Budget Change Targets Credits, SaaS, LLC Tax
California would make permanent its business tax credit limit, apply the sales tax to digital prewritten software and cut in half the $800 minimum tax for limited liability companies under a revised budget announced Thursday by Democratic Gov. Gavin Newsom.
Tax Pact Group To Pitch Fresh Remote Seller Amnesty Plan
A Streamlined Sales Tax Governing Board work group is nearing completion of a revised proposal that would allow unregistered remote sellers to limit their back sales tax liabilities, a board director said Thursday.
Trade Probes Likely To Be Strong Bulwark For Trump's Tariffs
President Donald Trump will likely deploy new tariffs this summer across numerous countries under a law that provides the federal government with its strongest legal footing yet in federal court for a global tariff regime.
Newsom's Budget Change Targets Credits, SaaS, LLC Tax
California would make permanent its business tax credit limit, apply the sales tax to digital prewritten software and cut in half the $800 minimum tax for limited liability companies under a revised budget announced Thursday by Democratic Gov. Gavin Newsom.
Tax Pact Group To Pitch Fresh Remote Seller Amnesty Plan
A Streamlined Sales Tax Governing Board work group is nearing completion of a revised proposal that would allow unregistered remote sellers to limit their back sales tax liabilities, a board director said Thursday.
Federal More
The top Democratic lawmakers on the U.S. Senate Finance and Senate Small Business committees asked the Small Business Administration for information regarding loans for companies seeking assistance following i... (more story)
A Miami real estate developer pled guilty Friday to leading a scheme raising $89 million from investors for real estate development projects throughout South Florida that were never built.
In this week's Taxation With Representation, Equinox Gold Corp. and Orla Mining Ltd. announce a merger to create a major gold producer, OpenAI plans to form a company to boost adoption of its software across e... (more story)
The Organization for Economic Cooperation and Development plans to publish on Monday a list of countries implementing the global minimum tax that plan to have online portals in place to receive the required in... (more story)
The pressure in-house legal teams face to quickly adopt artificial intelligence tools, combined with budget constraints and the need to evaluate a crowded market of options, sets the stage for implementation m... (more story)
A former chief of staff to California Gov. Gavin Newsom pled guilty in federal court in Sacramento for her part in a scheme to divert some $225,000 from a dormant political campaign to a former Biden administr... (more story)
A group of family trusts failed Thursday to convince the Federal Circuit to reverse a lower court ruling that held them liable for an $80 million tax bill after being conned by a fraudster who then engaged in ... (more story)
State & Local More
Colo. Lawmakers OK Tax Cuts To Offset Funding Shift Plan
Legislation passed by Colorado lawmakers would adjust the state's transportation funding and cut taxes that fund highway needs to avoid a potential budget crunch from a proposed ballot measure that would shift... (more story)
La. Cancer Center Gets Public Service Property Tax Break
A Louisiana cancer treatment center that is owned by a public hospital satisfies the requirements for a property tax exemption for property used for a public purpose because the public hospital is considered a... (more story)
A Ruling That Defies Logic In New York: SALT In Review
From a ruling on P.L. 86-272 in New York state to the Illinois governor's call to defund his state's independent tax tribunal, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Fidelity Group Can't Claim NY Tech Tax Rate, ALJ Rules
A Fidelity combined group isn't eligible for a lower New York corporate franchise tax rate provided to qualified emerging technology companies because not every member of the group met the criteria for the ben... (more story)
Mo. Resident Seeks To Keep Income Tax Plan Off The Ballot
A proposed Missouri constitutional amendment that could phase out the income tax and expand the sales tax base should be kept off the ballot because it seeks to change multiple articles of the state constituti... (more story)
Colorado Lawmakers OK Bill To Narrow Software Tax Break
Colorado would narrow its sales tax exemption for downloadable software, allowing the break only for software customized for the user or governed by a negotiated license agreement, under legislation passed by lawmakers.
Hologic Tells NH Justices It's One Org.; State Pushes Back
New Hampshire's revenue department and Hologic sparred before the state's justices over whether a capital loss carryback can offset capital gains in a combined group, even if the loss and gain are generated by... (more story)
Legislation passed by Colorado lawmakers would adjust the state's transportation funding and cut taxes that fund highway needs to avoid a potential budget crunch from a proposed ballot measure that would shift... (more story)
A Louisiana cancer treatment center that is owned by a public hospital satisfies the requirements for a property tax exemption for property used for a public purpose because the public hospital is considered a... (more story)
From a ruling on P.L. 86-272 in New York state to the Illinois governor's call to defund his state's independent tax tribunal, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
A Fidelity combined group isn't eligible for a lower New York corporate franchise tax rate provided to qualified emerging technology companies because not every member of the group met the criteria for the ben... (more story)
A proposed Missouri constitutional amendment that could phase out the income tax and expand the sales tax base should be kept off the ballot because it seeks to change multiple articles of the state constituti... (more story)
Colorado would narrow its sales tax exemption for downloadable software, allowing the break only for software customized for the user or governed by a negotiated license agreement, under legislation passed by lawmakers.
New Hampshire's revenue department and Hologic sparred before the state's justices over whether a capital loss carryback can offset capital gains in a combined group, even if the loss and gain are generated by... (more story)
International More
Wealth Inequality Worsened By Tax Gap, Think Tank Says
The tax gap is contributing to the inequality of wealth in the U.K. that has resulted in 350 individuals and families having a combined wealth equivalent to around a quarter of the country's gross domestic pro... (more story)
Italy Study Says Tax Credits Boosted Investment, Not Output
An Italian tax credit program that was intended to support the digitalization of Italian industry raised business investment but failed to translate into meaningful productivity gains, according to a review fr... (more story)
Canada Can't Duck Legal Fees in Ferry Operator's Tax Dispute
Canada is on the hook for more than CA$754,000 ($549,000) in legal fees incurred by a state-owned ferry operator after the Federal Court of Appeal declined its bid to reverse a lower court's awarded costs.
UK Tribunal Partially Allows Claims For Tax Relief On Films
Several partnerships can claim tax relief on the equity-financed portions of their film productions but not debt-financed components designed to inflate their tax relief, a London court found, ordering HMRC to... (more story)
Barrister Loses Bid To Overturn £15K Fine Tied To Tax Row
A London court has maintained a £15,000 ($20,100) fine imposed on a barrister after he sent a barrage of emails accusing HMRC and a caseworker of colluding to sabotage his tax appeal, backing a disciplinary pa... (more story)
'Pig Butchering' Crypto Scam Victim Seeks $962K From IRS
An Ohio man told a district court that the Internal Revenue Service wrongly denied his tax deduction claim for a loss of over $800,000 from a cryptocurrency "pig butchering" scheme despite the extensive docume... (more story)
Ex-Deputy PM Rayner Says She's Cleared Of Tax Claims
Britain's tax authority has cleared former Deputy Prime Minister Angela Rayner of claims that she dodged taxes on an £800,000 ($1 million) property, according to an interview published Thursday, just as the La... (more story)
The tax gap is contributing to the inequality of wealth in the U.K. that has resulted in 350 individuals and families having a combined wealth equivalent to around a quarter of the country's gross domestic pro... (more story)
An Italian tax credit program that was intended to support the digitalization of Italian industry raised business investment but failed to translate into meaningful productivity gains, according to a review fr... (more story)
Canada is on the hook for more than CA$754,000 ($549,000) in legal fees incurred by a state-owned ferry operator after the Federal Court of Appeal declined its bid to reverse a lower court's awarded costs.
Several partnerships can claim tax relief on the equity-financed portions of their film productions but not debt-financed components designed to inflate their tax relief, a London court found, ordering HMRC to... (more story)
A London court has maintained a £15,000 ($20,100) fine imposed on a barrister after he sent a barrage of emails accusing HMRC and a caseworker of colluding to sabotage his tax appeal, backing a disciplinary pa... (more story)
An Ohio man told a district court that the Internal Revenue Service wrongly denied his tax deduction claim for a loss of over $800,000 from a cryptocurrency "pig butchering" scheme despite the extensive docume... (more story)
Britain's tax authority has cleared former Deputy Prime Minister Angela Rayner of claims that she dodged taxes on an £800,000 ($1 million) property, according to an interview published Thursday, just as the La... (more story)