Colo. $2B Graduated Tax Proposal Faces Signature Challenge
A proposal to cut Colorado income tax rates for most earners, raise rates for high earners and raise $2 billion annually failed to gather the signatures needed to reach the state's November ballot, a lawsuit against state election officials charges.
Firm Partners Can't Get Employment Tax Break, 2nd Circ. Says
The Second Circuit held Thursday that $141.5 million in partnership income distributed to an investment company's principals was subject to self-employment taxes, following the Fifth Circuit's narrow interpretation for determining eligibility for a self-employment tax exemption for limited partners.
IRS Defends Regs In Meta's Fight Against $16B Tax Bill
The IRS urged the U.S. Tax Court to validate regulations that Facebook parent Meta is challenging in its fight against a nearly $16 billion tax bill, arguing that the social media giant is recycling arguments the Ninth Circuit already rejected.
Colo. $2B Graduated Tax Proposal Faces Signature Challenge
A proposal to cut Colorado income tax rates for most earners, raise rates for high earners and raise $2 billion annually failed to gather the signatures needed to reach the state's November ballot, a lawsuit against state election officials charges.
Firm Partners Can't Get Employment Tax Break, 2nd Circ. Says
The Second Circuit held Thursday that $141.5 million in partnership income distributed to an investment company's principals was subject to self-employment taxes, following the Fifth Circuit's narrow interpretation for determining eligibility for a self-employment tax exemption for limited partners.
IRS Defends Regs In Meta's Fight Against $16B Tax Bill
The IRS urged the U.S. Tax Court to validate regulations that Facebook parent Meta is challenging in its fight against a nearly $16 billion tax bill, arguing that the social media giant is recycling arguments the Ninth Circuit already rejected.
Federal More
The Internal Revenue Service released a draft version of the Form 1040 individual tax return that for the first time would include a question about the filer's citizenship status.
Recent guidance that extends a safe harbor for taxpayers claiming Section 45Q carbon capture credits provides a temporary reporting method that may keep viable projects moving while the U.S. Department of the ... (more story)
A Texas federal judge dismissed two workers' claims that the Internal Revenue Service's income tax withholding regulations resulted in employers overdeducting taxes from their employees' paychecks, finding tha... (more story)
The U.S. House of Representatives approved legislation Wednesday that would enhance President Donald Trump's economic tools to pressure Russia and Iran, including new tariff authorities to impose duties on imp... (more story)
A D.C. federal judge should order the Internal Revenue Service to resume allowing its workers to access their union's website and letting the union send emails to workers, the union argued, saying the IRS' dec... (more story)
Congress would create parity between the tax treatment of digital assets and traditional financial assets, as well as institute safeguards against abuse, under a bipartisan digital asset tax framework package ... (more story)
A commercial laundry services company asked the Eleventh Circuit to reverse a Florida federal court's ruling that upheld a $184,000 payment to the IRS under the Affordable Care Act's employer shared responsibi... (more story)
State & Local More
NY Urges 2nd Circ. To Stop DOT Push To End Congestion Pricing
New York transportation agencies have urged the Second Circuit to shut down the Trump administration's continued efforts to eliminate congestion pricing, saying the federal government doesn't have free rein to... (more story)
Exonerated NJ Power Broker Sues Philly Inquirer For $100M
New Jersey power broker George E. Norcross III alleged in a $100 million defamation suit filed Thursday in Pennsylvania state court that the Garden State's failed racketeering case against him was built upon f... (more story)
Minn. Court Drops $22M From Wells Fargo Tower's Tax Value
A Wells Fargo office tower in Minneapolis was overvalued by $22 million by the local assessor, the Minnesota Tax Court said, looking at the sales prices of the building itself and applying calculations that it... (more story)
What To Expect From Colorado's New Artist Co. Structure
Colorado's newly established class of artist companies, or A-Corps, provides a useful structure for small-scale ventures, but challenges could arise for more complex business plans, and limitations on investor... (more story)
NY AG, CFTC Tussle Over Prediction Markets, Gambling Laws
The U.S. Commodity Futures Trading Commission on Monday asked a New York federal judge to find that the federal regulator has exclusive jurisdiction over prediction markets and put a stop to efforts by the sta... (more story)
Md. Seeks Review Of Court Ruling Scrapping Digital Ad Tax
Maryland's comptroller is appealing state tax court rulings that struck down the state's digital advertising tax, according to filings in state circuit court.
Wis. Justices Decline To Review StubHub's $8.5M Tax Bill
The Wisconsin Supreme Court declined StubHub's petition for review of an appellate court decision that found the company liable for about $8.5 million in sales tax on tickets sold through its online platform.
New York transportation agencies have urged the Second Circuit to shut down the Trump administration's continued efforts to eliminate congestion pricing, saying the federal government doesn't have free rein to... (more story)
New Jersey power broker George E. Norcross III alleged in a $100 million defamation suit filed Thursday in Pennsylvania state court that the Garden State's failed racketeering case against him was built upon f... (more story)
A Wells Fargo office tower in Minneapolis was overvalued by $22 million by the local assessor, the Minnesota Tax Court said, looking at the sales prices of the building itself and applying calculations that it... (more story)
Colorado's newly established class of artist companies, or A-Corps, provides a useful structure for small-scale ventures, but challenges could arise for more complex business plans, and limitations on investor... (more story)
The U.S. Commodity Futures Trading Commission on Monday asked a New York federal judge to find that the federal regulator has exclusive jurisdiction over prediction markets and put a stop to efforts by the sta... (more story)
Maryland's comptroller is appealing state tax court rulings that struck down the state's digital advertising tax, according to filings in state circuit court.
The Wisconsin Supreme Court declined StubHub's petition for review of an appellate court decision that found the company liable for about $8.5 million in sales tax on tickets sold through its online platform.
International More
Addison Lee Founder Loses £20M Appeal Over Tax Status
A businessman who founded British private car hire company Addison Lee can't avoid over £20.5 million ($27.4 million) in taxes after a London tribunal rejected his claim to nondomicile tax status over his fami... (more story)
Five Deny Tax Fraud Charges Over Payroll Outsourcing
Five individuals pleaded not guilty Friday at a London criminal court to tax fraud and money laundering charges linked to an HM Revenue and Customs investigation into a payroll outsourcing business.
Electricity Tax Rules Kept In Irish EU Reg Draft, Over Protests
The Irish government, currently leading the Council of the European Union, kept rules requiring tax rates on electricity to be no less favorable than those on natural gas in its revision of a draft EU regulati... (more story)
6 Convicted In €520M Mafia-Linked VAT Fraud Syndicate
A Milan court convicted six individuals of participating in a €520 million ($597 million) value-added tax fraud scheme involving electronics that was bankrolled by an Italian crime syndicate, the European Publ... (more story)
Next Tariff Refund Phase To Deploy Next Month, CBP Says
U.S. Customs and Border Protection's next phase for its system administering tariff refunds for duties struck down by the U.S. Supreme Court will deploy Oct. 6, according to a declaration filed Tuesday in the ... (more story)
EU States Resist Taxing Electricity No More Than Natural Gas
Many European Union member states are opposed to a draft regulation that would require them to keep tax rates on electricity no higher than on natural gas and to adopt a tax framework supporting electricity mo... (more story)
UK Minister Pledges To Protect Pensioners From Tax
Britain will shield pensioners from being hit with taxes if the state pension rises above the basic income tax threshold as projected, a minister said Tuesday.
A businessman who founded British private car hire company Addison Lee can't avoid over £20.5 million ($27.4 million) in taxes after a London tribunal rejected his claim to nondomicile tax status over his fami... (more story)
Five individuals pleaded not guilty Friday at a London criminal court to tax fraud and money laundering charges linked to an HM Revenue and Customs investigation into a payroll outsourcing business.
The Irish government, currently leading the Council of the European Union, kept rules requiring tax rates on electricity to be no less favorable than those on natural gas in its revision of a draft EU regulati... (more story)
A Milan court convicted six individuals of participating in a €520 million ($597 million) value-added tax fraud scheme involving electronics that was bankrolled by an Italian crime syndicate, the European Publ... (more story)
U.S. Customs and Border Protection's next phase for its system administering tariff refunds for duties struck down by the U.S. Supreme Court will deploy Oct. 6, according to a declaration filed Tuesday in the ... (more story)
Many European Union member states are opposed to a draft regulation that would require them to keep tax rates on electricity no higher than on natural gas and to adopt a tax framework supporting electricity mo... (more story)
Britain will shield pensioners from being hit with taxes if the state pension rises above the basic income tax threshold as projected, a minister said Tuesday.