Missouri Creates Exemptions For Capital Gains, Sales Tax
Missouri will exempt capital gains from the state's income tax and create sales tax exemptions for broadband equipment, feminine hygiene products and diapers under a bill the state's governor signed Thursday.
10th Circ. Affirms Sentence In $1B Energy Tax Credit Scheme
A leader of a renewable-energy scheme that illicitly sought $1 billion in tax credits failed to persuade the Tenth Circuit to overturn his conviction by arguing that jurors were biased when his lawyer was identified as having helped Michael Jackson beat child molestation charges.
Trump Order On Solar, Wind Credits Puts Industry On Heels
President Donald Trump threw a curveball to the energy industry by ordering the U.S. Department of the Treasury to take a hard line on which projects qualify for solar and wind tax credits under the new budget law, leaving practitioners uncertain about the scope of the restrictions.
Missouri Creates Exemptions For Capital Gains, Sales Tax
Missouri will exempt capital gains from the state's income tax and create sales tax exemptions for broadband equipment, feminine hygiene products and diapers under a bill the state's governor signed Thursday.
10th Circ. Affirms Sentence In $1B Energy Tax Credit Scheme
A leader of a renewable-energy scheme that illicitly sought $1 billion in tax credits failed to persuade the Tenth Circuit to overturn his conviction by arguing that jurors were biased when his lawyer was identified as having helped Michael Jackson beat child molestation charges.
Trump Order On Solar, Wind Credits Puts Industry On Heels
President Donald Trump threw a curveball to the energy industry by ordering the U.S. Department of the Treasury to take a hard line on which projects qualify for solar and wind tax credits under the new budget law, leaving practitioners uncertain about the scope of the restrictions.
Federal More
An Ohio dentist cannot deduct his life insurance premiums that he intended to potentially donate to a zoo, the Sixth Circuit ruled, saying the arrangement was taxable under 2003 regulations governing policies ... (more story)
Prosecutors urged a Pennsylvania federal judge to reimpose a nearly two-year sentence on a Philadelphia cheesesteak shop owner who was convicted of paying employees off the books, a request that comes two mont... (more story)
The judge who sentenced an IRS contractor for leaking thousands of wealthy people's tax returns to the media, including those of President Donald Trump, kept an open mind when she decided to deliver the maximu... (more story)
A Texas federal judge partially invalidated an investment advice regulation from President Donald Trump's first administration involving employee retirement savings and rollover transactions, ruling the U.S. D... (more story)
President Donald Trump said Wednesday that Brazilian goods sent to the U.S. can expect a 50% tariff starting in August, saying that the increased levy was in part due to Brazil's charges against its former pre... (more story)
A Florida federal judge sentenced a Honduran woman to nearly two years in prison after she pled guilty to charges in a scheme to pay construction workers off the books to avoid paying payroll taxes and workers... (more story)
The owner of a metal-coating business was sentenced to a year and a day in prison by a California federal court and must pay $1.2 million in restitution to the IRS after he admitted he failed to pay over taxes... (more story)
State & Local More
Pa. Sens. Unveil Bipartisan Plan To Legalize Marijuana
Pennsylvania lawmakers on Thursday unveiled a new bipartisan legislative proposal to legalize and regulate the sale of recreational marijuana in the Keystone State, after a previous proposal to legalize the sa... (more story)
Georgia Banking Brief: All The Notable Legal Updates In Q2
The second quarter brought a number of significant legislative and regulatory changes for Georgia banking, including an extension of the intangibles tax exemption for short-term notes, modernization of routine... (more story)
Pacific Life Calls $11M Florida Income Tax Unconstitutional
Pacific Life Insurance Co. asked a Florida court to void a $10.7 million income tax assessment on its sale of interest in an aircraft financing and leasing group, saying the state's tax agency incorrectly clas... (more story)
Colorado Activists Pitch Fee-Limiting Ballot Measures
Colorado would modify its Taxpayer's Bill of Rights to require voter approval of certain fee increases that fund similar purposes under a group of proposed ballot initiatives submitted to the state Legislative Council.
Fund Servicer Contests Fla. Income Allocation In $10M Case
A company that services mutual funds asked a Florida state court to negate a $10 million income tax assessment, arguing that the state applied the wrong sourcing rules and taxed receipts that shouldn't be sour... (more story)
Calif. Court Says Utility Property Can Be Taxed At Higher Rate
AT&T unit Pacific Bell and other telecommunication companies can be taxed at a different property tax rate because the state statute and legal precedent allows utilities to be taxed at different rates, a Calif... (more story)
5 Years Ago, The McGirt Ruling Reshaped Tribal Jurisdiction
It was widely held for decades that Oklahoma had domain over criminal matters on tribal lands, but five years ago, the U.S. Supreme Court turned that regime on its head, finding 19th century federal treaties w... (more story)
Baker McKenzie Rehires Int'l Tax Pro As Principal Economist
Baker McKenzie's former director of economics, who spent more than 15 years as an IRS assistant director in a division that focuses on cross-border tax issues, has rejoined the firm after working with EY.
Kansas Extends STAR Bonds To Continue Chiefs, Royals Talks
Kansas lawmakers have approved a one-year extension of the state's Sales Tax and Revenue bonds while the Missouri-based Kansas City Chiefs and Kansas City Royals continue talks with officials about migrating to Kansas.
Pennsylvania lawmakers on Thursday unveiled a new bipartisan legislative proposal to legalize and regulate the sale of recreational marijuana in the Keystone State, after a previous proposal to legalize the sa... (more story)
The second quarter brought a number of significant legislative and regulatory changes for Georgia banking, including an extension of the intangibles tax exemption for short-term notes, modernization of routine... (more story)
Pacific Life Insurance Co. asked a Florida court to void a $10.7 million income tax assessment on its sale of interest in an aircraft financing and leasing group, saying the state's tax agency incorrectly clas... (more story)
Colorado would modify its Taxpayer's Bill of Rights to require voter approval of certain fee increases that fund similar purposes under a group of proposed ballot initiatives submitted to the state Legislative Council.
A company that services mutual funds asked a Florida state court to negate a $10 million income tax assessment, arguing that the state applied the wrong sourcing rules and taxed receipts that shouldn't be sour... (more story)
AT&T unit Pacific Bell and other telecommunication companies can be taxed at a different property tax rate because the state statute and legal precedent allows utilities to be taxed at different rates, a Calif... (more story)
It was widely held for decades that Oklahoma had domain over criminal matters on tribal lands, but five years ago, the U.S. Supreme Court turned that regime on its head, finding 19th century federal treaties w... (more story)
Baker McKenzie's former director of economics, who spent more than 15 years as an IRS assistant director in a division that focuses on cross-border tax issues, has rejoined the firm after working with EY.
Kansas lawmakers have approved a one-year extension of the state's Sales Tax and Revenue bonds while the Missouri-based Kansas City Chiefs and Kansas City Royals continue talks with officials about migrating to Kansas.
International More
14 Arrested Over Suspected Phishing-Tied Tax Fraud Scheme
Fourteen people have been arrested as part of an international investigation into a large-scale tax fraud operation that used personal data stolen in phishing attacks, the U.K. tax authority announced on Thursday.
Firm Denies Giving Ex-Pandora Chief Negligent Tax Advice
A law firm has denied giving former Pandora boss Peter Andersen negligent tax advice that saddled him and the jeweler with a £3.3 million ($4.5 million) tax bill because of Andersen's pension trust.
EU Prosecutors Detain 8 Individuals In €68M VAT Fraud Probe
European Union prosecutors revealed Thursday that they have detained eight people in Spain for their alleged involvement in a €68 million ($80 million) value-added tax fraud linked to alcohol imported from oth... (more story)
Trump Declares 50% Copper Tariff, Floats 200% Pharma Tariff
President Donald Trump announced Tuesday that he will impose a new 50% tariff on copper imported into the U.S., while also raising the possibility of imposing a 200% tariff on pharmaceuticals.
ABA Opinion Makes It A Bit Easier To Drop A 'Hot Potato'
The American Bar Association's recent ethics opinion clarifies when attorneys may terminate clients without good cause, though courts may still disqualify a lawyer who drops a client like a hot potato, so send... (more story)
Wis. Rep. Pushes 2 Bills To Counter EU's Tech, ESG Rules
A Republican U.S. House representative recently introduced two pieces of legislation over European Union regulations the congressman has deemed to be burdensome to U.S. companies, according to a recent announc... (more story)
Can Companies Add Tariffs Back To Earnings Calculations?
With the recent and continually evolving tariffs announced by the Trump administration, John Ryan at King & Spalding takes a detailed look at whether those new tariffs can be added back in calculating earnings... (more story)
Fourteen people have been arrested as part of an international investigation into a large-scale tax fraud operation that used personal data stolen in phishing attacks, the U.K. tax authority announced on Thursday.
A law firm has denied giving former Pandora boss Peter Andersen negligent tax advice that saddled him and the jeweler with a £3.3 million ($4.5 million) tax bill because of Andersen's pension trust.
European Union prosecutors revealed Thursday that they have detained eight people in Spain for their alleged involvement in a €68 million ($80 million) value-added tax fraud linked to alcohol imported from oth... (more story)
President Donald Trump announced Tuesday that he will impose a new 50% tariff on copper imported into the U.S., while also raising the possibility of imposing a 200% tariff on pharmaceuticals.
The American Bar Association's recent ethics opinion clarifies when attorneys may terminate clients without good cause, though courts may still disqualify a lawyer who drops a client like a hot potato, so send... (more story)
A Republican U.S. House representative recently introduced two pieces of legislation over European Union regulations the congressman has deemed to be burdensome to U.S. companies, according to a recent announc... (more story)
With the recent and continually evolving tariffs announced by the Trump administration, John Ryan at King & Spalding takes a detailed look at whether those new tariffs can be added back in calculating earnings... (more story)