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Partnership Defends $3M Deduction For Yacht Purchase
A partnership said the IRS wrongly disallowed expenses associated with its boat chartering and fishing tournament activities, including the purchase of a $3 million yacht, during 2020 and 2021, when the COVID-19 pandemic severely disrupted its business.
Push To Juice German Economy Could Jolt Spousal Tax Break
With growth fragile and unemployment high, Germany's coalition government is considering a raft of tax changes intended to boost workforce participation, including a proposal by the center-left Social Democratic Party to change the country's spousal tax-splitting system.
Int'l Tax In April: Progress On Tariff Refunds, New Tax Cuts
U.S. Customs and Border Protection continued to make progress in April on its system for paying back the tariffs that President Donald Trump imposed under the International Emergency Economic Powers Act. Meanwhile, several countries and one U.S. state cut fuel taxes in response to the U.S. and Israel's war with Iran. Here, Law360 looks at those and other international tax developments from the past month.
Partnership Defends $3M Deduction For Yacht Purchase
A partnership said the IRS wrongly disallowed expenses associated with its boat chartering and fishing tournament activities, including the purchase of a $3 million yacht, during 2020 and 2021, when the COVID-19 pandemic severely disrupted its business.
Push To Juice German Economy Could Jolt Spousal Tax Break
With growth fragile and unemployment high, Germany's coalition government is considering a raft of tax changes intended to boost workforce participation, including a proposal by the center-left Social Democratic Party to change the country's spousal tax-splitting system.
Int'l Tax In April: Progress On Tariff Refunds, New Tax Cuts
U.S. Customs and Border Protection continued to make progress in April on its system for paying back the tariffs that President Donald Trump imposed under the International Emergency Economic Powers Act. Meanwhile, several countries and one U.S. state cut fuel taxes in response to the U.S. and Israel's war with Iran. Here, Law360 looks at those and other international tax developments from the past month.
Federal More
A former Internal Revenue Service agent was arrested for allegations that he embezzled more than $12 million in his role as a chief financial officer of a New Jersey fuel company, the New Jersey U.S. Attorney's Office said.
Investment fund managers behind a conservation easement donation whose charitable tax deduction was embroiled in litigation asked a Georgia federal court to toss a racketeering suit against them by a pair of i... (more story)
The recent incident involving Sullivan & Cromwell where citations in a filed motion were fabricated by artificial intelligence, as well as a punitive ruling from the Sixth Circuit in U.S. v. Farris, demonstrat... (more story)
An international business group urged the U.S. Tax Court to reject IRS arguments that Eaton Corp. deserved a higher credit rating due to its foreign parent's "implicit support," saying the case could significa... (more story)
A man charged with promoting abusive and illegal tax shelters for decades asked a Colorado federal judge just days before trial to throw out the indictment against him, contending the government withheld mater... (more story)
As public and media scrutiny of the data center industry intensifies, regulators, enforcement authorities and Congress will likely focus on accounting judgments that rely on aggressive assumptions, opaque fina... (more story)
Kostelanetz LLP has hired a former chief of the U.S. Internal Revenue Service's law enforcement branch who spent more than 30 years there investigating tax and financial crime, domestically and abroad, the fir... (more story)
State & Local More
Minn. Valuation Tampering Claim Knocked Down By Tax Court
A Minnesota attorney's claim that a county assessor tampered with a witness in a valuation dispute was rejected by the state's tax court, which called the accusation "scurrilous" and found the attorney willful... (more story)
Hawaii Lawmakers OK Ending Tax Credits To Fill Budget Gap
Hawaii would end an assortment of tax credits in an effort to make up for a revenue shortfall under a bill passed by state lawmakers and sent to the governor.
Do Androids Dream Of Paying No Taxes? SALT In Review
From tax incentives for data centers to Washington state's new income tax on high earners, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Ohio Panel Strikes Curbs On 3rd-Party Tax Complaints
Additional restrictions on third parties filing complaints about property valuation in Ohio violate the state's constitution, an Ohio appellate panel found.
Pa. Justices Find Borough's Stormwater Charge Is Tax
A Pennsylvania university that was charged by a borough for stormwater management services doesn't owe the amount assessed because the charges constitute a tax that the university is exempt from paying, the st... (more story)
Improving Well-Being In Law, 10 Years After Landmark Study
An important 2016 study revealed significant substance abuse and mental health issues among lawyers, and while the findings helped normalize the conversation around these topics, a decade later, structural ch... (more story)
Calif. Billionaire Tax Backers Say They Have 1.6M Signatures
Supporters of a referendum that calls for a 5% tax to be levied once on the wealth of California billionaires said they are closer to getting their measure on the November ballot as they are ready to turn in n... (more story)
A Minnesota attorney's claim that a county assessor tampered with a witness in a valuation dispute was rejected by the state's tax court, which called the accusation "scurrilous" and found the attorney willful... (more story)
Hawaii would end an assortment of tax credits in an effort to make up for a revenue shortfall under a bill passed by state lawmakers and sent to the governor.
From tax incentives for data centers to Washington state's new income tax on high earners, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Additional restrictions on third parties filing complaints about property valuation in Ohio violate the state's constitution, an Ohio appellate panel found.
A Pennsylvania university that was charged by a borough for stormwater management services doesn't owe the amount assessed because the charges constitute a tax that the university is exempt from paying, the st... (more story)
An important 2016 study revealed significant substance abuse and mental health issues among lawyers, and while the findings helped normalize the conversation around these topics, a decade later, structural ch... (more story)
Supporters of a referendum that calls for a 5% tax to be levied once on the wealth of California billionaires said they are closer to getting their measure on the November ballot as they are ready to turn in n... (more story)
International More
Canada Pledges $1.1B For Companies Hit By US Tariffs
Canada will provide CA$1.5 billion ($1.1 billion) in financing to companies impacted by U.S. tariffs, especially those on steel, aluminum and copper, the Canadian government said Monday, the latest in a string... (more story)
Canada Court Rejects $16M Forex Loss Deduction
A Canadian businessman intentionally carried out foreign exchange trades to incur losses, a Canadian appeals court ruled, agreeing with a lower court that he accordingly cannot claim a CA$22 million ($16.2 mil... (more story)
Texas Plastics Co. Seeks To Nix Full Captive Rules In 5th Circ.
A plastics company is appealing a Texas district court's decision to partially vacate IRS regulations that listed captive insurance as potentially abusive tax avoidance schemes and will ask the Fifth Circuit t... (more story)
IRS Failed To Vet GILTI Regs For Small Biz, Court Told
The Internal Revenue Service failed to assess how final regulations implementing the 2017 tax law's global intangible low-taxed income regime would affect small businesses, an Israeli law firm told the D.C. fe... (more story)
UK Man Agrees To Guilty Plea In $60M Tax Evasion Scheme
A former business executive has agreed to plead guilty to conspiracy to defraud the Internal Revenue Service, following an order to extradite him to the U.S. over allegations that he and five other men helped ... (more story)
UK Leads OECD In Taxing Wealth, Think Tank Says
The U.K. raises more revenue from taxes on wealth than any other country in the Organization for Economic Cooperation and Development, and implementing a wealth tax wouldn't generate as much money as existing ... (more story)
Trump To Drop Scottish Whiskey Tariffs After UK Royal Visit
The U.S. will grant imported whiskey from the United Kingdom preferential tariff treatment following the visit to the U.S. by King Charles and Queen Camilla, President Donald Trump said on social media Thursday.
Canada will provide CA$1.5 billion ($1.1 billion) in financing to companies impacted by U.S. tariffs, especially those on steel, aluminum and copper, the Canadian government said Monday, the latest in a string... (more story)
A Canadian businessman intentionally carried out foreign exchange trades to incur losses, a Canadian appeals court ruled, agreeing with a lower court that he accordingly cannot claim a CA$22 million ($16.2 mil... (more story)
A plastics company is appealing a Texas district court's decision to partially vacate IRS regulations that listed captive insurance as potentially abusive tax avoidance schemes and will ask the Fifth Circuit t... (more story)
The Internal Revenue Service failed to assess how final regulations implementing the 2017 tax law's global intangible low-taxed income regime would affect small businesses, an Israeli law firm told the D.C. fe... (more story)
A former business executive has agreed to plead guilty to conspiracy to defraud the Internal Revenue Service, following an order to extradite him to the U.S. over allegations that he and five other men helped ... (more story)
The U.K. raises more revenue from taxes on wealth than any other country in the Organization for Economic Cooperation and Development, and implementing a wealth tax wouldn't generate as much money as existing ... (more story)
The U.S. will grant imported whiskey from the United Kingdom preferential tariff treatment following the visit to the U.S. by King Charles and Queen Camilla, President Donald Trump said on social media Thursday.