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IRS Finalizes Changes To Partnership Interest Sales
The IRS issued final regulations Tuesday that remove a requirement for partnerships to include information in tax returns to help partners who sold interests in businesses with noncapital assets determine their gain or loss, preserving the rules as proposed last year.
Timing Wrinkle Could Muddle Foreign Currency Tax Rules
The U.S. Treasury Department has signaled plans to simplify the process for determining the taxable corporate income of affiliates that conduct business in foreign currencies, but the unclear timeline of upcoming guidance could complicate compliance initially.
Minn. Lawmakers OK Federal Conformity, Property Tax Relief
Minnesota would conform with several changes to the federal tax code and extend its workaround of the cap on corporate deductions for state and local taxes under an omnibus tax package approved by lawmakers and heading to Gov. Tim Walz.
IRS Finalizes Changes To Partnership Interest Sales
The IRS issued final regulations Tuesday that remove a requirement for partnerships to include information in tax returns to help partners who sold interests in businesses with noncapital assets determine their gain or loss, preserving the rules as proposed last year.
Timing Wrinkle Could Muddle Foreign Currency Tax Rules
The U.S. Treasury Department has signaled plans to simplify the process for determining the taxable corporate income of affiliates that conduct business in foreign currencies, but the unclear timeline of upcoming guidance could complicate compliance initially.
Minn. Lawmakers OK Federal Conformity, Property Tax Relief
Minnesota would conform with several changes to the federal tax code and extend its workaround of the cap on corporate deductions for state and local taxes under an omnibus tax package approved by lawmakers and heading to Gov. Tim Walz.
Federal More
Acting Attorney General Todd Blanche argued before a Senate committee on Tuesday that the nearly $1.8 billion settlement fund announced on Monday as part of the president's settlement with the Internal Revenue... (more story)
The U.S. Department of Justice on Tuesday released an addendum to the settlement of President Donald Trump's suit against the IRS over the leak of his tax return information that bars the agency from investiga... (more story)
A trio of partnerships with the same Florida address are contesting in the U.S. Tax Court the total denied deductions of over $113 million, a combined $41.9 million in tax assessments and total penalties of $1... (more story)
The U.S. Government Accountability Office said the IRS did not unreasonably restrict competition in its search for a company to help the agency migrate to a new platform, finding the listed requirements were justified.
Maynard Nexsen PC announced that it has added a partner to the firm's tax practice group from Nelson Mullins Riley & Scarborough LLP, adding that the Charlotte, North Carolina, hire brings expertise in transac... (more story)
Investors have agreed to end a lawsuit against the former CEO of cannabis firm Devi Holdings Inc., claiming the executive and early investors hid over $13 million in unpaid taxes to induce $25.9 million in sto... (more story)
A former real estate professional was sentenced to 55 months in prison by a Washington federal judge on Friday, after being convicted for conning $2 million from investors that would purportedly go toward purc... (more story)
State & Local More
Trump, Niece Near Resolution Over Tax Records Leak
Lawyers for President Donald Trump and his niece Mary Trump told a New York court Tuesday that they may be approaching a settlement of his suit against her for sharing his tax records with The New York Times, ... (more story)
Hookah Tobacco Co. Seeks Fla. Justices' Review Of Tax Law
A Florida state appeals court misapplied precedent instructing how to interpret ambiguous tax laws when it found a company's hookah tobacco products subject to the state's tobacco tax, the business argued in a... (more story)
K&L Gates Tax Trio Joins Holland & Knight In Dallas
Holland & Knight LLP announced Monday that three Dallas-based state and local tax attorneys from K&L Gates LLP have joined the firm's tax, executive compensation and benefits practice.
Judges On AI: How Courts Can Survive The Tech Revolution
Colorado Supreme Court Justice Maria Berkenkotter and Colorado Court of Appeals Judge Lino Lipinsky de Orlov discuss how artificial intelligence has already fundamentally altered the legal system and offer tip... (more story)
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)
Taxation With Representation: Cassels, Ropes & Gray
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)
Lawyers for President Donald Trump and his niece Mary Trump told a New York court Tuesday that they may be approaching a settlement of his suit against her for sharing his tax records with The New York Times, ... (more story)
A Florida state appeals court misapplied precedent instructing how to interpret ambiguous tax laws when it found a company's hookah tobacco products subject to the state's tobacco tax, the business argued in a... (more story)
Holland & Knight LLP announced Monday that three Dallas-based state and local tax attorneys from K&L Gates LLP have joined the firm's tax, executive compensation and benefits practice.
Colorado Supreme Court Justice Maria Berkenkotter and Colorado Court of Appeals Judge Lino Lipinsky de Orlov discuss how artificial intelligence has already fundamentally altered the legal system and offer tip... (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)
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)
International More
Ride-Hail App Bolt Can't Get £190M VAT Break, HMRC Argues
Ride-hailing company Bolt shouldn't be able to claim a £190 million ($254.3 million) value-added tax exemption for travel agents and tour operators because its drivers provide transportation and don't lead tou... (more story)
Ex-Austrian Bank CEO To Plead Out In $170M Odebrecht Case
The former CEO of Austrian lender Meinl Bank AG who was extradited from the U.K. has reached a tentative deal to resolve criminal charges that he helped Odebrecht SA hide $170 million in funds used to bribe of... (more story)
HMRC Wins Appeal In £56M Supplements Dispute
A supplements provider can rely only on expert evidence limited to the nutritional quality of the products in a £56 million ($75 million) value-added tax dispute with HM Revenue & Customs, a London tribunal sa... (more story)
Some Gov'ts To Waive Late Filing Fees For Global Min. Tax
Most jurisdictions with global minimum tax measures have agreed to waive late-filing penalties this year if they lack the means to receive the first specialized tax returns due under the system and if companie... (more story)
HMRC Says Scottish Power Owes Tax On £28M Redress
HM Revenue and Customs told the U.K. Supreme Court Monday that ScottishPower can't dodge paying tax on just over £28 million ($38 million) in redress payments that the energy company made after being investiga... (more story)
DC Circ. Hears Russia's Bid To Block $5B Yukos Award
The Russian Federation's constitution and statutes make clear that Vladimir Putin's administration and Yukos Oil Co.'s financing arm didn't have a valid agreement to arbitrate a dispute that resulted in a near... (more story)
Senators Seek Info From SBA On Tariff Loan Gap
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)
Ride-hailing company Bolt shouldn't be able to claim a £190 million ($254.3 million) value-added tax exemption for travel agents and tour operators because its drivers provide transportation and don't lead tou... (more story)
The former CEO of Austrian lender Meinl Bank AG who was extradited from the U.K. has reached a tentative deal to resolve criminal charges that he helped Odebrecht SA hide $170 million in funds used to bribe of... (more story)
A supplements provider can rely only on expert evidence limited to the nutritional quality of the products in a £56 million ($75 million) value-added tax dispute with HM Revenue & Customs, a London tribunal sa... (more story)
Most jurisdictions with global minimum tax measures have agreed to waive late-filing penalties this year if they lack the means to receive the first specialized tax returns due under the system and if companie... (more story)
HM Revenue and Customs told the U.K. Supreme Court Monday that ScottishPower can't dodge paying tax on just over £28 million ($38 million) in redress payments that the energy company made after being investiga... (more story)
The Russian Federation's constitution and statutes make clear that Vladimir Putin's administration and Yukos Oil Co.'s financing arm didn't have a valid agreement to arbitrate a dispute that resulted in a near... (more story)
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)