Featured Stories

Pot Rescheduling Could Spur Inventory Accounting Change

If cannabis is reclassified to a lower tier under the Controlled Substances Act, it would unlock significant tax b... (more story)

Pillar 2 Could Clash With US Double-Dipping Loss Rules

The Pillar Two international minimum tax agreement involves calculations that could trigger long-standing U.S. rul... (more story)

Swiss Seen Turning To Credits, Subsidies As Pillar 2 Begins

Switzerland is expected to turn to the use of subsidies and tax credits to try to keep business in the country as ... (more story)

Federal More

Estate Correctly Taxed On Insurance Payout, Justices Told

The U.S. Supreme Court should affirm a decision denying a tax refund to the estate of an owner of a building materials company that used a payout from his $3.5 million life insurance policy to purchase his sha... (more story)

Navigating ACA Reporting Nuances As Deadlines Loom

Stephanie Lowe at Liebert Cassidy walks employers through need-to-know elements of Affordable Care Act reporting, including two quickly approaching deadlines, the updated affordability threshold, strategies fo... (more story)

FTC Rips H&R Block's 'Deceptive' Marketing, 'Coercive' Ploys

The Federal Trade Commission filed an administrative complaint against H&R Block claiming the tax preparation company deceptively marketed some products as "free" and "coerced" people to pay for pricier produc... (more story)

'Empire' Star Owes Income Tax After Threatening DOJ Atty

"Empire" actor Terrence Howard owes more than $900,000 in federal income taxes under a default judgment by a Pennsylvania federal judge that follows a monthslong search by the government to notify the actor of... (more story)

With Interest, Trump Now Owes $454M For NY Valuation Fraud

Donald Trump owes New York state nearly a half billion dollars after a county clerk on Friday tacked on $99 million in interest linked to a $355 million judgment in the state attorney general's civil fraud cas... (more story)

6 Pointers For Attys To Build Trust, Credibility On Social Media

In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current... (more story)

Taxation With Representation: Gibson Dunn, Wachtell

In this week's Taxation with Representation, two asset managers invest in AITi Global, Chord Energy Corp. buys Enerplus Corp. and Truist sells an insurance subsidiary to an investor group led by private equity firms.

State & Local More

DC's Housing Tax Break Proposal: What's In It, What's Missing

Proposed Washington, D.C., rules implementing the Housing in Downtown Tax Abatement program — for commercial property owners who convert properties into residential housing — thoroughly explain the process for... (more story)

Tool Sales Not Wholesale Transactions, Miss. Justices Rule

A tool seller in Mississippi was correctly assessed additional sales tax by the state's Department of Revenue as some of its transactions can't be considered wholesale because its customers directly used the i... (more story)

NRA, LaPierre Found Liable For Misconduct In $6M Verdict

A New York jury found Friday that the National Rifle Association, longtime CEO Wayne LaPierre and two other executives improperly used donor money, among other misconduct, ordering individual defendants to rep... (more story)

Md. Biz Groups Pan Combined Corporate Tax Reporting, Hikes

A legislative proposal in Maryland to impose worldwide combined corporate tax reporting and raise other taxes while boosting some individual tax credits would discourage commerce and generate less revenue than... (more story)

Location, Location, Location: SALT In Review

From a possible replacing of Florida's property tax to Cincinnati's taxing of remote workers, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.

Ex-HFZ Capital Chief Denies $86M Real Estate Fraud Charges

The former head of troubled real estate firm HFZ Capital Group has pled not guilty in New York state court to dozens of criminal charges alleging he spearheaded a series of theft and tax fraud schemes that net... (more story)

US Can't Tax Ariz. Residents' Rebates From State, Court Told

Arizona residents should not owe federal income tax on the state's one-time tax rebates issued last year because they were "general welfare" payments that federal guidance says are excluded from taxation, the ... (more story)

Gallo Winery Qualifies For Lower NY Biz Tax Rate, ALJ Rules

E.& J. Gallo Winery is eligible for a reduced business tax rate because it meets the requirements of a qualified New York manufacturer despite contracting a company to manage its property in the state, an admi... (more story)

Va. Oil Terminal's Tax Value Upheld By Appeals Court

A petroleum terminal was correctly valued by a local assessor at about $63 million for 2018 and $66 million for 2020, the Virginia Court of Appeals said, rejecting the owner's argument that the property's busi... (more story)

International More

EU Plans Tax Makeover To Boost Capital Market, Paper Says

European Union finance ministers plan targeted adjustments of their tax systems to improve the financing of business, including revisions of corporate taxes, capital gains taxes and tax breaks for interest pay... (more story)

Pillar 1 Ratification Will Be Difficult, EU Official Says

A top European Commission official said he expects participating jurisdictions to sign a convention to implement the OECD's Pillar One plan for reallocating taxing rights in June as planned, but he admitted th... (more story)

Spain Allowed To Reclaim Illegal Aid Given To Ship Buyers

Spain can reclaim the financial benefits given to beneficiaries of a tax scheme that gave illegal state aid to purchasers of ships built in Spanish shipyards, the European Union's General Court has ruled.

Frankfurt Wins Bid For EU's New AML Center

The European Union's new authority to fight money laundering and terrorist financing will be in Frankfurt, Germany, the European Commission announced Thursday.

IRS Agent, Gov't Attys Immune From RICO Suit, Judge Says

An Arizona federal judge dismissed a $15 million lawsuit against an Internal Revenue Service agent and two assistant U.S. attorneys brought by an investment adviser convicted of filing false tax returns, sayin... (more story)

NatWest Settles £60M VAT Fraud Case Ahead Of Retrial

NatWest Markets PLC and liquidators for several defunct trading companies have settled a £60 million ($75.9 million) dispute over whether the bank is liable for a huge value-added tax fraud scheme ahead of a retrial.

US-Chile Tax Treaty May Encourage Cross-Border Investors

Provisions in the recently effective U.S.-Chile bilateral income tax treaty should encourage business between the two countries, as they reduce U.S. withholding tax on investment income for Chilean taxpayers, ... (more story)