Featured Stories

The Tax Angle: More GOP TCJA Teams, Nonprofit Hospitals

From a look at efforts by the Republicans on the Senate Finance Committee to prepare for next year's expiration of... (more story)

Staffing Hurdles Could Slow Impact Of IRS Audit Boost

The Internal Revenue Service's intended ramping up of enforcement on wealthy people, large corporations and comple... (more story)

A Chronology Of The Hunter Biden Investigation

The story behind President Joe Biden's son Hunter Biden's conviction on federal gun charges started with a gun pur... (more story)

Federal More

IRS Asks Court To Leave Alone Worker Retention Credit Pause

An Arizona federal court should reject a tax advisory firm's request to lift the IRS' moratorium on processing claims for the pandemic-era employee retention credit, the agency argued, saying the agency should... (more story)

'Energy Communities' Update May Clarify Tax Credit Eligibility

A recent IRS notice that includes updated lists of locations where clean energy projects can qualify for additional tax credits — based 2023 unemployment data and placed-in-service dates — should help provide ... (more story)

Feds Take Hard Line On Tycoon's Pilots After He Goes Free

Manhattan federal prosecutors asked a sentencing judge to consider aggravating circumstances for two pilots who allegedly traded on stock tips from U.K. billionaire Joe Lewis, despite not seeking a prison term... (more story)

Marathon Ineligible For $247M Fuel Tax Refund, IRS Says

Energy giant Marathon Petroleum isn't entitled to $247 million in tax refunds for its alternative fuel mixtures because its eligibility for the credits hadn't yet been approved by the Internal Revenue Service ... (more story)

Think Like A Lawyer: Always Be Closing

When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ pa... (more story)

Ga. CPA Admits To Role In $1.3B Tax Fraud Scheme

After a federal jury convicted two of his co-conspirators in a landmark conservation easement tax shelter trial last year, a Georgia accountant who'd previously denied culpability elected to change course Frid... (more story)

5th Circ. Says Jury Instructions Deeply 'Flawed' In Tax Suit

A Fifth Circuit panel has found that the jury instructions for a $580,000 tax dispute were "irredeemably flawed," vacating the verdict and handing a loss to a partnership that claimed it had reasonable cause f... (more story)

State & Local More

Kansas Pols Agree On Tax Cuts Ahead Of Special Session

Kansas would reduce its income tax brackets to two and exempt Social Security income from tax under a compromise proposal reached between state House and Senate Republican leaders and Gov. Laura Kelly, announc... (more story)

NJ Power Broker, Firm CEO Brother Accused Of Racketeering

Powerful New Jersey businessman George E. Norcross III and his brother who is the chief executive officer of law firm Parker McCay have been criminally charged alongside others in a scheme to acquire waterfron... (more story)

IRS Says Ariz. Lacks Standing To Fight Taxation Of Rebates

Arizona did not have standing to lodge its claim that its 2023 income tax rebates should be exempt from federal tax, the Internal Revenue Service told a federal court, arguing the taxes paid by Arizonans did n... (more story)

Credit Cards And Trading Cards: SALT In Review

From Mastercard's loss in a South Carolina court case to the taxability of trading cards imported to California, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.

Taxation With Representation: Kirkland, Arnold & Porter

In this week's Taxation with Representation, Noble Corp. PLC buys Diamond Offshore Drilling Inc., Cognizant buys Belcan, AlphaSense raises funding to buy Tegus, and Matador Resources Co. acquires a subsidiary ... (more story)

NY Court Strikes Housing Tax Break's Labor Dispute Process

A New York state court has undercut a provision in a since-expired affordable housing tax break that enabled a city watchdog to issue judgments against developers who underpaid construction workers, deeming th... (more story)

Senate Budget Chair Seeks End To Carried Interest Tax Break

Lawmakers should end the favorable tax treatment of income from carried interest compared with ordinary earned income, Senate Budget Committee Chairman Sheldon Whitehouse said Wednesday.

Calif. Budget Will Likely Have Unexpected Tax Consequences

A temporary suspension of net operating loss deductions and business incentive tax credits, likely to be approved on June 15 as part of California’s next budget, may create unanticipated tax liabilities for bu... (more story)

Treasury Issued Over $1B In Clean Vehicle Tax Credits

The clean vehicle tax credit of up to $7,500 has saved buyers more than $1 billion in total upfront costs since January, the U.S. Treasury Department announced Wednesday, saying the figures represent a major m... (more story)

International More

OECD Tax Plan Is Developing Nations' Best Choice, Prof Says

Developing countries could gain more revenue from the OECD's multilateral plan to tax the digital economy than the U.N. Tax Committee's bilateral alternative because they have small treaty networks, many custo... (more story)

US Urges 5th Circ. To Back $2M Tax Bill For Tire Imports

The Fifth Circuit should overturn a lower court's ruling that a Houston truck company was not an importer responsible for nearly $2 million in excise taxes on tires it bought from a Chinese manufacturer, the U... (more story)

Eaton Says Court Improperly Required Int'l Employee Evals

An Ohio federal court should reconsider its decision that multinational power management company Eaton must disclose the personnel records of its foreign employees that were requested by the Internal Revenue S... (more story)

Mining Co. Entity Can't Deduct Loan Interest, UK Court Says

A U.S. mining company's entity in the U.K. that was created to save taxes through the acquisition of a Texas-based firm cannot overturn the Upper Tribunal's decision that its U.K tax deductions weren't deserve... (more story)

Full DC Circ. Won't Hear Foreign Disclosure Penalty Dispute

The D.C. Circuit declined to reconsider its ruling overturning a major U.S. Tax Court decision that had crimped the administrative collection arm of the Internal Revenue Service, letting stand a panel's restor... (more story)

UK Broker Denied Supreme Court Hearing Over Cum Ex Raids

Judges at a London court refused on Friday to allow a brokerage to challenge at the U.K. Supreme Court findings that a raid on its London office during an investigation into tax fraud in 2022 was legal, findin... (more story)

EU Eyeing Exchange Rules Linked To Min. Tax, Official Says

The European Union is looking to introduce rules regarding the exchange of information pertaining to the global minimum corporate tax, a top official in the EU's executive branch said Thursday.