Tax Court Says Hedge Fund Basket Options Abused Tax Perks
A Connecticut-based hedge fund has聽engaged in a complex stock-selling strategy using option contracts that the Internal Revenue Service had聽determined to be an abusive scheme to avoid paying high taxes on the capital gains, the U.S. Tax Court said Wednesday.
NJ Tax Dept. Launches Mediation Program For Disputes
Businesses that have disputes with the New Jersey Division of Taxation will be able to consider resolving them with a new mediation program instead of going through a traditional controversy process, the division said in a bulletin.
Hunter Biden Tax Probe Critic Named Acting IRS Chief
An Internal Revenue Service special agent who accused the U.S. Department of Justice of misconduct in an investigation of former President Joe Biden's son Hunter has been named the acting IRS commissioner, a U.S. Treasury Department spokesperson confirmed Wednesday.
Tax Court Says Hedge Fund Basket Options Abused Tax Perks
A Connecticut-based hedge fund has聽engaged in a complex stock-selling strategy using option contracts that the Internal Revenue Service had聽determined to be an abusive scheme to avoid paying high taxes on the capital gains, the U.S. Tax Court said Wednesday.
NJ Tax Dept. Launches Mediation Program For Disputes
Businesses that have disputes with the New Jersey Division of Taxation will be able to consider resolving them with a new mediation program instead of going through a traditional controversy process, the division said in a bulletin.
Hunter Biden Tax Probe Critic Named Acting IRS Chief
An Internal Revenue Service special agent who accused the U.S. Department of Justice of misconduct in an investigation of former President Joe Biden's son Hunter has been named the acting IRS commissioner, a U.S. Treasury Department spokesperson confirmed Wednesday.
Federal More
The Trump administration's decision to shutter the Internal Revenue Service's Direct File pilot program was criticized heavily by congressional Democrats, who argued on Wednesday that the program was remarkably successful.
A Kentucky federal judge has refused to delay an approaching hearing on the U.S. Department of the Treasury's bid to nullify its workers' union contracts, despite a union's assertion that it's been given littl... (more story)
A D.C. federal judge on Wednesday questioned whether immigrant advocacy groups have standing to block a tax information-sharing agreement between the IRS and immigration enforcement agencies, but she also outl... (more story)
A Washington cannabis company has dropped claims against a pair of payroll services providers accused of leaving the cannabis company with a $172,500 tax bill after failing to pay the Internal Revenue Service on its behalf.
The IRS is refusing to send money back to a worker who said a paid-off 401(k) loan was mistakenly counted as income in his tax return, according to a suit filed in Missouri federal court.
The Third Circuit affirmed Wednesday a 51-month聽sentence of a woman who embezzled more than $1.6 million from her employer聽and pled guilty to wire fraud and filing false tax returns, rejecting her claim that t... (more story)
The CEO of a company purportedly funded by a green energy outfit can't appeal a judge's determination in a proposed investor class action that found the executive is subject to the Tennessee federal court's ju... (more story)
State & Local More
Tax Takeaways From Georgia's 2025 Legislative Session
Attorneys at Eversheds Sutherland discuss tax-related measures passed by the Georgia Legislature during the session that adjourned on April 4, which included a decrease in income tax rates, an extension of the... (more story)
CarMax's Intercompany Deals Assailed In SC Appeals Court
CarMax used intercompany transactions to distort an entity's business activity and thus its tax burden in South Carolina, the state's tax agency told an appeals court, arguing that because of this distortion, ... (more story)
Colorado Judge Tosses Counties' Suit Over $25M Tax Transfer
A Colorado state judge has dismissed a lawsuit brought by seven counties challenging the transfer of $25 million from a state fund aimed at offsetting the impacts of extractive industries, finding in an order ... (more story)
E-Discovery Quarterly: The Perils Of Digital Data Protocols
Though stipulated protocols governing the treatment of electronically stored information in litigation are meant to streamline discovery, recent disputes demonstrate that certain missteps in the process can le... (more story)
Minn. Panel Advances New Markets Tax Credit Plan
Minnesota would establish a new markets tax credit program similar to the federal credit for investments in qualified community development entities under legislation advanced by a state House of Representatives panel.
Mich. Top Court Won't Hear Appeal Of $217M Dam Repair Tax
The Michigan Supreme Court on Friday said it wouldn't hear an appeal from a host of homeowners challenging a $217 million special assessment to fund the repair of dams and restoration of lakes after 2020 flood... (more story)
Taxation With Representation: Norton Rose, Ropes & Gray
In this week's Taxation With Representation, Capri Holdings sells Versace to Prada, Woodside Energy sells a liquefied natural gas terminal stake to Stonepeak, crypto infrastructure firm Ripple acquires prime b... (more story)
Cookies, Cribs, Curiousness: SALT In Review
From Massachusetts' cookie-based take on a federal law to Pennsylvania's proposed tax exemption for cribs, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Kan. Legislature Overrides Veto Of Tax Cuts Linked To Goals
The Kansas Legislature on Thursday overrode the governor's veto of a bill that decreases the state's income and privilege tax rates if certain general revenue fund goals are met.
Attorneys at Eversheds Sutherland discuss tax-related measures passed by the Georgia Legislature during the session that adjourned on April 4, which included a decrease in income tax rates, an extension of the... (more story)
CarMax used intercompany transactions to distort an entity's business activity and thus its tax burden in South Carolina, the state's tax agency told an appeals court, arguing that because of this distortion, ... (more story)
A Colorado state judge has dismissed a lawsuit brought by seven counties challenging the transfer of $25 million from a state fund aimed at offsetting the impacts of extractive industries, finding in an order ... (more story)
Though stipulated protocols governing the treatment of electronically stored information in litigation are meant to streamline discovery, recent disputes demonstrate that certain missteps in the process can le... (more story)
Minnesota would establish a new markets tax credit program similar to the federal credit for investments in qualified community development entities under legislation advanced by a state House of Representatives panel.
The Michigan Supreme Court on Friday said it wouldn't hear an appeal from a host of homeowners challenging a $217 million special assessment to fund the repair of dams and restoration of lakes after 2020 flood... (more story)
In this week's Taxation With Representation, Capri Holdings sells Versace to Prada, Woodside Energy sells a liquefied natural gas terminal stake to Stonepeak, crypto infrastructure firm Ripple acquires prime b... (more story)
From Massachusetts' cookie-based take on a federal law to Pennsylvania's proposed tax exemption for cribs, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
The Kansas Legislature on Thursday overrode the governor's veto of a bill that decreases the state's income and privilege tax rates if certain general revenue fund goals are met.
International More
EU Still Open To Zero-Tariff US Deal, Trade Chief Says
The European Union remains open to a trade deal with the United States to reach zero tariffs on all goods between the country and the trade bloc, the EU trade commissioner said.
Treasury, DOGE Scrap 9 IRS Guidance Docs As Unnecessary
The White House's Department of Government Efficiency cut nine IRS guidance documents Monday that it said were unnecessary because they were obsolete, outdated or covered by other rules and regulations, includ... (more story)
DOJ Resists Airing Full ICE Pact On Taxpayer Data Sharing
The U.S. government objected Monday to releasing an unredacted copy of a tax-information-sharing agreement between the IRS and immigration enforcement agencies sought by groups seeking to block the disclosure,... (more story)
EU Not 'Sitting Back' With US Tariffs, German Official Says
"Simply sitting back" isn't an option for the European Union in response to wide-ranging tariffs imposed by President Donald Trump's administration, Germany's finance minister said Monday in defense of the blo... (more story)
Ex-BGC Tax Adviser Admits Contempt In 拢23M Fraud Case
A former BGC Partners employee faces a potential jail sentence after admitting before a London judge Monday that he breached restrictions the court imposed after he committed a 拢23.5 million ($30.9 million) fr... (more story)
Court Affirms Nix Of 拢2M VAT Refund For Cars' Data Devices
The British Court of Appeal affirmed Friday that a company wasn't entitled to recoup 拢2 million ($2.6 million) in value-added tax charged on the installation of event-data-recording devices in cars.
Trump Tariffs Will Hurt US Worse Than EU, Bloc Official Says
The wide-ranging tariffs imposed by President Donald Trump's administration, including those that were recently paused for 90 days, will harm the U.S. worse than the European Union, the bloc's economic commiss... (more story)
The European Union remains open to a trade deal with the United States to reach zero tariffs on all goods between the country and the trade bloc, the EU trade commissioner said.
The White House's Department of Government Efficiency cut nine IRS guidance documents Monday that it said were unnecessary because they were obsolete, outdated or covered by other rules and regulations, includ... (more story)
The U.S. government objected Monday to releasing an unredacted copy of a tax-information-sharing agreement between the IRS and immigration enforcement agencies sought by groups seeking to block the disclosure,... (more story)
"Simply sitting back" isn't an option for the European Union in response to wide-ranging tariffs imposed by President Donald Trump's administration, Germany's finance minister said Monday in defense of the blo... (more story)
A former BGC Partners employee faces a potential jail sentence after admitting before a London judge Monday that he breached restrictions the court imposed after he committed a 拢23.5 million ($30.9 million) fr... (more story)
The British Court of Appeal affirmed Friday that a company wasn't entitled to recoup 拢2 million ($2.6 million) in value-added tax charged on the installation of event-data-recording devices in cars.
The wide-ranging tariffs imposed by President Donald Trump's administration, including those that were recently paused for 90 days, will harm the U.S. worse than the European Union, the bloc's economic commiss... (more story)