A Pennsylvania appeals court issued a published decision on Wednesday finding that wells that fall below a natural gas production threshold for one month out of the year can skirt paying annual impact fees assessed under state law to compensate local ...read more
House Republicans may be bending to political pressure over their most controversial proposal to revamp tax laws, with the leader of the chief tax-writing committee in the House of Representatives saying Wednesday that he is “contemplating significant ...read more
An Arizona appellate court on Tuesday rejected the bid of a utility company for a $7.3 million tax rebate on the grounds that it did not use the coal and natural gas but resold it as electricity, affirming a state tax court ruling also rejecting that ...read more
Presumptions of a settlement resolving a CSX Corp. bid for a $1.76 million tax refund were premature, the railroad giant and the Internal Revenue Service said jointly Tuesday, asking a Florida federal judge to tackle the dispute directly after already ...read more
The House Ways and Means Committee thwarted on March 28 the latest effort by Democrats to obtain President Trump's tax returns. The committee voted 24 to 16 to unfavorably report a resolution (H. Res. 186) sponsored by committee member Bill Pascrell Jr., D-N.J., that would direct Treasury to provide to the House Trump's returns for tax years 2006 through 2015, as well as other financial information such as debts held by foreign governments, foreign investments, and the use of tax shelters.
Additional drafts of revised and new transfer pricing guidance will come out in mid-2017, and final value added tax and goods and services tax guidelines will be published in April, according to OECD tax officials. The officials gave updates on other work related to the base erosion and profit-shifting project, the G-20 mandated work on tax certainty, and automatic information exchange.
The White House floated the idea March 28 of combining infrastructure with tax reform, a prospect gaining currency on both sides of the political divide, with some lawmakers viewing it as a chance for bipartisanship following the failure of the GOP-only healthcare effort. White House press secretary Sean Spicer wouldn't fully endorse the concept, but said the administration wants to "keep a lot of options on the table, in terms of: do we put infrastructure in [or] is there another vehicle for that?"
David J. Kautter is believed to be the leading candidate for Treasury assistant secretary for tax policy, but a final decision has likely not been made by the White House, according to a former transition team member. A member of President Trump's former transition team at Treasury, told Tax Analysts that Kautter is the top contender for the position but that the decision hasn't been finalized. The source spoke only on condition of anonymity. Kautter would succeed Mark Mazur, who is now director of the Urban-Brookings Tax Policy Center.
Can tax administrations take advantage of blockchain technology to improve compliance and enhance the way they operate? That was the question on the minds of those attending the "Blockchain: Taxation and Regulatory Challenges and Opportunities" conference on March 15-16. The conference, hosted by the WU Global Tax Policy Center at the Institute for Austrian and International Tax Law in Vienna, focused on the revolutionary technology and its potential practical applications, especially for tax administration.
The leader of the chief tax-writing committee in the House of Representatives said that it “wouldn’t make sense” for the White House to release its own tax plan when the House Republicans already have a blueprint ready to go. ...read more
A foreign shipping company incorporated in the Marshall Islands failed to get a tax exemption for $3.6 million in the U.S. after the U.S. Tax Court on Tuesday upheld the validity of IRS regulations pertaining to the ownership of foreign corporations’ ...read more
The Internal Revenue Service on Tuesday issued a request for comments on proposed procedures to allow taxpayers to change financial accounting methods under new international standards for recognizing revenues and the impact of those changes on differences ...read more
Fortune 500 companies are holding $2.6 trillion in profits offshore largely in tax havens, avoiding as much as $767 billion in U.S. corporate income tax, according to a report from the Institute on Taxation and Economic Policy released Tuesday. ...read more
By Chris Lutz and Charlie Kearns
On February 10, 2017, the US Court of Appeals for the Sixth Circuit held in Wayside Church v. Van Buren County, 847 F.3d 812 (U.S. 6th Cir. 2017) that the Tax Injunction Act (TIA) and the principle of comity barred federal courts from hearing the taxpayers’ arguments that a Michigan county court’s foreclosure sale of their properties constituted an unconstitutional taking in violation of the Fifth Amendment of the US Constitution. On appeal from the US District Court, the Sixth Circuit concluded that the TIA and comity “only allow federal courts to exercise jurisdiction when state courts cannot provide ‘plain, adequate, and complete’ remedies,” and therefore, “only one analysis is required.” Because the taxpayers could bring their suits alleging an unconstitutional taking to state court—a “plain, adequate, and complete remedy”—the federal courts did not have jurisdiction to hear the matter. Wayside Church v. Van Buren County, 847 F. 3d 812 (U.S. 6th Cir. 2017).
The Internal Revenue Service was hit with a lawsuit on Monday over a notice it issued in November identifying potential tax-avoidance maneuvers involving in-house insurers, with two managers of such companies accusing the agency of unfairly tainting them ...read more
A Fifth Circuit panel found no reason Monday to upend a $3.4 million IRS bill against a Texas holding company that failed to report the sale of its wholly owned subsidiary to a technology company, having tried and failed to structure the deal as for its ...read more
The Sixth Circuit on Monday upheld a tax judgment against a manufacturing company’s owner, finding that he was responsible for paying taxes even though the company’s finances were under a creditor’s control. ...read more
The Illinois Independent Tax Tribunal rejected a car dealer’s effort to wriggle free from a $5 million tax bill based on cash-back payments given to customers for vehicle trade-ins, finding that the payments should have reduced the valuation of ...read more
The Republican Party and the Trump administration may have to slow down their push for overhauling the tax code, experts say, warning that failing to take the time to present a unified front on the issue could end in a replay of the recent botched attempt ...read more
Florida's governor opened a new front Monday in his feud over the state House speaker's efforts to eliminate several state economic incentive programs, ordering agencies to report on legal services contracts following news that one of those programs ...read more
Editing -- NextEra Energy Inc. lost a bid for nearly $98 million in tax refunds related to required nuclear waste disposal fees it has paid over many years to the U.S. Department of Energy after a Florida federal judge rejected its claim the payments ...read more
Jackson Hewitt was unable to fully shake putative class action claims it unlawfully reduced commissions paid to its tax preparers after a New Jersey federal judge recently found that the current or former employees sufficiently pled certain allegations ...read more
In the wake of a 2015 security breach, the IRS not only ignored warnings that a PIN application it uses to fight identity theft may have been compromised, but failed to implement any effective strategy to mitigate fraudulent tax returns, according to ...read more
What is the mood of the nation’s in-house lawyers? Aric Press — a partner at Bernero & Press LLC and former editor-in-chief of The American Lawyer — shares the findings of a recent survey of more than 800 in-house counsel. ...read more
Sabine Pass Liquefaction asked a Louisiana federal judge on Friday to toss a class action on behalf of Cameron Parish taxpayers that seeks to nullify a state-granted exemption of its new $6 billion liquefied natural gas plant from property taxes. ...read more