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NYC's Proposed Split From State Tax Regs Sparks Pushback

New York City's plan to have its coming corporate tax overhaul regulations diverge from certain areas in the state... (more story)

FTC Noncompete Ban Raises Stakes For Nonprofit Hospitals

The Federal Trade Commission seems eager to apply its employee noncompete ban to healthcare, with a key target in ... (more story)

Nixing Green Energy Tax Perks Would Be Tough For Trump

Former President Donald Trump has vowed to scrap Democrats' signature 2022 climate law should he get reelected in ... (more story)

Federal More

New Crypto Reporting Will Require Rigorous Recordkeeping

The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to ... (more story)

'Ghost' Prepper, Feds Agree To Shut Down Tax Businesses

A Connecticut businessman accused by the federal government of "ghost preparing" his customers' taxes and inflating their refunds by putting false information on their IRS paperwork has agreed to shut down his... (more story)

BofA Deserves Tax Refunds On Merger Interest, 4th Circ. Told

The IRS should not have been allowed to keep the interest paid on 23 years' worth of tax underpayments by seven companies that merged into Bank of America, the company told the Fourth Circuit, arguing that the... (more story)

House Sends Disaster Tax Relief Bill To Senate

The U.S. House of Representatives overwhelmingly passed legislation Tuesday that would exclude disaster relief payments from a taxpayer's gross income, sending the bill to the Senate.

Wyden Expands Pharma Tax Investigation With Pfizer Inquiry

Senate Finance Committee Chairman Ron Wyden asked Pfizer to provide details on its tax practices to explain how the drug company has consistently paid tax rates that are significantly lower than the corporate ... (more story)

CohnReznick Adds PwC Partner To International Tax Practice

CohnReznick has a new principal in its international tax practice who previously served as a partner at PwC, the firm announced.

Decision On Direct File Future Is Close, Werfel Says

The Internal Revenue Service is nearing a decision on the future of its free electronic tax return filing pilot program, Commissioner Daniel Werfel told reporters Tuesday.

State & Local More

Minn. Lawmakers OK Family Leave Payroll Tax Boost

Minnesota would raise the payroll premium for its yet-to-begin paid family and medical leave program under a bill passed by state lawmakers in the final hours of their session.

SC Justices Urged To Review $12.5M Amazon Tax Dispute

South Carolina's highest court should review an appeals court's opinion that Amazon was required to collect and remit sales tax on products sold on its marketplace in 2016 and owes the state $12.5 million in t... (more story)

22 States Tell 11th Circ. Corp. Transparency Act Goes Too Far

The federal Corporate Transparency Act unconstitutionally displaces state authority and its enforcement would economically harm states and their residents, attorneys general from 22 states told the Eleventh Ci... (more story)

Tax Assessment: Recapping Georgia's Legislative Session

Jonathan Feldman and Alla Raykin at Eversheds Sutherland examine tax-related changes from Georgia’s General Assembly — such as the governor’s successful push to accelerate income tax cuts — and suggest steps t... (more story)

Strategic Hiring Was The New Normal For BigLaw In 2023

The 400 largest law firms by headcount in the U.S. grew more slowly in 2023 than in the previous two years, while Kirkland & Ellis LLP surpassed the 3,000-attorney threshold, according to the latest Law360 ranking.

The Law360 400: Tracking The Largest US Law Firms

The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in the near future.

Geothermal Energy Has Growing Potential In The US

Bipartisan support for the geothermal industry shows that geothermal energy can be an elegant solution toward global decarbonization efforts because of its small footprint, low supply chain risk, and potential... (more story)

Ex-Conn. Town Atty Sues Over 'False' Ethics Complaint

Former Newington, Connecticut, town attorney Benjamin Ancona Jr. and other former officials took the Hartford-area suburb to state court claiming the town's assessor and others defamed them in and regarding a ... (more story)

Colo. To Impose Fee On Car Rentals To Fund Rail Projects

Colorado will impose a daily fee on vehicle rentals to raise funding for rail and transit infrastructure projects under legislation signed by Democratic Gov. Jared Polis that could be subject to litigation or ... (more story)

International More

Property Transfer For Tax Break Not Dishonest, UK Court Says

Two liquidated London real estate companies failed to convince the United Kingdom Court of Appeal that their former director behaved dishonestly by transferring their holdings to Jersey trusts for less than ma... (more story)

UK Gov't Calls Elections For July 4 Despite Poor Polls

Prime Minister Rishi Sunak on Wednesday called an early general election to be held on July 4, advancing the electoral timetable even though his Conservative Party lags decisively behind the opposition Labour Party.

Swiss Gov't Adopts Proposals For Tougher AML Laws

Switzerland on Wednesday approved a new anti-money laundering framework that will introduce a register in which companies and other legal entities in the country will have to disclose information on their bene... (more story)

EU's Carbon Border Tax Pushes Others To Follow, Experts Say

The European Union's carbon border tax is pushing many countries outside the bloc to introduce similar systems, government and academic experts said Wednesday.

UK Dependency To Implement Pillar 2 Starting In 2025

The island of Jersey, a U.K. crown dependency, said it would implement the international minimum tax for large corporations known as Pillar Two, with the law taking effect next year.

I Am An Honest Man, British Trader Tells £1.4B Fraud Trial

Sanjay Shah, a former hedge fund owner who is accused of defrauding Denmark's tax authority out of £1.4 billion ($1.8 billion), told a London court on Tuesday that he is an "honest man" who traded using a legal "loophole."

India's Top Court Says Accounting Body Can Limit Tax Audits

India's regulatory association for accountants has the authority to limit the amount of tax audits performed by an individual accountant to 60, the Supreme Court of India ruled — even as it canceled ongoing di... (more story)