PL 86-272 Expansion May Face Rocky Path Through Congress
The fate of an element of a House budget reconciliation bill that would broaden state income tax protections for businesses may rest with the Senate parliamentarian's view on whether the provision passes muster under reconciliation rules.
Tariffs And Tax Breaks Offer Risky Lifeline To US Film Industry
President Donald Trump's call for a 100% tariff on films made outside the U.S. has potential to improve a struggling domestic industry if it is considered in conjunction with new federal tax incentives to restore production, but the idea hasn't yet gathered support in Congress, according to lawyers who spoke to Law360.
GOP Unveils Plan To Cement 2017 Tax Cuts, Expand Biz Relief
House Republicans plan to meet Tuesday to deliberate a sweeping extension of their 2017 tax overhaul that would lock in low individual rates and deduction limits, expand child care and estate tax breaks, and make permanent tax incentives for small pass-through businesses and U.S. multinational corporations.
PL 86-272 Expansion May Face Rocky Path Through Congress
The fate of an element of a House budget reconciliation bill that would broaden state income tax protections for businesses may rest with the Senate parliamentarian's view on whether the provision passes muster under reconciliation rules.
Tariffs And Tax Breaks Offer Risky Lifeline To US Film Industry
President Donald Trump's call for a 100% tariff on films made outside the U.S. has potential to improve a struggling domestic industry if it is considered in conjunction with new federal tax incentives to restore production, but the idea hasn't yet gathered support in Congress, according to lawyers who spoke to Law360.
GOP Unveils Plan To Cement 2017 Tax Cuts, Expand Biz Relief
House Republicans plan to meet Tuesday to deliberate a sweeping extension of their 2017 tax overhaul that would lock in low individual rates and deduction limits, expand child care and estate tax breaks, and make permanent tax incentives for small pass-through businesses and U.S. multinational corporations.
Federal More
A Georgia federal judge handed down a pair of what he called "stunningly lenient" no-prison sentences Friday to two brothers who served as key cooperating witnesses in a first-of-its-kind federal case against ... (more story)
Internal Revenue Service staff cuts and retirements could hamper planning for next year's filing season if Congress renews the 2017 tax overhaul this year as planned while withholding resources needed to moder... (more story)
The U.S. tax system is "robust enough" for other countries to refrain permanently from applying the 15% global minimum tax to any income that the U.S. taxes or monitors, but an arrangement must be struck befor... (more story)
The U.S. Department of Commerce's recent final determinations in its antidumping and countervailing duty investigations into solar cells produced in certain Southeast Asian countries make it important for U.S.... (more story)
A U.S. Supreme Court case considering a religious exemption to unemployment taxes sought by a charity could have implications across a broad swath of organizations, tax practitioners said Friday.
Behind a towering legal legacy was a man who loved to hike mountains, could recall details of things he read decades ago and was always there for those he cared about, a New Hampshire attorney said as he refle... (more story)
Following the dramatic increase of limited liability companies in the U.S., the Corporate Transparency Act's enactment and the Trump administration's subsequent narrowing of that law, it's worth revisiting the... (more story)
State & Local More
An Illegitimate Avenue Of Repeal: SALT In Review
From a court upholding New York state's interpretation of a federal law to Arkansas' new tax break for college athletes, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
A Look At David Souter's Most Significant Opinions
The retired Justice David Souter defied simple definition, viewed as a staunch conservative until he co-wrote an opinion upholding abortion rights in 1992. He did not hew to partisan lines, but reshaped the ci... (more story)
Justice Souter Was An Unexpected Force Of Moderation
Justice David Souter, who saw the high court as a moderating force apart from the messiness of politics, subverted the expectations of liberals and conservatives alike during his 19 years on the bench.
Taxation With Representation: Paul Weiss, Weil, V&E, Torys
In this week's Taxation With Representation, 3G Capital takes Skechers private, Sunoco LP buys Parkland Corp., and BCE Inc. and the Public Sector Pension Investment Board launch a wholesale network provider ca... (more story)
Retired Supreme Court Justice David Souter Dies At 85
Retired Justice David H. Souter, who served on the U.S. Supreme Court from 1990 to 2009, has died at 85, the court announced Friday.
Colo. TABOR Suit Plan Dies As Legislative Session Ends
A legislative resolution to force a suit to determine the constitutionality of Colorado's Taxpayers Bill of Rights fell short as the state's General Assembly adjourned without bringing the measure to a vote in... (more story)
Crisis Management Lessons From The Parenting Playbook
The parenting skills we use to help our kids through challenges — like rehearsing for stressful situations, modeling confidence and taking time to reset our emotions — can also teach us the fundamentals of lea... (more story)
Ala. Legislature OKs TCJA Research Expense Decoupling
Alabama would decouple from the Tax Cuts and Jobs Act by allowing research expenses to be deducted from a taxpayer's income under a bill sent to the governor.
NY Eyes Injunction Against Feds In Congestion Price Fight
New York transportation agencies have asked a federal judge to block the U.S. Department of Transportation from following through on its threat to withhold federal funding for Manhattan roadway projects if the... (more story)
From a court upholding New York state's interpretation of a federal law to Arkansas' new tax break for college athletes, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
The retired Justice David Souter defied simple definition, viewed as a staunch conservative until he co-wrote an opinion upholding abortion rights in 1992. He did not hew to partisan lines, but reshaped the ci... (more story)
Justice David Souter, who saw the high court as a moderating force apart from the messiness of politics, subverted the expectations of liberals and conservatives alike during his 19 years on the bench.
In this week's Taxation With Representation, 3G Capital takes Skechers private, Sunoco LP buys Parkland Corp., and BCE Inc. and the Public Sector Pension Investment Board launch a wholesale network provider ca... (more story)
Retired Justice David H. Souter, who served on the U.S. Supreme Court from 1990 to 2009, has died at 85, the court announced Friday.
A legislative resolution to force a suit to determine the constitutionality of Colorado's Taxpayers Bill of Rights fell short as the state's General Assembly adjourned without bringing the measure to a vote in... (more story)
The parenting skills we use to help our kids through challenges — like rehearsing for stressful situations, modeling confidence and taking time to reset our emotions — can also teach us the fundamentals of lea... (more story)
Alabama would decouple from the Tax Cuts and Jobs Act by allowing research expenses to be deducted from a taxpayer's income under a bill sent to the governor.
New York transportation agencies have asked a federal judge to block the U.S. Department of Transportation from following through on its threat to withhold federal funding for Manhattan roadway projects if the... (more story)
International More
Ex-Meinl Bank CEO Extradited To US On $170M Odebrecht Rap
The former CEO of Austrian lender Meinl Bank AG was extradited from the U.K. and pled not guilty Friday to money laundering charges, stemming from allegations that he helped Odebrecht SA hide $170 million in f... (more story)
IRS To Loosen Tax-Free Spinoff Regs, Cut Ordinary Biz Rule
The Internal Revenue Service plans to loosen proposed regulations for corporate separation transactions, known as spinoffs, that the agency approves as tax-free ahead of time, in part by eliminating a standard... (more story)
UK-US Trade Deal Needs Work On Pharma And IP, Pros Say
The U.K.-U.S. trade deal is a starting point for closer economic ties, but the agreement needs more work on pharmaceuticals and intellectual property before it's finalized, according to professionals.
Widow Says Husband's Estate Liable For $2M FBAR Fines
A nonagenarian widow told an Idaho federal court Thursday that her husband's estate — not she — should be liable for more than $2 million in penalties for his unreported foreign accounts, calling the governmen... (more story)
EU Weighs Tariffs, Restrictions On $112B Of US Trade
All options remain on the table for the European Commission as it aims to finalize plans by mid-July to tariff or restrict nearly €100 billion ($112 billion) worth of trade with the U.S., a commission spokespe... (more story)
Milbank Hires King & Spalding Tax Planning Atty In DC
Milbank LLP has added a former King & Spalding LLP tax attorney as a partner in its global project, energy and infrastructure finance group in Washington, D.C.
HMRC Can Deny Tax Offset Extension With Case Open
HM Revenue & Customs can deny a tax offset of almost £825,000 ($1.1 million) that a group of heating and cooling companies claimed long after the two-year time limit expired even though the case remains open, ... (more story)
The former CEO of Austrian lender Meinl Bank AG was extradited from the U.K. and pled not guilty Friday to money laundering charges, stemming from allegations that he helped Odebrecht SA hide $170 million in f... (more story)
The Internal Revenue Service plans to loosen proposed regulations for corporate separation transactions, known as spinoffs, that the agency approves as tax-free ahead of time, in part by eliminating a standard... (more story)
The U.K.-U.S. trade deal is a starting point for closer economic ties, but the agreement needs more work on pharmaceuticals and intellectual property before it's finalized, according to professionals.
A nonagenarian widow told an Idaho federal court Thursday that her husband's estate — not she — should be liable for more than $2 million in penalties for his unreported foreign accounts, calling the governmen... (more story)
All options remain on the table for the European Commission as it aims to finalize plans by mid-July to tariff or restrict nearly €100 billion ($112 billion) worth of trade with the U.S., a commission spokespe... (more story)
Milbank LLP has added a former King & Spalding LLP tax attorney as a partner in its global project, energy and infrastructure finance group in Washington, D.C.
HM Revenue & Customs can deny a tax offset of almost £825,000 ($1.1 million) that a group of heating and cooling companies claimed long after the two-year time limit expired even though the case remains open, ... (more story)