Featured Stories

Pot Rescheduling Could Spur Inventory Accounting Change

If cannabis is reclassified to a lower tier under the Controlled Substances Act, it would unlock significant tax b... (more story)

Pillar 2 Could Clash With US Double-Dipping Loss Rules

The Pillar Two international minimum tax agreement involves calculations that could trigger long-standing U.S. rul... (more story)

Swiss Seen Turning To Credits, Subsidies As Pillar 2 Begins

Switzerland is expected to turn to the use of subsidies and tax credits to try to keep business in the country as ... (more story)

Federal More

Ex-Bank CFO Cops To $700K Theft And Life Insurance Scam

An ex-Eastern International Bank chief financial officer has pled guilty to defrauding the bank out of more than $700,000 to pay his personal expenses, and he admitted to opening life insurance policies in the... (more story)

US Can Bring Quick Appeal In Donor Reporting Rule Fight

The federal government can immediately appeal a ruling that would require it to prove a strong governmental interest in forcing nonprofits to report their major donors, an Ohio federal court decided Monday, sa... (more story)

Inmate, 8 Others Charged In Trafficking, Tax Fraud Schemes

A California prison inmate has been charged along with eight other individuals with operating two separate illegal schemes: one to distribute methamphetamine and another to fraudulently claim over $550 million... (more story)

Navigating ACA Reporting Nuances As Deadlines Loom

Stephanie Lowe at Liebert Cassidy walks employers through need-to-know elements of Affordable Care Act reporting, including two quickly approaching deadlines, the updated affordability threshold, strategies fo... (more story)

FTC Rips H&R Block's 'Deceptive' Marketing, 'Coercive' Ploys

The Federal Trade Commission filed an administrative complaint against H&R Block claiming the tax preparation company deceptively marketed some products as "free" and "coerced" people to pay for pricier produc... (more story)

'Empire' Star Owes Income Tax After Threatening DOJ Atty

"Empire" actor Terrence Howard owes more than $900,000 in federal income taxes under a default judgment by a Pennsylvania federal judge that follows a monthslong search by the government to notify the actor of... (more story)

With Interest, Trump Now Owes $454M For NY Valuation Fraud

Donald Trump owes New York state nearly a half billion dollars after a county clerk on Friday tacked on $99 million in interest linked to a $355 million judgment in the state attorney general's civil fraud cas... (more story)

State & Local More

Firm Accused Of 'Racial Panhandling' In Its Tax Collection Biz

Calling the property tax collection business in Texas a "white-boys-only club," a Black attorney in Houston has sued an area firm in state court, alleging it hired him to secure a government contract by appear... (more story)

Ala. Tax Tribunal Says Co. May Deduct Foreign Payments

A global food-packaging manufacturer that made $76.6 million in interest payments to an American parent, which then in turn made payments to foreign affiliates, is eligible for deductions in Alabama for those ... (more story)

No Tax Break On County Pay To Prison Co., NM Court Affirms

Prison company GEO Group was correctly denied an income tax deduction, a New Mexico appeals court said, rejecting the company's claim that the income at issue was from the resale of a license rather than the sale of services.

Manhattan DA Seeks Trump Gag Order For Hush Money Trial

The Manhattan District Attorney's Office has asked a New York state judge to limit what Donald Trump can say publicly about the upcoming hush money trial against him, referencing Trump's history of intimidatin... (more story)

DC's Housing Tax Break Proposal: What's In It, What's Missing

Proposed Washington, D.C., rules implementing the Housing in Downtown Tax Abatement program — for commercial property owners who convert properties into residential housing — thoroughly explain the process for... (more story)

Tool Sales Not Wholesale Transactions, Miss. Justices Rule

A tool seller in Mississippi was correctly assessed additional sales tax by the state's Department of Revenue as some of its transactions can't be considered wholesale because its customers directly used the i... (more story)

NRA, LaPierre Found Liable For Misconduct In $6M Verdict

A New York jury found Friday that the National Rifle Association, longtime CEO Wayne LaPierre and two other executives improperly used donor money, among other misconduct, ordering individual defendants to rep... (more story)

Md. Biz Groups Pan Combined Corporate Tax Reporting, Hikes

A legislative proposal in Maryland to impose worldwide combined corporate tax reporting and raise other taxes while boosting some individual tax credits would discourage commerce and generate less revenue than... (more story)

Location, Location, Location: SALT In Review

From a possible replacing of Florida's property tax to Cincinnati's taxing of remote workers, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.

International More

EU Chair Persists With BEFIT Proposal Despite Objections

The country chairing European Union finance ministers' meetings said it will push on with a new legislative proposal for corporate taxation in the EU in spite of strong objections from three national parliamen... (more story)

Grim UK Fiscal Outlook Precludes Tax Cuts, Think Tank Warns

The U.K. government should focus on reducing the national debt rather than tax cuts in the March 6 Budget statement, according to research published Tuesday by the Institute for Fiscal Studies, an influential think tank.

6 Pointers For Attys To Build Trust, Credibility On Social Media

In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current... (more story)

Pillar 1 Ratification Will Be Difficult, EU Official Says

A top European Commission official said he expects participating jurisdictions to sign a convention to implement the OECD's Pillar One plan for reallocating taxing rights in June as planned, but he admitted th... (more story)

Taxation With Representation: Gibson Dunn, Wachtell

In this week's Taxation with Representation, two asset managers invest in AITi Global, Chord Energy Corp. buys Enerplus Corp. and Truist sells an insurance subsidiary to an investor group led by private equity firms.

Spain Allowed To Reclaim Illegal Aid Given To Ship Buyers

Spain can reclaim the financial benefits given to beneficiaries of a tax scheme that gave illegal state aid to purchasers of ships built in Spanish shipyards, the European Union's General Court has ruled.

Frankfurt Wins Bid For EU's New AML Center

The European Union's new authority to fight money laundering and terrorist financing will be in Frankfurt, Germany, the European Commission announced Thursday.