Multinational companies subject to the global minimum tax won’t have the ability to deduct up to hundreds of millions of dollars in losses if the US Treasury finalizes regulations it proposed Tuesday.
A Maryland Tax Court judge appeared skeptical on Thursday of the state’s latest arguments in defense of its first-in-the-nation tax on digital advertising—a measure which has provoked challenges by tech giants
Nearly 75% of cannabis businesses operate at a loss, and many in the industry point to a feature of the Internal Revenue Code as the reason why.
The IRS published an early draft of updated Form 1099-DA, which is the form for brokers to report certain sale and exchange transactions of digital assets that take place beginning ...
Petitioner was required to include accrued interest it had written off in income because it failed to establish that it had no reasonable expectation of receiving the income, and include ...
The IRS has published its Internal Revenue Bulletin. [Internal Revenue Bulletin 2024-33 (Aug. 12, 2024)]
The linked OnPoint reviews details of the June 28 US Supreme Court ruling rejecting a doctrine permitting federal courts to defer to an executive branch agency’s interpretation of an ambiguous law, overturning a 40-year-old precedent.
There is renewed attention on the US Global Intangible Low-taxed Income (GILTI) taxing structure and its interaction with new minimum tax rates taking effect around the world under the international Pillar 2 initiative. These taxes focus on the largest multinational companies and their cross-border operations.
The OECD issued a report outlining the rules under Pillar One - Amount B of its global tax deal.
With summer on the way, many taxpayers are focused on new jobs, gig work, and summer camps. Here’s what you need to know about the related tax consequences.
Nathan Boidman of Davies Ward Phillips & Vineberg discusses two tax legislations that were passed in Canada and the Moore case that was decided in the United States Supreme Court on June 20, 2024.
Ashish Goel, Indian Supreme Court lawyer, reviews the recent Indian court ruling on a company’s entitlement to interest on a refund of excess advance tax paid under the Income Tax Act.
Staffing shortages and record numbers of new tax disputes have led to a 31% increase in the number of administrative cases at the Washington Department of Revenue over the past five years.
A United Nations committee seeking to lay the foundations of a future global treaty on tax cooperation will meet over the weekend to find compromises between developed and developing nations on the scope and structure of the deal.
The Fifth Circuit should reject a man’s arguments that his employment income isn’t subject to taxation, the IRS told the court in a Thursday brief.
The Department of Health and Human Services wrongfully withheld payments to a Nevada health insurance cooperative under an Affordable Care Act cost-sharing program, a federal appeals court ruled.
The federal government urged the US Supreme Court to fix a breach of its sovereign immunity rights by undoing a series of decisions allowing a bankruptcy trustee to claw back certain IRS tax payments.
The IRS should allow a $33.9 million charitable contribution tax deduction for a conservation easement donation, a Alabama-based donor told the US Tax Court.
The Andorran Official Gazette Aug. 7 published laws ratifying: 1) the DTA and protocol with Lithuania, signed April 17, 2024; and 2) the DTA and protocol with South Korea, signed ...
The French Official Gazette Aug. 8 published Text No. 87, stating that Belarus announced the suspension of Articles 7, 8, and 11 of the 1985 DTA between the countries, originally ...
The United Kingdom Foreign and Commonwealth Office Aug. 6 announced the same date signing of a DTA with Ecuador. [United Kingdom, Government Portal, 08/06/24]
The Andorran Government Aug. 7 announced the same day approval, by the Council of Ministers, of a DTA with Montenegro. [Andorra, Government Portal, 08/07/24]
The South Korean National Tax Service Aug. 8 issued a press release on various tax measures. The press release includes measures to: 1) provide up to a nine month extension, ...
The South Korean National Assembly Aug. 8 accepted for consideration Bill No. 2202639, to partially amend the Corporate Tax Act. The bill includes measures to: 1) simplify the tax base ...
Get the latest legal, regulatory, and enforcement news and analysis, as well as in-depth business and industry covering in the following areas: