Daily Tax Report: State

Multistate Group Considers Voluntary Sales Tax Audit Proposal

The Multistate Tax Commission will review a proposal for auditing companies’ sales tax compliance prospectively, with a view toward faster dispute resolution and timely, accurate tax collections for states.

Merged Companies Are Subject to $1 Million D.C. Recordation Tax

A property management company was denied about a $1 million recordation tax refund because a taxable transfer of real property occurred between it and a related entity, the District of Columbia Court of Appeals said Thursday.

Louisiana Lawmakers Seek Options as Special Tax Session Fizzles

Louisiana Gov. Jeff Landry’s hopes for a special legislative session this summer to overhaul the state’s tax code have been dashed, but lawmakers continue to examine fiscal and tax issues over the coming months.

Nebraska Legislature Flooded With Tax Bills in Special Session

Nebraska lawmakers jumped into a special legislative session devoted to tax reform Thursday, introducing 20 separate bills including a measure reflecting Gov. Jim Pillen’s vision for cutting property taxes 40%.

Verizon Owes Borough Taxes on Phone Equipment, NJ Justices Rule

Verizon New Jersey Inc. won’t get a refund of municipal taxes it paid to the Borough of Hopewell on its phone equipment after the New Jersey Supreme Court affirmed Thursday that it provides the majority of phone service in the area.

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Latest Stories

Cleveland Workers’ Interest on Tax Refunds Suit Gets Dismissed

A state court tossed a proposed class action from nonresident workers alleging Cleveland owes them interest on tax refund payments that were made after the city’s 90-day deadline.

By Richard Tzul

Virgin Islands Importers Waited Too Long to Challenge Excise Tax

The Virgin Islands convinced a federal trial court to dismiss consolidated excise tax refund claims by seven businesses who regularly import goods into the US territory.

Business Facing Tax Lien Says It Isn’t Alias of Indebted Company

A husband and wife are fighting a tax lien from the IRS they allege was wrongly transferred from one of their parents’ business.

Michigan Tax Sale Precedent Applies Retroactively, Justices Rule

Michigan counties can’t get out of certain lawsuits to recoup profits from tax foreclosure sales after the state high court ruled Monday that a case banning the practice applies retroactively.

Uber Cites Potential Damages in Shift of Delivery Fee Tax Suit

Uber Technologies Inc. says it’s facing a potential multi-million-dollar class action suit over taxes on delivery fees against its customers in Florida.

Medtronic Cardiac Monitors Liable for Sales Tax, California Says

Implanted devices used to detect irregular heartbeats are not eligible for a California sales-and-use tax exemption for medicines, a state tax collection agency told an appeals court.

Multistate Group Considers Voluntary Sales Tax Audit Proposal

Week in Insights: End of India’s Angel Tax to Draw More Investors

This week, experts analyzed the impact of the US Supreme Court’s Loper Bright ruling on IRS efforts against partnership basis shifting, energy tax credit rules, and state tax litigation; shared estate and gift tax strategies; and more.

Michigan Taxpayers Ask Justices to Review Foreclosure Sale Issue

Michigan’s procedure for claiming surplus proceeds from tax foreclosure sales violates the US Constitution’s takings clause, two property owners told the state’s Supreme Court.

State of Tax: JetBlue Sues Florida, Nebraska Starts Debate

The week in state tax: JetBlue Airways alleges Florida’s corporate income tax calculation method unconstitutionally makes airlines count miles flown well outside the state’s boundaries. Meanwhile, Nebraska lawmakers tackle the governor’s tax overhaul plan and a number of their own proposals, a power purchase agreement must be weighed as a factor in Mesquite Power’s property tax valuation in Arizona, and Verizon can’t get a borough tax refund in New Jersey.

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Daily Tax Report: International

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Daily Tax Report: International
Financial Accounting News

KPMG Turns to ‘Gamechanger’ Gen AI Tools to Advance Auditing

KPMG auditors worldwide now rely on generative artificial intelligence to monitor risks that could reshape their clients’ accounting and to verify corporate revenues and assets values, the Big Four firm said on Monday.

Iren’s Board Starts Examining Audits Tied to Signorini’s Role

Iren said its board has begun examining the final reports of the extraordinary audits activated after the legal proceedings involving its former CEO, Paolo Signorini.

Trump’s Journey From Crypto Skeptic to Bitcoin Cheerleader (2)

His cowboy-and-superhero nonfungible tokens led Donald Trump down the digital-asset rabbit hole. He emerged as a crypto advocate, and now industry heavyweights are lining up to return him to the White House.

Trump Pledges to Fire Gensler, Hire People Who ‘Love’ Crypto (1)

Donald Trump said he would fire the Securities and Exchange Commission chair and pick crypto-friendly regulators if he returns to the White House in a bid to court virtual currency enthusiasts and harness the industry’s growing influence in the political arena.

Cantor Fitzgerald to Launch Bitcoin Financing Endeavor

Cantor Fitzgerald LP plans to launch a Bitcoin financing business to provide leverage to investors who own the cryptocurrency, deepening the investment bank’s growing ties to the digital assets sector.

BitGo CEO Belshe to Host Fundraiser for Trump Headlined by Vance

BitGo Chief Executive Officer Mike Belshe will host a fundraiser for Donald Trump’s campaign headlined by the Republican nominee’s running mate JD Vance — the latest sign of the ticket’s appeal to prominent cryptocurrency executives.

UK Proposes Scrapping Tax Benefits for Furnished Rentals

The UK’s tax authority on Monday proposed eliminating special tax treatment for furnished rentals to level the playing field with other property owners.

Cleveland Workers’ Interest on Tax Refunds Suit Gets Dismissed

A state court tossed a proposed class action from nonresident workers alleging Cleveland owes them interest on tax refund payments that were made after the city’s 90-day deadline.

Virgin Islands Importers Waited Too Long to Challenge Excise Tax

The Virgin Islands convinced a federal trial court to dismiss consolidated excise tax refund claims by seven businesses who regularly import goods into the US territory.

UN Tax Treaty Group Enters Final Talks as Stark Divides Remain

A United Nations committee crafting the foundations of a new global tax treaty began its final round of negotiations Monday with stark disagreements remaining between wealthy and developing economies.

Business Facing Tax Lien Says It Isn’t Alias of Indebted Company

A husband and wife are fighting a tax lien from the IRS they allege was wrongly transferred from one of their parents’ business.

KPMG Turns to ‘Gamechanger’ Gen AI Tools to Advance Auditing

Netherlands Gazettes Law Ratifying DTA, Protocol for Curacao With Malta

The Dutch Official Gazette July 25 published a law ratifying the DTA and protocol with Malta, for the benefit of Curacao, signed Nov. 18, 2015. The agreement incorporates the minimum ...

Hong Kong Tax Agency Issues Circular Extending Filing Deadline for Block Extension Regime

The Hong Kong Inland Revenue Department July 25 issued a circular extending the filing deadline under the block extension regime, to Aug. 29 from Aug. 15, for 2023-2024 profits tax ...

Gibraltar Parliament Considers Income Tax (Amendment No. 2) Bill 2024

The Gibraltar Parliament July 25 accepted for consideration Bill No. B. 23/24, the Income Tax (Amendment No. 2) Bill 2024, to amend the Income Tax Act 2010. The bill includes ...

Georgia Tax Agency Announces Q2 2024 VAT Payment Deadline for Nonresident Digital Service Providers

The Georgian Revenue Service July 26 announced the July 31 deadline for the payment of Q2 2024 VAT by nonresident digital service providers. [Georgia (Republic of), Revenue Service, 07/26/24]

Netherlands Gazettes Text of DTA With Suriname

The Dutch Official Gazette July 25 published the text of the DTA between Suriname and the Netherlands with respect to Curacao, signed July 1. [Netherlands, Government Legal Database, 07/25/24]

Kuwait Gazettes Decree on Exchange of Information for Tax Purposes

The Kuwaiti Official Gazette July 14 published Decree No. 6/2024, on the exchange of information for tax purposes. The decree includes measures: 1) establishing that the deadline for financial institutions ...

Business Facing Tax Lien Says It Isn’t Alias of Indebted Company

A husband and wife are fighting a tax lien from the IRS they allege was wrongly transferred from one of their parents’ business.

KPMG Turns to ‘Gamechanger’ Gen AI Tools to Advance Auditing

US Debt-Sale Plan Gets Politically Sensitive Before Election (1)

The US Treasury’s updated plans for debt sales, a signature event for bond dealers every quarter, now loom also as a politically sensitive one, after the Biden administration was accused by some Republicans of manipulating issuance tactics.

Digital Infuzion’s NIH Research Support Award Survives Protest

Navitas Clinical Research Inc. failed to show that a clinical research support contract from the National Institutes of Health, National Institute of Aging to Digital Infuzion Inc. was tainted by an organizational conflict of interest, the Government Accountability Office said in a decision released Monday.

Iren’s Board Starts Examining Audits Tied to Signorini’s Role

Iren said its board has begun examining the final reports of the extraordinary audits activated after the legal proceedings involving its former CEO, Paolo Signorini.

UK’s Reeves Eyes ‘Non-Essential’ Consultant Cuts by Government

The UK’s new Labour government said Monday it will slash spending on external consultants to help plug a £22 billion ($28 billion) hole in the national budget, threatening a sizeable revenue stream for the four biggest accounting and advisory firms.

Tax Your Crypto and NFTs? Yes, the IRS Wants Its Cut

Cryptocurrency and NFTs continue to rise in popularity in the U.S., but many people are still confused about how they are taxed. In this video, a partner at Steptoe & Johnson who specializes in tax policy and cryptocurrency, lays out how different crypto transactions are taxed.