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California lawmakers appear willing to put aside skepticism about economic benefits of the state’s film and television tax credits and to expand the program, mainly to stanch the flow of productions to places with more generous tax breaks. More than 130 Democrats are condemning the Trump administration’s firing of thou
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News
Dueling State Approaches to Taxing Related Businesses: Explained
4+ day, 3+ hour ago (73+ words) news.bloombergtax.com A recent Massachusetts decision called into question the dominant method for determining how to apportion a unitary group’s taxable income in combined filing states. The approach Massachusetts follows tends to bring in more money for states, and…...
Treasury Must Keep Collecting and Preserving Business Owner Info
4+ day, 3+ hour ago (355+ words) The US Treasury Department has taken an action that could leave innocent Americans more vulnerable. In the name of reducing paperwork burden for small businesses, the Treasury is eliminating a critical source of information that helps federal law-enforcement agencies — including…...
Education Advocate Contests $18.7 Million ‘Overzealous’ Tax Bill
4+ day, 16+ hour ago (93+ words) news.bloombergtax.com A Michigan businessman and education advocate is challenging an $18.7 million IRS assessment that stemmed from donating a majority interest in a charter school management company he founded. J.C. Huizenga asked the US Tax Court to redetermine the deficiency…...
Lula Cuts Fuel Taxes as Oil Prices Rise Ahead of Election (1)
4+ day, 12+ hour ago (118+ words) Lula Cuts Fuel Taxes as Oil Prices Rise Ahead of Brazil Election news.bloombergtax.com Brazil’s Luiz Inácio Lula da Silva announced additional cuts to fuel taxes in a bid to shield consumers from the impact of surging oil prices…...
Dimon Meets Burnham, Healey in UK Amid Bank-Tax Threat (1)
4+ day, 16+ hour ago (60+ words) JPMorgan’s Dimon to Meet With UK Chancellor as Bank Taxes Loom news.bloombergtax.com JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon met with Prime Minister Andy Burnham and other top UK officials as the new British administration weighs imposing…...
US Audit Board Dials Back Looming Quality Rule Overhaul
4+ day, 19+ hour ago (116+ words) news.bloombergtax.com The US audit watchdog approved a scaled-back version of its firm governance overhaul that strips out provisions backed by investors, including independent oversight of quality safeguards. Auditors have until December to adopt the new quality control standard…...
NYC Pied-a-Terre Tax Reignites Fight to Overhaul Property Taxes
5+ day, 3+ hour ago (93+ words) news.bloombergtax.com New York City’s tax on luxury second homes is giving city lawmakers new leverage to pursue an overhaul of its property tax system that elected officials acknowledge is outdated, but are loath to take up. The city…...
NYC Pied-à-Terre Tax Creates Risks Beyond Second Homeownership
5+ day, 2+ hour ago (488+ words) New York City’s pied-à-terre tax seemed straightforward: Impose a tax on high-value second homes that were neither the owner’s primary residence nor occupied by bona fide tenants. In practice, however, it’s colliding with the complex ways wealthy New Yorkers own,…...
Tax Court Dismisses Horse Farm’s Suit Involving Duplicate Notice
5+ day, 15+ hour ago (141+ words) news.bloombergtax.com The US Tax Court tossed a Florida horse breeding farm’s tax dispute for lack of jurisdiction after determining the case was left without a valid final partnership adjustment issued by the IRS. The order stems from Arindel…...
Ban on IRS-DHS Taxpayer Info Sharing Upheld by Appellate Court
5+ day, 20+ hour ago (104+ words) news.bloombergtax.com A preliminary injunction blocking the IRS’s taxpayer data sharing agreement with the Department of Homeland Security can stand, the DC Circuit said Tuesday. The US Court of Appeals for the District of Columbia Circuit ruled the implementation…...