by usoftax_admin | Jun 6, 2024 | Tax News
A trust lost its ownership claims to property when an Idaho federal court determined the property had been transferred to the trust fraudulently, the Ninth Circuit said Thursday, affirming a decision to deny a $225,000 tax refund. by usoftax_admin | Jun 6, 2024 | Tax News
Vermont conformed its income tax law to federal income tax and estate tax statutes and will allow municipalities to enact local-option taxes without charter amendments that require approval by the state General Assembly under a bill signed by the governor. by usoftax_admin | Jun 6, 2024 | Tax News
The U.S. Tax Court wrongly denied deductions to a former attorney’s $81 million estate for million-dollar payouts it made to his stepchildren after they sued, the estate told the Eleventh Circuit, saying the payments satisfied legitimate claims against the... by usoftax_admin | Jun 6, 2024 | Tax News
Colorado will expand the scope of a task force responsible for simplifying the state’s sales and use tax regime to improve the local lodging tax system as part of a bill signed into law by Democratic Gov. Jared Polis. by usoftax_admin | Jun 6, 2024 | Tax News
A Floridian failed to adequately back up certain business loss deduction claims made on his tax return, the U.S. Tax Court said Thursday, backing the IRS’ rejection of the claims and imposition of an accuracy-related penalty.