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‘Bringing structure to chaos’: European Commission on TP directive

by usoftax_admin | Sep 11, 2024 | Tax News

Speaking exclusively at ITR’s Transfer Pricing Forum in Europe, the Commission’s Marc Clercx also addressed industry concerns over the arm’s-length principle

Missouri Man Gets 3 Years In Prison For Fraud, Tax Crimes

by usoftax_admin | Sep 11, 2024 | Tax News

A Missouri man was sentenced to three years in prison for attempting to raid bank accounts and fetching roughly $3 million in corporate tax refunds for a bogus company, Connecticut’s top federal prosecutor announced.

Latham Hires Senior Tax Pro From Travers Smith In London

by usoftax_admin | Sep 11, 2024 | Tax News

Latham & Watkins LLP said on Wednesday that it has recruited a former head of tax at Travers Smith LLP for its office in London, a blow for the U.K. law firm, which has been hit by the departure of a series of partners.

Wealthiest 0.01% Had 34% Average Tax Rate, JCT Says

by usoftax_admin | Sep 10, 2024 | Tax News

The income group constituting the top 0.01% wealthiest individuals had an average federal tax rate of 34% in 2019, the Joint Committee on Taxation said in a report on high-income and high-wealth taxpayers.

Corp.’s Stock Transfer Lacked Business Purpose, OTA Affirms

by usoftax_admin | Sep 10, 2024 | Tax News

The California Office of Tax Appeals upheld the Franchise Tax Board’s denial of a company’s $10 million deduction for the transfer of stock to a settlement fund, saying the transaction lacked economic substance.

Ex-Conn. Town Atty Slams Official’s Defamation Suit Defense

by usoftax_admin | Sep 10, 2024 | Tax News

The former attorney for Newington, Connecticut, and the town’s tax assessor bickered over whether the latter’s allegedly defamatory sentiments linked to now-dismissed ethics complaints were made publicly, with the lawyer insisting the statements were made...
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