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Hawaii Senate OKs Federal Tax Conformity

by usoftax_admin | Mar 6, 2024 | Tax News

Hawaii would conform state tax laws to the 2023 federal Internal Revenue Code under a bill passed in the state Senate. 

Corporate Transparency Act Unconstitutional, Ala. Judge Says

by usoftax_admin | Mar 6, 2024 | Tax News

An Alabama federal judge has found that the Corporate Transparency Act is unconstitutional, dealing a blow to proponents of the anti-money laundering law, who anticipate the ruling will be appealed to the Eleventh Circuit.

Plaintiffs: FinCEN should pause all CTA enforcement

by usoftax_admin | Mar 5, 2024 | Tax News

The plaintiffs who won a summary judgment that bars enforcement of the Corporate Transparency Act against them said the Financial Crimes Enforcement Network should pause beneficial ownership information reporting requirements for all businesses.

Calif. OTA Ruling May Limit Foreign Income State Can Reach

by usoftax_admin | Mar 5, 2024 | Tax News

With its newly revealed opinion allowing Microsoft to include all of its foreign dividends in the denominator of its California sales factor, the state’s Office of Tax Appeals has made plain that multinational corporations in similar circumstances can ultimately...

DA Defends Cohen’s Credibility in Trump Hush Money Case

by usoftax_admin | Mar 5, 2024 | Tax News

The Manhattan district attorney told a New York state judge presiding over Donald Trump’s hush money case that the presidential candidate’s former attorney Michael Cohen will tell the truth at trial, despite his past perjury.

Goal Is Still For A Mandatory Amount B, Treasury Official Says

by usoftax_admin | Mar 5, 2024 | Tax News

Negotiators at the OECD made it optional for countries to adopt new simplified and streamlined transfer pricing rules, known as Amount B, but the goal is still for the framework to be mandatory, a U.S. Treasury Department official said Tuesday.
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