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Tax Court Rejects NY Couple’s Expense Deductions

by usoftax_admin | Feb 20, 2024 | Tax News

A New York couple is not able to deduct an assortment of expenses after failing to substantiate them, the U.S. Tax Court ruled Tuesday.

Tax Court Nixes NYC Site’s Eligible-Basis Adjustments By IRS

by usoftax_admin | Feb 20, 2024 | Tax News

Tax-exempt bond issuance costs will not be excluded from a New York City building’s eligible basis for the low-income housing credit, the U.S. Tax Court ruled Tuesday.

Isle Of Man Floats Tax Hike As Bridge To Pillar 2 Adoption

by usoftax_admin | Feb 20, 2024 | Tax News

The Isle of Man’s proposed 2024 budget would increase the income tax rate on banking businesses and large retailers whose profits would be subject to the Organization for Economic Cooperation and Development’s global minimum tax, the island’s...

Kirkland & Ellis Brings On Weil Tax Pros In NY, DC

by usoftax_admin | Feb 20, 2024 | Tax News

Kirkland & Ellis have recruited a pair of real estate tax partners from Weil, Gotshal & Manges LLC who advised clients on a wide range of complex transactions, Kirkland announced Tuesday.

Tax Court’s Chief Judge Reelected To 2nd Term

by usoftax_admin | Feb 20, 2024 | Tax News

The U.S. Tax Court’s chief judge was reelected to a second two-year term as the head of the court, the Tax Court announced.

HMRC’s Civil Tax Avoidance Case Investigations Fall By Half

by usoftax_admin | Feb 20, 2024 | Tax News

HM Revenue & Customs investigated nearly half as many potential civil tax avoidance cases in the 2022-23 tax year as it did in 2018-19, including an even bigger drop in cases opened by its team investigating offshore, corporate and wealthy taxpayers, two local...
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