by usoftax_admin | May 31, 2024 | Tax News
A former CEO of Swiss bank UBS’ North American group faces a $4.7 million tax bill that the U.S. claims is due because he did not report his foreign bank accounts or assets, according to a suit filed in Connecticut federal court. by usoftax_admin | May 31, 2024 | Tax News
A California corporation that transferred its ownership of two grocery stores to a trust that held all the corporation’s voting stock constituted a change in the properties’ ownership, allowing their assessed value to be doubled to $10 million, the... by usoftax_admin | May 31, 2024 | Tax News
A deal between the IRS and an Alabama real estate developer to settle his tax debt for $2 million during Chapter 11 bankruptcy proceedings wasn’t final, and the agency can demand additional taxes from him, the Eleventh Circuit affirmed Friday. by usoftax_admin | May 31, 2024 | Tax News
Nicolas Maduros, as director of the California Department of Tax and Fee Administration, is leading an effort to modernize sales tax administration through the use of artificial intelligence. He’s also president of the board of trustees of the Federation of Tax... by usoftax_admin | May 31, 2024 | Tax News
The U.S. and Bulgaria signed an agreement Friday on the automatic exchange of country-by-country reports between the nations, Bulgaria’s Ministry of Finance said. by usoftax_admin | May 31, 2024 | Tax News
Colorado created a child tax credit worth about $700 million annually under legislation signed Friday by Democratic Gov. Jared Polis. by usoftax_admin | May 31, 2024 | Tax News
Louisiana will require the state’s Department of Revenue to send notices to taxpayers outside the U.S. through first-class international mail with electronic delivery confirmation under a bill signed by the governor. by usoftax_admin | May 31, 2024 | Tax News
When the IRS determines that a company’s payments to its foreign captive insurer were not for actual insurance, the agency can assert a 30% tax on the captive for the income it received under the arrangement, the IRS chief counsel’s office said in a memo... by usoftax_admin | May 31, 2024 | Tax News
From Mississippi’s long walk toward repealing its personal income tax to a welcome stroke for open government in Kentucky, RSM’s David Brunori offers his thoughts on noteworthy state and local tax news. by usoftax_admin | May 31, 2024 | Tax News
Louisiana will create a temporary rebate program for sales tax paid by companies for equipment, material or machinery purchased for lithium recovery projects as part of a bill signed by the state’s governor.