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Smithfield Ruling Gives Companies Leg Up on Preferred Tax Method

Smithfield Packaged Meats Corp.'s win in a recently finalized California court ruling that shrinks its franchise tax liability is giving tax practitioners hope they can push for more exceptions to state rules for apportioning corporate income.

NYC Billionaires Rally Around Griffin in Feud With Mayor Mamdani

The press release from Zohran Mamdani declaring New York City’s first pied-à-terre tax cited a $238 million penthouse in Midtown bought by one Ken Griffith.

Pennsylvania Weighs Digital Ad Tax as Maryland Case Looms Large

Pennsylvania lawmakers are considering legislation (HB 1678) that would expand the state’s 5% gross receipts tax to digital advertising, making the state the latest to enter the fray over taxing social media companies.

California Panel Advances Bill to Tax More Foreign Income

California lawmakers advanced a bill out of committee Monday that would change how much of a multinational company’s foreign income is subject to the state’s income tax.

Pennsylvania Justices Back State School’s Tax Immunity Argument

A state university is immune from a borough’s stormwater charge because it’s a tax, not a fee for service, a divided Pennsylvania Supreme Court ruled Thursday.

Practitioner Insights

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Five Questions With Katten Tax Planning Partner Saul Rudo

Saul Rudo

Katten

Cannabis Rescheduling’s Compliance Costs Will Dent Tax Savings

Abraham Finberg

AB Fin

Five Questions With Forvis Mazars Partner Trey Ackerman

Trey Ackerman

Forvis Mazars

Tax Developments

West Virginia Tax Department Adopts Rule for Claiming Downstream Natural Gas Manufacturing Investment Tax

The West Virginia State Tax Department adopted a rule establishing the procedures for applying for and claiming the Downstream Natural Gas Manufacturing Investment Tax Credit of 2020, and sets forth ...

West Virginia Tax Department Adopts Rule on Timberland Valuation

The West Virginia State Tax Department adopted a rule establishing procedures for the classification and valuation of timberland and managed timberland for property tax purposes. The regulation creates a framework ...

New York Appellate Division Upholds Suffolk County’s Authority to Tax Short-Term Rentals

The New York Appellate Division affirmed the lower court’s order granting summary judgment in favor of the Suffolk County Comptroller’s Office and declaring that the Comptroller was not prohibited from ...

Latest Stories

Week in Insights: The Rich Fear Tax Instability, Not Just Costs

This week, experts analyzed how AI is taking over audit functions, the impact of medical cannabis’s rescheduling, and more.

Equinor Scores $4.5 Million Tax Refund on Natural Gas Extraction

An Equinor ASA subsidiary is entitled to a $4.5 million refund of taxes it paid on natural gas liquids extracted in West Virginia because the tax department improperly calculated the gas’s value, the state high court ruled Friday.

Teleradiologist Avoids California Tax on Work Performed in Texas

A Texas-based radiologist isn’t subject to California income tax on what he earned reading images remotely for hospitals there, a California appeals court ruled Friday, just two days after oral arguments.

County Tax on Export-Bound Crude Oil Gets Texas Justices’ Review

The Texas Supreme Court will review a ruling that two petroleum exporters are federally protected from county property tax on their storage of crude oil in coastal tanks.

How Trump’s EPA Is Easing Rules on a Carcinogenic Gas: Explainer

Here’s what to know as the EPA is expected to reconsider the emissions limits on other types of industrial facilities after formally proposing to roll back the 2024 requirements that medical sterilizer plants cut emissions and boost monitoring.

Warsh to Confront Risks of Dissenting in His First Fed Vote

When Kevin Warsh hosts his first meeting as the new chair of the Federal Reserve, he’ll face an immediate dilemma: Stare down White House demands for immediate interest-rate cuts, or stare down fellow policymakers who remain skeptical of the need to ease.

Taxing the Wealthy Won’t Reduce Their Power: Allison Schrager

It’s happening. California looks likely to put a “one-time” tax of 5% on wealth above $1 billion on the ballot in November, and polls suggest it could pass — despite opposition from some economists (not so surprising) and Democratic politicians (more so). Meanwhile, calls to tax the rich are resounding across the country, from New York’s proposed “pied-a-tierre tax” to Washington State’s first-ever income tax, imposed only on millionaires.

NYC Billionaires Rally Around Griffin in Feud With Mayor Mamdani

The press release from Zohran Mamdani declaring New York City’s first pied-à-terre tax cited a $238 million penthouse in Midtown bought by one Ken Griffith.

Smithfield Ruling Gives Companies Leg Up on Preferred Tax Method

Pennsylvania Justices Back State School’s Tax Immunity Argument

A state university is immune from a borough’s stormwater charge because it’s a tax, not a fee for service, a divided Pennsylvania Supreme Court ruled Thursday.

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Coinbase Says Deal Reached on Key Part of Crypto Market Bill (1)

Coinbase Global Inc. said a deal has been reached on a key stablecoin yield provision, potentially clearing a path for sweeping crypto legislation to move forward in the US Senate.

Musk’s Trial Against OpenAI Hits Some Rough Spots in First Week

Elon Musk set out to tell a jury that his falling out with OpenAI was a simple tale of betrayal.

AI Chipmaker Cerebras Is Said to Target Up to $4 Billion in IPO

Cerebras Systems Inc. is seeking to raise as much as $4 billion in its initial public offering, according to people familiar with the matter, as demand for the artificial intelligence chipmaker and data center operator’s shares heats up.

SEC Semiannual Reporting Proposal Clears White House Review (1)

A Securities and Exchange Commission plan to let public companies cut quarterly disclosures to twice a year moved closer to reality after passing a White House review.

Lawyer Fired by Trumps for Harvard Work Is Again Helping Family

The conservative lawyer fired by the Trump Organization last year for representing Harvard University is back helping the family, this time defending a crypto venture.

Ares Sticking to New Wealth Targets Despite Credit Jitters

Ares Management Corp. remains confident it can raise $125 billion from wealth clients by 2028, even as the broader private credit market grapples with redemptions from individuals.

European Leaders Meet as Trump Adds More Threats: What to Watch

Nearly 50 European leaders will gather in Armenia Monday to discuss pressing issues for the continent, such as democratic resilience and energy security. But the meeting will likely be overshadowed by recent comments by Donald Trump that threaten to send transatlantic relations to a new low.

Week in Insights: The Rich Fear Tax Instability, Not Just Costs

This week, experts analyzed how AI is taking over audit functions, the impact of medical cannabis’s rescheduling, and more.

German Auto Group Urges De-Escalation in US-EU Tariff Dispute

Germany’s automotive industry pleaded for an urgent de-escalation in the tariff dispute between the US and the European Union and called for immediate talks between the two sides after President Donald Trump said he would increase auto tariffs on the bloc next week.

Trump Seeks to Woo Seniors by Touting Tax Law, Drug Cost Push

President Donald Trump argued that his economic agenda had delivered for older Americans and lowered their costs of living as he sought to rally their support before November’s midterm elections.

Equinor Scores $4.5 Million Tax Refund on Natural Gas Extraction

Teleradiologist Avoids California Tax on Work Performed in Texas

Finland Tax Agency Updates Guidance Clarifying Real Estate Tax Exemption for Agricultural, Forest Land

The Finnish Tax Administration April 29 posted Guidance No. VH/3513/00.01.00/2025, updating guidance on real estate tax exemptions for agricultural and forest land. Topics covered include: 1) forest and agricultural land ...

Croatia Tax Agency Clarifies Real Estate Transfer Tax for Merging Institutions

The Croatian Tax Administration April 24 clarified real estate transfer tax for merging institutions. The taxpayer sought clarification on whether a specific real estate transfer tax exemption applied if real ...

France Gazettes Order Updating List of Participating Jurisdictions Under AEOI-CbC

The French Official Gazette April 26 published an order updating the list of participating jurisdictions in the automatic exchange of information (AEOI) on country-by-country (CbC) reports. The updated list includes ...

Austria MOF Seeks Comments on Bill to Amend Various Tax Acts

The Austrian Federal Ministry of Finance April 28 opened a consultation on a bill to amend various tax acts. The bill includes measures to: 1) introduce an annual obligation to ...

European Parliament Approves Resolution Authorizing Conclusion of Air Transport, Ancillary Agreements With Various Countries

The European Parliament April 29 approved Legislative Resolution No. P10_TA(2026)0144, authorizing the conclusion of: 1) the air transport agreement between the U.S., the EU and its member countries, Iceland, and ...

European Commission Issues April Monthly Infringement Package

The European Commission (EC) April 29 published tax decisions in the April monthly infringement package. The package includes tax decisions to: 1) issue a reasoned opinion to Spain for violating ...

OPEC+ Agrees Symbolic Quota Hike as UAE Touts Oil Investment (3)

Major OPEC+ nations agreed on a modest and symbolic increase in their June production quota levels, as the group sends a business-as-usual message following the surprise exit of the United Arab Emirates. Abu Dhabi at the same moment touted its own growth plans.