Daily Tax Report: State
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Trump Review of Colleges’ Tax-Exempt Status Faces Legal Hurdles

President Donald Trump’s call to investigate the nonprofit status of universities could run into legal problems, including guardrails Congress placed on the IRS after a scandal over the agency’s scrutiny of nonprofit status of conservative political groups.

Digital Stalemate • Navigating Relief • State Budget Shortfalls

This weekend roundup of Bloomberg Tax Insights looks at the digital tax impasse; state and local government responses to budget shortfalls; navigating the Covid-19 relief programs; sticking with ERISA for severance plans; transfer pricing adjustments in the downturn; deducting disgorgement; sales and marketing service providers in China; tax advantages of farm bankruptcy; the complexities of tax litigation in Pennsylvania; private investment in public equity; the pro-debt bias in corporate taxation; and Italy’s snubbing of an EU directive.

NYC Trump Tax Case Gets July 16 Hearing After High Court Rules

Donald Trump will get a chance next week to try new arguments against Manhattan District Attorney Cyrus Vance’s subpoena of his tax returns and other financial records after the U.S. Supreme Court rejected the president’s claim of immunity in the matter.

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