Daily Tax Report ®

CrowdStrike, Carahsoft Made Deal For Software IRS Didn’t Buy

Distributor Carahsoft placed an order with CrowdStrike for software intended for the tax agency. But the IRS didn’t end up buying it. Why is Carahsoft paying CrowdStrike anyway?

Washington Ruling on Investment Deduction Generates Uncertainty

A recent Washington Supreme Court decision limiting the state’s business and occupation tax investment income deduction is causing anxiety among investors, who stand to face unexpected tax bills and sizable penalties in its wake.

California’s Newsom Doubles Film Tax Credits to Revive Hollywood

European Commission Proposes Minimum Tax Filing Simplification

BGOV OnPoint: Child Tax Credit Deadline Spurs Campaign Pitches

Fraud Leaks in IRS Professional Line Led to Millions in Losses

G20 Finance Heads Urge OECD to Wrap Up Global Tax Reform Talks

The Group of 20 leaned on members of the Organization for Economic Cooperation and Development to quickly wrap up negotiations on the global tax reform plan.

PRACTITIONER INSIGHTS

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State Transfer Pricing Cases Show Importance of Documentation

Sowmya Varadharajan

Crowe

Use Expiring Tax Cuts to Invest in Workers, Health Care, Housing

Chuck Marr

Center on Budget and Policy Priorities

California’s New Retirement Law Won’t Be a Boon for State Debtors

Jacob Stein

Aliant

Tax Developments

IRS PLR: Prior PLR Revoked, Taxpayer’s Per Incident Combined With Reimbursement Contracts Not Insurance (IRC § 831)

The IRS has published a private letter ruling on Section 831 revoking a prior private letter ruling that had determined that taxpayer’s 1997 contract X with a certain manufacturer was ...

IRS Notice: Extension of Temporary Relief for Foreign Financial Institutions Required to Report U.S. Taxpayer Identification

The IRS announced the extension of temporary relief for foreign financial institutions (FFIs) required to report U.S. taxpayer identification numbers for certain preexisting accounts. The temporary relief extends the temporary ...

IRS News Release: IRS, Security Summit Partners Remind Taxpayers to be Wary of Online Threats

The IRS and Security Summit partners Oct. 28 reminded taxpayers to be wary of online threats like identity theft and fraud. The partnership encourages everyone to be aware of the ...

PODCASTS

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Tax Pros Grapple With Complex Corporate Book Tax Rules

Reading Signals From Apple's $14 Billion EU Tax Ruling

How House Democrats Are Readying for 2025 Tax Talks

Tax Bill, Appropriations Loom as Lawmakers Come Back

From the Analysts

BGOV OnPoint: Candidates Float Light-on-Detail Tax Ideas

The Trump and Harris campaigns have discussed tax policy at a high level, including how to deal with the expiration after 2025 of several provisions in the 2017 GOP tax overhaul.

BTAX OnPoint: Key California Tax Changes

California recently enacted legislation amending multiple provisions of the state’s income and sales and use tax laws. Together these changes are projected to increase taxes by billions of dollars per year, helping to close the state’s budget gap.

BGOV OnPoint: ‘Chevron’ Demise Changes Rulemaking, Legislating

The linked OnPoint reviews details of the June 28 US Supreme Court ruling rejecting a doctrine permitting federal courts to defer to an executive branch agency’s interpretation of an ambiguous law, overturning a 40-year-old precedent.

Best Buy, Apple, Others Make Millions From California Tax Deals

A few dozen California cities have lucrative deals with retail giants like Apple, Best Buy, and Nike. These deals result in the cities paying millions of dollars from their local tax revenue back to the companies. In this video, we explore how these deals work and what some city and state lawmakers are hoping to do about it.

Bloomberg Tax Journals

How LATAM’s Principal Purpose Tests Impact Holding Companies

The adoption of anti-treaty shopping measures like the PPT in Latin American jurisdictions complicates the analysis of whether treaty benefits will continue to be available for holding companies, and the scope of protection for a grandfathered holding structure remains unclear, say KPMG practitioners.

New Regs Implement SECURE Changes to Plan Distributions (Part 1)

Dive into the new IRS regulations affecting retirement plan participants and beneficiaries with Kathryn J. Kennedy, former professor of law at the University of Illinois, for this first part of a two-part article series.

Scrutinize Your Buy-Sell Agreements in the Wake of ‘Connelly’

The U.S. Supreme Court’s June 6, 2024 determination in Connelly v. United States, that a corporation’s life insurance policy held for redemption of a deceased shareholder’s stock increases its fair market value, will significantly affect many buy-sell agreements, many of which utilize life and disability insurance as the ideal funding mechanism for payment of the purchase price upon death, disability, or retirement.

Latest Stories

PwC Fee Growth Sapped by China/Australia Woes, Less Consulting

PwC, echoing its competitors, reported slower global growth in 2024 as demand for consulting work waned and revenues shrunk in its troubled Australia and China businesses.

By Amanda Iacone

OECD Calls on Latin America, Caribbean to Raise Tobacco Taxes

Latin American and Caribbean countries should raise cigarette taxes after years of progress in using taxes to cut smoking rates slowed in recent years, the Organization for Economic Cooperation and Development said in a report released Monday.

Reeves Touts NHS Funding as Salve to Labour’s Tax-Raising Budget

Chancellor of the Exchequer Rachel Reeves touted new funding for Britain’s National Health Service as an upside for voters in a crunch budget this week expected to be dominated by tax hikes and extra borrowing.

Subway Accused of Shortchanging Steak & Cheese Buyers on Meat

Subway Restaurants Inc. advertises its steak & cheese sandwich with photographs depicting the sandwiches with “at least 200% more meat” than the sandwiches buyers received, a proposed class action filed Monday alleged.

FROM ACROSS BLOOMBERG TAX

Daily Tax Report: International

Daily Tax Report: State

Transfer Pricing Report

The Exchange: Tax Insights & Commentary

Daily Tax Report: International
Daily Tax Report: State
Transfer Pricing Report
The Exchange: Tax Insights & Commentary

Sweden MOF Submits Bill to Suspend 1993 DTA, Protocol With Russia Due to War

The Swedish Ministry of Finance Oct. 24 submitted to Parliament (Riksdag) Bill No. 2024/25:38, to repeal Law No. 1993:1301 in order to suspend application to Swedish laws of the 1993 ...

Argentina Gazettes Law Ratifying SSA With South Korea

The Argentine Official Gazette Oct. 21 published Law No. 27771, ratifying the social security agreement (SSA) with South Korea, signed Nov. 27, 2018. [Argentina, Official Gazette, 10/21/24]

Slovakia Gazettes Law Introducing Financial Transaction Tax

The Slovak Official Gazette Oct. 25 published Law No. 279/2024, introducing a financial transaction tax (FTT). The law includes measures: 1) setting a 0.4 percent FTT rate for bank transfers, ...

Singapore Gazettes Order Declaring MCAA-CbC With Specified Jurisdictions as International Tax Compliance Agreement

The Singaporean Official Gazette Oct. 24 published Order No. S 813, declaring the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports as an international tax compliance ...

Australia Gazettes Updated Consolidated Text of Income Tax Assessment Act 1997

The Australian Official Gazette Oct. 24 published Act No. 38, Compilation No. 253, on the consolidated text of the Income Tax Assessment Act 1997, as of Oct. 2. [Australia, Government ...

Slovakia Gazettes Law Amending Various Tax Measures

The Slovak Official Gazette Oct. 25 published Law No. 278/2024, amending various tax measures. The law includes measures: 1) lowering the reduced corporate tax rate to 10 percent from 15 ...

Subway Accused of Shortchanging Steak & Cheese Buyers on Meat

North Carolina Governor Signs Additional Disaster Relief, Includes Tax Interest Waiver Expansion

The North Carolina Governor signed the Disaster Recovery Act of 2024 - Part II. The law includes a provision expanding the interest waiver provisions in the initial Disaster Recovery Act ...

New Jersey Lawmakers Vote to Launch StayNJ Property Tax Relief

New Jersey lawmakers took a major step Monday toward launching the new StayNJ property tax relief plan, which would provide eligible seniors with up to $6,500 off their annual property tax bills.

Lawyer Vowing to Scrap Perks to the Rich Upends Puerto Rico Vote

Long-shot, third-party candidate Juan Dalmau has surged to a virtual tie in Puerto Rico’s governor race, propelled by his pledge to end tax breaks for wealthy newcomers to the island.

IRS Announces Flood Disaster Tax Relief for Alaska Residents

The Internal Revenue Service will provide tax relief and extend filing deadlines for individuals and businesses in the Juneau, Alaska, area affected by flooding until May 1, 2025, the agency announced Friday.

Car Seller Stuck With Taxes on Speed Boats, Ohio Tribunal Rules

A car dealership and its manager are on the hook for about $60,000 in use tax after the Ohio Board of Tax Appeals found Monday that they bought three power boats for personal use, not for resale.

State Transfer Pricing Cases Show Importance of Documentation

Crowe’s Sowmya Varadharajan and Mike Santoro say recent state transfer pricing developments underscore the need to update intercompany agreements and maintain documentation.

Week in Insights: Casualty Loss Deductions Need Fairer Approach

This week, experts analyzed Loper Bright’s impact on the 3M transfer pricing dispute, factors to consider before suing the IRS over unpaid ERC claims, and more.

G20 Finance Heads Urge OECD to Wrap Up Global Tax Reform Talks

The Group of 20 leaned on members of the Organization for Economic Cooperation and Development to quickly wrap up negotiations on the global tax reform plan.

EU Countries Mull Longer Implementation Time for VAT Overhaul

EU countries will have a longer timeframe to implement aspects of a VAT bill that affects platforms like Airbnb and Uber.

IRS Refers Unanswered Transfer Pricing Nudge Letters for Audit (1)

Corporate taxpayers getting letters from the IRS regarding their transfer pricing positions in the US have been mostly responsive, an IRS official said Thursday, but those that haven’t answered have been referred for audit.

Corporate Tax Leaders Weigh AI's Risk-Reward Calculus (Podcast)

Artificial intelligence is becoming a bigger part of tax practice and policy every day. The Big Four are spending billions of dollars on AI models, and even mid-tier accounting firms seem willing to at least tread into generative AI transformation, albeit slowly.