News

States participating in the Multistate Tax Commission's voluntary disclosure program collected $20,269,587 in taxes in the fiscal year running from July 1, 2020 through June 30, 2021, down $1,281,700 from the prior fiscal year.

The IRS rightly denied a nearly $11 million tax deduction dealing with a Georgia land deal because the transaction didn't satisfy deduction requirements, government officials told a federal court.

Minnesota home builders are suing two Minneapolis suburbs, alleging their permitting fees are designed to generate an “enormous revenue surplus” in violation of a state law limiting such charges to the actual costs of the services provided.

Michigan counties shouldn't have to repay the potentially billions of dollars in tax foreclosure profits they illegally received for more than two decades, a state circuit court judge ruled Tuesday.

State tax revenues are bouncing back faster than they did in the Great Recession, thanks to Covid-19 vaccinations, an easing of public health restrictions, and nearly $2 trillion in federal aid, the Pew Charitable Trusts said Tuesday.

An Ohio racetrack property was correctly valued by a state tax board, which relied on the report of a CPA, an Ohio appeals court found.

Tax-revenue declines for commercial real estate that has been hurt by the Covid pandemic may pressure New York City tax real estate receipts over the longer term, according to Barclays. This could be the main risk to the city’s budget, Barclays analysts wrote in a research note last week, citing potential impact on the office market and, to a lesser extent, multifamily buildings.

Ethical and legal snags abound for lawyers representing cannabis industry clients in the growing number of states where weed is legal, requiring extra due diligence to ensure compliance, attorneys familiar with the rapidly evolving business tell Bloomberg Law.

Wealth taxes are a popular topic right now—or unpopular topic—depending on your ideological stance. Erik Jensen of Case Western University explains why any such tax would face and very likely not survive a Constitutional challenge.

The New York Department of Taxation and Finance July 1 published the August tax calendar providing individual income, corporate income, sales and use, and excise tax due dates. [N.Y. Dep't of Tax'n & Fin., 2021 Department of Finance Calendar: August, 07/01/21]