Thomas Connelly filed suit, ultimately losing last month before the Supreme Court–and he’s now nearly $900,000 in back taxes poorer as a result. But Connelly’s woes are a warning to all closely held small companies that embraced the ownership redistribution strategy. “This case is a ...
Supreme Court: Severance Payments Are Wages Subject to FICA TaxesWitt, Steven
Below is a selection of Supreme Court cases involving taxes, arranged from newest to oldest. Moore v. U.S.(2024) Author:Brett Kavanaugh Congress may attribute an entity's realized and undistributed income to the entity's shareholders or partners, and then tax the shareholders or partners on ...
according tofilingswith the Supreme Court. But in 2018, the couple learned they had to pay taxes on their share of KisanKraft's reinvested lifetime earnings under the mandatory repatriation tax, which was enacted through the Tax Cuts and Jobs Act, signed into law by President Donald...
The provision was part of the major tax law enacted by the Republican-led Congress and signed into law by then-President Donald Trump. The case, hinging on the Constitution's 16th Amendment, concerned whether people can be forced to pay taxes on stakes in foreign-owned companies even if...
The Supreme Court’s recent ruling on FBAR penalties is a significant development for US taxpayers. By affirming that penalties must be proportionate to the violation at hand, the court has provided greater clarity and protection for taxpayers who may have been subject to steep penalties for failin...
Supreme Court, which has repeatedly ruled for religious claims that limit duties set by government, may free Catholic charities from paying the taxes. FromLos Angeles Times Ruth, a Massachusetts native, was a former law clerk for the state Supreme Court and a real estate attorney. ...
Supreme Court to decide whether Georgia should refund taxes imposed unconstitutionally. (Reich v. Collins)Canan, Martha M
Supreme Court — rarely renders opinions that polarize the public, making their appearance on the ballot an afterthought for many California voters. “I suspect the average voter these days doesn’t think about the California Supreme Court, and they don’t need to,” said David A. Carrillo, ...
The California Supreme Court on Thursday sided with Gov. Gavin Newsom and removed a measure from the November ballot that would have made it harder to raise taxes, saying the change would have upended the way government works. The measure would have required voters to approve...