California Cannabis Seller Charged With $7.1 Million Tax Evasion
The California Attorney General’s Office announced Wednesday it filed felony charges against an unlicensed cannabis retailer for evading approximately $7.1 million in state sales tax.
Daily Tax Report State
NY Real Estate, Business Groups Lobby to Defang Second Home Tax
New York’s real estate and business communities are viewing a proposed tax on second homes as the first step in a multi-year push to raise taxes on wealthy residents.
Mamdani Budget Plan Cuts Tax Credit for NYC Business Owners
New York City Mayor Zohran Mamdani wants to cut a tax benefit used by some business owners, as part of broader efforts to close the city’s $5.4 billion budget gap.
Hawaii Passes New Millionaire Tax Bracket to Close Budget Gap
Hawaii’s Democratically controlled legislature passed a tax package Friday that establishes a new 13% income tax bracket for households earning more than $1 million per year while preserving some personal income tax cuts for lower-income filers.
Startup Investors’ Widened Tax Break Is Hard for States to Quit
States that have matched a federal tax break for startup investment gains that mostly benefits wealthier individuals are having a difficult time separating from the policy, even though it stands to collectively cost them hundreds of millions of dollars in missed revenue this year.
California Cannabis Seller Charged With $7.1 Million Tax Evasion
The California Attorney General’s Office announced Wednesday it filed felony charges against an unlicensed cannabis retailer for evading approximately $7.1 million in state sales tax.
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Clara Pham
RSM Canada
Pippa Browde
University of Montana School of Law
Karin Christenson
Wilmington Trust
Tax Developments
View MoreOklahoma Extends Emission Reduction Technology Rebate Program
The Oklahoma Governor signed a law that includes extending the sunset date for the Oklahoma Emission Reduction Technology Rebate Program to July 1, 2029. The law takes effect on Nov. ...
Oklahoma Expands Sales Tax Exemption for Certain Contract Performance Materials
The Oklahoma Governor signed a law that includes extending to contractors and subcontractors an existing sales tax exemption for purchases of materials or services needed to perform contracts for governmental ...
New York Tax Department Updates Local Sales Tax Rates on Motor Fuels Effective June 1
The New York State Department of Taxation and Finance published updated local sales and use tax rates on qualified motor fuel, highway diesel motor fuel, and B20 biodiesel, effective June ...
Latest Stories
Fed’s Collins Favors Holding Rates Steady for ‘Some Time’
Federal Reserve Bank of Boston President
BlackRock Expects Increased Downgrades for State Borrowers
The market for state and local government debt is becoming “less forgiving,” according to BlackRock Inc.’s
US Producer Prices Rise Most Since 2022 on Energy Costs
US wholesale inflation accelerated in April to the fastest pace since 2022 on a war-driven increase in energy prices that’s feeding into higher freight transportation costs.
Silicon Valley’s Congressman Is Taking on AI, Hawking Wealth Tax
On the day Silicon Valley turned against him,
NY Real Estate, Business Groups Lobby to Defang Second Home Tax
New York’s real estate and business communities are viewing a proposed tax on second homes as the first step in a multi-year push to raise taxes on wealthy residents.
AI’s Long-Term Effects for Retirement Plans, Fiduciaries Unknown
AI changes work itself: who stays employed longer, who exits earlier, which employers can spread costs and governance through pooling, and which collectively bargained industries see their contribution base strengthened or weakened, says Hall Benefits’ Samuel Krause in the second of a two-part article.
Mamdani’s NYC Budget Plan Counts on Taxing Pricey Second Homes
Most New Yorkers will not have to worry about seeing their property tax rates go up soon. But for a small number of those who own luxury second homes in the city, the prospect is still alive.
Illinois County Liable for Unconstitutional Tax Sale System
A group of property owners and nonprofits can hold Cook County, Ill. responsible for its unconstitutional tax foreclosure methods, a federal court said.
Mamdani Scraps Property Tax Hike, Counts Second-Home Revenue
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Fenwick & West Sued Over Alleged Role in FTX Crypto Collapse
Fenwick & West LLP was sued Wednesday over its alleged role in the collapse of the FTX cryptocurrency exchange.
Fed Reduces T-Bill Buying Even Further in Another Sharp Pullback
The Federal Reserve said Wednesday it will buy about $10 billion of Treasury bills this period, a further slowdown of a program meant to ease short-term funding costs by rebuilding reserves in the financial system.
Crypto Scam Victim Sues IRS to Deduct $800,000 in Losses
An Ohio man filed a lawsuit against the IRS for disallowing a $130,000 refund stemming from losses he claims resulted from being a victim of a “pig butchering” crypto scam.
Arm, SoftBank Said to Have Tried to Buy Cerebras Before IPO (1)
Farage Faces Inquiry Into £5 Million From Crypto Investor (1)
The UK’s parliamentary standards commissioner launched an inquiry into whether
SoftBank Profit Jumps After Emboldened Son Bets More on OpenAI
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