Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Tax News
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Bloomberg: Casinos’ Slot Machine Tax Case Booted by Pennsylvania Justices
Perry Cooper (Bloomberg), Casinos’ Slot Machine Tax Case Booted by Pennsylvania Justices:
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Bloomberg: A Tax Strategy for the Rich Built the World’s Largest Hedge Fund
In Bloomberg, Loukia Gyftopoulou, Katherine Burton, Sridhar Natarajan and Justina Lee have a new piece, “A Tax Strategy for the Rich Built the World’s Largest Hedge Fund.” From the piece: By some estimates, a total of more than $150 billion is deployed at the firm [AQR Capital Management] and a phalanx of competitors that run…
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(Even) More on NYC’s Pied-à-Terre Tax
It was an eventful week for the NYC Pied-à-Terre Tax. It started with the City publicly identifying 31,000 properties (and their owners) that might be subject to the tax—more than triple the initial estimate of taxable properties. What followed was substantial backlash, including particular criticism regarding the City’s truncated exemption application timeline. Although Mayor Mamdani…
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Utah’s Targeted Ad Tax Draws First Challenge from Advocacy Group
Peyton Rhodes (Bloomberg Law): Utah’s Targeted Ad Tax Draws First Challenge from Advocacy Group The Utah Taxpayers Association is taking aim at the 4.7% levy on targeted advertising entities’ gross receipts signed into law in March. The federal Internet Tax Freedom Act and the US Constitution’s Commerce Clause and Due Process Clause preempt the state’s tax, according…
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MTC Expands Digital Tax Project to Prediction Markets, Crypto
Michael Bologna (Bloomberg Law): States Expand Digital Tax Project to Prediction Markets, Crypto The Multistate Tax Commission expanded the scope of its digital products work group on Tuesday to include several “alternative taxes” enacted in such states as Illinois, Maryland, and Washington over the past year that impose levies on new features of the digital economy.
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Tax Lawyers Must Adapt to AI Now. It’s Already Changed the Game.
Bloomberg Law, Tax Lawyers Must Adapt to AI Now. It’s Already Changed the Game.: Artificial intelligence is no longer a future issue for tax lawyers. It is already changing how research is done, how large volumes of documents are reviewed, how contracts and motions are prepared, how audit responses are built, and how clients measure…
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WSJ: Is That College Scholarship Taxable?
Laura Saunders, Wall Street Journal, Is That College Scholarship Taxable? What Parents Need to Know Before Fall (July 24, 2026): [M]many colleges and universities are required to send Form 1098-T both to students and the IRS. Box 1 has qualified tuition and expenses paid by or on behalf of the student. Box 5 gives the…
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Bloomberg: Netflix Tax Scrapped in Canada But Streamers Face New Levy
BThomas Seal and Melissa Shin (Bloomberg), Netflix Tax Scrapped in Canada But Streamers Face New Levy: Prime Minister Mark Carney’s government plans to scrap a levy on entertainment companies including Netflix Inc. and Walt Disney Co., according to a court filing, after pushback from US officials and Hollywood studios. But the firms behind the world’s major…
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Syracuse: Seeking Associate Teaching Professor; Clinic Director – Low Income Taxpayer Clinic
Syracuse University College of Law is seeking an associate teaching professor to direct its Low Income Taxpayer Clinic and teach tax courses: Syracuse University College of Law invites applications for the position of Associate Teaching Professor and Director of the Sherman F. Levey ’57, L’59 Low Income Taxpayer Clinic (LITC). This is a three-year contract…
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Herzfeld: Clipping Treasury’s Rulemaking Wings
In Tax Notes, Mindy Herzfeld writes about two recent decisions from the Tax Court and the Court of Federal Claims in which the respective court each ruled against the government on the basis that Treasury exceeded its authority when it promulgated regulations implementing the 2017 tax overhaul informally known as the Tax Cuts and Jobs…
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Mother Jones: The IRS Is Imploding
In Mother Jones, Stephanie Mencimer writes about the current state of the IRS in “The IRS Is Imploding.” From the piece: These aren’t just anecdotal one-offs. A June report to Congress from the Taxpayer Advocate Service, an independent agency within the IRS, found that live humans answered 20 percent fewer calls during this year’s tax filing season…
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Commentary on Section 301 Tariffs
Tariffs are in the news again. From Politico, Oliver Ward, Megan Messerly, and Daniel Desrochers report: The Trump administration on Thursday finalized new double-digit tariffs on dozens of U.S. trading partners as it seeks to reconstitute sweeping duties struck down by the Supreme Court in February. The new duties, which range from 10 to 12.5…
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Cryptocurrency Trade Group Sues Illinois Over Digital Asset Tax
Michael J. Bologna (Bloomberg Law): Cryptocurrency Trade Group Sues Illinois Over Digital Asset Tax A major cryptocurrency trade group is asking an Illinois court to block the nation’s first state tax on digital asset transactions, describing it as discriminatory, unconstitutional, and prohibited under federal law. The Digital Chamber filed a lawsuit Tuesday against the Illinois Department of…
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Big Tech AI Spree Revives Accounting Devices That Toppled Enron
Amanda Iacone (Bloomberg Law): Big Tech AI Spree Revives Accounting Devices That Toppled Enron Enron Corp. exploited US accounting rules to hide from investors and lenders hundreds of millions in debt it had bundled into off-balance sheet entities — obligations that contributed to one of the biggest corporate collapses in US history. Twenty-five years later,…
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NYC Limits Options for Owners of Second Homes to Appeal New Tax
Danielle Muoio Dunn (Bloomberg Law): NYC Limits Options for Owners of Second Homes to Appeal New Tax The owners of luxury second homes in New York City will have limited time and options to appeal the new pied-à-terre tax after receiving notice of their bills next month. City officials are moving quickly to implement the…
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Treasury Raises Concerns About Tax-Aware Investment Products
At a Wall Street Tax Association seminar on July 21, 2026, Treasury officials discussed various strategies involving regulated investment companies in which Treasury has taken an interest. The next day, Treasury Secretary Scott Bessent posted on X about “too good to be true” investment strategies. Although Treasury did not announce formal guidance, the discussion generated…
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CPAacademy: RACE, WEALTH, AND U.S. TAX POLICY: WHO BENEFITS FROM AND WHO BEARS TAX BURDENS?
CPAacademy, RACE, WEALTH, AND U.S. TAX POLICY: WHO BENEFITS FROM AND WHO BEARS TAX BURDENS?: For generations, tax policy has played a significant role in shaping economic opportunity, wealth accumulation, and financial security in America. This webinar examines how key features of the U.S. tax system—including preferential treatment for inherited wealth, gifts, and capital income—have…
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Legal Scholarship Network Publishes New Issue of Tax Law & Policy eJournal
Volume 26, Number 53 (July 2026) of the eJournal of Tax Law and Policy, published by The Social Science Research Network (SSRN), and edited by Paul L. Caron:
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Bloomberg: Amgen Settles Investor Suit Over Tax Liability for $74 Million
Gillian R. Brassil (Bloomberg): Amgen Settles Investor Suit Over Tax Liability for $74 Million: Amgen Inc. agreed to cough up $74 million to resolve allegations that the pharmaceutical giant delayed alerting investors that it may owe the IRS $10.7 billion in back taxes and penalties. The proposed settlement class includes those who acquired Amgen stock…
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D.C. Circuit Affirms Sentence for Trump Tax Return Leaker
Mary Katherine Browne, “Appeals Court Affirms Sentence for Trump Tax Return Leaker” (Tax Notes, July 20, 2026): The D.C. Circuit rejected a former IRS contractor’s bid to overturn his five-year sentence for leaking the tax returns of President Trump and thousands of wealthy taxpayers, finding no evidence of a predetermined sentence or improper outside pressure.…
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Commentary on Section 338 Tariffs
In “Trump to Impose 50% Tariff on Many Canadian Goods,” Ana Swanson and Ian Austen report for the New York Times: President Trump on Monday signed orders to impose a 50 percent tariff on a wide range of Canadian goods, claiming that Canada had discriminated against the United States in key industries. The tariffs, which…
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Gambling Loss Limitations Condemned at IRS Hearing
Trevor Sikes, “Gambling Loss Haircut Lambasted at IRS Hearing” (Tax Notes, July 20, 2026): The One Big Beautiful Bill Act’s 90 percent limitation on gambling loss deductions is grossly unfair to honest gamblers and should be repealed, according to stakeholders. Speakers took the opportunity at a July 17 IRS hearing on proposed regulations on gambling…
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Bloomberg: AMC Theater’s Valuation Was Excessive, Says Arizona Tax Court
Peyton Rhodes (Bloomberg): AMC Theater’s Valuation Was Excessive, Says Arizona Tax Court: An AMC theater location convinced the Arizona Tax Court that it qualified for lower property tax valuation as a single-use movie theater even though it uses over a third of its auditoriums for storage. Maricopa County, Ariz., asked the court to affirm its…
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Joint Center For Political And Economic Studies: Future of Black Communities Summit
Joint Center For Political And Economic Studies: Future of Black Communities Summit on July 16, 2026:
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European Society of International Law Webinar: “Taxation, Racial Capitalism, and the Rule of Law: Historical Legacies and Contemporary Challenges in Global Economic Governance” on July 22, 2026
European Society of International Law Webinar: Taxation, Racial Capitalism, and the Rule of Law: Historical Legacies and Contemporary Challenges in Global Economic Governance on July 22, 2026 at 12:00 PM – 1:30 PM EST: The inaugural webinar, Taxation, Racial Capitalism, and the International Rule of Law: From Colonial Slavery to Global Governance, marks the launch of the European…