Daily Tax Report

Daily Tax Report is your go-to resource for updates on important tax-related news at the federal, state, and international levels. It covers a wide range of developments, including legislation, regulations, and court cases, as well as topics related to pensions and accounting.

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Judge Pauses Trump’s Ban on Foreign Service Worker Unions (1)

8 hours ago | news.bloombergtax.com | Ian K. Kullgren |Bernie Pazanowski |Parker Purifoy

A federal judge temporarily blocked President Donald Trump’s ban on foreign service worker unions, expanding an injunction handed down by the court last month. The president’s sweeping March 27 executive order, which sought end federal collective bargaining, exceeded Congress’s intent to allow only narrow exclusions under a 1980 law granting collective bargaining rights to foreign service workers, Judge Paul L. Friedman of the US District Court for the District of Columbia said on Wednesday.
Jack Nicklaus NIL Win Tees Up Framework for Future IP Fights

12 hours ago | news.bloombergtax.com | Melanie Cohen

Legendary golfer Jack Nicklaus won a very different type of major victory this year—one that could reshape how name, image, and likeness rights are treated across trademark, intellectual property, and employment agreements in the sports and entertainment industries. When a New York judge ruled that Nicklaus, not his former company, retains full control over his NIL, it did more than resolve a high-profile dispute.
New York Republicans Signal $80,000 SALT Cap Could Be on Table

21 hours ago | news.bloombergtax.com | Emily Birnbaum |Jarrell Dillard

Two New York Republicans signaled that the cap on the state and local tax deduction may rise to as much as $80,000 as GOP lawmakers from high-tax states demand a boost in exchange for their votes on President Donald Trump’s tax package. Representative Nicole Malliotakis said Wednesday there’s an “opportunity” to grow the $30,000 state and local tax deduction cap offered by House GOP leaders in negotiations, potentially to as much as $80,000 for couples and $40,000 for individuals.
California FTB Delays Ruling on Jack in the Box Tax Refund Claim

22 hours ago | news.bloombergtax.com | Laura Mahoney

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SEC Sues Investment Adviser to Recover Unpaid Settlement Amount

23 hours ago | news.bloombergtax.com | Martina Barash

Sabra Capital Partners LLC’s managing member has paid only $20,000 of the $80,000 he agreed to pay the SEC, the commission says in a suit filed Wednesday. The US District Court for the Northern District of Illinois should enforce the administrative order that Sabra and Zvi Rhine consented to, the Securities and Exchange Commission says. Sabra wasn’t required to pay a monetary judgment, but is subject to injunctive relief, according to the complaint. It is named as a defendant along with Rhine.
Battery Maker With 720% Stock Gain Signs Early Data-Center Deal

23 hours ago | news.bloombergtax.com | Michelle Ma |Tope Alake

Eos Energy Enterprises Inc., whose stock has surged more than 720% over the past year, has signed an initial pact with a large-scale developer of data centers as soaring power usage boosts demand for batteries. The company is also working to close several other memorandums of understanding with data centers, Chief Executive Officer Joe Mastrangelosaid. He declined to name the firms.
African Payrolls Require Caution, Thorough Processes

23 hours ago | news.bloombergtax.com | Jamie Rathjen

African payrolls come with their own unique challenges even as the continent represents a growing business opportunity, an executive from an African payroll provider said May 13. Dion Bowden, CEO of Praxima International Payroll Solutions, cited statistical claims that one-third of people under age 20 are African and that the continent would have 1 billion working-age people by 2035.
Employers Can Remain in Control During Payroll Audits

23 hours ago | news.bloombergtax.com | Jamie Rathjen

While there can be many reasons why the Internal Revenue Service or a state undertakes a payroll-related audit, employers can prepare by determining how the audit will affect them and what documents they will provide to the auditor, a practitioner and a consultant said May 13. Becky Harshberger, CPP, a payroll tax thought leader, emphasized that the employer should control what the auditor gets, how they can get it, and to whom they get access.
Fifth Circuit Declines to Review SEC Shareholder Proposal Ruling

1 day ago | news.bloombergtax.com | Andrew Ramonas

The Fifth Circuit has rejected a bid by a self-described conservative think tank to look again at the SEC’s role in settling clashes over which shareholder proposals make it onto company annual meeting ballots, following the court’s decision to back the agency last year.
Malliotakis Says There’s ‘Opportunity’ to Grow GOP’s SALT Offer

1 day ago | news.bloombergtax.com | Emily Birnbaum |Jarrell Dillard

New York Republican Nicole Malliotakis said Wednesday there’s an “opportunity” to grow the $30,000 state and local tax deduction cap offered by House GOP leaders in negotiations on President Donald Trump’s giant tax bill. The SALT cap could grow as high as high as $80,000 for couples and $40,000 for individuals, Malliotakis said when asked by reporters. But she signaled that could require other concessions, such as the length of time the higher cap is effective or more stringent income limits.