ArtsFund on Monday announced new projections about pandemic-related losses in regional arts, cultural and scientific nonprofits, as well as its first round of coronavirus-related relief grants.

ArtsFund on Monday announced new projections about pandemic-related losses in regional arts, cultural and scientific nonprofits, as well as its first round of coronavirus-related relief grants.

In the unofficial forecast numbers, Washington would lose $3.8 billion in revenue this current budget cycle. An additional $3.27 billion would be sheared off the 2021-23 budget cycle.

The company's first-quarter sales rose 26% year over year to $75.5 billion. But expenses related to Amazon’s pandemic response weighed on the bottom line in the three-month period ended March 31.

In the unofficial forecast numbers, Washington would lose $3.8 billion in revenue this current budget cycle. An additional $3.27 billion would be sheared off the 2021-23 budget cycle.

With the distinct possibility of pro sports resuming in empty venues, a recent poll suggests a majority of U.S. fans wouldn’t feel safe attending games anyway without a COVID-19 vaccine. According to the Seton Hall Sports Poll, 72% of Americans said they would not feel safe attending games without a vaccine, though the number dropped […]

In the unofficial forecast numbers, Washington would lose $3.8 billion in revenue this current budget cycle. An additional $3.27 billion would be sheared off the 2021-23 budget cycle.

Cameco Corp. (CCJ, CCO.TO), a uranium producer, on Friday reported attributable net loss for the first quarter of $19 million or $0.05 per share, compared to net loss of $18 million or $0.05 per share in the year-ago period.

Imperial Oil Ltd. (IMO, IMO.TO) on Friday reported a net loss for the first quarter on lower revenues, noting that its results were impacted by COVID-19 and depressed March crude prices. The loss per share for the quarter was wider than analysts' estimates and revenues too missed their expectations.

Shares of Lyft Inc. (LYFT) jumped 17% on extended session Wednesday after the ride-hailing company's first-quarter revenues trumped Wall Street estimates despite negative effects of COVID-19 pandemic, as active riders and revenues per riders increased.

While reporting financial results for the first quarter on Friday, cost containment solutions provider HMS Holdings Corp. (HMSY) trimmed its revenue outlook for the full year 2020.

E W Scripps Co. (SSP) on Friday reported net loss for the first quarter of $11.8 million or $0.15 per share, wider than net loss of $6.8 million or $0.08 per share. The company noted that its first-quarter financial results were affected by the COVID-19 pandemic.

Shares of Roku Inc. (ROKU) are currently slipping over more 6% on Friday morning after the video streaming platform shared a downbeat outlook for ad revenues going forward.

Uber Technologies, Inc. (UBER) reported a first quarter loss per share of $1.70 compared to a loss of $2.26, previous year. On average, 31 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.83, for the quarter. Analysts' estimates typically exclude special items. Net loss attributable to Uber Technologies, Inc. excluding the impairment write-downs, net of the tax benefit would have been $1.1 billion. Adjusted EBITDA was negative at $612 million, up $257 million year-over-year.

Queensland continues to tackle the coronavirus pandemic head on with no new cases announced today, but the impact on the state's bottom line is not so healthy, with the Treasurer revealing a $4 billion hit to revenue.

As coronavirus restrictions tighten and public venues close around the country, egg producers turn to other avenues of income to get by.

(United States Ninth Circuit) - In a dispute involving the scope of Treasury Regulation section 25.2522(c)-3(b)(1) and arising from the transfer of membership units in an LLC partly as a gift and partly by sale to two trusts with simultaneous gifts of LLC units to two charitable foundations under a reallocation clause, judgment of the trial court is affirmed where Section 25.2522(c)-3(b)(1), upon trigger of the reallocation clause, does not bar a charitable deduction equal to the value of the additional units the foundations will receive.

(United States Fourth Circuit) - On petition for a redetermination of federal income tax deficiencies brought by a 501(c)(4) nonprofit homeowners association, the Tax Court's ruling against the association is affirmed, where the net income derived by the association from its parking lots and beach club benefitted the private interests of the association members rather than the general public, and therefore was not "substantially related" to the association's purpose of promoting social welfare, but rather was taxable as "unrelated business taxable income" under IRC sections 511-513.

(United States Second Circuit) - the Tax Court's grant of summary judgment for the IRS and finding petitioner liable for federal income tax deficiencies for the taxable years 2003 and 2004 is affirmed where the Tax Court correctly applied a 'single entity' approach to reduce the consolidated net operating loss of Marvel Entertainment, LLC's consolidated group by its previously excluded cancellation of debt income.

(United States Supreme Court) - Clarified the limits of a State's power to tax a trust. Struck down a North Carolina requirement that a trust must pay income tax to the State whenever the trust's beneficiaries live in the State -- regardless of whether the beneficiaries have received, can demand, or will ever receive a distribution of trust income. Justice Sotomayor delivered the opinion for a unanimous Court, in this due process challenge brought by a family trust.

(United States Ninth Circuit) - Held that shareholders were liable for taxes on proceeds from the sale of a close corporation. The Internal Revenue Service sued the shareholders, claiming they violated Arizona's Uniform Fraudulent Transfer Act by engaging in a complex series of stock and asset transactions that resulted in creating a debtor company unable to pay the tax bill. Agreeing with the IRS's position, the Ninth Circuit reversed a decision of the Tax Court and remanded with instructions to enter judgment in favor of the IRS.

(United States Seventh Circuit) - Affirmed the U.S. Tax Court's ruling that an energy company was liable for a deficiency of more than $400 million for certain previous tax years, and also for $87 million in accuracy-related penalties.

(United States Ninth Circuit) - Affirming a U.S. Tax Court decision, held that the former sole shareholder of a company that received a $65 million litigation settlement was liable for the taxes, and in particular the pre-notice interest component, despite having entered into a tax-shelter transaction.

(United States Seventh Circuit) - Affirmed the Tax Court's finding that a woman did not qualify for innocent spouse relief, in a case involving a married couple's deficient joint federal income tax return.

(United States Second Circuit) - Held that a husband and wife were not liable for a 2008 tax deficiency. The IRS had applied the substance‐over‐form doctrine to recharacterize various lawful tax‐avoiding transactions as tax‐generating events for the taxpayers, their adult sons, a family trust, and a family‐controlled corporation. Reversed the tax court.

(United States Seventh Circuit) - Held that a tax shelter reflected an abusive sham. Affirmed the Tax Court's judgment and imposition of penalties.

(United States Fifth Circuit) - Held that an organization lacked standing to bring a facial challenge to an Internal Revenue Service test for determining certain tax liabilities. The conservative issue-advocacy organization contended that the test was unconstitutionally vague.

(United States Ninth Circuit) - Affirmed the Tax Court's decision that a decedent's estate had overstated the amount of a charitable deduction and thus received a large tax windfall. Also affirmed the imposition of an accuracy-related penalty.

(United States Second Circuit) - Held that the U.S. Tax Court could order a refund of a taxpayer's income tax overpayment. The Tax Court had concluded that it lacked jurisdiction under the particular circumstances here, even though all parties agreed that the taxpayer had overpaid. Disagreeing, the Second Circuit reversed and remanded, characterizing the issue as one of first impression in any court.

(United States Ninth Circuit) - Upheld the validity of a Treasury Department regulation. The provision's focus is that related business entities must share the cost of employee stock compensation in order for their cost-sharing arrangements to be classified as qualified cost-sharing arrangements. Reversed the judgment of the U.S. Tax Court.

(United States Supreme Court) - Clarified the limits of a State's power to tax a trust. Struck down a North Carolina requirement that a trust must pay income tax to the State whenever the trust's beneficiaries live in the State -- regardless of whether the beneficiaries have received, can demand, or will ever receive a distribution of trust income. Justice Sotomayor delivered the opinion for a unanimous Court, in this due process challenge brought by a family trust.

(United States DC Circuit) - Reversed and remanded. The Tax Court improperly dismissed a case involving a man's application to the IRS for a whistleblower award because although his application was untimely the filing period was not jurisdictional and is subject to equitable tolling.

(United States Ninth Circuit) - In a petition challenging a notice of Final Partnership Administrative Adjustment, the Tax Court’s dismissal, for lack of jurisdiction, is affirmed where: 1) because plaintiff contended that his business entity was a small partnership not subject to the audit procedures under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), entities that are disregarded for federal tax purposes may nevertheless constitute pass-thru partners under 26 U.S.C. section 6231(a)(9), such that the small-partnership exception under section 6231 does not apply and the partnership is therefore subject to the TEFRA audit procedures; 2) resolution of this question iss inextricably intertwined with the contention that plaintiff had standing to file a petition for readjustment of partnership items on behalf of his purported small partnership; and 3) as to standing, because a party other than plaintiff's entity's tax matters partner filed a petition for readjustment of partnership items after the partnership had timely done the same, the Tax Court lacked jurisdiction under 26 U.S.C. section 6226.

(United States Third Circuit) - Affirming the Tax Court's application of the Ilfield doctrine in holding that the double deduction for losses incurred by the subsidiary of a company was improper and disallowing $199 million of those losses.

(United States Ninth Circuit) - Upheld an Internal Revenue Service regulation addressing the tax treatment of employee stock options. In a ruling that has tax implications for multinational companies especially, the Ninth Circuit concluded that the Tax Court erred in striking down a regulation, 26 C.F.R. section 1.482-7A(d)(2), which says that related entities must share the cost of employee stock compensation in order for their cost-sharing arrangements to be classified as qualified cost-sharing arrangements and thus avoid an IRS adjustment. The panel held that the regulation was entitled to Chevron deference.

(United States Ninth Circuit) - Held that shareholders were liable for taxes on proceeds from the sale of a close corporation. The Internal Revenue Service sued the shareholders, claiming they violated Arizona's Uniform Fraudulent Transfer Act by engaging in a complex series of stock and asset transactions that resulted in creating a debtor company unable to pay the tax bill. Agreeing with the IRS's position, the Ninth Circuit reversed a decision of the Tax Court and remanded with instructions to enter judgment in favor of the IRS.

(United States Seventh Circuit) - Judgment of the Tax Court that plaintiff could not deduct from its taxable income either the amount it paid to the states or the legal expenses that it had incurred in the litigation, involving the acquisition of Blue Cross Blue Shield insurance companies, is affirmed as, under the application of the "origin of the claim" doctrine, costs incurred in defending the lawsuit were capital expenditures and so could not be deducted as ordinary and necessary business expenses.

(United States Third Circuit) - Affirming a Tax Court determination that royalties paid on technology license agreements should be treated as ordinary income rather than as capital gains in the case of a pharmaceutical scientist raking it in on liquisolid technologies hoping to avoid paying a significant tax bill.

(United States Third Circuit) - Reinstated a claim that a debt collector violated the Fair Debt Collection Practices Act by leaving telephone voice messages that did not use its true name. The plaintiffs filed a class-action complaint alleging that the debt collector left pre-recorded messages on their phone that did not state the caller's correct name. Reversing the district court, the Third Circuit held that they stated a plausible claim for relief under the statute's true-name provision, though the panel affirmed the dismissal of their other causes of action.

The Music Industry Is Making An Early Bet On VR & AR To Create New Revenue Streams Across All Their Lines Of Business

Thinking of using TurboTax to file your tax returns? Think again. The Minnesota Department of Revenue advises against using Intuit software to file tax returns! It found unacceptable errors in Intuit tax software, including TurboTax, ProSeries, Lacerte, and Intuit online. Continue reading →

Have you ever noticed that the Internal Revenue Service's regulations often are illogical? Does anyone at the IRS think through its regulations? Continue reading →

Hotels, casinos virtually empty as China market still restricted

The global pandemic is shifting timelines and expectations, as brands rush to fix disrupted supply chains and adjust their product offerings in response.
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Elon Musk envisions a glorious future when fleets of Tesla robo-taxis earn money for Tesla owners and make all other automobiles instantly obsolete.

Gov. Eric Holcomb will have tough spending decisions as tax revenues decline amid COVID-19 pandemic.

IPTV operators will now benefit from industry-leading revenue security solutions when using Dune HD media players, thanks to a new partnership between Dune HD and Verimatrix. Verimatrix is the specialist in securing and enhancing revenue for multi-screen digital TV services around the globe, and its Video Content Authority System for IPTV solution and embedded ViewRight security client are now available across Dune HD’s award-winning range of digital media players, enabling operators to better protect content from piracy while enhancing service revenues.

Verimatrix VCAS software-based security solutions are the most widely deployed content protection systems amongst tier-one operators globally, with a growing base of over 600 deployments. These operators and other Verimatrix partners will now be able to install Dune HD’s extensive range of digital media players and set-top boxes, which combine high performance, engineering excellence and customisable features, backed up by the highest levels of content security.