NEW: Voting 7-2, the US Supreme Court upheld a 2017 tax on American-owned businesses’ foreign profits, rejecting an appeal that could have saved companies hundreds of billions of dollars. Read the full opinion here: btaxgo.com/eetz0KK

Federal limits on how states may use $195 billion in Covid-19 pandemic aid didn’t survive scrutiny from the Fifth Circuit, the sixth appeals court to consider similar challenges. btaxgo.com/IpStFPv

The Supreme Court’s blockbuster Chevron ruling will constrain environmental, consumer and financial-watchdog agencies. bloomberg.com/news/articles/…

The links are out there: Kristen Parillo Tax Notes Erin Slowey Chris Cioffi Bloomberg Tax Jeff Overley Tax Law360 Ben Valdez Marie Sapirie Perry Cooper Dylan Moroses Kay Bell Ed Zollars, CPA Taxpayer Advocate Service Forbes Martha Waggoner The Tax Adviser +more! eidebailly.com/insights/blogs…

Oregon created a framework for taxing the first program legalizing psilocybin-assisted therapy. Magic mushrooms are a federally controlled substance, but a dozen states are drafting plans to decriminalize psychedelics. See my deep dive in Bloomberg Tax news.bloombergtax.com/daily-tax-repo…

Who doesn't love transfer pricing? See my interview with Joe Garrett Deloitte US, a true expert and gentleman. We get into TP, combined reporting and state audits, all in Bloomberg Tax news.bloombergtax.com/transfer-prici…

Great advice for anyone who wants to be a helpful source from rock star Alison Frankel:

EXCLUSIVE: Louisiana confidentially settled a major tax lawsuit against ConocoPhillips, but declined to reveal whether the oil giant paid any of the $700M in back taxes and penalties initially sought. See my story in Bloomberg Tax news.bloombergtax.com/daily-tax-repo…

Want to know why a recent Nebraska Supreme Court ruling in a case involving a Berkshire Hathaway company has taxpayers "totally freaking out"? Read on here: news.bloomberglaw.com/daily-tax-repo… Bloomberg Law Bloomberg Tax

Tomorrow the Illinois Supreme Court will hear a case about county fuel taxes that could have repercussions on the broader commodities trading industry. It could also inspire localities to expand the reach of their tax statutes. Read more here: news.bloomberglaw.com/daily-tax-repo…

JetBlue Airways and the Florida Department of Revenue both want a lawsuit over how to decide much of a commercial airline’s income is taxable in the state decided without trial. btaxgo.com/8ih0Cfh

FWIW, the brand-new 15th Court of Appeals (on which Justice Scott Field sits) already has more cases on its argument calendar than the vast majority of the other 14 intermediate appellate courts.

From Perry Cooper: Former New York City Mayor Bill de Blasio must sit for a two-hour deposition in a proposed class action by Black property owners facing foreclosure as a result of tax delinquencies, a federal court ruled. news.bloombergtax.com/daily-tax-repo…

16 investment funds won't get $400k in Wash. B&O tax refunds after the state high court rejected their reading of the biz income deduction. W/a SCOTUS petition off the table (no federal Q), a leg fix is their only hope. (Corrected to add the right link!) news.bloomberglaw.com/daily-tax-repo…

Investors are concerned about unexpected tax bills and sizable penalties following last week's Washington Supreme Court decision limiting the state’s business and occupation tax investment income deduction. Read more here: bloomberglaw.com/bloomberglawne…

SCOTUS skips the Zilka v. Philadelphia case about aggregating state and local income for tax purposes. Next week, we could get news on whether they will take the Disney and IBM foreign royalties cases. Here's my story on today's cert denial: news.bloomberglaw.com/daily-tax-repo…

A Massachusetts appeals court rocked the boat yesterday by allowing the DOR to tax a nonresident's capital gains from a stock sale. That could put the state's position as an innovation hub at risk. Read more here: news.bloomberglaw.com/daily-tax-repo…

UT-Austin is behind on $160,000 in property taxes, penalties, and interest for the UT Club restaurant inside the Longhorns' football stadium, Travis County says in a new lawsuit. The county wants the restaurant sold to cover the bill. #txlege news.bloombergtax.com/daily-tax-repo…