SCOTUS

The U.S. Supreme Court put sharp new limits on a favorite tool used by securities regulators to recoup money from people found to have violated federal laws.

The U.S. Supreme Court refused to question a Michigan tax change that companies including IBM Corp. and Procter & Gamble Co. say will hit them retroactively with a $1 billion bill.

Imagine that you arrive home one day to find a letter from the Internal Revenue Service: “Dear Taxpayer: Although you paid your taxes in full four years ago, Congress has since decided to eliminate a deduction that you took at that time. The deduction was legal when you took it but isn’t legal anymore. We therefore require immediate payment of $10,000, the amount by which you benefited from the deduction that no longer exists.”

The Internal Revenue Service has issued a notice outlining special procedures for handling the estates of same-sex couples.

Supreme Court lets stand a Colorado law that imposes reporting requirements on internet retailers.