The recently passed federal tax cut bill slashed income tax rates for corporations, but in the absence of guidance from the Internal Revenue Service, some pass-through businesses are holding off on restructuring that might take advantage of the reduced rates.
Special Counsel Robert Mueller on Thursday unsealed a slew of new tax- and bank fraud-related criminal charges against President Donald Trump's former campaign officials Paul Manafort and Richard Gates, alleging they filed false income tax returns and failed to report foreign bank accounts.
Seeking to overturn a federal court decision, the IRS told the D.C. Circuit on Wednesday it had the authority to charge $37.6 million in fees to issue and renew preparer tax identification numbers because a PTIN has value — it protects a tax preparer’s Social Security number and helps the preparer avoid a penalty of up to $25,000.
A literal reading of one of the new international provisions in the recent federal tax overhaul could have the unintended consequence of encouraging U.S. companies to change their operations to avoid the harsh treatment, practitioners said.
Taxpayers can expect guidance dealing with how the new U.S. tax law’s base erosion and anti-abuse measure will affect partnerships, a U.S. Department of Treasury official said Thursday at a conference in Houston, although he kept mum on how the government would interpret its related authority to curb avoidance.
An international provision in the new tax law might not result in U.S. companies bringing intellectual property back home, but the measure could keep them from moving more assets outside of American borders, a U.S. Treasury official said Thursday at a conference in Houston.
The U.S. Chamber of Commerce has asked Treasury and IRS officials to clarify the terms of recent guidance that give multinational corporations some wiggle room in determining the amount of offshore income eligible for a one-time discounted tax rate under the newly enacted tax cut law.
Washington state Democrats are moving ahead with a proposal for a capital gains tax, a controversial plan that critics have decried as a back-door attempt at taxing income in the state.
The New York State Department of Taxation and Finance and other state agencies told the Second Circuit on Wednesday to reject a couple's suit alleging the agencies violated their constitutional right to live in separate states by requiring the couple to pay New York taxes on $5 million in capital gains from selling property in Florida.
The BBC and the Guardian have told a British court that they're not liable for any damages their reporting caused offshore law firm Appleby Global Group LLC, arguing that while they knew portions of the Paradise Papers likely contained privileged communications, publishing portions of the leaked documents crucially furthered the public debate.
The Internal Revenue Code has historically limited the ability of corporations to deduct certain interest paid to related parties, but the recent tax reform modified this limitation and expanded its application. In this video, Taylor Kiessig and Brian Tschosik of Eversheds Sutherland LLP discuss differences between the historic and new versions of this limitation on interest expense.
Large law firms have long offered mentorship programs in which senior partners bestow pearls of wisdom upon junior attorneys, but at least one law firm is shaking up that traditional model in what some say could be a game-changer for the legal industry.
The sudden guilty plea of a now-former Skadden lawyer who helped write a legal analysis commissioned by Paul Manafort on behalf of a Ukrainian president puts further scrutiny on the firm’s role in the controversial report and whether Skadden crossed into the legally precarious position of unregistered lobbying for a foreign government, experts said.
A California federal judge said Friday that the Law School Admission Council Inc. was likely in contempt of a consent decree laying out ways it should accommodate disabled test takers, adding it was “astounding” that the federal government took no position on the alleged violations after it had vigorously pursued the litigation for several years.
The U.S. Supreme Court is closing out its February oral argument session with a blockbuster docket, taking on a key doctrine of antitrust law in a case involving American Express Co. and pondering the fate of public sector unions.
A report revealed that National Public Radio management hired and retained news executive Michael Oreskes despite multiple "flags" regarding his inappropriate behavior toward women, Democrats dinged new U.S. Securities and Exchange Commission guidance as old advice, and the general counsel of Discover Financial Services spoke with Law360 about how the company prioritizes diversity and inclusion. These are some of the stories in corporate legal news you may have missed in the past week.
On the latest episode of Law360's Pro Say podcast, we are joined by Microsoft's head of litigation to talk about upcoming U.S. Supreme Court oral arguments in a privacy case over data stored on servers overseas. We also chat about a BigLaw attorney swept up in Robert Mueller's ongoing investigation, the Supreme Court narrowing legal protections for corporate whistleblowers, and a legal beef over Dunkin' Donuts Angus steak sandwiches.
For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week.