Tax

  • March 24, 2017

    Prevezon Wants No Mention Of Magnitsky In Seizure Trial

    A holding company that federal prosecutors say benefited from a huge Russian fraud scheme whose alleged perpetrators have been blacklisted by the U.S. government for having investigator Sergei Magnitsky killed asked a Manhattan federal judge on Thursday to bar any mention of the man at an upcoming trial.

  • March 24, 2017

    IRS Must Rethink Transfer Pricing Cases After Amazon Loss

    The Internal Revenue Service's blistering loss in a $1.5 billion transfer pricing dispute with Amazon has experts calling for a re-examination of the agency's valuation methodologies in order to prevent it from wasting its own resources and those of taxpayers.

  • March 24, 2017

    NY Judge Says UPS On Hook In King-Size Cig Tax Row

    A New York federal judge ruled Friday that UPS Inc. is liable for allegations by the Empire State and New York City that the shipping giant helped traffic untaxed cigarettes from tribal lands, but said she needed more information before deciding how much of the $872 million the plaintiffs are seeking should be awarded.

  • March 24, 2017

    IBM Urges Justices To Review Michigan’s Exit From Tax Deal

    IBM on Friday slammed the Michigan Department of Treasury’s claim that its backdated withdrawal from a multistate tax deal was not retroactive but rather a clarification of existing law, saying in a brief to the U.S. Supreme Court that the Michigan Legislature explicitly acknowledged it was acting retroactively when it repealed the deal.

  • March 24, 2017

    After Repeal Fails, GOP Faces Pressure To Make ACA Work

    The collapse of Republican efforts to repeal and replace the Affordable Care Act leaves GOP lawmakers and President Donald Trump facing strong pressure to help implement a law they have bitterly opposed for years, experts say.

  • March 24, 2017

    Texas 'Small Tobacco' Tax Beats Constitutional Challenge

    A Texas appellate court on Friday rejected argument by the Texas Small Tobacco Coalition that a state law imposing steeper tax burdens on tobacco companies that did not settle a lawsuit violates the equal protection and due process clauses of the U.S. Constitution.

  • March 24, 2017

    Taxation With Representation: Latham, Kirkland, Simpson

    In this week’s Taxation With Representation, Capitol Acquisition combined with Cision to go public in a $2.4 billion deal, a private equity firm acquired Checkers Drive-In Restaurants for $525 million, and a Connecticut-based data analytics service provider bought a risk management software firm for $205 million.

  • March 24, 2017

    IRS, US Trustee Object To Fees In Wyly Bankruptcy

    The Internal Revenue Service and a U.S.-appointed trustee objected on Thursday to hundreds of thousands of dollars in fees requested by lawyers and consultants for time spent on Caroline Dee Wyly’s bankruptcy case, saying the work was done in bad faith and didn’t add to the value of the estate.

  • March 24, 2017

    IRS Not At Fault For Ex-Sprint Execs' Forced Exit: Judge

    A Manhattan federal judge Thursday axed a $160 million suit alleging the Internal Revenue Service helped Ernst & Young conceal evidence of an investigation into tax shelters that cost two former Sprint executives their jobs, finding the claims are not covered under the Federal Tort Claims Act.

  • March 24, 2017

    Alston & Bird Advice Caused $7.6M Tax Bill, PE Firm Says

    Alston & Bird LLP left a private equity firm on the hook for a $7.6 million tax liability after providing bad advice during a 2011 investment deal, a lawsuit filed in Georgia state court claims.

  • March 24, 2017

    Demolition Co. Owner Gets 1 Year For Defrauding Union Fund

    A Massachusetts asbestos abatement and demolition company owner who admitted to tax evasion and defrauding a benefit fund by paying his employees under the table was sentenced to a year and one day in federal prison on Friday.

  • March 24, 2017

    ACA Repeal Bill Collapses In House

    House Republicans on Friday called off a vote to repeal and replace much of the Affordable Care Act, a dramatic setback after President Donald Trump shut down negotiations and tried to force the legislation ahead.

  • March 24, 2017

    Tax Court Upholds IRS Reg Against Nursing Home's Challenge

    A U.S. Tax Court judge upheld an IRS distinction between individual and corporate taxpayers experiencing economic hardship in a Thursday ruling, rebuffing an oft-noncompliant Oklahoma nursing home seeking relief by challenging the rule as illegal.

  • March 24, 2017

    Ala. Gov. Signs Remote Vendor Sales Tax Reporting Bill

    Alabama Republican Gov. Robert Bentley on Wednesday signed into law legislation requiring out-of-state sellers to report their sales to the state Department of Revenue and notify customers of their resulting tax obligations.

  • March 23, 2017

    4 Tax Changes Delaying GOP Health Plan Vote

    As President Donald Trump and House Republicans struggle to get backers for their health care plan to replace the Affordable Care Act, Law360 looks at some of the controversial tax changes that are holding up a House vote.

  • March 23, 2017

    Employers Flouting Tax Laws Owe $45B, IRS Watchdog Says

    Nearly 1.5 million employers in the U.S. owed more than $45 billion in employment taxes, interest and penalties as of December 2015, according to a Wednesday report from an Internal Revenue Service watchdog, which said the IRS should change how it pursues egregious employment tax cases.

  • March 23, 2017

    Ill. Justices Remand Non-Profit Hospital Property Tax Issue

    A long-fought case involving property tax exemptions for non-profit hospitals will head back to circuit court after the Illinois Supreme Court declined to rule on the law's constitutionality Thursday.

  • March 23, 2017

    Miami Hints At Suing Airbnb To Stop Illegal Renting

    The Miami City Commission voted Thursday to look into the possibility of suing platforms like Airbnb as a means of curbing short-term rentals in residential neighborhoods where they're prohibited by zoning laws.

  • March 23, 2017

    Split Del. High Court Upholds ETE's Williams Merger Exit

    In a rare split decision, Delaware's Supreme Court on Thursday rejected a bid by The Williams Cos. to salvage what was once a $38 billion merger with Energy Transfer Equity, despite evidence favoring claims that ETE had breached a duty to make all commercially reasonable efforts to close.

  • March 23, 2017

    ACA Repeal Savings Decline By Nearly $200B, CBO Says

    Recent revisions to GOP-backed legislation intended to repeal and replace the Affordable Care Act would cause the bill to save almost $200 billion less than originally expected, the Congressional Budget Office estimated Thursday.

Expert Analysis

  • Google, NASA, Planes And A Stronger Legal Team

    Nicholas Cheolas

    Why did minor mechanical issues bring down two airplanes, while a catastrophic engine explosion did not bring down a third? The answers lie, in part, in research conducted by NASA in the wake of those crashes and, more recently, by Google. And those answers can help organizations build better teams to meet today’s legal industry challenges, says Nicholas Cheolas of Zelle LLP.

  • 10 Tips For Better Legal Negotiations

    Marc J. Siegel

    Like everything else, the art of negotiation starts by having a conversation. It’s about being respectful, finding common ground, knowing what you want and, most importantly, listening. A conversation between two lawyers can be complicated at best, but by employing a few techniques and tactics, it doesn’t have to be that way, says Marc Siegel of Siegel & Dolan Ltd.

  • Monthly Column

    Gray Matters: Decision Error

    Gray Matters

    Lawyers make hundreds of decisions during the course of advising a client, consummating a transaction or litigating a case. In this new column, dispute resolution experts Bob Creo and Selina Shultz explore the theory, science and practical aspects of how decisions are made in the legal community.

  • Law Schools And Law Firms: Seeking Common Ground

    Randy Gordon

    What we don’t know is whether the teaching and practice of law are undergoing massive structural changes or we’re still digging out from the worst economic collapse since the Depression. But what we do know is that the missions of the most forward-looking law schools and law firms are converging in ways that were unimaginable 10 years ago, says Randy Gordon, a partner at Gardere Wynne Sewell LLP and executive professor of law at Te... (continued)

  • $7B And Unclear Future For New Markets Tax Credits

    James Lang

    The New Markets Tax Credit program was recently awarded another $7 billion for community development entities to use in attracting private capital to projects in low-income areas. While the Trump administration has not yet weighed in on the program, it is noteworthy that the president himself has a history of using tax credits for development purposes, say James Lang and Justin Mayor of Greenberg Traurig LLP.

  • Not From Around Here? Trying A Case As An Out-Of-Towner

    William Oxley

    The importance of authenticity is magnified when trying a case outside your home jurisdiction. While using references to local landmarks or history can help make arguments relatable, adopting local expressions or style in an attempt to ingratiate oneself with the judge and jury almost always backfires, say William Oxley and Meghan Rohling Kelly of Dechert LLP.

  • Challenging The Internal Revenue Code’s Omnibus Clause

    Joseph Martini

    A recent dissent by two judges on the Second Circuit in United States v. Marinello could lead to U.S. Supreme Court scrutiny of the Internal Revenue Code's omnibus clause, which makes it a felony to violate any provision of the code. The time may be right for the high court to tackle this issue, say Joseph Martini and Judd Lindenfeld of Wiggin and Dana LLP.

  • Renewable Energy And Tax Reform

    Michael Andrews

    In the coming months, the debate over reforming the nation’s tax code will intensify, and the renewable energy tax provisions — the production tax credit and the investment tax credit — will be at risk of being either scaled back or eliminated altogether. But regardless of Washington politics, renewable energy deployment will likely continue to rise, say Michael Andrews and Brad Thompson of King & Spalding LLP.

  • What Should Puerto Rico Offer Its Creditors?

    Richard J. Cooper

    Attorneys with Cleary Gottlieb Steen & Hamilton LLP offer four recommendations to keep in mind when designing the type of instrument that creditors will receive in a restructuring of Puerto Rico’s debt.

  • Series

    My Strangest Day In Court: Hitting A Curveball

    Nicholas E. Chimicles

    As a trial lawyer, you make instantaneous decisions in courtrooms all the time, but that day was different. I had to balance my advocate’s concern for the class of investors I represented against the empathy I felt for a fellow human being’s tragic loss, says Nicholas Chimicles of Chimicles & Tikellis LLP.