Tax

  • May 29, 2017

    Turning 50, Greenberg Traurig Tops The Law360 400

    Greenberg Traurig LLP is celebrating its golden anniversary with a trip to the top of Law360’s list of the largest U.S. law firms, capping off decades of steady growth by ousting Jones Day from the No. 1 spot.

  • May 29, 2017

    Law360 Reveals 400 Largest US Firms

    The Law360 400 features the largest U.S.-based law firms and vereins with a U.S. component, as measured by domestic attorney headcount.

  • May 29, 2017

    The Firms That Lost The Most Ground In 2016

    Four firms saw their roster of U.S.-based attorneys shrink by more than 10 percent last year, according to the latest Law360 400. In some cases, a dramatic exodus can be devastating, but experts say there can also be a silver lining.

  • May 29, 2017

    The Firms That Grew Fastest Without Merging

    Often with one hire at a time, five firms drove double-digit growth last year, according to the latest Law360 400. Here’s how they added headcount without putting their culture at risk.

  • May 29, 2017

    Biggest US Firms Opt For Modest Growth In Sluggish Market

    In a highly competitive legal market, U.S. law firms on average appear to be leaning on a strategy of slow-but-steady growth as they continue to adjust to sluggish demand for legal services, according to the latest Law360 400.

  • May 26, 2017

    NJ Can't Deny Deductions For Software Co.'s Licensing Deals

    A Texas-based software company scored a partial victory in its $7 million lawsuit over taxes and penalties sought by New Jersey when a judge ruled in a decision released Friday that it was unreasonable for the Garden State to deny deductions for software license payments the company made to its corporate parent.

  • May 26, 2017

    Ill. Senate Passes Workers’ Comp Changes Without Repubs

    Democrats in the Illinois Senate on Friday passed legislation to tweak workers’ compensation laws in Illinois, continuing on their mission to pass separate parts of a bipartisan negotiated package without Republican votes.

  • May 26, 2017

    House GOP Tax Plan May Exact Foreign Toll On Offshore IP

    The House Republicans’ plan to exempt exports, but not imports, from taxation may encourage American businesses to bring their offshore operations and profits back home, but companies holding intellectual property overseas would risk severe tax penalties from foreign governments if they try it.

  • May 26, 2017

    Accused Tax Dodger Can't Duck $1K-A-Day Contempt Fine

    U.S. District Judge William H. Pauley III declined Thursday to absolve an art consultant charged with dodging taxes on a $3.5 million inheritance of contempt for failing to timely retrieve Swiss bank records subject to grand jury subpoenas, setting up a possible Second Circuit fight over her remaining obligations.

  • May 26, 2017

    NH High Court Revives DirecTV's Property Tax Suit

    DirecTV Inc. won a chance to overturn a New Hampshire town’s decision on taxing an uplink facility there on Friday, with the state’s Supreme Court sending the actual taxable value of the property back to a lower court.

  • May 26, 2017

    Illinois Atty Shakes Suspension Over Payroll Taxes

    In a rare ruling Thursday, the review board for the Illinois attorney disciplinary body reversed the recommended punishment for a lawyer who was accused of hiding a portion of his firm’s payroll from tax collectors.

  • May 26, 2017

    Taxation With Representation: Cleary, Paul, Winston, Davis

    In this week’s Taxation With Representation, Clariant and Huntsman combine to form a global specialty chemical company worth $20 billion, RCN Telecom Services picks up Wave Broadband in a $2.365 billion transaction, and blank check company CF Corp. unveils a $1.835 billion deal for Fidelity & Guaranty Life.

  • May 26, 2017

    Whistleblower Loses Challenge To Docked Award At Tax Court

    The government sequester struck again — this time in the U.S. Tax Court — when a judge ruled Thursday that a tax whistleblower had signed away his rights to challenge an Internal Revenue Service decision to reduce his $2.9 million award because of the government funding cut.

  • May 25, 2017

    UPS Hit With $247M Judgment In Tobacco Shipping Row

    A New York federal judge ordered UPS to pay $247 million to the Empire State and New York City for helping move untaxed cigarettes from tribal lands, saying Thursday the shipping giant had shown a “lack of willingness to change” without a hefty punishment.

  • May 25, 2017

    Mnuchin Mum On How To Pay For Massive Tax Cuts

    Treasury Secretary Steven Mnuchin avoided questions about how the Trump administration plans to broaden the tax base to offset deep cuts to corporate and individual tax rates during a hearing before the Senate Finance Committee on Thursday.

  • May 25, 2017

    Haynes And Boone Bolsters Tax Practice With Dallas Partner

    Haynes and Boone LLP has hired away a former director of Deloitte LLP's Washington national tax practice group, who will be joining the firm's Dallas office as a tax partner.

  • May 25, 2017

    5th Circ. Upholds Tax Preparer’s IRS Obstruction Conviction

    A Fifth Circuit panel upheld a Texas tax preparer’s conviction for obstructing the work of the Internal Revenue Service on Wednesday, rejecting her “narrow interpretation” of the law at issue but slightly loosening an order that she begin paying restitution while behind bars.

  • May 25, 2017

    IRS Mischaracterizes Tax Preparer Rule, DC Circ. Told

    The American Institute of Certified Public Accountants assailed the IRS on Wednesday for its “mischaracterizations” of a challenged voluntary certification program for unlicensed tax return preparers, urging the D.C. Circuit to upend a lower court ruling finding the trade group had no legally protected interest by which to sue.

  • May 25, 2017

    Fla. Gov. OKs $180M Tax Cut Led By Commercial Rent Break

    A reduction in the state commercial lease tax, breaks for assisted-living facilities and affordable housing, renewed sales tax holidays, and a sales tax exemption for essential feminine hygiene products highlighted a $180 million tax cut bill signed into law Thursday by Florida Gov. Rick Scott.

  • May 25, 2017

    Third Coinbase User Opposes IRS Bid As ‘Fishing Expedition’

    A third anonymous Coinbase customer sought Wednesday to jump into the fray opposing the IRS’ California federal court summons enforcement bid seeking customer names and other information from the virtual currency exchange company, warning of an unconstitutionally intrusive “fishing expedition.”

Expert Analysis

  • My Milkshake Is Better Than Yours: Part 2

    Jill Dessalines

    In the second installment of this two-part series on disruptive innovation among mid-size law firms, Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former senior vice president at McKesson Corp., explores a number of ideas for keeping clients and maintaining market position.

  • The IRS Brings Partial Clarity To North-South Scenarios

    Aaron Pinegar

    When a shareholder transfers property to a distributing corporation shortly before or after a spinoff, will the transfer to the distributing corporation be respected as a separate transaction from the distribution for tax purposes? The IRS' recent ruling on such "north-south" transactions provides helpful guidance for some situations, but leaves other questions unanswered, says Aaron Pinegar of Baker Botts LLP.

  • Questions Following Prevezon Money Laundering Settlement

    Elizabeth Prewitt

    The Prevezon case stands out as an example of the extraordinary lengths the U.S. government can and will go to assert jurisdiction over matters involving foreign entities and persons who commit crimes abroad to the detriment of foreign countries and citizens. However, since the matter settled, the government’s case was not tested at trial, say attorneys with Hughes Hubbard & Reed LLP.

  • My Milkshake Is Better Than Yours: Part 1

    Jill Dessalines

    As I sat there listening, incredulous to learn that "Milkshake" was not only a real song but also a chart-topper, it reminded me of Harvard Business School Professor Clayton Christensen’s work on disruptive innovation — and how it pertains to mid-size law firms, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant general counsel of McKesson Corp.

  • The 1st Amendment Right To Pass Through Fees — And Taxes

    Eric Tresh

    The U.S. Supreme Court recently ruled that a New York statute that prohibits identifying a surcharge for credit card users regulates speech and is therefore subject to heightened scrutiny. The impact on how businesses collect or seek reimbursement for the costs of state and local taxes from their customers could be significant, say Eric Tresh and Alla Raykin of Eversheds Sutherland.

  • Pretax Premiums May Have Employees Singing Post-Tax Blues

    Matt Gerard

    A recent IRS memo states that payments made to participants under certain fixed indemnity health plans must be included in employees’ gross income, unless the premiums for such plans are paid on an after-tax basis. However, the memo does not address how employers should administer these taxable fixed indemnity payments, says Matt Gerard, in-house legal counsel at National Benefits Services.

  • Attorneys, Your Input Is Needed On Deposition Rule

    Frank Silvestri, Jr.

    Every lawyer who’s handled a civil case in federal court knows about Rule 30(b)(6), governing deposition procedures. But for many real-world deposition dilemmas, the rule offers little guidance. Last year, an Advisory Committee on Civil Rules subcommittee began considering whether the rule should be amended. Now attorneys must advise the subcommittee how to proceed, says Frank Silvestri Jr. of Verrill Dana LLP.

  • In Congress: Budget, Health Care, Comey

    Richard Hertling

    As we approach the Memorial Day recess, President Trump’s firing of FBI Director James Comey and allegations that the president sought to stop the FBI from investigating former National Security Advisor Michael Flynn’s potential ties to Russia remain at the top of the news cycle and threaten to derail Republican efforts to pursue health care and tax reform, among other priorities, say Richard Hertling and Kaitlyn McClure of Covingt... (continued)

  • How Client Feedback Programs Benefit Law Firms And Clients

    Elizabeth Duffy

    Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.

  • A Primer On Effectively Connected Income

    Excerpt from Lexis Practice Advisor
    Adam Tejeda

    Adam Tejeda and Elizabeth Crouse of K&L Gates LLP present a brief overview of effectively connected income and the tension between ECI and foreign investors' goals in making U.S. investments.