Tax

  • March 22, 2017

    Repeal Of ACA Essential Benefits Faces Hazy Path In Senate

    Republicans face an uncertain procedural path if they attempt to repeal the Affordable Care Act’s mandatory benefits for health insurance with a simple-majority vote in the U.S. Senate via so-called budget reconciliation, experts say.

  • March 22, 2017

    Budgetless Illinois Is Overspending By $6B, Experts Say

    Illinois will be billions of dollars short of what it's spending on government services and payments by the July start of the new fiscal year, and its mountain of ever-increasing debt will take extreme measures to shrink, state officials and policy experts told lawmakers this week.

  • March 22, 2017

    Justices Urged To Resolve Split Over Key To $234M Tax Row

    Santander Holdings USA Inc. asked the U.S. Supreme Court to hear its effort to win back a $234 million foreign tax credit refund the First Circuit had overturned, arguing that different courts had conflicting rulings on a key component of the case.

  • March 22, 2017

    Pa. Court Again Says Tax Sale's 'Mineral' Rights Include Gas

    Coming down almost exactly where it did in December, a Pennsylvania appeals court issued its second decision in a gas-rights case finding that a 1932 tax sale of subsurface mineral rights encompassed the sale of oil and gas rights, handing a win to exploration company Range Resources.

  • March 22, 2017

    'Spa Castle’ In Hot Water With NY AG Over $1.5M Unpaid Tax

    A massive spa complex in Queens, New York, and its owners and operators face 11 felony counts of tax fraud and theft after Attorney General Eric Schneiderman accused them on Wednesday of dodging $1.5 million in taxes by dealing in cash and underreporting revenues from 2010 to 2013.

  • March 22, 2017

    CPA Group Urges Congress To Fix Errors In Tax Law

    A group of certified public accountants Wednesday urged Congress to reintroduce and pass a bill to fix drafting errors in recent tax legislation, saying failure to correct mistakes in a 2015 budget act place a burden on the Internal Revenue Service and taxpayers alike.

  • March 22, 2017

    6th Circ. Backs Stiffer Tax Fraud Sentence For Chiropractor

    The Sixth Circuit on Wednesday affirmed a roughly two-year prison sentence for a Kentucky chiropractor who pled guilty in 2015 to tax fraud and to structuring transactions to evade reporting requirements, saying he had agreed to sentencing enhancements as part of his plea.

  • March 22, 2017

    Calif. Phone Tax Class Action Kicked Back To State Court

    A California federal judge on Monday kicked back to state court a class action seeking hundreds of millions in refunds from a sales tax on cellphones based on full price rather than steeply discounted promotions, over the objection of the state and major wireless carriers.

  • March 22, 2017

    Chadbourne M&A Tax Partner Joins Holland & Knight

    A former Chadbourne & Parke LLP tax partner with experience representing companies in mergers, including private equity fund I Squared Capital in its $1.2 billion acquisition of Latin American energy interests, has joined Holland & Knight LLP in New York.

  • March 21, 2017

    Fla. Senate Eyes Tax Credit Repeal Over Insurers' Warnings

    Despite warnings of lost jobs and increased premiums for Florida policyholders, a state Senate panel on Tuesday voted to repeal insurers' long-standing tax credit on in-state employee salaries, and to shift the tax relief to a broader base of businesses by reducing a tax on commercial leases.

  • March 21, 2017

    Gorsuch Rebukes Trump, Defends Record To Senate Panel

    U.S. Supreme Court nominee Judge Neil Gorsuch pushed back Tuesday at attacks on his record and rebuked President Donald Trump’s comments on the judiciary as he sought to persuade a Senate panel to advance his nomination to the nation's highest court.

  • March 21, 2017

    Jet Co. Awarded $1.08M Refund For Bogus Excise Taxes

    An Ohio federal judge Tuesday ordered the Internal Revenue Service to return $1.08 million in tax overpayments made by a private jet company for erroneous air transportation excise taxes charged between 2005 and 2009.

  • March 21, 2017

    ACA Watch: GOP Scrambles As Climactic Vote Looms

    House Republicans on Wednesday will hunt for votes to repeal and replace the Affordable Care Act, the Congressional Budget Office may issue a new appraisal of the effort, and a key committee will set the stage for the climactic vote on Thursday in the full House. Here’s where things currently stand on the Republican bill.

  • March 21, 2017

    2nd Circ. Upholds Tax Ruling, Nixes Penalty Over Paperwork

    The Second Circuit on Monday upheld a U.S. Tax Court decision regarding a tax on $2 million in income but negated a penalty and enhanced the burden of proof on the IRS to secure written supervisory approval while assessing tax penalties.

  • March 21, 2017

    Family Lands Jury Win In Tax Suit Over $40M Cable Co. Sale

    A Kentucky federal jury sided with a family suing the IRS to recover $15 million in alleged tax overpayments and civil tax evasion penalties, finding on Monday that the family had reasonably relied on professional tax advice involving the sale of its cable company.

  • March 21, 2017

    Ukraine Looks To Nix Energy Co.'s $12M Arbitration Award

    JKX Oil & Gas PLC on Tuesday announced that the Ukrainian government has moved to set aside a $12 million award issued to the British company in a dispute over gas royalties on the grounds that the international arbitration tribunal allegedly committed “serious irregularity” in conducting its proceedings.

  • March 21, 2017

    Bombardier Gets 'Ticket Tax' Petition Backing At High Court

    A pair of aviation trade groups threw their weight behind airplane service company Bombardier's U.S. Supreme Court petition challenging an IRS designation of management fees for privately held airplanes as subject to federal commercial ticket taxes.

  • March 21, 2017

    Salt Sold To US Must Be Reassessed, Canada Tax Court Says

    A Canadian salt mine operator scored a win when the Tax Court of Canada ruled in a decision released Monday that the Canada Revenue Agency’s tax assessment regarding the sale of rock salt to a U.S. company was inconsistent with agreements the CRA had with the operator and the IRS.

  • March 21, 2017

    OECD Reports Urge Focus On Tax Transparency, Certainty

    The Organisation for Economic Cooperation and Development is urging G20 member states to remain focused on international tax transparency and offered recommendations on improving tax certainty as a new information exchange system enters its implementation phase, in a pair of reports released by the organization.

  • March 21, 2017

    Tax-Dodging Moneyman Gets Nearly 6 Years, $10M Fine

    A Manhattan federal judge hit onetime Morgan Stanley banker Morris Zukerman with almost six years in prison and a $10 million fine Tuesday, calling the massive tax dodge he admitted to in June a crime of "unmitigated greed."

Expert Analysis

  • 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.

  • Attorneys And Firms, Beware The IRS' 2017 Dirty Dozen

    Michael White

    The IRS has released its 2017 Dirty Dozen list, highlighting the most common tax scams and abuses that the agency seeks to prevent and prosecute this year. The identified items can pose risks to attorneys, financial advisers and their clients at any time of year but peak during tax filing season, say Michael White and Eddie Geraghty of M. White & Associates LLC.