Tax

  • September 18, 2017

    EU To Consider New Tax Rules For Digital Economy

    Businesses with digital operations in the European Union could soon be liable for taxes they don't currently pay as the EU considers new rules for the virtual economy.

  • September 18, 2017

    Fewer Resources Lead To Fewer IRS Investigations: Report

    Criminal investigations by the IRS reached their lowest levels over the past five years last year because of a reduction in IRS resources, according to a report by the Treasury Inspector General for Tax Administration.

  • September 18, 2017

    SEC Settles With Biofuel Schemers, Persists Against Ex-CEO

    The U.S. Securities and Exchange Commission asked an Indiana federal court Monday to approve settlements with two men who pled guilty to a biofuel investment scam, while seeking a judgment against a gas producer's ex-CEO who was convicted over his role in the scheme.

  • September 18, 2017

    8th Circ. Urged To Reverse $75M Union Pacific Tax Refund

    The IRS on Friday urged the full Eighth Circuit to rethink a panel decision awarding Union Pacific a $75 million tax refund, saying the appellate panel misconstrued what qualifies as deductible employee compensation.

  • September 18, 2017

    Nigerian Resident Indicted In NJ For $10.2M Tax Fraud Scheme

    A resident of Nigeria was indicted Monday on federal charges that he and others filed fraudulent tax returns in hopes of defrauding the U.S. Treasury out of more than $10 million, and, in a separate scheme, possessed counterfeit credit cards, acting U.S. Attorney for the District of New Jersey William E. Fitzpatrick announced.

  • September 18, 2017

    US Still Fighting Boeing Subsidy Ruling At WTO

    Despite scoring a near-total win in the European Union’s World Trade Organization challenge of subsidies and tax breaks given to aircraft titan Boeing, the U.S. government has nevertheless lodged an appeal looking to undo adverse portions of the decision, according to WTO documents circulated Monday.

  • September 18, 2017

    Wells Fargo Can't Deduct Tax In Sham Barclays Transaction

    A last-minute bid by Wells Fargo & Co. to deduct $150 million in foreign taxes was blocked by a Minnesota federal judge Friday, who found the complex transaction that generated the tax was a sham and the bank’s request for relief came too late.

  • September 18, 2017

    GOP Health Care Push Puts Short-Term Fix In Peril, Dems Say

    Senate Democrats threatened Monday that the latest GOP-only push for long-term repeal and replace of the Affordable Care Act could torch bipartisan efforts to stabilize health care markets in the short term.

  • September 18, 2017

    US Trade Rep Slams China's 'Mercantilist' Onslaught

    U.S. Trade Representative Robert Lighthizer said Monday that confronting China’s “mercantilist” policies remains a top priority for the Trump administration, along with focusing on bilateral deals and ensuring that American companies can compete without running up against unfair barriers or undue advantages for their peers.

  • September 18, 2017

    SD Can Tax Nontribal Members In Store, But Not Casino

    A South Dakota federal judge ruled on Friday that the state can’t impose a use tax on money nontribal members spend at the Flandreau Santee Sioux Tribe’s casino on gaming, food and other services, but said the same tax can be imposed on nonmember purchases at a store on the tribe's reservation.

  • September 15, 2017

    IRS Proposes New Rules Affecting Registered Obligations

    The Internal Revenue Service on Friday proposed new rules amending the definition of obligations requiring registration and attempting to clarify the types of arrangements that qualify as pass-through certificates.

  • September 15, 2017

    IRS Updates Template For Advance Pricing Agreements

    The Internal Revenue Service is floating a proposed update to its existing template for advance pricing agreements, John Hughes, director of the IRS Advance Pricing and Mutual Agreement Program, said Friday.

  • September 15, 2017

    Caesars Reaches $19M Settlement With La. Dept. Of Revenue

    An Illinois bankruptcy judge on Friday signed off on a $19 million settlement between Caesars Entertainment Operating Company Inc. and the Louisiana Department of Revenue over its unpaid taxes and requested tax refund.

  • September 15, 2017

    CEO’s Unreported Bank Account Was No Accident, IRS Says

    The IRS urged a Pennsylvania federal court Thursday to find that a pharmaceutical CEO acted willfully when he failed to disclose the existence of a decades-old Swiss bank account with $2 million in it, saying the facts presented at a recent bench trial leave nothing to the imagination.

  • September 15, 2017

    Tax Dodger Battling Code Provision Finds Friends In Biz

    The U.S. Chamber of Commerce has thrown its weight behind a convicted tax dodger challenging an Internal Revenue Code provision that makes obstructing code enforcement a criminal offense, telling the U.S. Supreme Court that businesses could end up being unfairly prosecuted.

  • September 15, 2017

    High Court Urged To Tune In To Satellite-Cable Tax Row

    Dish Network LLC has asked the U.S. Supreme Court to review an opinion from Florida justices holding that satellite providers are not facing a discriminatory tax compared to cable companies, saying that the sales tax consumers pay on their satellite subscriptions is nearly double the rate for cable.

  • September 15, 2017

    Defunct Coal Co. Fights New IRS Denial Of $119M Tax Credits

    A defunct coal company has gone back to the U.S. Tax Court to contest a new denial by the Internal Revenue Service on using $118.6 million in previously rejected renewable energy tax credits to offset other tax years after it was accused of selling fraudulent credits. 

  • September 15, 2017

    Taxation With Representation: Paul, Shearman, Haynes, Locke

    In this week’s Taxation With Representation, Pilgrim’s Pride acquired the European poultry company Moy Park for $1.3 billion, casino operator Golden Nugget priced a $1.4 billion notes offering, and agribusiness giant Bunge locked in a $946 million deal to take over a 70 percent stake in food oil manufacturer IOI Loders Croklaan.

  • September 15, 2017

    Audit Finds Flaws In IRS Information Sharing Programs

    An audit released Thursday by the Treasury Inspector General for Tax Administration showcased significant flaws in the IRS’ use of information exchanges with other countries and suggested the expansion of the exchange-of-information program.

  • September 15, 2017

    Mass. Senate Short-Term Rental Tax Bill On The Move

    A joint revenue panel in the Massachusetts Legislature has recommended legislation that would broaden the commonwealth’s hotel and motel tax to include short-term rentals offered by home-sharing platforms such as Airbnb Inc., leap-frogging over a House leader who was planning to introduce a similar bill.

Expert Analysis

  • A Guide To The Executive Branch Official Nomination Process

    Adam Raviv

    Although the Trump administration has completed the vetting and confirmation of a cabinet and White House staff, thousands of senior positions remain unfilled throughout the executive branch. More than ever, people selected for those posts find themselves under close scrutiny, say Adam Raviv and Reginald Brown of WilmerHale.

  • An IRS Lifeline To Public Utilities On Normalization

    Jeffrey Davis

    Last week, the Internal Revenue Service provided a safe harbor for public utilities that inadvertently break the so-called normalization rules, which are used to reconcile tax treatment of investment tax credits, or accelerated depreciation of assets, with their regulatory treatment. This is undoubtedly good news for public utilities, say attorneys with Mayer Brown LLP.

  • DOL's Fiduciary Rule: Death By A Thousand Cuts?

    Andrew Oringer

    Every now and then one wakes up with a thought along the lines of, "How the heck did we get to where we are?" Such a thought may easily be brought to mind by the present state of play regarding the U.S. Department of Labor's new fiduciary regulation, says Andrew Oringer of Dechert LLP.

  • How Collaboration Is Changing Inside Some Law Firms

    Chris Cartrett

    In our recent survey of business of law professionals, nearly half of respondents said that who they collaborate with, inside their law firm, is different from five years ago, says Chris Cartrett of legal software provider Aderant.

  • Blazing A Trail For More Local Taxes By Ballot Initiative

    Eric Coffill

    The California Supreme Court recently held that local taxes imposed via initiative are subject to less stringent requirements than taxes imposed by local governments. But in granting great deference to California's initiative process, the court gave too little regard to Proposition 218, requiring local taxes be approved by a majority of voters, say Eric Coffill and Robert Merten III of Eversheds Sutherland LLP.

  • Opinion

    Dealing With Difficult Lawyers

    Alan Hoffman

    Some lawyers tend to be overly aggressive, regarding law practice as a zero-sum game in which there are only winners and losers. The best response is to act professionally — separating the matter at hand from the personalities. But it is also important to show resolve and not be vulnerable to intimidation, says Alan Hoffman of Husch Blackwell LLP.

  • Wind Power: A Strong Market But An Uncertain Future

    John Crossley

    The U.S. Department of Energy's recently published 2016 Wind Technologies Market Report showed strong growth for wind power due to low power purchase prices, decreased technology costs and improved performance. But the expiration of the production tax credit and low natural gas prices make long-term growth uncertain, say John Crossley and Brynna Krough-Deaton of Husch Blackwell LLP.

  • Calif. High Court Tax Decision Could Be A Pyrrhic Victory

    Bryan Wenter

    The California Supreme Court's decision in California Cannabis Coalition v. City of Upland may make local efforts to raise taxes much easier. However, the court itself inadvertently recognized the potential temporary nature of this victory, acknowledging that voters have the power to restrict the electorate's initiative power, says Bryan Wenter of Miller Starr Regalia.

  • Congressional Forecast: September

    Richard Hertling

    With apologies to T.S. Eliot, September is looking to be the cruelest month. This work period will be a critical test for the president and Republican majority in Congress, as members return to face a daunting workload of time-sensitive legislation and only three weeks to get it all done, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • New Flexibility Comes To REIT Earnings Distribution

    Sarah Beth Rizzo

    New IRS guidance will allow real estate investment trusts and regulated investment companies that would like to issue 80/20 stock/cash dividends to avoid the filing fee, drafting expense and approximately six-month delay associated with obtaining a private letter ruling, say Sarah Beth Rizzo and David Polster of Skadden Arps Slate Meagher & Flom LLP.