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Tax

  • January 17, 2019

    Treasury Secretary Snubs House Invite To Testify On Shutdown

    Treasury Secretary Steven Mnuchin declined an invitation Thursday from House Ways and Means Committee Chairman Richard Neal, D-Mass., to testify before the panel about the government shutdown’s impact on his agency.

  • January 17, 2019

    EU Order Doesn't Trump Bulgarian Laws In VAT Suit, ECJ Says

    The European Union mandate to prosecute tax fraud doesn't supersede national laws on the proper collection of evidence, the European Court of Justice ruled Thursday in a Bulgarian criminal value-added tax evasion case.

  • January 17, 2019

    NYC Cabbies Get 2 More Weeks Of Congestion Tax Reprieve

    A state judge in Manhattan gave New York City taxi drivers at least two more weeks of breathing room Thursday in their fight against a new $2.50-per-ride congestion surcharge for trips that go through the city's business district, setting a tight schedule for city and state government requests to toss the case.

  • January 17, 2019

    FERC Opens Pipeline Rate Probes Amid Tax Changes

    The Federal Energy Regulatory Commission on Wednesday launched rate investigations into three natural gas pipeline and storage companies amid concerns they're now overrecovering their costs of service from customers thanks to federal tax cuts and FERC's removal of a tax perk for pipeline master limited partnerships.

  • January 17, 2019

    Mass. Gov. Moves To Legalize Sports Betting

    Massachusetts Gov. Charlie Baker announced a new bill Thursday that would make sports betting legal in the state and add a new tax to already legal daily fantasy sports sites, proposals stemming from last year’s landmark U.S. Supreme Court decision giving states the ability to legalize sports wagering.

  • January 17, 2019

    Insurance Tax Due In Policyholder's Country, EU Court Says

    Insurance to cover risks from a cross-border corporate takeover should be taxed in the country where the policyholder is based, rather than where the target company is, the European Union’s highest court ruled Thursday.

  • January 17, 2019

    Tax Group Of The Year: McDermott Will & Emery

    McDermott Will & Emery's tax practice made headlines in 2018 by winning a high-stakes repatriation case before the U.S. Tax Court, advising CVS in its multibillion-dollar acquisition of health insurance giant Aetna and securing a victory for Starbucks in a New York False Claims Act case, landing it among Law360's Tax Practice Groups Of The Year.

  • January 17, 2019

    Brexit Debate Enters New Legal Terrain With Talk Of Delay

    A Brexit "Plan B" could involve a legally untested extension of the U.K.'s planned departure date after Parliament rejected the government's withdrawal agreement, easing the immediate threat that British banks and businesses will plunge into a regulatory void if there is no deal, according to lawyers and political experts.

  • January 16, 2019

    Puerto Rico Creditors Press For Sales Tax Plan Approval

    Major stakeholders engulfed in Puerto Rico's bankruptcy-like proceedings urged a federal judge on Wednesday to approve a watershed settlement designed to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, saying it is the best way to avert years of protracted litigation.

  • January 16, 2019

    Grassley Wants Leniency For 30 Million Underwithheld Filers

    Senate Finance Committee Chairman Chuck Grassley, R-Iowa, wants the Internal Revenue Service to be lenient on the 30 million Americans predicted to have underwithheld because of the 2017 tax overhaul, he said Wednesday.

  • January 16, 2019

    Fla. Tribe, Member Ask Justices To Rule On Gambling Tax Row

    The Miccosukee Tribe of Indians and a member have asked the U.S. Supreme Court to overturn an Eleventh Circuit decision that the member owes taxes on tribal payments the federal government contended were derived from casino revenue.

  • January 16, 2019

    North Dakota Bill Seeks Framework For Tribal Tax Agreements

    A bipartisan bill has been introduced in the North Dakota Legislature that would create a pathway for American Indian tribes in the state to introduce tobacco, alcohol and state gross receipts taxes for purchases made on reservations.

  • January 16, 2019

    Coaches' Pay Likely To Dodge New Tax Unless Congress Acts

    Action by Congress would be needed to subject public universities and their top sports coaches to a new excise tax on top earners at nonprofits after recent guidance confirmed the tax may not apply to some of those institutions.

  • January 16, 2019

    Fried Frank Adds REIT Head, Tax Atty From Hogan Lovells

    Fried Frank Harris Shriver & Jacobson LLP has brought on two real estate investment trust lawyers from Hogan Lovells, appointing one as the new head of its REIT practice while the other joins the firm's tax practice in Washington, D.C.

  • January 16, 2019

    MoFo Snags 2 Ex-Davis Polk Executive Compensation Pros

    Morrison & Foerster LLP has hired two former Davis Polk & Wardwell LLP attorneys in New York to bolster its executive compensation team — one with experience in federal tax and securities law and the other in transactional work.

  • January 16, 2019

    Tax Group Of The Year: Eversheds Sutherland LLP

    Racking up key victories in representing SiriusXM in Texas in a franchise tax case and Utah candy company See's Candies in a transfer pricing case, Eversheds Sutherland LLP's tax attorneys have helped land their team as a Law360 2018 Practice Group of the Year.

  • January 16, 2019

    Banks, Insurers Eye The Door As UK Reaches Brexit Deadlock

    Britain's financial services have lost patience with the stalled political process and are transferring assets out of the U.K. regardless of what kind of Brexit deal, if any, the government seals with the European Union, their legal advisers said Wednesday.

  • January 16, 2019

    UK's May Survives No-Confidence Vote After Brexit Defeat

    British Prime Minister Theresa May narrowly survived a vote of no confidence brought by the opposition Labour Party on Wednesday, a day after lawmakers overwhelmingly rejected her proposed deal to leave the European Union.

  • January 15, 2019

    Senate Tax Panel Head Open To Renewing Credits For 1 Year

    The chairman of the U.S. Senate Finance Committee told reporters Tuesday that he would be open to retroactively renewing expired tax credits that were included in legislation passed by the U.S. House of Representatives for a one-year period.

  • January 15, 2019

    ‘Jersey Shore’ Star’s Brother On Hook For $337K To IRS

    A New Jersey federal judge on Tuesday ordered Marc Sorrentino, the brother of television personality Michael “The Situation” Sorrentino, to pay over $337,000 in restitution to the Internal Revenue Service following Marc’s conviction for tax evasion.

Expert Analysis

  • Diversity's Next Step: Developing Minority Partners

    Chris King.jpg

    The lack of minority partners comes at a high cost to firms, say attorneys at Lightfoot Franklin & White LLC, as they suggest several practical ways to tackle this problem.

  • Nuts And Bolts Of The IRS' Proposed Anti-Hybrid Regulations

    Thomas Humphreys

    In December, the IRS proposed regulations under two new sections of the Internal Revenue Code aimed at so-called hybrid arrangements — transactions by multinational companies subject to corporate income tax in one national jurisdiction but not another. Attorneys at Mayer Brown LLP discuss the scope of the rules, new reporting requirements and which transactions may be affected.

  • Amendments To Procedure Rules Reflect Dynamic Tax Court

    Andrew Roberson

    Recent revisions to the U.S. Tax Court procedural rules show the court embracing the digital age, refinements to existing rules and the addition of new areas of jurisdiction. Andrew Roberson and Kevin Spencer of McDermott Will & Emery LLP explain eight important amendments.

  • Arbitrators And Mediators Should Reflect Society's Diversity

    James Jenkins

    Alternative dispute resolution providers have made great strides toward diversity, but recent statistics show there is still work to be done. There are certain steps ADR providers can take to actively recruit more women and minority candidates to serve as arbitrators and mediators, says James Jenkins of the American Arbitration Association.

  • Why AFAs Are Key To The Future Of Legal Practice

    Kelly Eisenlohr-Moul

    Alternative fee agreements can help align law firm and client interests, increase efficiency and eliminate corporate extortion, among other benefits. They are the best thing to happen to the practice of law in decades, says Kelly Eisenlohr-Moul at Dinsmore & Shohl LLP.

  • Transparency Versus Confidentiality In 2019 Tax Disputes

    Tim Gustafson

    The growing tension between government promises of transparency and taxpayers’ right to confidentiality is likely to continue this year, as highlighted by two recent developments in Pennsylvania and California, say Tim Gustafson and Mike Le of Pillsbury Winthrop Shaw Pittman LLP.

  • 'Hyatt 3' Oral Argument And Potential State Tax Implications

    Jeffrey Reed

    However the U.S. Supreme Court decides the third iteration of Franchise Tax Board v. Hyatt, argued on Jan. 9, it is much more likely that the opinion will be featured in federal courts casebooks than taxation casebooks. Nevertheless, the matter surely has some state tax relevance, says Jeffrey Reed of Kilpatrick Townsend LLP.

  • Series

    Judging A Book: Barron Reviews 'The Clamor Of Lawyers'

    Judge David Barron

    Can lawyers lead a revolution? According to "The Clamor of Lawyers: The American Revolution and Crisis in the Legal Profession" — a slim but elegant volume by Peter Charles Hoffer and Williamjames Hull Hoffer — they can and they did, says First Circuit Judge David Barron.

  • Cannabis S Corps Should Reconsider Restructuring

    Justin Hobson

    The U.S. Tax Court recently expanded the application of Internal Revenue Code Section 280E, disallowing certain deductions, to include an S corporation acting as a dispensary's “management” company. In response, cannabis companies may want to weigh the tax risks and potential benefits of alternate planning strategies, says Justin Hobson at Lane Powell PC.

  • Pa. Properties With Billboards Could See Bigger Tax Bills

    Kevin Boyle

    In the Chester-Upland School District matter, decided last month, the Commonwealth Court of Pennsylvania opened the door for taxing authorities to increase property assessments on parcels containing billboards based on the revenue such billboards may generate, say Kevin Boyle and Tyler Mullen of Stradley Ronon Stevens & Young LLP.