Tax

  • June 02, 2020

    White House Lawyer Confirmed As Virus Relief Watchdog

    The U.S. Senate on Tuesday confirmed a White House lawyer to monitor billions, possibly trillions, in pandemic relief, with just one Democrat joining Republicans to approve the former General Services Administration watchdog.

  • June 02, 2020

    10th Circ. Affirms Solar Energy Tax Credit Scheme Owes $50M

    A Tenth Circuit panel affirmed a $50 million disgorgement order Tuesday for a solar energy company to return profits from promoting an abusive tax scheme that leased useless solar lenses to companies so they could claim solar energy tax write-offs.

  • June 02, 2020

    Increasing Donor Incentives Would Help Nonprofits, Sens. Say

    Increasing the limit on a tax deduction to encourage charitable contributions would help nonprofits as they assist families and front-line workers during the novel coronavirus pandemic, a bipartisan group of U.S. senators said Tuesday during a web conference.

  • June 02, 2020

    IRS Shutters Some Offices Amid Unrest, Agency Official Says

    The Internal Revenue Service has closed some offices because of the nationwide protests and civic unrest following the killing of George Floyd by a Minneapolis police officer, an agency deputy commissioner said Tuesday.

  • June 02, 2020

    Coronavirus Regulations: A State-By-State Week In Review

    While the nation's collective consciousness largely shifted this week from the COVID-19 pandemic to rage over the killing of George Floyd by Minneapolis police, state leaders grappling with sometimes violent protests still continued to map out life after the coronavirus.

  • June 02, 2020

    Opportunity Zones Could Help In Virus Relief, GOP Sen. Says

    The opportunity zone program created under the 2017 tax reform law could help the novel coronavirus relief effort by providing an incentive for companies that make personal protective equipment to move to the U.S., Sen. Tim Scott, R-S.C., said Tuesday.

  • June 02, 2020

    First Nations Cigarette Co. Fights State Sales Rule At 2nd Circ.

    A Canadian First Nations-owned cigarette company has urged the Second Circuit to revive its challenge to Connecticut's enforcement of a state tobacco law, saying a reporting provision meant to stem illegal cigarette trafficking is unconstitutional.

  • June 02, 2020

    6th Circ. Says 401(k) Funds Won't Go To Bankruptcy Debts

    An Ohio woman doesn't have to pay off her unsecured debts using her monthly tax-advantaged retirement plan contributions that she began withholding from her income before filing for Chapter 13 bankruptcy, the Sixth Circuit said in a split decision.

  • June 02, 2020

    Law360's 2020 Tax Editorial Advisory Board

    Law360 is pleased to announce the formation of its 2020 Tax Editorial Advisory Board.

  • June 02, 2020

    Mo. High Court Nixes Kan. City Chiefs' Taxes On Field Revamp

    The Kansas City Chiefs aren't liable for nearly $1 million in sales and use taxes on items used to renovate their football stadium, the Missouri Supreme Court ruled Tuesday, finding the team wasn't the purchaser of the goods in dispute.

  • June 02, 2020

    US Looking Into Tariffs Against India, EU Over Digital Taxes

    The U.S. Trade Representative's Office announced Tuesday it was initiating investigations into India and other countries, as well as the European Union, that have enacted or are considering special taxes on digital companies, opening the door for potential retaliatory tariffs.

  • June 01, 2020

    Tax Court To Hold Trials Remotely During Fall Session

    The U.S. Tax Court said it will conduct remote proceedings during its fall trial calendar session because of the novel coronavirus pandemic and will allow the public to listen to the sessions.

  • June 01, 2020

    3 Ways State Audits Are Adapting To The COVID-19 Pandemic

    As the COVID-19 pandemic sweeps the world, state tax agencies continue to find ways to perform audits, through remote operations, added flexibility and other means. Here's how state agencies are adapting.

  • June 01, 2020

    IRS Rules Would Open Doors For Carbon Capture Projects

    Proposed IRS rules on the carbon capture tax credit would allow another avenue for businesses to prove they meet the credit's requirements for enhanced oil recovery projects, which would provide flexibility for projects without jettisoning monitoring, reporting and verification standards.

  • June 01, 2020

    Jobs Crisis Fuels Capitol Hill Push For Employment Incentives

    A spike in unemployment claims has sparked a push on Capitol Hill to develop new training and employment tax incentives in coronavirus relief legislation as both parties face off over the pending expiration of a temporary expansion of jobless aid.

  • June 01, 2020

    NY Lawmakers OK Property Tax Deferral Bill Amid COVID-19

    Local taxing jurisdictions in New York could defer scheduled payments or installment payments for property taxes because of the COVID-19 state of emergency, under a bill passed by the state Legislature. 

  • May 31, 2020

    IRS Workers Returning To Millions Of Unopened Tax Returns

    Thousands of IRS workers returning to work Monday in Kentucky, Texas and Utah will face nearly 5 million unopened tax returns as of mid-May, according to a report compiled from IRS data by the House Ways and Means Committee.

  • May 29, 2020

    Calif. $12.5B Biz Property Tax Hike Qualifies For Nov. Ballot

    A California initiative seeking to raise $12.5 billion annually by removing commercial and industrial properties from certain state constitutional tax protections qualified for the November general election Friday.

  • May 29, 2020

    Tax Incentives May Not Spur US Operations In Virus Fight

    The novel coronavirus pandemic has some members of Congress discussing tax policies that could entice multinationals to bring manufacturing home, but those measures, including a slash in the corporate rate, may not make much difference in the current uncertain climate.

  • May 29, 2020

    Digital Taxes Face International Legal Gantlet

    Special taxes on digital companies seem almost inevitable as the novel pandemic heightens focus on the tech sector, but they could face legal challenges under both international trade and tax rules as countries begin to collect.

  • May 29, 2020

    Fed. Circ. Allows 'Pump And Dump' Victims To Recoup Losses

    A couple that lost over $2 million in a fraudulent "pump and dump" investment scheme can deduct theft losses to recover a portion of their funds, the Federal Circuit said Friday in reversing a denial of their tax refund bid.

  • May 29, 2020

    Texas Justices Won't Rehear Dispute Over Tax-Free Zone

    The Texas Supreme Court on Friday denied a request for a rehearing in a tax dispute over whether an oil importer storing products in a foreign trade "subzone" can claim the subzone's exemptions from local property taxes.

  • May 29, 2020

    Taxation With Representation: White, Freshfields, Fenwick

    In this week's Taxation With Representation, Panasonic takes a minority stake in supply chain company Blue Yonder, private equity firm Goldfinch Partners takes a majority stake in fintech services provider Vesta, and Coinbase acquires crypto-focused prime brokerage platform Tagomi.

  • May 29, 2020

    NJ Extends Deadline For Property Tax Appeals Amid COVID-19

    New Jersey Gov. Phil Murphy signed a bill extending to July 1 the deadline to file 2020 property tax assessment appeals, and extending deadlines for county tax boards to decide on such cases, as relief from the COVID-19 pandemic.

  • May 29, 2020

    Student Debtor Says Treasury Shouldn't Garnish Tax Refunds

    The U.S. Treasury continues to reduce federal tax refunds to pay off delinquent student loan debts despite prohibitions on such collections during the COVID-19 pandemic, a Colorado woman told a D.C. federal court Friday in a proposed class action complaint.

Expert Analysis

  • What Happens To IPO Costs When A Co. Later Goes Private?

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    Although the Internal Revenue Service recently released two memos to help clarify a private corporation's ability to deduct costs from an earlier public offering, it is unclear how taxpayers would show that no synergistic benefits from the original transaction remain upon completion of a second transaction, say attorneys at Skadden.

  • Opinion

    Lawyers Must Address Racial Injustice With Radical Candor

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    The legal industry is uniquely positioned, and indeed obligated, to respond to the racial disparities made clear by the recent killings of George Floyd and Breonna Taylor, but lawyers must be willing to be uncomfortable, says Tiffani Lee at Holland & Knight.

  • How Lawyers Can Network Better, Virtually And In Person

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    The current decrease in formality and increase in common ground due to the work-from-home environment can make it easier to have a networking conversation, says Megan Burke Roudebush at Keepwith.

  • NOL Carryback Rule Changes Bring Benefits For M&A Parties

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    New federal tax rules in the CARES Act, allowing the use of net operating loss carrybacks, bring previously unavailable tax benefits and negotiation opportunities for parties to mergers and acquisitions, say attorneys at Polsinelli.

  • Practical Tips For Presenting Your Case To Litigation Funders

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    One mistake that attorneys commonly make when presenting a case to a third-party funder is focusing almost exclusively on liability and giving short shrift to the damages analysis — resulting in an aspirational damages estimate that falls apart under scrutiny, say Cindy Ahn and Justin Maleson at Longford Capital and Casey Grabenstein at Saul Ewing.

  • Ohio Tax Talk: Unemployment Ruling May Offer M&A Savings

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    The Ohio Supreme Court's recent decision in Delphi Automotive v. Ohio Department of Job and Family Services sets an acquirer-friendly precedent for unemployment tax rates in mergers, acquisitions and reorganizations, which could be especially important in the wake of pandemic-related layoffs, say Jeremy Hayden and Christopher Tassone of Frost Brown.

  • Avoiding Inadvertent Privilege Waivers In E-Communications

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    Attorneys at WilmerHale highlight recent developments in privilege law, the significant challenges raised by nontraditional working arrangements popularized during the pandemic, and ways to avoid waiving attorney-client privilege when using electronic communications.

  • Opinion

    Don't Cancel Your Summer Associate Programs

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    While pulling off an effective summer associate program this year will be no easy feat, law firms' investments in their future attorneys should be considered necessary even during this difficult time, says Summer Eberhard at Major Lindsey.

  • Pandemic Elevates Cos.' Compliance Risks In Latin America

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    While Latin American governments respond to pandemic-related financial needs, multinational companies face elevated compliance risks from increased interaction with government officials, and new enforcement policies related to the misappropriation of funds, expedited government contracting, increased transparency and monitoring, and international cooperation, say attorneys at K&L Gates.

  • 5 Ways To Reduce Post-Pandemic Legal Malpractice Exposure

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    History suggests that legal malpractice claims will rise following the current economic downturn, and while a certain percentage of the claims will be unavoidable, there are prophylactic steps that law firms can take, says John Johnson at Cozen O'Connor.

  • CARES Act Will Affect Earnouts, Purchase Price Adjustments

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    M&A professionals must be mindful of the CARES Act's implications for certain definitions in transaction documents — including earnings before interest, taxes, depreciation and amortization, net working capital, and indebtedness — as they will shape future earnout provisions and purchase price adjustments, say advisers at Holland & Knight and Daszkal Bolton.

  • Opinion

    Credibility Concerns About Virtual Arbitration Are Unfounded

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    Concerns that videoconferenced arbitration hearings compromise an arbitrator's ability to reliably resolve credibility contests are based on mistaken perceptions of how many cases actually turn on credibility, what credibility means in the legal world, and how arbitrators make credibility determinations, says Wayne Brazil at JAMS.

  • A Tax Primer For PE Investment In Distressed Real Estate Debt

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    Investors interested in discount purchases of distressed real estate debt in the wake of the pandemic must consider potential tax obligations, many of which may be triggered without concurrent receipt of cash proceeds to pay the tax, says Peter Elias at Pillsbury.

  • A Lawyer's Guide To Client Service Continuity Planning

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    Ensuring uninterrupted client service and compliance with ethical obligations in a time when attorneys are more likely to fall ill means taking six basic — yet often ignored — steps to build some redundancy and internal communication into legal practice, say attorneys at Axinn.

  • Key Tax Factors To Consider Before Accepting PPP Loans

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    Taxpayers should weigh the costs and benefits of Paycheck Protection Program loans, as they affect the deductibility of certain costs of doing business and invalidate employee retention tax credits, also available under the Coronavirus Aid, Relief, and Economic Security Act, say Libin Zhang and Xenia Garofalo at Fried Frank.

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