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Tax

  • October 19, 2018

    Opportunity Zone Regs Could Still Leave Openings For Abuse

    Guidance released Friday by the U.S. Department of the Treasury on the deferral of taxable gains under the opportunity zone program leaves potential avenues for abuse by investors, who may be able to take advantage of uncertainty over the treatment of vacant lots, as one example.

  • October 19, 2018

    Tax Prep Biz Owner Gets 9 Years Over Bogus Returns

    The owner of a tax preparation company was sentenced Friday in a Virginia federal court to nine years in prison for preparing thousands of tax returns for clients who claimed bogus tax credits and expenses.

  • October 19, 2018

    NJ Justices Nix Verizon Bid To Restore $271M Tax Deduction

    MCI Communication Services Inc. has fallen short in its bid to restore a roughly $271 million tax deduction after the New Jersey Supreme Court declined to review a ruling that the business must pay state tax in connection with income derived from canceled debt that was "pushed down" by its parent company, Verizon unit MCI Inc., according to an order made available Friday.

  • October 19, 2018

    Manafort, Ailing In Jail, Faces February Sentencing Date

    Former Trump campaign chairman Paul Manafort will be sentenced in February for his conviction on charges of subscribing to false tax returns, bank fraud and failing to disclose offshore bank accounts, a Virginia federal judge ordered Friday, after attorneys complained the embattled politico's health has suffered from his incarceration.

  • October 19, 2018

    Taxation With Representation: Wachtell, Simpson, Cravath

    In this week’s Taxation With Representation, Harris Corp. snags L3 Technologies Inc. for $35 billion, Novartis AG inks $2.1 billion deal with Endocyte Inc., Invesco Ltd. scoops Massachusetts Mutual Life Insurance Co.’s asset management unit OppenheimerFunds for $5.7 billion, and Oncor Electric Delivery Co. and Sempra Energy nab InraREIT for $1.3 billion.

  • October 19, 2018

    IRS Floats Rules On Deferring Gains From Opportunity Zones

    The Internal Revenue Service on Friday proposed highly anticipated rules clarifying what kinds of taxable gains can be deferred from investments in the opportunity zone program created by last year's federal tax overhaul.

  • October 18, 2018

    EU Drops Case Against Ireland Over Apple Tax Bill

    Europe’s competition enforcer said Thursday that it had formally dropped its case seeking to force Ireland to recover €13 billion ($14.9 billion) in alleged illegal state aid from Apple Inc., after the company gave the Irish government the back taxes plus interest to hold while they both appeal the underlying state aid decision.

  • October 18, 2018

    OIRA Review Unlikely To Substantially Alter Treasury Rules

    A White House office has newfound authority to review rules issued by the U.S. Department of the Treasury, but based on the oversight conducted so far, the change is unlikely to result in dramatic alterations to tax regulations.

  • October 18, 2018

    Wash. Tells Justices Tribal Right Isn't Violated By Fuel Tax

    The Washington State Department of Licensing told the U.S. Supreme Court to reverse a state Supreme Court ruling in favor of a tribal fuel distributor, saying a fuel tax does not violate the Yakama Nation’s right to travel on public highways and the company read a tribal treaty right too broadly while mischaracterizing state law.

  • October 18, 2018

    Senate Bill Would Give Tax Break To Middle-Income Earners

    A bill designed for introduction to the U.S. Senate, announced Thursday, would provide a refundable $6,000 tax break for families earning up to $100,000 annually.

  • October 18, 2018

    Model Statute For Partnership Audits Almost Set, Panelist Says

    The Multistate Tax Commission's model statute that addresses how states could handle partnership audits in the wake of new federal audit rules is in its final stages, and tax professionals should be ready to push for it in the 2019 state legislative sessions, a panelist at a conference in Nashville, Tennessee, said Thursday.

  • October 18, 2018

    Free Ports Should Share Data With Tax Officials, Analyst Says

    Lawmakers should enable customs authorities and free ports — warehouses in tax- and duty-free zones — to share information more directly with tax authorities, a European Parliament analyst suggested Thursday.

  • October 17, 2018

    A High Court Milestone Stirs Hope Of Gender Parity

    After an emotionally fraught confirmation process with sexual misconduct allegations front and center, a new justice joins the Supreme Court bench and brings four female clerks with him. The hires bring gender parity to the court's clerkship ranks for the first time, but will the shift be long-lasting?

  • October 17, 2018

    Construction Cos. Claim No Relation To $2.5M Tax Liability

    Global construction company dck international LLC and its affiliates have asked a Florida federal court to reject a $2.5 million demand from the Internal Revenue Service for assessed payroll tax liability, arguing they are not an alter ego of other companies the agency assessed.

  • October 17, 2018

    Senate Bill Would Give Temporary Tax Relief To Tesla

    A bill recently introduced in the U.S. Senate would lift the cap on the $7,500 federal subsidy for consumers of electric vehicles made by companies such as Tesla, before phasing out the tax incentive altogether.

  • October 17, 2018

    Trump Atty To Seek Evidence Of Bias In NY AG's Charity Suit

    An attorney for President Donald Trump, his charitable foundation and three of his children said Tuesday that if a New York state judge doesn’t toss the attorney general's suit accusing them of misusing their charity, they’ll seek discovery about the attorney general’s purported bias.

  • October 17, 2018

    Truckers Tell High Court State Taxes Threaten Deregulation

    Trucking carriers in Washington state have said the U.S. Supreme Court needs to hear a trio of cases to preserve federal trucking deregulation or states will continue to pass employment laws undermining the carriers.

  • October 17, 2018

    Gov't Ready For Manafort Sentencing On Some Counts

    Federal prosecutors on Wednesday said they are ready to schedule a sentencing hearing for President Donald Trump's former campaign Chairman Paul Manafort, but said they want to keep open their option to retry Manafort on 10 counts that left a Virginia federal jury deadlocked in August.

  • October 17, 2018

    Co-Owner Of NY, NJ Pharmacies Charged With Tax Fraud

    A co-owner of pharmacies in New Jersey and New York has been charged in a New Jersey federal court with falsifying tax returns to conceal more than $165,000 and conspiracy to defraud the government, according to the U.S. Department of Justice.

  • October 17, 2018

    German Court Dismisses Tax Charges Against Soccer Execs

    A German court said it would not pursue tax evasion charges against three soccer executives, marking the latest chapter in a scandal that marred Germany’s “summer fairy tale” 2006 World Cup.  

Expert Analysis

  • Series

    Trade Wars: Restricting Foreign Access To US Technology

    Hdeel Abdelhady

    The tech industry is now at the center of policies designed to protect U.S. technology from foreign access and influence — including not only restrictions on foreign investment, but also supply chain exclusions, limits on academic research, curbs on third-country technology transfers and measures against foreign control of key raw materials, says Hdeel Abdelhady of MassPoint Legal and Strategy Advisory PLLC.

  • Need Litigation Finance? Don't Skip These 5 Steps

    Molly Pease

    The process of applying for litigation financing isn’t difficult, but few do it right the first time. Following five steps in your application process will help make sure litigation funders are convinced of the value of your company's legal claims, says Molly Pease of Curiam Capital LLC.

  • Are You An Inadvertent US Shareholder In A Foreign Corp?

    Saren Goldner

    Attorneys at Eversheds Sutherland LLP provide a practical approach to evaluating ownership of non-U.S. entities under the new Subpart F rules and to dealing with the consequences of becoming a U.S. shareholder in a CFC in which you have no control.

  • Foreign Investors May Benefit From Opportunity Zones

    Galia Antebi

    Galia Antebi and Nina Krauthamer of Ruchelman PLLC discuss the elements of the opportunity zone tax code provision and the related options for non-U.S. investors, who generally are not subject to U.S. taxation on dispositions of capital property other than U.S. real property.

  • Updated Rules For NYC's 421-a Tax Exemption Beneficiaries

    Daniel Bernstein

    New York City has been changing its 421-a tax exemption program, altering and clarifying prevailing wage requirements and imposing construction wage requirements for large new buildings. Daniel Bernstein of Rosenberg & Estis PC recaps the last two years of developments.

  • Series

    Trade Wars: Top 10 Trump Trends

    Charles Skuba

    The inner workings of the Trump economics and trade team remain foggy, but the administration's trade strategy can be discerned from the public statements of the president and his advisers. Unpredictability, mercantilism, bilateralism and a willingness to accept collateral damage are among the most important patterns, says Charles Skuba of Georgetown University’s McDonough School of Business.

  • Inside NonBelief Relief's Challenge To A Tax Filing Exemption

    Samuel Brunson

    Last week, nonprofit NonBelief Relief filed a lawsuit in a D.C. federal court challenging the IRS' mandatory exception from filing annual information returns given to churches — but not to other nonprofits — on the grounds that it violates the First Amendment's establishment clause. Professor Samuel Brunson of Loyola University Chicago School of Law takes a first look at the case.

  • Series

    Trade Wars: Tariffs Threaten To Outweigh Tax Reform Gains

    Erica York

    In the next installment of this series examining the dimensions of the Trump administration's trade agenda, Erica York of the Tax Foundation discusses how the economic harm caused by tariffs could slow or offset the economic and employment benefits of tax reform.

  • A Holistic Approach To Client Retention

    Dan Tacone

    In an era when law firms are fighting for business and clients can dictate the terms of the relationship, "value" has become a moving target. Firms that take a proactive approach by using strategies designed to articulate value over time will gain the competitive advantage, says Dan Tacone at Intapp Inc.

  • Tax Savings Available With Pre-Immigration Planning

    Patrick McCormick

    A multitude of tax considerations are relevant for those considering immigration to the United States. Taking action prior to immigration is paramount in both optimizing planning opportunities and avoiding prospective tax headaches, says Patrick McCormick of Drucker & Scaccetti.