A New Jersey-based trader was hit with additional charges Wednesday over an alleged market manipulation scheme that raked in millions over a two-year period, according to authorities.
A Pennsylvania distributor was sentenced to a year and a day behind bars in Massachusetts federal court Wednesday after pleading guilty to helping a Bay State wholesaler avoid paying more than $9.6 million in taxes on massive shipments of tobacco products.
Federal prosecutors on Wednesday slapped the head of Manhattan-based Sadis & Goldberg LLP’s tax and trusts and estates groups with criminal tax fraud charges, saying the lawyer bilked a dead client’s estate for more than $3.5 million through a bogus charity and lied about his true income to the IRS.
A border-adjusted tax aimed at imports with large carbon footprints could theoretically comply with World Trade Organization rules, but mandates requiring consistent treatment of items from different countries could make the policy difficult to carry out in reality, a law professor said at a conference in Houston on Wednesday.
The Citizen Potawatomi Nation urged the Tenth Circuit on Tuesday to revisit its ruling vacating an arbitration decision that had exempted the tribe from $27 million in alcohol sales taxes, saying the court wrongly struck down the arbitration provision in the tribe’s gambling deal with the state.
A recently introduced U.K. policy that would allow energy companies to transfer corporate tax histories was designed to reflect the fact that large companies are selling off mature oil fields to smaller players that have less financial backing, an HM Treasury official said Wednesday.
A Michigan federal judge refused on Wednesday to ask Israeli courts for information the U.S. government is seeking in a $163.5 million tax fight against a company that domestically distributed heartburn drugs manufactured in Israel in partnership with Perrigo Co., saying such requests would unnecessarily add to the time, cost and complexity of the case.
A senior tax counsel on the Senate Finance Committee said Wednesday if Democrats had taken part in crafting the new federal tax law, it likely would have led to a different outcome for the $10,000 deduction limit for state and local taxes that many blue states continue to fight against or try to work around.
A Dutch tax official, in announcing changes to the country's program for administering advance pricing agreements and other tax rulings, has stressed the importance of continuing to allow settlement of tax cases at an early stage, saying certainty has always been a pillar of the advance rulings process.
Tax preparation chain Jackson Hewitt must face putative class allegations of fraud and negligence after a California federal judge ruled Tuesday that a former client of a franchisee had presented a plausible theory for his claims to proceed in court.
A former subsidiary of aviation defense contractor AAL Group urged an Alabama federal court Tuesday to compel Black Hall Aerospace to turn over tax documents it says are relevant to its claims that the aerospace company owes it more than $4.6 million.
The government asked the Second Circuit on Tuesday to affirm a New York federal court's dismissal of a $2.1 million tax refund suit by the publisher of Reader's Digest, saying the company’s request for a refund came too late.
The European Union is preparing to unveil proposals aimed at taxing the digital economy, including measures targeting tech companies that don’t have a physical presence in member states where they provide services, an EU official announced Tuesday.
A Cedarhurst, New York, accountant on Tuesday copped to his role in a long-running stock market manipulation scheme that netted millions in illegal profits between 2014 and 2016, federal prosecutors said.
The Trump administration's action on Tuesday to allow lengthier sales of skimpy health insurance policies will deal another blow to Affordable Care Act marketplaces, but the impact will depend greatly on whether states play ball. Here are four takeaways on what to watch.
Taxing carbon products and emissions is a long-cherished goal of Washington Gov. Jay Inslee, and he has proposals to do so again this year. This time, however, he is far from alone as 10 states have released bills to combat climate change and raise revenue by using the tax system.
Thousands of Connecticut residents have begun receiving letters from the state this month demanding payment of use tax owed for online purchases from 2014 to 2016, in what is seen as one of the most aggressive efforts in the country to collect unpaid sales and use taxes.
Unions representing Disney World workers filed a federal labor complaint on Monday claiming Disney has improperly withheld $1,000 bonuses announced by the company after Congress passed the GOP tax cut bill.
The statute of limitations on a motion for relief from a federal court judgment starts running when the court issues its initial decision, and the clock doesn’t reset when the court issues its reasoning afterward, a Second Circuit panel held Friday in an appeal of settling title to property forfeited in a $10 million tax fraud case.
Puerto Rico’s ailing power utility on Monday was authorized to accept a $300 million unsecured loan from the commonwealth to stave off an imminent blackout, after the utility’s creditors successfully fought off an earlier $1 billion secured loan proposal.
The Tax Cuts and Jobs Act significantly changed the federal taxation of fringe benefits. With the elimination or reduction of deductions for employers, elimination of employee exemptions and other changes, reform's treatment of fringe benefits promises a ripple effect reaching many aspects of employee compensation, say attorneys at Morgan Lewis & Bockius LLP.
In June 2018, the San Francisco electorate will vote on the two competing tax measures, Housing for All and Universal Childcare for San Francisco Families. The measures differ in purpose, tax rate and exemptions, but either one would mean a huge increase in taxes for commercial landlords, say attorneys at Pillsbury Winthrop Shaw Pittman LLP.
The recent Tax Cuts and Jobs Act adopted a provision subjecting certain U.S. shareholders of controlled foreign corporations to tax on their global intangible low-taxed income, or GILTI. In this video, Taylor Kiessig and Stefanie Wood of Eversheds Sutherland LLP explain that GILTI is effectively a new worldwide minimum tax on the earnings of a U.S. shareholder’s CFCs.
Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle LLP.
Last week, the District of Delaware raised eyebrows by ruling that documents provided to a litigation funder and its counsel in connection with their due diligence are categorically not attorney work product. Acceleration Bay v. Activision Blizzard seems to be a case of bad facts making bad law, says David Gallagher, investment manager and legal counsel for Bentham IMF.
The new base erosion and anti-abuse tax generally imposes a 10 percent minimum tax on a taxpayer’s income determined without regard to tax deductions arising from base erosion payments. In this video, Daniel Nicholas and Margaret Pope of Eversheds Sutherland LLP offer a brief overview of the tax, and a simplified example of the BEAT calculation.
In the wake of the financial crisis, the U.S. and Europe enacted “risk retention” rules that require sponsors of securitization vehicles to maintain a financial interest in those vehicles. Here, attorneys with Cadwalader Wickersham & Taft LLP look at the “capitalized management vehicle” structure that many collateral managers are using to comply with the rules, and the likely impact of a recent D.C. Circuit ruling.
Kokesh changed the paradigm for remedies in U.S. Securities and Exchange Commission enforcement actions, but the potential ramifications go well beyond what initially meets the eye. As we are starting to see, Kokesh's full impact will not be limited to disgorgement or the SEC, say attorneys with King & Spalding LLP.
Artificial intelligence tools can empower attorneys to work more efficiently, deepen and broaden their areas of expertise, and provide increased value to clients, which in turn can improve legal transparency, dispute resolution and access to justice. But there are some common pitfalls already apparent in the legal industry, say Ben Allgrove and Yoon Chae of Baker McKenzie.
In a recent case, Lender Management LLC v. Commissioner, the U.S. Tax Court ruled against the Internal Revenue Service after it asserted that the costs of running a family office were not deductible for federal income tax purposes. The decision provides a road map for other family offices on how to structure their operations, says Mark Leeds of Mayer Brown LLP.