Tax

  • March 23, 2017

    House Sets Climactic Friday Vote On ACA Repeal

    The U.S. House of Representatives will vote Friday on whether to repeal and replace much of the Affordable Care Act, marking a high-stakes test for President Donald Trump and the Republican-controlled Congress.

  • March 23, 2017

    Tax Court Backs Amazon In $1.5B Transfer Pricing Dispute

    Amazon won a major victory in its $1.5 billion tax dispute with the Internal Revenue Service on Thursday when the U.S. Tax Court ruled that the methods it used to determine payments from its Luxembourg subsidiary for the licensing of intellectual property for online European operations were reasonable.

  • March 23, 2017

    IRS Calls $50M In Tax Assessments On Estate ‘Protective’

    The IRS has admitted to the U.S. Tax Court that it assessed $50 million in taxes plus interest against the estate of charcoal tycoon James P. Keeter only as a “protective” measure in ongoing litigation over allegedly sham tax shelters and that it would happily freeze the assessments if the court finds that the agency's earlier deficiency notices in the dispute were valid.

  • March 23, 2017

    $3B Tax Fraud Whistleblower Can Stay Anonymous For Now

    The U.S. Tax Court granted provisional anonymity to a whistleblower claiming a taxpayer avoided more than $3 billion in tax liability in a Wednesday decision in an otherwise sealed case.

  • March 22, 2017

    Repeal Of ACA Essential Benefits Faces Hazy Path In Senate

    Republicans face an uncertain procedural path if they attempt to repeal the Affordable Care Act’s mandatory benefits for health insurance with a simple-majority vote in the U.S. Senate via so-called budget reconciliation, experts say.

  • March 22, 2017

    Budgetless Illinois Is Overspending By $6B, Experts Say

    Illinois will be billions of dollars short of what it's spending on government services and payments by the July start of the new fiscal year, and its mountain of ever-increasing debt will take extreme measures to shrink, state officials and policy experts told lawmakers this week.

  • March 22, 2017

    Justices Urged To Resolve Split Over Key To $234M Tax Row

    Santander Holdings USA Inc. asked the U.S. Supreme Court to hear its effort to win back a $234 million foreign tax credit refund the First Circuit had overturned, arguing that different courts had conflicting rulings on a key component of the case.

  • March 22, 2017

    Pa. Court Again Says Tax Sale's 'Mineral' Rights Include Gas

    Coming down almost exactly where it did in December, a Pennsylvania appeals court issued its second decision in a gas-rights case finding that a 1932 tax sale of subsurface mineral rights encompassed the sale of oil and gas rights, handing a win to exploration company Range Resources.

  • March 22, 2017

    'Spa Castle’ In Hot Water With NY AG Over $1.5M Unpaid Tax

    A massive spa complex in Queens, New York, and its owners and operators face 11 felony counts of tax fraud and theft after Attorney General Eric Schneiderman accused them on Wednesday of dodging $1.5 million in taxes by dealing in cash and underreporting revenues from 2010 to 2013.

  • March 22, 2017

    CPA Group Urges Congress To Fix Errors In Tax Law

    A group of certified public accountants Wednesday urged Congress to reintroduce and pass a bill to fix drafting errors in recent tax legislation, saying failure to correct mistakes in a 2015 budget act place a burden on the Internal Revenue Service and taxpayers alike.

  • March 22, 2017

    6th Circ. Backs Stiffer Tax Fraud Sentence For Chiropractor

    The Sixth Circuit on Wednesday affirmed a roughly two-year prison sentence for a Kentucky chiropractor who pled guilty in 2015 to tax fraud and to structuring transactions to evade reporting requirements, saying he had agreed to sentencing enhancements as part of his plea.

  • March 22, 2017

    Calif. Phone Tax Class Action Kicked Back To State Court

    A California federal judge on Monday kicked back to state court a class action seeking hundreds of millions in refunds from a sales tax on cellphones based on full price rather than steeply discounted promotions, over the objection of the state and major wireless carriers.

  • March 22, 2017

    Chadbourne M&A Tax Partner Joins Holland & Knight

    A former Chadbourne & Parke LLP tax partner with experience representing companies in mergers, including private equity fund I Squared Capital in its $1.2 billion acquisition of Latin American energy interests, has joined Holland & Knight LLP in New York.

  • March 21, 2017

    Fla. Senate Eyes Tax Credit Repeal Over Insurers' Warnings

    Despite warnings of lost jobs and increased premiums for Florida policyholders, a state Senate panel on Tuesday voted to repeal insurers' long-standing tax credit on in-state employee salaries, and to shift the tax relief to a broader base of businesses by reducing a tax on commercial leases.

  • March 21, 2017

    Gorsuch Rebukes Trump, Defends Record To Senate Panel

    U.S. Supreme Court nominee Judge Neil Gorsuch pushed back Tuesday at attacks on his record and rebuked President Donald Trump’s comments on the judiciary as he sought to persuade a Senate panel to advance his nomination to the nation's highest court.

  • March 21, 2017

    Jet Co. Awarded $1.08M Refund For Bogus Excise Taxes

    An Ohio federal judge Tuesday ordered the Internal Revenue Service to return $1.08 million in tax overpayments made by a private jet company for erroneous air transportation excise taxes charged between 2005 and 2009.

  • March 21, 2017

    ACA Watch: GOP Scrambles As Climactic Vote Looms

    House Republicans on Wednesday will hunt for votes to repeal and replace the Affordable Care Act, the Congressional Budget Office may issue a new appraisal of the effort, and a key committee will set the stage for the climactic vote on Thursday in the full House. Here’s where things currently stand on the Republican bill.

  • March 21, 2017

    2nd Circ. Upholds Tax Ruling, Nixes Penalty Over Paperwork

    The Second Circuit on Monday upheld a U.S. Tax Court decision regarding a tax on $2 million in income but negated a penalty and enhanced the burden of proof on the IRS to secure written supervisory approval while assessing tax penalties.

  • March 21, 2017

    Family Lands Jury Win In Tax Suit Over $40M Cable Co. Sale

    A Kentucky federal jury sided with a family suing the IRS to recover $15 million in alleged tax overpayments and civil tax evasion penalties, finding on Monday that the family had reasonably relied on professional tax advice involving the sale of its cable company.

  • March 21, 2017

    Ukraine Looks To Nix Energy Co.'s $12M Arbitration Award

    JKX Oil & Gas PLC on Tuesday announced that the Ukrainian government has moved to set aside a $12 million award issued to the British company in a dispute over gas royalties on the grounds that the international arbitration tribunal allegedly committed “serious irregularity” in conducting its proceedings.

Expert Analysis

  • Attorneys And Firms, Beware The IRS' 2017 Dirty Dozen

    Michael White

    The IRS has released its 2017 Dirty Dozen list, highlighting the most common tax scams and abuses that the agency seeks to prevent and prosecute this year. The identified items can pose risks to attorneys, financial advisers and their clients at any time of year but peak during tax filing season, say Michael White and Eddie Geraghty of M. White & Associates LLC.

  • How The Most Profitable Law Firms Structure Their C-Suites

    Anita Turner

    The most successful Am Law 200 law firms have evolved from being partner-run to being run by a group of highly skilled professionals reporting to firm shareholders. The data collected from our recent survey indicates this model is generally conducive to increased profitability, says Anita Turner, senior director at Colliers International.

  • Settlement Strategy: What Does The Client Really Want?

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    The best outside counsel think like the client. That includes understanding the client’s perspectives and goals with regard to reaching a settlement — because “good results” mean different things for different clients. Outside counsel must ask themselves the right questions, and know the answers, to shape a client-focused settlement strategy, say Kate Jackson of Cummins Inc. and Patrick Reilly of Faegre Baker Daniels LLP.

  • In The Associate Lateral Market, All Law Firms Are Not Equal

    Darin R. Morgan

    When associates contemplate a potential lateral move, there is a common misconception that all law firms are the same. It may seem that one law firm is just like the next, but if you dig deeper, you may discover unique attributes at some firms that may be more appealing and improve your professional satisfaction significantly, says Darin Morgan of Major Lindsey & Africa.

  • How GOP Health Care Bill Would Affect Coverage Reporting

    Michael Chittenden

    The House Republicans' "American Health Care Act" bill would repeal many provisions of the Affordable Care Act but retain and expand the information reporting rules. Health insurance issuers hoping for a full repeal of the ACA’s reporting provisions will be disappointed, as the ACA’s reporting regime would largely survive, at least temporarily, say Michael Chittenden and Yongo Ding of Miller and Chevalier Chartered.

  • Reflections From A Mock Trial

    Lora Brzezynski

    Nerves were high on the day of the trial. While technically client interests were not at stake, our reputations were still on the line. We were not only presenting our case in front of our newly acquainted colleagues, but also for partners at our firm, expert witnesses, federal judges and in-house counsel — potential employers and clients, say attorneys with Dentons, sharing their recent mock trial experience.

  • UK Leads Anti-Corruption Enforcement: Implications Of UWOs

    Ian Hargreaves

    As it is unlikely there will be significant opposition to the Criminal Finances Bill in the House of Lords, it is likely to become law during the mid to late part of 2017. "Unexplained wealth orders" will be a new and powerful tool available to U.K. criminal authorities to seize assets, says Ian Hargreaves of Covington & Burling LLP.

  • Estate Planning For The Cannabis Client

    Carl H. Linder

    As greater wealth is created through the cannabis industry, the cannabis client must be prepared by having an effective estate and asset protection plan in place. Such estate planning involves five common documents and enables six distinct results and benefits, says Carl Linder of Greenspoon Marder PA.

  • Public Utility, Private Investor As Solar Power Partners

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    For the first time, a regulated electric utility has obtained regulatory approval to partner with a tax equity investor to acquire and operate a utility-scale solar project. This arrangement could serve as a blueprint for other electric utilities across the country to transition to utility-owned solar generation at lower costs for their customers, say Patrick Ferguson and Carlos Gutierrez of Davis Wright Tremaine LLP.

  • Issues To Expect In A Title III Puerto Rico Restructuring

    Luke A. Barefoot

    One of the issues that will perhaps most affect the treatment and negotiating leverage of various creditors in Puerto Rico's ensuing Title III process is the determination of the type of security interest and collateral by which their bonds are secured, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.