Tax

  • February 15, 2017

    Rauner Asks For Pension Reform, Power To Cut Ill. Budget

    Illinois Gov. Bruce Rauner offered state lawmakers a spending plan Wednesday that he repeatedly called "balanced" but that relies on filling a $4.5 billion hole with measures requiring cooperation from the same legislature at a budget impasse for an unprecedented 20 months.

  • February 15, 2017

    Michael Jackson’s Image Was In ‘Nuclear Winter’: Expert

    Michael Jackson’s estate on Wednesday called a business appraisal expert to testify at the Los Angeles tax trial over the estate's value at Jackson’s death, with the expert testifying that child molestation allegations had plunged the singer's publicity rights into “nuclear winter,” reducing their value to just $3 million.

  • February 15, 2017

    NJ, MGM Resorts Ink $72M Deal Over Property Tax Appeals

    New Jersey officials on Wednesday announced a deal to pay $72 million to MGM Resorts International to resolve outstanding property tax appeals filed by the company's Borgata Hotel Casino & Spa in Atlantic City, saying the move would save taxpayer dollars as the state oversees the fiscal recovery of the struggling resort town.

  • February 15, 2017

    House Republicans Announce Their Own ACA Replacement

    The conservative U.S. House Freedom Caucus on Wednesday unveiled proposed legislation to replace the Affordable Care Act and officially endorsed a full repeal of Obamacare while promising to support the proposed replacement as a companion bill to one already in the Senate.

  • February 15, 2017

    Border Adjust Tax Will Have Limited Trade Impact, Report Says

    The House Republicans' proposed tax on imports will have a limited long-run economic impact if any at all, according to a Tax Foundation report released Wednesday, which noted that while the approach provides no expected trade-related gains, it has the advantage of limiting tax avoidance.

  • February 15, 2017

    US Wants New Shot At Inversion Rule If It Loses Challenge

    The U.S. government asked a Texas federal court on Wednesday to consider sending a tax rule meant to combat corporate inversions back to the U.S. Treasury Department rather than vacating it if the U.S. Chamber of Commerce’s challenge of the rule is successful.

  • February 15, 2017

    Cay Clubs Ex-CFO Seeks To Keep Tax Report Out Of Trial

    A former Florida real estate executive facing federal charges of bank fraud and tax offenses related to an alleged $300 million Ponzi scheme on Wednesday asked the judge overseeing his upcoming trial to exclude a tax analysis because he’s “not on trial for tax fraud of any sort.”

  • February 15, 2017

    Retailers Meet With Trump Amid Tax Reform Concerns

    President Donald Trump and Vice President Mike Pence Wednesday met with members of the Retail Industry Leaders Association at the White House for a listening session on tax reform and other concerns facing the industry, according to a White House press pool briefing.

  • February 15, 2017

    Colo. Gov. Downplays Harm Of Taxpayer Rights Bill, Court Told

    Opponents to Colorado's Taxpayer Bill of Rights slammed Gov. John Hickenlooper's bid to toss their suit, telling a federal court Tuesday that the governor has mischaracterized the measure to play down the harm it has caused state political subdivisions and others.

  • February 15, 2017

    Beef Co. Says Cattle Sales Not Stock In $33.4M IRS Tax Suit

    A Kansas City beef company Tuesday urged a Missouri federal court to overturn a $33.4 million tax decision against it by the Internal Revenue Service, claiming the agency improperly treated payment obligations to suppliers as preferred stock.

  • February 14, 2017

    3rd Circ. Denies Mandamus Bid In Tax Appeal

    The Third Circuit on Monday rejected a New Jersey banker’s petition for a writ of mandamus to invalidate a tax deficiency, rejecting her claim that she has “nowhere else to go” for relief from an adverse Tax Court decision, since she has a right to direct appeal.

  • February 14, 2017

    NJ Road Agency Can't Get Property Exemption For Cell Tower

    The New Jersey agency responsible for two of the busiest toll roads in the U.S. has lost its bid for a tax exemption on a property with a cellular communication tower when a judge ruled that there wasn’t enough evidence showing that the lease of the tower is connected to essential government functions.

  • February 14, 2017

    Taxpayers Lose Appeal For Equity On Foreclosed Properties

    A group of taxpayers fighting to get the excess proceeds of sales after their properties were foreclosed by a Michigan county were dealt a second blow when a Sixth Circuit panel found that the lower court that ruled against them lacked jurisdiction in their case after all.

  • February 14, 2017

    Philip Morris Facing More Thai Tax Evasion Charges

    Philip Morris International Inc. announced a widening Tuesday of the government of Thailand’s long-running criminal investigation seeking billions of dollars in potential penalties based on allegations the company deliberately shorted cigarette import prices to avoid full taxation.

  • February 14, 2017

    Eaton Aims to Drop $3B Shareholder Suit Over Spinoff

    Eaton Corp. PLC urged a New York federal court on Monday to toss allegations that it cost investors $3 billion in stock value because it couldn’t spin off its vehicle component business tax-free after a merger with Cooper Industries PLC, saying it can’t be sued over hypothetical consequences of a transaction that never happened.

  • February 14, 2017

    IRS Tax Certification Hurts CPAs, AICPA Tells Fed Circ.

    An accounting trade group told the D.C. Circuit that a federal court erred in rejecting its challenge to a voluntary certification program for unlicensed tax return preparers, wrongly finding that its argument is not covered by the relevant law.

  • February 14, 2017

    Ways and Means Chair Won't Seek Trump's Tax Returns

    The Republican chairman of the House Ways and Means Committee announced on Monday that he would not demand to see President Donald Trump's tax returns, rejecting a bid from a Democratic lawmaker to seek review of the documents, according to media reports.

  • February 13, 2017

    Howard Stern Aired Woman's Convo With IRS Agent, Suit Says

    A Massachusetts woman's private tax return information and other personal details were broadcast live to 1.2 million listeners during Howard Stern's radio show after the Internal Revenue Service agent handling her call dialed into the program and The Stern Show picked up their private conversation, according to a suit filed in federal court Monday. 

  • February 13, 2017

    Illinois lawmakers propose biotechnology tax credits

    Tax credit legislation introduced by two Illinois lawmakers last week may give new incentive to Biotechnology businesses grow their companies in Illinois.

  • February 13, 2017

    Ohio Man Fights Personal Tax Liability For Employer's Buys

    A former employee of a patio construction company urged the Ohio Supreme Court on Monday to scrap a personal tax liability against him for use taxes supposedly owed by the company, saying that the taxes were already paid to vendors during purchases.

Expert Analysis

  • Considerations For PE Funds Eyeing Foreign Portfolio Cos.

    Christopher Kula

    The viability of pursuing foreign opportunities depends upon the composition of a private equity fund’s investor base, whether the fund’s strategy allows such investments, and whether the fund documents provide the requisite flexibility to make foreign investments on a tax-efficient basis, says Christopher Kula of Cole Schotz PC.

  • 2017 Check-Up: Is Your Law Firm Positioned For Success?

    William G. Johnston

    Over the next few weeks, a slow trickle of news about one measure of law firm success — law firm financial results — will gradually become a flood as more firms open up about their performance in 2016. Law firm leaders would be wise to focus on nine factors that determine success, says law firm management consultant William Johnston.

  • The Missing Key To 3rd-Party Litigation Funding

    Tripp Haston

    Unlike other forms of commerce and unlike in other nations, litigation investment and funding in the U.S. is largely unregulated with few disclosure requirements. Where darkness exists, ignorance and mistrust breed. Disclosure and transparency in litigation investment and funding is the first and proper step to better understand this opaque dynamic in the U.S. civil justice system, says Tripp Haston of Bradley Arant Boult Cummings LLP.

  • The 5th Amendment's Essential Role In Offshore Audits

    Michael DeBlis III

    The Fifth Amendment is normally associated with criminal proceedings and the prohibition against self-incriminating testimony. However, its protections also apply in some other matters, such as contempt of Congress. More importantly for tax law purposes, there is a documentary production privilege, and there is a trio of cases that flesh out this concept, says Michael DeBlis III of DeBlis Law.

  • In Congress: Cabinet Approvals, Disapproval Resolutions

    Richard Hertling

    Congress this week will continue to move forward on approving President Trump’s cabinet nominees and disapproving federal regulations issued in the final months of the Obama administration, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • The Up-C: An Alternative Exit For PE-Backed Energy Cos.

    Jeff Malonson

    As initial public offering markets reopen for oil and gas businesses, and the market remains skeptical over the viability of the upstream master limited partnership as an acceptable alternative, private equity sponsors should spend time analyzing the Up-C structure as a means to optimize valuation and liquidity, say Jeff Malonson and Archie Fallon of King & Spalding LLP.

  • WWII Contract Breach Decision May Open Pandora's Box

    Terri Oguz

    Last month, the U.S. Court of Claims ruled that the U.S. government must pay Avian Gas $100 million for violating the "other taxes" clause from WWII-era contracts. The potential windfall of this decision opens the door for thousands of WWII contractors to sue, but many of the top Fortune 500 companies already sued and settled the matter long ago, says Terri Oguz of Golden Seal Enterprises Inc.

  • Can Federal Agencies Reverse Course Under Trump?

    Steven D. Gordon

    The next four years will see litigation that explores the extent to which the Trump administration can alter or reverse the regulatory policies of the Obama administration without having to enact new legislation. The U.S. Supreme Court has recently made clear that there are fewer limits to an agency changing course than had previously been thought, says Steven Gordon of Holland & Knight LLP.

  • The IRS Needs Help

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    As President Donald Trump’s nominee for treasury secretary, Steven Mnuchin, testified in his confirmation hearing, the Internal Revenue Service is underfunded and needs more manpower. Because the agency has lost nearly 15,000 staff positions in five years, and struggles with outdated technology, its tax enforcement capabilities have been devastated, say Kat Saunders Gregor, Gabrielle Hirz and Hillel Nadler of Ropes & Gray LLP.

  • Opinion

    The Myth Of The Forceful Mediator

    Jeff Kichaven

    When mediators rely on force to get cases settled, it doesn’t work. It’s time to suggest more productive ways for top-gun litigators and top-flight mediators to engage, says Jeff Kichaven of Jeff Kichaven Commercial Mediation.