Tax

  • June 21, 2017

    6th Circ. Urged To Revisit Tax Fight Over Creditor Takeover

    The owner of a manufacturing company has asked the Sixth Circuit to throw out its earlier ruling upholding a tax judgment against him, arguing that he couldn’t pay the taxes because the company’s finances were under a creditor’s control.

  • June 21, 2017

    Justice Sotomayor On The Power Of Dissent

    Justice Sonia Sotomayor discusses her views on writing dissents and the change she hopes they inspire in the law, in the second of two articles based on an exclusive interview with the 111th justice.

  • June 21, 2017

    NYC Tax Fraudster Tells 2nd Circ. US Atty Broke Plea Deal

    The convicted ringleader of a crooked tax preparation shop asked the Second Circuit on Wednesday to vacate his nine-year prison term for running a $3.5 million tax fraud scheme that made thousands of illegal claims based on information gleaned from a corrupt New York City official, saying prosecutors breached the terms of his plea deal.

  • June 21, 2017

    Waste Cos. Sales’ Profit Counts As Capital Gains: Tax Court

    The U.S. Tax Court on Wednesday ruled that profit from two 2003 sales of California waste companies qualify as capital gains rather than ordinary income, in a decision with seven-figure implications in this case alone.

  • June 21, 2017

    CMS, Taylor Wessing Grow UK Revenue In 2016

    Two international law firms put out their U.K. annual revenue numbers this week, with CMS growing its intake by 4.1 percent, clocking in at €1.05 billion ($1.2 billion), and Taylor Wessing LLP booking a 1.8 percent boost to bring in £128.9 million ($163.5 million) in its 2016-2017 fiscal year.

  • June 21, 2017

    Ex-Prosecutor Who Drafted Swiss Bank Plan Joins Jones Day

    A tax litigator who once brokered a deal with the government of Switzerland to resolve Swiss banks’ potential criminal liabilities has joined Jones Day as a partner in New York after a three-year stint at DLA Piper.

  • June 21, 2017

    IRS Turns To Congress For Power To Regulate Tax Preparers

    Despite a federal judge’s recent ruling that the IRS can’t regulate tax return preparers, the agency’s chief insisted on Wednesday that minimum standards should be set for them and that efforts are underway to convince Congress to grant the IRS the authority it needs.

  • June 21, 2017

    EU Lawmakers Say Council Is Blocking Panama Papers Probe

    European Union lawmakers investigating the Panama Papers tax evasion scandal accused the EU Council on Wednesday of obstructing their investigation into whether the bloc failed to adequately enforce its anti-money laundering and tax avoidance laws on money going offshore.

  • June 21, 2017

    EU Aims To Make Attys Report Tax Avoidance Schemes

    The European Commission continued to try to crack down on tax avoidance with a proposal Wednesday to require all tax “intermediaries,” including lawyers, accountants, banks and tax advisers, to report any cross-border arrangement containing certain “hallmarks” of avoidance schemes.

  • June 20, 2017

    Expedited Tax Reform Push Raises Transparency Concerns

    House Speaker Paul Ryan and the Trump administration attempted to present a united front Tuesday with promises to enact tax reform this year, but their common agenda is raising concerns that transparency could take a back seat to expediency under such an aggressive deadline pressure.

  • June 20, 2017

    BP, ExxonMobil Push For Carbon Tax To Curb Emissions

    Oil giants BP PLC and ExxonMobil Corp. have banded together with other companies to push for a new carbon tax with proceeds going to American citizens in the form of monthly dividends, a move they say is necessary to slow the effects of climate change.

  • June 20, 2017

    Mich. Judge Won’t Halt $34.5M For Detroit Arena Funding

    A Michigan federal judge on Monday said downtown development organizations in Detroit can move forward with plans to use $34.5 million in taxpayer funds for the relocation of the NBA’s Detroit Pistons to a new arena in the area, rejecting arguments that the use of this money violated residents’ constitutional right to vote.

  • June 20, 2017

    US Asks 11th Circ. To Cancel Sale Of Media Co. Shares

    The federal government, which holds tax liens against the estate of a member of the family that owns Paxton Media Group LLC, on Tuesday urged the Eleventh Circuit to cancel a nearly $2 million sale of shares in the newspaper company, arguing that the company was shown favoritism by being given the right of first refusal.

  • June 20, 2017

    3 Calif. Men Get 2.5 Years Each For Immigrant Tax Prep Scam

    Three California men convicted of running a tax prep scheme that targeted immigrants to siphon $882,000 in tax refunds were each sentenced to prison terms of two-and-a-half years for fraud and identity theft and ordered to pay restitution, the Justice Department announced Monday.

  • June 20, 2017

    House OKs Changes To State Income Tax Treatment

    Workers who earn income in multiple states could have their taxes simplified under a bill passed Tuesday by the U.S. House of Representatives, setting rules on how long an employee has to work in a state to have to pay income tax there.

  • June 20, 2017

    Kinder Morgan Can’t Duck $2M Tax Bill At Colo. High Court

    Colorado’s Supreme Court on Monday refused to upend a more than $2 million local property tax bill retroactively assessed against a Kinder Morgan unit for underreporting the value of its leasehold carbon dioxide, concluding both that the retroactive assessment was within bounds and that the finding of underreporting was appropriate.

  • June 20, 2017

    Speaker Ryan To Call For Permanent Tax Reform In 2017

    House Speaker Paul Ryan, R-Wis., is expected to deliver a speech Tuesday afternoon focusing on tax reform and pushing for a permanent overhaul of the tax code to be enacted in 2017.

  • June 19, 2017

    Justice Sotomayor On Working A Room And The Post-Scalia Void

    Justice Sonia Sotomayor discusses the one thing she hates seeing at oral arguments, why diversity matters on the federal bench, and her habit of embracing audience members at live talks, in the first of two articles based on an exclusive interview with the 111th justice.

  • June 19, 2017

    NJ Senate Passes 'Airbnb' Tax Bill

    The New Jersey Senate on Monday approved legislation that would tax short-term online rental accommodations such as Airbnb and FlipKey, sealing its passage in both of the state’s legislative chambers and placing it before Gov. Chris Christie to sign into law if he chooses.

  • June 19, 2017

    Tax Court Can Review Penalty Case From Retired Exelon Exec

    A U.S. Tax Court judge found Monday that the court had jurisdiction to review a former energy executive’s challenge of a $1.5 million IRS penalty over an abusive tax shelter, distinguishing between the underlying liability and a collection due process appeal.

Expert Analysis

  • Weekly Column

    Innovating For Wise Juries: Preliminary Instructions

    Richard Lorren Jolly

    One of the easiest ways to improve civil jury trials is to give juries substantive instructions on the law at the beginning of the trial rather than at its conclusion. It is also one of the most popular proposals we are recommending, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • Due Diligence From The Lateral Partner’s Perspective

    Howard Flack

    Lateral candidates looking to make the last — or perhaps only — move of their career cannot afford to just stand by and let a law firm’s vetting process unfold on its own, says Howard Flack, a partner at Volta Talent Strategies who previously led lateral partner recruiting and integration at Hogan Lovells.

  • Why Proper Disclosure Of Executive Perks Is Important

    Jeffrey Stein

    The U.S. Securities and Exchange Commission’s action against MDC Partners and former CEO Miles S. Nadal for failure to properly disclose executive compensation may not be MDC’s or Nadal’s only legal problem. They may also face scrutiny of the tax authorities, say attorneys with King & Spalding LLP.

  • Examining Tax Issues With Settlements In Employment Cases

    Excerpt from Lexis Practice Advisor
    William Hays Weissman

    Attorneys often overlook or fail to address the consequences of tax and reporting issues associated with the settlement of employment-related litigation. William Hays Weissman of Littler Mendelson PC explains how to avoid potential problems for both the employer and employee.

  • Lateral Partner Due Diligence: Where Should A Firm Begin?

    Howard Flack

    One frequently hears from leading malpractice insurers that one of the highest risk categories for law firms is that of lateral partners not sufficiently vetted during the recruitment process, says Howard Flack, a partner at Volta Talent Strategies Inc. who previously led lateral partner recruiting and integration at Hogan Lovells.

  • What Cos. Need To Know About The UK Criminal Finances Act

    Neil Gerrard

    The U.K.'s Criminal Finances Act 2017 creates a new offense of failure to prevent the facilitation of tax evasion. The extraterritorial effect of the offense means that entities doing business in the U.K. will be criminally liable even if an associated person commits tax evasion in another jurisdiction. The potential impact is far-reaching and burdensome, say attorneys with Dechert LLP.

  • How Regulatory Reforms Will Affect Taxes — And Taxpayers

    Cameron Arterton

    The Trump administration has issued several executive orders that impact tax regulations. The exact application of these orders to tax policy is currently being determined, but this period of regulatory reform presents an opportunity for taxpayers to weigh in with the Treasury Department on guidance that may affect them, say attorneys with Steptoe & Johnson LLP.

  • An Unconstitutional Alternative Tax On Companies In NJ

    Leah Robinson

    The New Jersey Division of Taxation has recently informed a number of out-of-state businesses that, even though the companies are protected from a net income tax, they must pay the alternative minimum assessment component of the state's corporation business tax. But New Jersey’s claims transgress congressional protections and the U.S. Constitution, say Leah Robinson and Amy Nogid of Mayer Brown LLP.

  • Weekly Column

    Innovating For Wise Juries: Setting Trial Time Limits

    Stephen Susman

    This is the second in a series of articles discussing ideas proposed by the NYU School of Law Civil Jury Project to resuscitate the American jury trial. In this article, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman argue for setting early and strict time limits in civil jury trials.

  • Opinion

    Big Business Lobby Tries To Hobble Litigation Finance, Again

    Allison Chock

    In its most recent petition advocating mandatory disclosure of litigation finance, the U.S. Chamber of Commerce simply rehashes the same arguments from its previous failed efforts to convince the Committee on Rules of Practice and Procedure of the dire implications of undisclosed funding relationships, say members of IMF Bentham Ltd.