Tax

  • January 19, 2017

    FedEx Gets OK To Fight Privilege Claims In Tobacco Suit

    FedEx Ground was granted permission by a New York federal judge Thursday to file a motion challenging assertions of privilege made by New York state officials on nearly 400 documents the shipper says it needs to defend allegations it made illegal shipments of untaxed cigarettes.

  • January 19, 2017

    IRS Gives Guidance For Foreign Partnership, Trust Pacts

    The Internal Revenue Service on Thursday put into effect updates to withholding guidelines for income from foreign partnership and trust agreements, updating regulations on the agreements put in place in 2014.

  • January 19, 2017

    5 Takeaways From Mnuchin's Treasury Confirmation Hearing

    Banks and other financial market players got mixed signals about the incoming Trump administration’s plans for financial regulation at Thursday's sometimes testy confirmation hearing for Steven Mnuchin, the president-elect's pick for Treasury chief. Here are five key takeaways from the hearing.

  • January 19, 2017

    IRS Places Limits On Foreign Partnership Transfers

    Certain transfers of property to a partnership with a foreign partner that typically resulted in nonrecognition of gain or loss by the Internal Revenue Service will no longer be treated as such, according to regulations the agency released on Wednesday.

  • January 19, 2017

    Treasury Weighs In On Border Adjustment Tax

    A U.S. Department of the Treasury study, released Wednesday, on a novel tax reform strategy being touted by some Republican lawmakers found that a border adjusted tax framework could have yielded a larger tax base than the current system between 2004 and 2013.

  • January 19, 2017

    IRS Releases Final Rules Affecting 2010 Estate Beneficiaries

    The IRS and the U.S. Department of the Treasury finalized regulations Thursday that take into account years-old legislation affecting how to calculate the basis in property transferred to beneficiaries from individuals who died in 2010, wrapping up a lengthy rule-making process intended to clarify the issue.

  • January 19, 2017

    Snapchat Tax Move Signals UK’s Competitive Edge Against EU

    Snapchat owner's recent announcement it was rerouting some of its advertising revenue through London was short on details, but experts are speculating that the move undoubtedly comes with tax benefits as the U.K. prepares to compete against the European single market it is leaving behind.

  • January 19, 2017

    EU Lawmakers Reject Money Laundering List As Inadequate

    European Union lawmakers on Thursday rejected the European Commission’s proposed blacklist of 11 countries seen at risk of facilitating money laundering or terrorist financing as being too narrow in scope and demanded the inclusion of tax havens on the list.

  • January 19, 2017

    Feds Say Sports Agent Trying To Distract In Smuggling Trial

    The U.S. government asked a Florida federal court Wednesday to bar a sports agent who allegedly participated in a $16 million scheme to smuggle Cuban baseball players into the U.S. from distracting the jury by impeaching the law enforcement investigation against him.

  • January 19, 2017

    Akerman Nabs Former CBS Exec For NY Tax Group

    A former vice president of CBS Inc. has accepted a partner position in the New York office of Akerman LLP, leaving his current management role at Mayer Brown LLP to lend his experience counseling companies on everything from international to local tax matters to Akerman’s growing tax practice group.

  • January 18, 2017

    IRS Issues Long-Awaited Proposals For Partnership Audits

    The Internal Revenue Service on Wednesday released highly anticipated guidance for partnerships wondering how the agency will interpret and implement rules under a new audit regime passed by Congress more than a year ago.

  • January 18, 2017

    Michigan Co. Can't Get Tax Refund Despite Law Change

    The Michigan Court of Appeals denied an industrial services company's request for a tax refund, finding Tuesday that a law change that would have narrowed down the tax years contributing to the company's $1.3 million liability did not apply to the dispute.

  • January 18, 2017

    Ex-NY Sen. Leader Gets 5 Years For Obstruction, Lying To FBI

    The former minority leader of the New York state Senate was sentenced Wednesday to five years in prison on his conviction for obstruction of justice and lying to federal agents in connection with a corruption case over his alleged embezzlement of real estate funds.

  • January 18, 2017

    Kimberly-Clark Can't Use Tax Compact For $3.2M Mich. Refund

    A Michigan appeals court has unanimously denied Wisconsin-based global manufacturing giant Kimberly-Clark Corp.’s bid for a $3.2 million tax refund from the state Department of Treasury, agreeing with a lower court that the company can’t use the Multistate Tax Compact to calculate income in the state.

  • January 18, 2017

    Bill To Reduce Corporate Tax Rate Introduced By Pa. Rep.

    Pennsylvania state Rep. Jason Ortitay announced on Wednesday that he had reintroduced legislation to gradually reduce Pennsylvania's corporate net income tax, which is currently the second-highest in the country.

  • January 18, 2017

    Treasury's Tax-Exempt Organizations Expert Joins Steptoe

    Steptoe & Johnson LLP has given its Tax Group a boost with the addition of the former exempt organizations lawyer and policy adviser at the U.S. Department of the Treasury’s Office of Tax Policy as a partner in the firm.

  • January 17, 2017

    Del. Poses Bill To Limit Unclaimed Property Collection

    Amid a high court battle between Delaware and several other states over who gets to keep abandoned MoneyGram checks, a Delaware state senator has introduced a bill that claims to make the state’s unclaimed property laws fairer and more in line with those of other states.

  • January 17, 2017

    If Not Replaced, ACA Repeal Could Double Premiums: CBO

    With Congressional Republicans working toward repealing the Affordable Care Act, the nonpartisan Congressional Budget Office said Monday that scrapping only parts of “Obamacare” could result in 32 million people losing health insurance and premiums doubling by 2026.

  • January 17, 2017

    South Dakota Remote Sales Tax Suit Returns To State Court

    A group of online retailers being sued by South Dakota under its new law enforcing sales tax collection on certain out-of-state businesses was dealt a blow Tuesday when a federal judge punted the lawsuit back to state court.

  • January 17, 2017

    Pa. GOP Sen. Floats 5% Natural Gas Tax To Fund Pensions

    A Pennsylvania Republican state senator on Tuesday said he intends to reintroduce legislation that would impose a 5 percent levy on natural gas producers in the state and direct the receipts to offset the state’s unfunded pension liabilities.

Expert Analysis

  • The Outlook For The Pharmaceutical Industry Under Trump

    Mark P. Goodman

    Change is coming to the health care and pharmaceutical industries under Trump's administration, presenting both benefits and challenges. Conventional wisdom says that Trump's administration will permit greater flexibility in drug pricing, but Trump has expressed support for competition in the marketplace, which could lower the price of some drugs, say attorneys from Debevoise & Plimpton LLP.

  • Saving Lawyers 1 Breath At A Time: Mindfulness In The Law

    Jennifer Gibbs

    As critical as lawyers are to society, they are reported to be the most frequently depressed occupational group in the United States. In response to the inherently stressful nature of the practice of law, more and more lawyers are turning to an ancient contemplative practice called “mindfulness,” says Jennifer Gibbs of Zelle LLP.

  • Understanding How Blockchain Could Impact Legal Industry

    R. Douglas Vaughn

    Blockchain is essentially a computerized public ledger that can apply to almost anything that a person might save into a database or spreadsheet. This versatile technology may enhance the legal industry by providing an improved record keeping system, setting up "smart contracts" and tracking intellectual property and land records, say R. Douglas Vaughn and Anna Outzen of Deutsch Kerrigan LLP.

  • New Tax Regulations Impact Many Partnership Transactions

    Jeffrey Goldman.jpg

    The U.S. Treasury Department recently issued several new final, temporary and proposed regulations under code sections 704, 707 and 752 which significantly affect the taxation of many partnership transactions. Prospective transactions, including joint ventures taxed as partnerships, should be carefully structured to navigate the hazards of these regulations, say Jeffrey Goldman, Steven Grob and Robert Nelson of Dykema Gossett PLLC.

  • An Unwelcome Gift From The IRS On Conservation Easements

    Ronald Levitt (Color).jpg

    Just before Christmas, the IRS issued Notice 2017-10, declaring some conservation easement donations to be “listed transactions,” and giving a chill to year-end giving plans. The agency's move was arbitrary and ham-fisted, made without opportunity for constructive comment, and endangers this vital conservation funding mechanism, say Ronald Levitt and David Wooldridge of Sirote & Permutt PC.

  • For US Citizens In Israel, Time To Face Up To FATCA

    Robert Henoch

    In accord with the U.S. Foreign Account Tax Compliance Act, Israeli financial institutions must now report their U.S. account holders’ personal and financial information to Israeli authorities, who will send that information to the IRS. Accordingly, Americans with substantial assets in Israel must either comply with the law’s obligations, or prepare for the consequences of enforcement, say Robert Henoch and Will Rosenzweig of Kobre & Kim LLP.

  • 5 Tips On Controlling Hotel Property Taxes

    Douglas John

    Not prioritizing property taxes can be a costly mistake for hotel owners, as hotels are recognized as one of the highest taxed real estate assets. Paying attention to errors and opportunities, and understanding the differences between investment market and property tax values, is crucial to minimizing taxes, says Douglas John of Buchalter Nemer PLC

  • Be Prepared For Law Firm Data Breach Litigation

    Scott Vernick

    The April 2016 leak of "Panama Papers" documents from law firm Mossack Fonseca removed any doubt that the threat of cyberattacks against the legal industry is more than hypothetical. While the case law on law firm data breach litigation has largely yet to be written, there are certain fundamental tenets worth reviewing, say Scott Vernick and Peter Buckley of Fox Rothschild LLP.

  • 7 Legal Industry Predictions For 2017

    Haley Altman

    Since 2008, the legal relationship dynamic has consistently evolved, leading clients to demand more "value" for services received. In 2017, investment in and adoption of new technology and prioritizing cybersecurity will lead to an increase in billable hours and shifts in realization rates, says Haley Altman of Doxly.

  • 6 Key Commercial Litigation Finance Trends For 2017

    Ralph J. Sutton

    With commercial litigation funding gaining acceptance throughout the U.S., law firms and corporations are investigating how they can benefit from the capital that funders provide, and which criteria they should use in selecting a funder. Ralph Sutton, chief investment officer of Bentham IMF, discusses several major trends to watch in 2017.