Tax

  • April 19, 2018

    UK Lawmaker Slams Tax Inquiry’s ‘Inappropriate’ Handling

    The U.K. tax authority’s handling of a tax and money-laundering investigation has been “completely inappropriate,” a senior lawmaker said Thursday when documents surfaced suggesting a political bias in the treatment of telecom operator Lycamobile.

  • April 19, 2018

    Audit Doesn't Bar Best Buy FCA Suit, Appeals Court Says

    An Illinois appeals court has revived a False Claims Act suit against Best Buy, finding that the state Department of Revenue’s initiation of an audit of the store's sales tax calculation practices did not bar a qui tam complaint.

  • April 19, 2018

    EU Parliament Votes In Tougher Financial Crime Prevention

    The European Parliament overwhelmingly approved new legal measures to crack down on money laundering and other financial crimes on Thursday, giving European Union governments 18 months to transpose the directive into national law.

  • April 18, 2018

    Catholic Group Asks 9th Circ. To Allow Birth Control Waiver

    A Catholic religious institute has asked the Ninth Circuit to overturn a federal judge’s decision to suspend the Trump administration’s rules that permit employers to claim religious or moral exemptions to the Affordable Care Act’s contraception mandate, saying the new rules fixed a law that hurt religious groups.

  • April 18, 2018

    Investment Fund Looks To Get $27M Golf Club Co. Award OK'd

    A Korean investment fund asked a California federal court on Wednesday to confirm a nearly $27 million award that arose from its investment in a golf club shaft manufacturer that later admitted it was facing tax evasion issues, saying a challenge to the award has come up short.

  • April 18, 2018

    House Votes Unanimously To Scrap IRS Oversight Board

    In a show of bipartisanship, the U.S. House of Representatives voted unanimously on Wednesday in favor of eliminating the Internal Revenue Service’s Oversight Board, along with other provisions.

  • April 18, 2018

    Michael Cohen, Wife Owe $110K Taxes On Taxi Cos., Docs Say

    As President Donald Trump’s embattled personal attorney Michael Cohen fights an FBI search warrant tied to his personal business dealings in federal court, New York City and state records show Cohen and his wife owe more than $110,000 in taxes related to NYC taxicab businesses that they own.

  • April 18, 2018

    Bill To Trash Some Tax Extenders Out By May At Earliest

    The House subcommittee responsible for addressing tax extenders may introduce legislation by the end of May that would scrap some of the extenders, the subcommittee’s chairman said after leading a closed-door meeting with other members of Congress to address the issue.

  • April 18, 2018

    Tax Pros No Longer Sure About Justices' Take On Wayfair

    A group of tax professionals said Tuesday’s oral arguments before the U.S. Supreme Court in a landmark online taxation case left them with the impression that the high court would not easily overturn precedent by allowing states to tax beyond their borders.

  • April 18, 2018

    EY Downplayed Sex Assault And Harassment, Partner Alleges

    An Ernst & Young tax partner has alleged that she was “egregiously” sexually assaulted and harassed by a male colleague and was forced to alter her career after the accounting giant sought to sweep her complaints under the rug, according to a charge filed Wednesday with the U.S. Equal Employment Opportunity Commission.

  • April 18, 2018

    Coke Downplays Brands’ Tie To Profit, Says Witness For IRS

    Coca-Cola’s foreign business units are more profitable than similar food and beverage companies because of the company’s brands and its dominance of local markets, an economist testified for the Internal Revenue Service Wednesday in its transfer pricing trial at the U.S. Tax Court.

  • April 18, 2018

    Reviving $92.5B In Tax Extenders Needless, Think Tank Says

    The Tax Foundation said in a paper Tuesday that if the 26 now-expired tax provisions being reviewed by a House subcommittee became permanent, the 10-year cost of doing so would be around $92.5 billion, but it said some provisions were no longer necessary and others should be allowed to expire.

  • April 18, 2018

    OECD Issues Draft Policy For Protecting Mining Revenue

    The Organization for Economic Cooperation and Development released a draft of potential policies Wednesday to combat situations in which multinationals carry out debt financing to build mines in developing countries and then use interest deductions to shift taxable profits away.  

  • April 18, 2018

    Privacy Group Starts 2nd Lawsuit Seeking Trump's Tax Info

    A Washington, D.C.-based privacy organization on Tuesday sued the Internal Revenue Service in D.C. federal court for a second time over what it called the agency’s failure to turn over information related to President Donald Trump’s tax records.

  • April 17, 2018

    House OKs Public Access To Tax-Exempt Orgs’ Returns

    The public would have the ability to inspect tax-exempt organizations’ electronically filed tax returns because of a bill the U.S. House of Representatives passed Tuesday, as part of a slew of tax-related bills considered by the chamber.

  • April 17, 2018

    News Site Can Access VAT Case Docs, UK Judge Says

    A U.K. judge has allowed a news outlet to access court documents related to a technology company’s challenge to a lower court decision that found the company avoided paying value-added taxes, citing “a duty under common law” to make information available to nonparties.

  • April 17, 2018

    Supreme Court Frustrated With Arguments In Wayfair Case

    The U.S. Supreme Court appeared divided Tuesday on the question of whether a state could compel remote sellers with no physical presence in the state to collect and remit use tax, with several justices seeming frustrated with the policy-filled arguments.

  • April 17, 2018

    Professionals Predict Win For South Dakota In Wayfair Case

    The U.S. Supreme Court is likely to side with South Dakota in the remote sales tax case, professionals at a Retail Industry Leaders Association conference said Tuesday, the same day the justices heard oral arguments in South Dakota v. Wayfair.

  • April 17, 2018

    Some 10,800 Sales Tax Jurisdictions Await Wayfair Answers

    An exponential increase in places that levy sales and use taxes during the past 25 years has created a scenario in which an estimated 10,801 localities are awaiting an answer from the Supreme Court, the Tax Foundation said Tuesday, further raising the stakes in the landmark South Dakota v. Wayfair case.

  • April 17, 2018

    IRS Grants 1-Day Filing Extension After System Outage

    The Internal Revenue Service is giving taxpayers a one-day extension to file and pay their taxes after experiencing technical difficulties with its online filing system on Tuesday.

Expert Analysis

  • Opinion

    There Is Middle Ground For US Lawyers On AML Regimes

    Matthew O'Hara

    The American Bar Association continues to oppose legislation that would impose certain European Union and U.K. anti-money laundering requirements on U.S. lawyers. The ABA should further consider its approach to this issue as there is a viable middle ground that protects privileged communications and confidential information while advancing the interests of the legal profession, says Matthew O’Hara of Freeborn & Peters LLP.

  • New Tax Rules For Termination Payments In UK

    Justin Tarka

    New rules aim to simplify the taxation of termination payments and mean that income tax and national insurance contributions must now be paid on all payments which relate to the notice period, says Justin Tarka of Ogletree Deakins Nash Smoak & Stewart PC.

  • 4 Nettlesome Issues For Private Equity Management

    Benjamin Ferrucci

    Tax reform's modification of the carried interest rules received a lot of attention. However, reform did little else to alter the private equity landscape, and private equity portfolio managers still must address four particularly troublesome compensation issues, says Benjamin Ferrucci, a partner at Locke Lord LLP in Boston.

  • Finance-Savvy Millennials Are Shifting Business Of Law

    Michael Perlich

    The impact of millennials has already been felt within the legal community by our eagerness to embrace new technologies. One way that we will have potentially even more impact lies in our willingness to embrace new ways of developing business and financing law, says Michael Perich of Burford Capital LLC.

  • Turning Tides: Limiting The Outsourcing Of Tax Audits

    Nelson Yates

    Four years ago, a temporary Treasury regulation went into effect allowing the IRS to hire outside contractors in taxpayer examinations. It appears this will soon change as multiple measures are under consideration that would nullify or restrict what many view as an impermissible outsourcing of the IRS' audit function, says Nelson Yates, counsel at Morgan Lewis LLP.

  • Opinion

    Attorney-Client Privilege Is Alive And Well

    Genie Harrison

    The FBI raid of the office of President Donald Trump’s personal lawyer set off a firestorm of controversy about the sanctity of the attorney-client privilege, epitomized by Trump's tweet that the "privilege is dead." But attorney-client privilege is never taken lightly — I have battle scars from the times I have sought crime-fraud exceptions, says Genie Harrison of the Genie Harrison Law Firm.

  • Roundup

    Dissolving Practice

    Dissolving Practice

    In this series, experts discuss the unique aspects of closing a law firm, and some common symptoms of dysfunctionality in a firm that can be repaired before it's too late.

  • Series

    Dissolving Practice: How To Fix A Dysfunctional Law Firm

    Larry Richard

    I am often asked, “When there are one or more partner departures, what can a firm do to prevent this from escalating to a catastrophic level?” The short answer is “nothing.” Law firms need to adopt culture-strengthening lifestyles to prevent defections from occurring in the first place, says Larry Richard of LawyerBrain LLC.

  • Chicago Tax Revenue Scheme May Not Be Bankruptcy-Proof

    Raphael Janove

    Chicago has securitized its sales tax revenue to take advantage of the bankruptcy-remote mechanism and lower interest rates. However, an analysis of the transfer shows it may be classified as a financing, not a true sale, and may not be as bankruptcy-proof as hoped, says Raphael Janove of Eimer Stahl LLP.

  • Your Guide To Wayfair: The Briefs In Support

    David Fruchtman

    In this article covering South Dakota v. Wayfair, David Fruchtman of Rimon PC, analyzes all of the briefs submitted in support of petitioner or in support of neither party.