Tax

  • October 19, 2017

    Estate Tax Repeal Could Blot Out Charitable Art Donations

    President Donald Trump and congressional Republicans have proposed repealing the estate tax as part of their push to revamp the tax code, a change that could remove a big incentive for art collectors to donate their pieces to museums and foundations.

  • October 19, 2017

    Pa. Justices Affirm Nixing $1M Modem Service Sales Tax

    The Pennsylvania Supreme Court on Wednesday affirmed a decision agreeing that the state could not impose a $1 million sales tax on Level 3 Communications LLC over its provision of modem services to AOL Inc.

  • October 18, 2017

    Pa. Justices Partially Strike Cap On Net Loss Carryovers

    Pennsylvania's highest court on Wednesday said Nextel Communications could not use prior operating losses to reduce its 2007 corporate taxable income to zero, ruling the Pennsylvania Department of Revenue does not have to refund the company $3.9 million and finding the state's cap on "net loss carryover" deduction violated the state Constitution's tax uniformity clause.

  • October 18, 2017

    Pa. Reps. Pass Natural Gas Severance Tax Through Committee

    The Pennsylvania House Finance Committee on Wednesday cleared a bill that imposes an incremental severance tax on natural gas production in a bipartisan, 16-9 vote.

  • October 18, 2017

    Economists Question Impact Of Tax Cuts

    The White House is making the case for significant tax cuts by citing economic and job growth data from previous tax cuts, but economists say the administration is looking at the data in a vacuum when in reality, the economic effects of tax policy are difficult to ascertain.

  • October 18, 2017

    US Companies' Tax Havens Costing Gov't $100B, Report Says

    U.S. multinational companies are holding a total of roughly $2.6 trillion in profits offshore largely in tax havens, costing the government $100 billion in corporate income tax revenue each year, according to a report from the Institute on Taxation and Economic Policy released Tuesday.

  • October 18, 2017

    11th Circ. Vacates $1.8M Forfeiture In Tax Return Fraud

    The Eleventh Circuit vacated a $1.8 million forfeiture judgment on Wednesday against a woman who pled guilty to a tax fraud scheme, citing the U.S. Supreme Court's Honeycutt decision that reined in the government's ability to go after untainted assets of co-conspirators.

  • October 18, 2017

    Tax Reform Needs Strong Economy, Says Ways & Means Chair

    House Ways and Means Committee Chairman Kevin Brady, R-Texas, spoke Wednesday on tax reform, saying economic growth would be the underlying driving force for many of the goals enshrined in the Republican tax reform plan.

  • October 18, 2017

    Tax Plan Would Give Trump Cabinet $3.5B Break, Report Says

    The new tax framework from the White House and congressional Republican leadership would give the families of President Donald Trump and members of his Cabinet a combined windfall of up to $3.5 billion by repealing the estate tax, according to a report cited Wednesday by Senate Democrats. 

  • October 18, 2017

    Forever 21 Can’t Dodge Discovery In Tax Spat, Customers Say

    A putative class of New York consumers have fired back at a bid by Forever 21 to dodge a suit claiming the retailer charged a nonexistent sales tax on clothing purchases, saying they are entitled to discovery on whether such charges were remitted to the state.

  • October 17, 2017

    Company Tax Cuts Help Workers, Trump Again Insists

    President Donald Trump on Tuesday repeated widely criticized claims from the White House chief economist that a 15 percent tax cut for corporations would result in a $4,000 annual income boost to average American households.

  • October 17, 2017

    IRS Formally Withdraws Proposed Estate Transfer Regs

    The IRS on Tuesday formally withdrew a controversial Obama-era regulation that was proposed to prevent the undervaluation of transferred interests for estate tax purposes, one of several rules that the U.S. Department of Treasury had targeted as part of an effort to simplify the tax code.

  • October 17, 2017

    Identity Theft-Linked Tax Return Fraud Plummets, IRS Says

    The Internal Revenue Service said Tuesday that identity theft-related tax return schemes have dropped by roughly two-thirds since 2015, but new measures will be put in place to help battle refund identity theft.

  • October 17, 2017

    Equifax Protest Of IRS Contract Loss ‘Unreasonable’: GAO

    The Government Accountability Office on Monday denied Equifax’s “unreasonable” protest of a yearlong blanket purchase agreement the Internal Revenue Service awarded to competitor Experian for the administration of taxpayer identity and verification services.

  • October 17, 2017

    OECD To Eye Short-Term Fixes For Taxing Digital Economy

    An Organization for Economic Cooperation and Development project to develop new rules for taxing the digital economy will likely look at short-term solutions, although it may not be able to reach consensus, the organization's tax chief said.

  • October 17, 2017

    Suspended Atty Claims $1M Tax Ruling Violates His Rights

    A suspended lawyer convicted of tax fraud has challenged a California federal magistrate judge’s finding that he still owes more than $1 million in back taxes and penalties, arguing the holding violated his due process rights.

  • October 17, 2017

    NY, NJ, Calif. Worst States For Business Taxes, Study Says

    A new ranking of state business climates released Tuesday by the Tax Foundation found New York, New Jersey and California to be the worst, declaring bluntly that “taxes matter” due to their proven links to economic growth and job creation.

  • October 17, 2017

    Bipartisan ACA Deal Would Renew Subsidies, Add Flexibility

    The leaders of a key Senate panel have struck a deal intent on restoring cost-sharing reduction payments and offering states more flexibility under the Affordable Care Act’s insurance rules as part of a bid to prop up the individual markets over the next two years.

  • October 17, 2017

    Philly Politicians Flay Soda Tax At Senate Hearing

    A pair of Philadelphia politicians railed against the city’s controversial sweetened beverage tax in a Pennsylvania Senate hearing Tuesday, suggesting that the goals of expanding pre-K and upgrading parks and recreation centers should be funded instead by sustaining the current wage tax.

  • October 16, 2017

    Tax Court Finds Couple's Management Fees Unreasonable

    A Colorado couple cannot deduct more than $9 million they purportedly paid in management fees to sell household chemical products after the U.S. Tax Court ruled on Monday that the fees were really camouflage for excessive executive compensation.

Expert Analysis

  • Asian-Americans Facing Challenges In The Legal Industry

    Goodwin Liu

    Asian-Americans are the fastest-growing minority in the legal profession, but recent studies confirm their underrepresentation among partners, prosecutors, judges and law school administrators. We must take action, say Goodwin Liu, associate justice of the California Supreme Court, and Ajay Mehrotra of the American Bar Foundation.

  • How States Are Trying New Strategies To Collect Sales Tax

    Carley Roberts

    States historically have had difficulty collecting sales tax from out-of-state sellers, thanks to the U.S. Supreme Court's Quill decision. But recent laws aimed at forcing online marketplaces to collect sales tax or comply with certain reporting requirements show that states are getting creative in pursuing tax revenue, say attorneys at Eversheds Sutherland LLP.

  • A BigLaw Ladies’ Guide To Becoming A 1st-Chair Trial Lawyer

    Sarah Rathke

    Judge Shira Scheindlin recently published an op-ed in The New York Times discussing the statistical truth that law firms have poor representation of female attorneys as first-chair trial lawyers. Backed by data collected by the New York State Bar Association, Judge Scheindlin’s observation is not merely anecdotal. But it doesn’t have to be inevitable, says Sarah Rathke, a partner and trial lawyer at Squire Patton Boggs LLP.

  • Section 409A And Deferred Compensation Arrangements

    Excerpt from Lexis Practice Advisor
    Sinead Kelly

    Section 409A of the Internal Revenue Code provides some special exemptions and exclusions for deferred compensation earned under certain foreign plans and otherwise by U.S. taxpayers who work or have previously worked outside the United States. In this article, Sinead Kelly and Narendra Acharya of Baker McKenzie outline what to know about these special rules.

  • Many Questions Unanswered After California's Tax Shakeup

    Huy Le

    In June, California overhauled its taxation system and created two new tax agencies. A bill signed into law last month further defined the roles and rules of these entities. But taxpayers with pending appeals still face a great deal of uncertainty about the new system, say Huy Le and Timothy Gustafson of Eversheds Sutherland.

  • 5 Tips To Ensure Proper Deposition Behavior

    Brian McDermott

    If conducted properly, depositions can be a powerful tool. At times, though, opposing counsel employ tactics to impede the examiner’s ability to obtain unfiltered, proper testimony from the deponent. By knowing and effectively using applicable rules and case law, however, deposing attorneys can take specific steps to combat these tactics, say attorneys with Ogletree Deakins Nash Smoak & Stewart PC.

  • Opinion

    A Better Way To Tax Foreign Profits Of US Companies

    Robert Pozen

    The United States' system for taxing foreign profits of U.S. companies is broken. Switching to a modified territorial system would allow U.S. multinationals to compete on an equal playing field in most countries, but would stop the predictable abuses of a pure territorial approach, says Robert Pozen of the MIT Sloan School of Management.

  • Opinion

    Like-Kind Exchanges: Crucial To Small Business Growth

    Brent Abrahm

    For more than 90 years, like-kind exchanges under Section 1031 of the Internal Revenue Code have been a key tool for small businesses and investors. But this powerful economic driver is now in real danger as Congress and the Trump administration ponder its possible elimination as part of tax reform, says Brent Abrahm of Accruit.

  • Series

    Judging A Book: Tunheim Reviews 'Miles Lord'

    Chief Judge John Tunheim

    Litigator Roberta Walburn’s rollicking new book, "Miles Lord: The Maverick Judge Who Brought Corporate America to Justice," is a really good read — a fascinating story about a life lived in the heat of battle and usually at the edge of what might have been considered appropriate for a federal judge, says Chief U.S. District Judge John Tunheim of the District of Minnesota.

  • Collaboration Between Company's Tax And IP Experts: Part 2

    Rebel Curd

    Early and effective communication among the tax, intellectual property and legal teams within a multinational enterprise can help mitigate risk if the company’s intercompany licenses, transfer prices and/or transfer pricing documentation are produced in subsequent IP litigation, say consultants at Charles River Associates.