Tax

  • January 19, 2018

    Judiciary Can Stay Open For 3 Weeks After Shutdown

    Even though the government has shut down, the federal courts will open their doors Monday and remain up and running at least until their funds run dry in about three weeks, an Administrative Office of U.S. Courts spokesperson said Friday.

  • January 19, 2018

    Gov't Seeks High Court Look At $75M Rail Co. Tax Refund

    The IRS asked the U.S. Supreme Court on Thursday to reconsider an Eighth Circuit decision to award a railroad company a $75 million refund of taxes paid on employee stock options, but wants the court to put its petition on ice until it rules on a similar case.

  • January 19, 2018

    Taxation With Representation: Wachtell, Kirkland, Latham

    In this week’s Taxation With Representation, Silver Lake and P2 purchased Blackhawk for $3.5 billion, Energizer acquired Spectrum’s battery business for $2 billion, Wyndham snapped up La Quinta for $1.95 billion, and Energy Transfer sold its natural gas compression business to USA Compression for $1.8 billion.

  • January 18, 2018

    Retailer Gets 2 Years For $5.6M Tax Fraud Scheme

    A California man who operated retail locations in the state was sentenced Wednesday to two years imprisonment after pleading guilty to failing to pay $5.6 million in sales, income and payroll taxes, the California attorney general announced.

  • January 18, 2018

    House OKs Spending Bill To Head Off Gov't Shutdown

    The U.S. House of Representatives on Thursday approved a short-term spending bill to keep the government funded for several more weeks, but the threat of a government shutdown loomed as the bill moved to the Senate, where passage remains uncertain.

  • January 18, 2018

    Tax Court Backs Treasury Regs In $377M Foreign Income Suit

    The U.S. Tax Court on Thursday upheld regulations issued by the U.S. Department of the Treasury governing income from a controlled foreign corporation, saying an affiliate of commodities trader Susquehanna International Group LLP owes taxes on some $377 million in income.

  • January 18, 2018

    EU Launches Probe Into Poland's Tax Scheme For Shipyards

    The European Commission has announced that it is investigating Poland’s low flat-rate sales tax for shipyards operating within the nation's borders, saying the policy is possibly flouting European Union state aid rules by giving a selective advantage to companies in the country. 

  • January 18, 2018

    Stadium Can't Apply Reduced VAT To Tours: Top EU Court

    The operator of an Amsterdam sports arena can’t apply a reduced value-added tax rate to the cost of tours, the European Union’s top court ruled on Thursday, finding that a portion of the tour featuring access to a museum wasn’t a separate cultural service that warranted a lower rate.

  • January 18, 2018

    Renewable Energy Grant Bout Must Go To Trial, Judge Says

    Two energy companies must take their lawsuit to trial in a dispute against the government over $24 million in renewable energy cash grants after a U.S. Court of Federal Claims judge denied both sides’ bids for early wins on Wednesday.

  • January 18, 2018

    Amazon Trims List Of 'HQ2' Contenders To 20

    Amazon pared down its list of potential locations for a second North American headquarters to 20, saying Thursday it will decide from a select group of candidates that includes New York City, Los Angeles, Chicago, Austin, Philadelphia, Miami and Newark, New Jersey.

  • January 17, 2018

    EU Floats Rules To Give Countries More VAT Flexibility

    The European Commission continued its efforts to drastically overhaul the value-added tax system on Thursday by floating new rules that would loosen the rate restrictions for its member countries and reduce the compliance costs for small businesses. 

  • January 17, 2018

    Greenberg Traurig Faces DQ Bid By Onetime Vet-Led Client

    Florida-based government contractor National Sourcing Inc. asked a court Tuesday to disqualify Greenberg Traurig PA from representing a subcontractor and others because of the firm's previous work for NSI, a disabled veteran-owned company.

  • January 17, 2018

    Apple Expects $38B Tax Hit On Overseas Cash From GOP Bill

    Apple Inc. said Wednesday it expects to pay $38 billion in taxes on repatriated funds brought from overseas as required by the new federal tax overhaul, noting it would likely be the largest payment of its kind ever made.

  • January 17, 2018

    IRS Delays Penalty For Excise Tax On Medical Devices

    The Internal Revenue Service will not impose a penalty on medical device manufacturers that fail to make excise tax deposits due in the first three quarters of the year, according to an announcement on Wednesday.

  • January 17, 2018

    Martha’s Vineyard Exorcist Gets Over 2 Years, $4.2M Penalty

    A prominent East Coast psychic was sentenced on Wednesday to two years and two months in prison and agreed to repay more than $4.2 million of income plus taxes she admitted to concealing over seven years that an elderly Martha's Vineyard woman paid to undergo exorcism routines.

  • January 17, 2018

    Utah Law Can't Restrain Fed. Tax Collection, 10th Circ. Told

    The U.S. government appealed to the Tenth Circuit on Tuesday, after a Utah federal court knocked down its bid to collect approximately $1.5 million in estate taxes from the heirs of a hotel and casino operator in Nevada.

  • January 17, 2018

    House May Vote On Spending Bill Delaying ACA Taxes

    The House could vote as early as Thursday on a short-term government funding bill that would delay the onset of three taxes originally enacted in the Affordable Care Act health care reform law, but the legislation could stall as Republicans and Democrats disagree on what should be included in the measure.

  • January 17, 2018

    NY Tax Dept. Proposes State Law Changes In Light Of TCJA

    The New York State Department of Taxation and Finance presented Democratic Gov. Andrew Cuomo with a preliminary report Wednesday outlining potential modifications to the state’s tax code that could help minimize the impact the Tax Cuts and Jobs Act, P.L. 115-97, is expected to have in high-tax states.

  • January 17, 2018

    Eaton Clashes With IRS In Tax Court Over Foreign Income

    Eaton Corp. clashed with the IRS in the U.S. Tax Court on Wednesday over the question of when a foreign subsidiary’s income becomes taxable in the U.S., in the latest skirmish between the power management company and the federal tax agency.

  • January 17, 2018

    Meaning Of Money Key In $13M High Court Stock Options Suit

    Statutory interpretation and congressional intent will play a pivotal role in a U.S. Supreme Court appeal over whether $13.3 million in stock options given to employees of a Canadian railroad company is taxable compensation, a case that will see the justices delve into what exactly constitutes “money remuneration.”

Expert Analysis

  • Tax Overhaul Is A Mixed Blessing For The Finance Industry

    Michele Alexander

    The 40 percent reduction in the statutory corporate rate stands to yield major benefits for the finance sector. But other provisions in the Tax Cuts and Jobs Act, including international anti-abuse laws, may unintentionally burden banks, say Michele Alexander and Ryan Davis of Bracewell LLP.

  • America's Shifting Views On Marijuana Post-Cole Memo

    Jonathan Robbins

    Although Attorney General Jeff Sessions' rescission of the Cole memo does not change federal law, negative response to the rescission across the cannabis sector and political landscape was strong, swift and bipartisan, which may lead to congressional action in the future, say Jonathan Robbins and Joshua Mandell of Akerman LLP.

  • An Important International Provision In The Tax Act

    Charles Purcell

    The Tax Cut and Jobs Act made significant changes to the taxation of foreign income of U.S. persons, including the introduction of a new type of income. Attorneys with K&L Gates LLP look at how the new global intangible low-taxed income could affect investment funds.

  • How Tax Reform Will Change FCA Settlements

    Douglas Baruch

    Little attention has been paid to a provision of the new tax law that requires federal agencies to specify, at the time of settlement of government claims, the portion of the settlement that may be deductible as a business expense. This is sure to impact False Claims Act and other settlements involving the government going forward, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • The Public Finance Industry Dodged A Tax Reform Bullet

    Victoria Ozimek

    The passage of the tax bill brought an end to a nearly two-month rollercoaster ride that had the public finance industry white-knuckled and a little green in the face. The final bill belied initial assurances that tax reform “won’t touch tax-exempt bonds,” but the end result could have been a lot worse, say Victoria Ozimek and Brian Teaff of Bracewell LLP.

  • The Latest From IRS On Section 409A Relief

    Marc Fosse

    Taxpayers required to include the value of their 457A plan benefit in income before receiving a distribution may find they have an unexpected tax hit without a plan distribution to cover the tax liability. But a notice recently issued by the IRS allows for distribution of funds from 457A plans without incurring additional penalties under Section 409A of the Internal Revenue Code, say Marc Fosse and Yatindra Pandya of Trucker Huss APC.

  • 6 E-Discovery Predictions For 2018

    Erich Potter

    Erich Potter, discovery counsel with Oles Morrison Rinker & Baker LLP, discusses six ways e-discovery will continue to excite and confound in 2018.

  • 6 Roles To Embrace In An Evolving Legal Industry

    Rob MacAdam

    Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.

  • Opinion

    This Year, Let’s Invest In Lawyer Resiliency

    krishtel.photo.jpg

    Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.

  • What Tax Reform Means For The Energy Sector: Part 2

    Amish Shah

    Companies in the energy sector will be affected by many provisions in the new tax law, including changes to base erosion taxation, the corporate alternative minimum tax, net operating losses, contributions in aid of construction, partnership and other pass-through income and Section 199 domestic production activities, say attorneys with Eversheds Sutherland LLP.