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Tax

  • December 12, 2018

    Senate OKs Resolution Overturning Donor Disclosure Rule

    The U.S. Senate passed a resolution on Wednesday that would overturn guidance released by the U.S. Department of the Treasury that limits the disclosure requirements of certain nonprofits.

  • December 12, 2018

    Calif. To Vote On Controversial Text Message Tax Proposal

    The California Public Utilities Commission is gearing up to vote next month on a controversial proposal that would impose a tax on text messages as part of the commission’s effort to kick-start a waning revenue stream coming out of the telecommunications industry.

  • December 12, 2018

    Feds Call For CPA To Be Imprisoned For Role In $18M Fraud

    Federal prosecutors urged a California district court to reject an accountant’s plea for leniency following his guilty conviction in a client’s $18.2 million fraud, calling instead for a “significant” prison sentence on Wednesday to deter other tax return preparers.

  • December 12, 2018

    Cayuga Nation Secures Win In NY Property Tax Row

    A New York federal court judge has sided with the Cayuga Indian Nation in a long-running dispute with Seneca County over the collection of property taxes on land owned by the tribe, finding that the tribe’s sovereign immunity protects it from the suit.

  • December 12, 2018

    Puerto Rico Tax Overhaul Expected To Provide $2B In Relief

    Puerto Rico will have a lower corporate tax rate and a new tax credit aimed at creating a more attractive tax climate under a bill its governor recently signed that is expected to provide about $2 billion in tax relief. 

  • December 12, 2018

    UK's May Survives But Weakened After Brexit Revolt In Party

    Prime Minister Theresa May survived a coup attempt by rebel lawmakers within her Conservative Party late Wednesday, winning a no-confidence vote by a sufficiently large margin to allow her to continue pushing to get a draft Brexit withdrawal agreement through a hostile Parliament.

  • December 12, 2018

    EU Seeks Banks' Credit Card Data To Fight Online VAT Fraud

    Banks would have to share credit card data with European tax authorities under a draft law proposed by the European Commission on Wednesday, in a bid to cut value-added tax fraud using bogus online stores by €1.2 billion ($1.4 billion).

  • December 12, 2018

    Cohen Gets 3 Years For Russia Lies, Paying Trump Women

    A Manhattan federal judge sentenced Michael Cohen, President Donald Trump's former lawyer, to three years in prison Wednesday for a “smorgasbord” of crimes, including paying off two women who said they had affairs with the president, lying to Congress about Russia, and dodging taxes on $4.1 million of income.

  • December 12, 2018

    UK's May Faces No-Confidence Vote Over Brexit Plans

    Prime Minister Theresa May will face a vote of no-confidence from her own Conservative Party MPs on Wednesday evening as opposition to her plan to exit the European Union escalates, raising the prospect of a no-deal departure or no Brexit at all.

  • December 11, 2018

    NJ, Jersey City Sued Over 'Unconstitutional' Payroll Tax

    The state of New Jersey and Jersey City officials have been slapped with a lawsuit by Mack-Cali Realty Corp. and others claiming the town’s new measure imposing a payroll tax on non-resident employees in order to help offset public education costs is illegal “special legislation” that violates the state constitution.

  • December 11, 2018

    Calif. Adopts $100K Threshold For Tax On Remote Sellers

    California will require out-of-state retailers to collect and remit use tax to the nation’s most populous state if they have $100,000 in sales or 200 transactions, the taxing agency handling sales and use tax announced Tuesday.

  • December 11, 2018

    2nd Circ. Won’t Rehear Monster.com CEO's $41M Tax Row

    The Second Circuit won’t rethink its reversal of a U.S. Tax Court decision that had allowed the estate of the deceased founder of Monster.com to escape a $41 million tax deficiency over his contracts with two investment banks.

  • December 11, 2018

    Accountant Seeks No Prison Time For $18M Tax Return Fraud

    An accountant found guilty of helping a venture capitalist siphon $18 million from a fund through false tax returns has told a California federal court he should serve no time behind bars despite prosecutors' request for a "significant" prison sentence.

  • December 11, 2018

    Liberty Tax Franchisee Asks Justices To Revive $2.7M Award

    A former Liberty Tax franchise owner has asked the U.S. Supreme Court to review a Fourth Circuit decision partially vacating a $2.7 million award in his favor, saying the ruling contradicts Virginia law and contract terms.

  • December 11, 2018

    CFC Stock Rules Disarm Some Tax Traps But Pitfalls Remain

    Proposed regulations that exempt from taxation some investment earnings of a U.S. parent’s controlled foreign companies have closed some tax traps related to corporate borrowing, but companies must parse the rules carefully to ensure they meet their requirements.

  • December 11, 2018

    Contractor Admits Role In Sending Unqualified Guards To IRS

    A manager for a company that provided armed guards to the IRS has pled guilty to conspiracy to defraud the government in a scheme involving the falsification of firearm shooting scores, prosecutors said Monday.

  • December 10, 2018

    Judge Mulls Several Outcomes For NY Opioid Surcharge Law

    A Manhattan judge probed the pharmaceutical industry's attack on New York’s $600 million levy on the opioid industry and the state's defense of the law at a Monday hearing, asking questions that suggested a range of outcomes were on the table between letting the law be and striking it down.

  • December 10, 2018

    Renewal Of Extenders Absent From Revised Year-End Tax Bill

    A revised year-end tax package, released Monday by House Ways and Means Committee Chairman Kevin Brady, R-Texas, diverges from an earlier version by declining to address so-called extenders, which would revive expired tax credits retroactively.

  • December 10, 2018

    11th Circ. Drops Seminole Tribe's Suit Over Fla. Utility Tax

    The Eleventh Circuit has declined to revive the Seminole Tribe of Florida’s suit fighting the application of a state tax to electricity it uses for federally regulated activities, holding that the tribe lost its chance to raise the claims after failing to do so properly in an earlier challenge.

  • December 10, 2018

    Tishman, Lehman Wins Upheld In Archstone Buyout Row

    Lehman Brothers and Tishman Speyer are off the hook yet again in a sprawling lawsuit sparked by their ill-fated purchase of real estate investment trust Archstone-Smith for $22 billion, after the Tenth Circuit affirmed a lower court's order that shut down the 10-year-long investor class action.

Expert Analysis

  • Inside Key ABA Guidance On Attorneys' Cybersecurity Duties

    Joshua Bevitz

    A recent opinion from the American Bar Association provides useful guidance on attorneys’ obligations to guard against cyberattacks, protect electronic client information and respond if an attack occurs, says Joshua Bevitz of Newmeyer & Dillion LLP.

  • Illinois Tax Talk: Parking Lot And Garage Operations Tax

    David Machemer

    Historically, the parking lot tax was one of a handful of taxes that were not actively audited. However, in the past few years in Cook County, Illinois, there has been a significant uptick in audits and challenges to taxpayer positions on the tax, says David Machemer of Horwood Marcus & Berk Chtd.

  • Reading Tea Leaves: The Oral Argument In Dawson V. Steager

    Edward Zelinsky

    Comments during oral argument in Dawson v. Steager suggest the U.S. Supreme Court will strike as discriminatory a West Virginia statute that taxes pensions of federal retirees. The question is how broadly the justices will apply the doctrine of intergovernmental tax immunity, says Cardozo School of Law professor Edward Zelinsky.

  • Texas Employers Take Notice: Proposed Bills For 2019

    Felix Digilov

    Many of the bills submitted at the end of the Texas Legislature's last session for consideration next year affect the workplace and carry the potential to significantly alter the landscape for employers and their employees, says Felix Digilov of Fisher Phillips.

  • Tax Reform Keeps Switzerland A Top Corporate Locale

    Danielle Wenger

    In this overview of the latest iteration of Swiss tax reform, Danielle Wenger and Manuel Vogler of Prager Dreifuss AG discuss key measures of the new reform and assess the impact for corporations.

  • Opening Comments: A Key Strategic Decision In Mediation

    Jann Johnson

    Opening comments by parties in mediation that are made with the proper content and tone can diffuse pent-up emotion and pave the way for a successful resolution. But an opening presentation can do more harm than good if delivered the wrong way, say Jann Johnson and William Haddad of ADR Systems LLC.

  • How To Help Realize A Tax Equity Market For Carbon Capture

    Hunter Johnston

    In February, Congress amended Internal Revenue Code Section 45Q, creating a tax equity market that supports investment in carbon capture and storage projects. Additional guidance, like that proposed by the Carbon Capture Coalition, is needed in a number of key subject areas to unlock this market, says Hunter Johnston of Steptoe & Johnson LLP.

  • Key Choices For Investors Under New Partnership Audit Rules

    Brad Wagner

    For 2018 returns, partnership tax audit adjustments will be assessed at the partnership — not the partner — level, causing a potentially inequitable result in the typical foreign blocker structure. The IRS has issued favorable, albeit complex, regulations to address this scenario, says Brad Wagner of Wagner Duys & Wood LLP.

  • Nonprofits And Volunteers: Understanding The Risks

    Ryan Portugal

    Nonprofit organizations commonly rely on volunteers to help achieve their mission. But circumstances in which volunteers can be treated as employees for purposes of tax, employment or negligence laws can have costly ramifications, says Ryan Portugal of Williams Parker Harrison Dietz & Getzen.

  • Taxpayers Should Note These 2 Items From Calif. Tax Regs

    Eric Coffill

    A “second adopt notice,” issued Nov. 27, is the latest step in the transition of California tax programs to the jurisdiction of the California Department of Tax and Fee Administration. Two major items of interest in the notice involve new appeals procedures, says Eric Cofill of Pillsbury Winthrop Shaw Pittman LLP.