Tax

  • April 27, 2017

    Mich. Tax Tribunal Can't Ax Reassessment Deal for Timeliness

    Michigan’s Tax Tribunal must honor a consent judgment reducing the 2013 tax liability on a vacant commercial property, a Michigan appeals panel ruled Tuesday, overturning a decision rejecting the tax dispute as time-barred.

  • April 27, 2017

    EU Closer To Shutting Tax Loopholes After Key Vote

    The European Parliament announced Thursday it has closed the legal loopholes that have allowed big businesses to exploit disparities between national tax regimes, in a key vote on amendments that have now been sent to the European Council for final approval.

  • April 26, 2017

    Temporary Nature Of Tax Cuts May Lessen Economic Growth

    The big tax announcement that President Donald Trump promised brought few surprises on Wednesday as it mostly rehashed his campaign pledges, but it suggests that comprehensive tax reform may amount to little more than temporary tax cuts that will curtail businesses' readiness to make long-term investments in the U.S. economy.

  • April 26, 2017

    Lawmakers Introduce Biodiesel Tax Credit Bill

    A bipartisan group of lawmakers on Tuesday announced that they have introduced a piece of legislation to reform the country’s biodiesel tax credit, saying that the bill would help support U.S. products.

  • April 26, 2017

    Ex-Fla. Lawmaker Didn't File Tax Returns For 7 Years

    Former State Rep. Erik Fresen pled guilty Wednesday to failing to file a tax return for 2011, just one year of a seven-year span in which he skipped filing returns while serving as a legislator.

  • April 26, 2017

    Louisiana's Controversial Gross Receipts Tax Put On Ice

    Louisiana Gov. John Bel Edwards accepted defeat Tuesday on the Democrat's controversial proposal for a commercial activity tax for businesses based on their gross receipts, an end-run around limitations on taxing out-of-state companies also being attempted elsewhere that was pulled by the bill's sponsor.

  • April 26, 2017

    House Conservatives Back Revamped ACA Repeal

    House Republicans appear to have resuscitated their efforts to repeal the Affordable Care Act, as key conservative lawmakers on Wednesday signed on to a compromise measure that would alter protections for pre-existing conditions.

  • April 26, 2017

    EU Directs 4 Years In Jail For Major Tax Fraud, Corruption

    A directive adopted Tuesday by the Council of the European Union will require member nations to implement criminal laws including a maximum penalty of at least four years in prison for major tax evasion, fraud, corruption and other white collar crimes harming the EU budget.

  • April 26, 2017

    Senators Unveil Bill For Federal Regulation Reform

    A bipartisan pair of U.S. senators announced Wednesday that they have introduced a piece of legislation aimed at federal regulatory agencies with the intent to reform the process by which those agencies analyze and formulate new regulations and guidance documents.

  • April 26, 2017

    Trump Pushes For 15% Corporate Rate In New Tax Plan

    A 15 percent tax rate for corporations and the repeal of a 3.8 percent tax on net investment income are the top priorities in the Trump administration’s tax reform agenda, according to a plan released by the White House on Wednesday.

  • April 26, 2017

    NY Tax Dept. Deems Web-Based Software Sales Taxable

    New York tax authorities have determined that sales tax applies to online file-sharing software used by corporate boards of directors in an advisory opinion released Tuesday, but allowed for proportional exclusions for out-of-state board members and exempt internet access functions.

  • April 25, 2017

    USAA Settles Sales Tax Compensation Class Action For $39M

    The United Services Automobile Association agreed Tuesday to pay $39 million to settle a class suit in Florida challenging its practice of compensating policyholders with totaled cars for the sales tax incurred in purchasing a replacement, rather than determining tax based on the covered vehicle's value.

  • April 25, 2017

    NJ City Failed To Justify Added Tax On Motel, Judge Says

    A New Jersey tax judge has axed the beachside city of Wildwood's retroactive assessment of a $177,500 tax increase on a 1960s-era “doo-wop” motel, saying the city failed to present a convincing argument in support of its claim that new development had increased the value of the motel.

  • April 25, 2017

    Mass. Lawmakers Pull Sugary Drink Tax From House Budget

    A proposed amendment to the budget in the Massachusetts House of Representatives that would have raised about $360 million annually by taxing sugary drinks was withdrawn on Monday during a budget hearing in the House.

  • April 25, 2017

    NY To Pay $44.4M To Truckers Over Highway Use Tax

    The New York Department of Taxation and Finance has agreed to pay $44.4 million to settle class action claims that it established an unconstitutional highway use tax that discriminated against out-of-state truckers, the Owner-Operator Independent Drivers Association announced Monday.

  • April 25, 2017

    7th Circ. Denies Medical School's Bid For $6.7M Tax Refund

    The Seventh Circuit on Tuesday declined to revive a Wisconsin medical school’s suit seeking $6.7 million from the Internal Revenue Service after the agency said it had overpaid interest on a refund to the medical school and asked for the amount back, finding that the IRS applied the relevant statute correctly.

  • April 25, 2017

    EU Report Says Banks Should Report Tax Avoidance Schemes

    The European Union lost at least €109 billion ($119 billion) in revenue in 2015 as a result of tax avoidance schemes identified during the Panama Papers leak and should expand the scope of anti-money laundering laws to cover banks and law firms, according to two European Parliamentary reports released Monday.

  • April 25, 2017

    Jury Partially Deadlocked In Dallas Corruption Trial

    A Texas federal jury weighing a corruption case against Dallas County Commissioner John Wiley Price partially deadlocked Tuesday in its fifth day of deliberations, but was instructed by the judge to “take a few deep breaths,” get a good night’s sleep and return the next morning to try to reach unanimity.

  • April 25, 2017

    Stock Is Taxable Despite Transactions, Tax Court Says

    The U.S. Tax Court ruled Monday that two former business partners are on the hook for about $46 million each, plus penalties, for structuring transactions involving the partners' shares in a distressed debt loan business so as to avoid reporting them as taxable compensation.

  • April 25, 2017

    Ex-Boilermakers Boss Indicted In Alleged $1.5M Fund Theft

    A western Pennsylvania labor leader was slapped with federal charges Monday alleging that he stole some $1.5 million in funds from an International Brotherhood of Boilermakers local for his own use and failed to pay taxes on the money.

Expert Analysis

  • Roundup

    3 Tax Reform Perspectives

    Tax Reform Perspectives

    In this recent series on federal tax reform, practitioners explore current proposals and initiatives, and reflect on how past efforts to change the system may provide lessons — and warnings — for today's would-be tax reformers.

  • Disarming Puerto Rico’s Pension Time Bomb

    Richard Cooper

    Puerto Rico faces difficult choices regarding how to address the substantial cost and massive underfunding of its public pension sy­stems. Title III is likely the best option available to the commonwealth to adjust its public pension obligations as part of the larger effort to address its current fiscal crisis, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Series

    Counsel To Counsel: A Law Firm GC's Data Protection Duties

    Thomas W. White

    Increasingly, we see companies in all industries seeking to perform various levels of due diligence on our information security defenses. We received three times as many diligence requests from clients and prospective clients in 2016 as we did in 2015. Some clients even conduct their own penetration tests, says Thomas White, general counsel of WilmerHale.

  • British Virgin Islands Aligns With Global Standards

    Rachael McDonald

    The British Virgin Islands, like other offshore financial centers, has struggled against public perception that it is a treasure island for corrupt politicians and fraudsters. But global monitors now rank the BVI alongside the U.K. and the U.S. in compliance with international standards, and more constructive changes are on the way, say Rachael McDonald and Sarah Galletly of Mourant Ozannes.

  • SEC Provides Offshore Feeder Relief, But Challenges Remain

    Mark C. Amorosi

    The U.S. Securities and Exchange Commission's recently granted no-action relief is an incremental step in reducing barriers to global distribution of U.S. registered funds and may marginally increase the use of cross-border master-feeder arrangements, say attorneys with K&L Gates LLP.

  • Series

    Counsel To Counsel: Evaluating Positional Conflicts

    Nicholas A. Gravante Jr.

    What happens when attorneys come to their general counsel’s office with knowledge of a potential positional conflict? While the inquiry will depend on the rules governing the particular jurisdiction, there are a few general questions to consider from both business and legal ethics perspectives, say general counsel Nicholas A. Gravante Jr. and deputy general counsel Ilana R. Miller of Boies Schiller Flexner LLP.

  • Delaware Re-Ups Dubious Unclaimed Property Audit Rules

    Mary Jane Wilson-Bilik

    In last year's Temple-Inland v. Cook decision, a federal court held that Delaware violated a taxpayer’s due process rights with an excessive unclaimed property assessment. The Delaware Legislature later revised its unclaimed property statute. But the state's Department of Finance has now proposed audit rules that are virtually identical to those condemned by the court, say attorneys from Eversheds Sutherland (US) LLP.

  • Series

    Counsel To Counsel: 5 Challenges For A Law Firm GC

    John Koski

    Regardless of where we live and practice, regardless of whether trade deals succeed or fail, and regardless of whether the movement of people or capital is easy or difficult, our clients will still have needs or problems far away from home, says John Koski, global chief legal officer at Dentons.

  • Series

    My Strangest Day In Court: When The Witness Attacked

    James J. Brosnahan

    Focused on my final argument notes, I nonetheless noticed a pause in the cross-examination of my client. Then I saw a flutter of activity out of the corner of my right eye, recalls James Brosnahan of Morrison & Foerster LLP.

  • Series

    Tax Reform Perspectives: Death, Taxes And Uncertainty

    Joy Sabino Mullane

    In the third installment of a series featuring commentary from tax experts on the prospects for major reform of the federal tax system, Joy Sabino Mullane of Villanova University's Charles Widger School of Law looks at how tax reformers may approach changing or repealing the estate tax, and reviews similar attempts during past tax reform efforts.