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Tax

  • July 17, 2018

    House To Vote On Resolution Opposing Carbon Tax

    The U.S. House of Representatives could vote as early as Wednesday on a nonbinding resolution expressing the view that a carbon tax would be harmful to the economy and to American families.

  • July 17, 2018

    States Seek To Pause ACA Subsidy Fight With Feds

    Democratic attorneys general asked a California federal judge to pause or end their lawsuit attempting to block the Trump administration from cutting billions in Affordable Care Act subsidies, noting that workarounds to the cuts are in place in many states while insisting future action may be needed.

  • July 17, 2018

    Brady, Trump Discuss Next Round Of Federal Tax Overhaul

    U.S. House Ways and Means Committee Chairman Kevin Brady, R-Texas, met with President Donald Trump Tuesday to discuss the next round of the federal tax overhaul, promising a vote on the legislation in the House during September.

  • July 17, 2018

    4 States Sue Feds Over SALT Deduction Cap

    New York, Connecticut, New Jersey and Maryland have filed suit against the federal government over the $10,000 cap imposed on state and local tax deductions by the federal tax overhaul, New York Gov. Andrew Cuomo announced Tuesday.

  • July 16, 2018

    Treasury Scraps Donor Reporting For Some Nonprofit Groups

    Some tax-exempt organizations will no longer have to provide the Internal Revenue Service with information that identifies their donors, according to an announcement Monday night from the U.S. Department of the Treasury and the IRS.

  • July 16, 2018

    House Committee Tees Off Vote For $11.6B IRS Budget

    The House Committee on Rules voted Monday to allow the full U.S. House of Representatives to consider an $11.6 billion Internal Revenue Service budget for fiscal year 2019.

  • July 16, 2018

    Accountant Blames $18M Fraud On VC's Ego As Trial Wraps

    An accountant’s counsel urged a California federal jury to clear him of charges claiming he helped a biotech venture capitalist siphon $18 million from an investment fund, arguing as a weekslong trial closed Monday that the fraud was solely caused by the accountant's client, who was “completely consumed with his ego.”

  • July 16, 2018

    SD Can't Collect Excise Tax From Tribe's Casino Renovation

    South Dakota can no longer impose an excise tax on a Native American tribe’s casino renovation project, but the tribe cannot sue the state in federal court for a refund of the amount it was already forced to pay, according to a district court ruling Monday.

  • July 16, 2018

    Trump Shouldn't Be Sure Kavanaugh Will Derail ACA

    If D.C. Circuit Judge Brett Kavanaugh joins the U.S. Supreme Court, he could be a pivotal vote in a major Affordable Care Act case, but his apparent views on the case’s central legal question make him far from a sure bet to rule against the law.

  • July 16, 2018

    OECD Gives US Mostly Passing Grades On Tax Transparency

    The U.S. is largely compliant with international standards for exchanging tax information, but could do more to ensure all beneficial owners of companies and trusts are accounted for, according to a set of peer reviews the Organization for Economic Cooperation and Development issued Monday.

  • July 16, 2018

    Costco, Abbott Win Nutritional Drink Sales Tax Suit On Appeal

    A California appeals court has affirmed a lower court decision favoring Costco, the California Board of Equalization and Abbott Laboratories, the manufacturer of nutritional shake Ensure, in a lawsuit that sought to recover sales tax placed on the product.

  • July 16, 2018

    Pa. Can Recoup Tax Benefits After Restaurant’s Sale

    A Pennsylvania appeals court issued a published decision on Monday finding that the state’s Department of Community and Economic Development could reclaim tax benefits it awarded to restaurateur Marc Vetri for opening an eatery in an underdeveloped area before later selling the establishment to Urban Outfitters Inc.

  • July 16, 2018

    ABA Ex-Employee Stole $1.3M, Doc Shows

    A now-former employee took an estimated $1.3 million from the American Bar Association over "a period of multiple years" leading up to 2017, the organization said in a tax document made public Friday.

  • July 16, 2018

    Tribal Business Wants Out Of California Cigarette Tax Laws

    A business entity of the Big Sandy Rancheria Band of Western Mono Indians filed suit against the California attorney general in federal court asking for a declaration that it is not subject to certain state tax requirements on the sale of tobacco products.

  • July 13, 2018

    Widow Of Ex-UAW Exec Gets 18 Months For Tax Fraud

    A Michigan federal judge sentenced the widow of a former United Automobile Workers vice president to 18 months in prison Friday for tax fraud, an offense stemming from $1.5 million in cash bribes and gifts her husband accepted from Fiat Chrysler Automobiles executives during collective bargaining negotiations between the company and the union.

  • July 13, 2018

    Texas Panel Denies Silicon Labs $1.49M Sales Tax Refund

    A Texas appeals panel upheld a trial court’s denial of a $1.49 million sales and use tax refund claim by Silicon Laboratories Inc. on Friday, saying state law doesn’t exempt purchases of software that creates blueprints for third parties to manufacture semiconductor chips.

  • July 13, 2018

    Taxation With Representation: Wachtell, Proskauer, Simpson

    In this week’s Taxation With Representation, Broadcom made an $18.9 billion deal for CA Technologies, a hedge fund president bought the Carolina Panthers for $2.2 billion and Aptiv PLC is to buy Winchester Interconnect from a Snow Phipps affiliate for $650 million.

  • July 13, 2018

    NY Could Raise Up To $678M From Legal Pot, Report Says

    A report released Friday by the New York State Health Department concludes that legalizing a regulated marijuana market in New York outweighs the negatives, finding that up to $677.7 million in state and local tax revenue could be raised in the first year.

  • July 13, 2018

    Wayfair Ruling Hits Wells Fargo With $481M Tax Expense

    Wells Fargo reported Friday that it had incurred a $481 million discrete income tax expense for the second quarter of 2018 in light of the Supreme Court’s recent South Dakota v. Wayfair ruling.

  • July 13, 2018

    New Tax Overhaul Won’t Address GILTI, Congressman Says

    The new tax overhaul legislation that the House Committee on Ways and Means is drafting will not address international tax provisions such as global intangible low-taxed income, a Republican congressman on the committee told Law360 Friday.

Expert Analysis

  • A Federal Tax Perspective On Judge Kavanaugh

    Mary Monahan

    Judge Brett Kavanaugh’s nomination to the U.S. Supreme Court has prompted a collective deep dive into his nearly 300 opinions for the D.C. Circuit. Mary Monahan and Bradley Seltzer of Eversheds Sutherland LLP review Judge Kavanaugh’s opinions considering matters of federal tax and statutory interpretation to glean how he might rule as a justice.

  • The NJ Jughandle Facing Corporations

    Leah Robinson

    At the beginning of July, the New Jersey Legislature passed a budget bill which has significant implications for virtually all payors of corporation business tax, say attorneys from Mayer Brown.

  • Modern Communication Brings E-Discovery Challenges

    Thomas Bonk

    As new communications platforms displace email, the legal industry is awkwardly grappling with complex e-discovery questions. Fortunately, this environment provides a very fertile ground of incentives for innovation in both e-discovery technology and service offerings, says Thomas Bonk of Epiq.

  • Recent Trends In Structuring CRE-CLOs

    Jason Schwartz

    Commercial real estate collateralized loan obligations are growing in popularity as a way to securitize mortgage loans. With careful tax planning, CRE-CLO structures can be powerful tools for securitizing pools of assets that are inappropriate for acquisition by a real estate mortgage investment conduit, say attorneys with Cadwalader Wickersham & Taft LLP.

  • Opinion

    It's Not All About The Benjamins, Baby (Lawyer)

    J.B. Heaton

    Notwithstanding the latest salary war among prominent law firms, I urge my middle-aged and older colleagues to help the recent graduates we know focus on the long term. Even if the salary is the same, there is a big difference between an institutional firm and the relatively younger firms matching BigLaw, says J.B. Heaton, a University of Chicago business law fellow and former partner at Bartlit Beck.

  • Beer, Wine, Alcohol And Taxes: A Most Excellent Recipe

    Ed Brown

    Producers of beer, wine and distilled spirits were treated very well by last year's tax reform. Even before taking into consideration the reduction in effective tax rates and other tax changes that benefit all businesses, craft brewers, small vintners and artesian distillers received much needed relief relating to federal excise taxes, say Edward Brown and James McCarten of Burr & Forman LLP.

  • Investment Tax Credit Guidance Means Sunny Days For Solar

    Jon Nelsen

    Notice 2018-59, issued last month by the Internal Revenue Service, confirms that standards and safe harbors previously defined for wind energy projects can be used with solar energy projects. Project sponsors can now act with greater certainty in making solar investments, say Jon Nelsen, Michael Didriksen and Peter Farrell of Baker Botts LLP.

  • Tax Implications For The California Cannabis Industry

    Shail Shah

    This article by attorneys at Reed Smith LLP outlines tax implications for the cannabis industry in California, the largest state to legalize medical and recreational adult-use cannabis, and other states where marijuana is legally sold.

  • Series

    Judging A Book: Hood Reviews 'Lawyering From The Inside Out'

    Judge Denise Hood

    Law professor Nathalie Martin's new book, "Lawyering From the Inside Out: Learning Professional Development Through Mindfulness and Emotional Intelligence," can be of value to any lawyer aiming to achieve greater productivity, relieve the stress of the legal profession and focus on goals, says U.S. District Chief Judge Denise Page Hood of the Eastern District of Michigan.

  • Destination Ireland — Issues To Consider Before Relocating

    John Gill

    Over the past 18 months, companies have discussed the opportunities that exist for moving part of their global operations to Ireland in the context of Brexit. Inevitably as part of these discussions, the ability to relocate key employees comes into focus. John Gill of Matheson examines some of the key issues people and corporations need to consider when relocating to Ireland, including right to reside, tax and practical relocation issues.