Tax

  • May 22, 2017

    Shop Owners Move To Keep $1.8M Dress Seizure Suit Intact

    The owners of a defunct Texas bridal shop have hit back against the U.S. government’s efforts to trim their $1.8 million lawsuit alleging that the IRS hastily auctioned their business’ wedding dress inventory, which amounted to their life savings, saying their claims have enough detail to survive dismissal.

  • May 22, 2017

    Embattled NYC Taxi Mogul Sues Accountants For Malpractice

    A New York City taxi mogul who’s been accused of trying to duck his creditors has gone on the offensive with a state court lawsuit accusing his accountants of failing their basic responsibilities and sharing information — some sensitive, some false — with third parties.

  • May 22, 2017

    Feds Oppose Coinbase User Intervention In IRS Summons

    The federal government told a California federal judge Friday that it opposes a bid by two anonymous Coinbase customers to intervene in an effort to enforce an Internal Revenue Service summons seeking customer names and other information from the virtual currency exchange company, but doesn’t take issue with their request to remain unidentified in the process.

  • May 22, 2017

    Justices Won't Review Wash. State Retroactive Tax Change

    The U.S. Supreme Court on Monday declined to take up an Illinois food distributor’s challenge to Washington state’s retroactive application of amended tax statutes, which stripped the company of its tax-exempt status and nixed its request for a tax refund.

  • May 22, 2017

    High Court Nixes Challenge To Backdated Mich. Tax Law

    A backdated legislative change in Michigan that knocked out anticipated tax refunds for a number of corporations, including IBM, Gillette and Goodyear, will remain in place after the U.S. Supreme Court on Monday decided against reviewing the companies’ constitutional concerns over the change.

  • May 19, 2017

    IRS Looks To Enforce Teva Summons In Charity Inquiry

    The IRS told a Pennsylvania federal court Thursday it has met all the requirements to enforce a summons against Teva Pharmaceuticals in the agency's investigation into whether a medical assistance charity exchanged benefits for donations.

  • May 19, 2017

    Belgian Fairness Tax May Violate Law, EU Top Court Says

    Belgium’s so-called fairness tax, which is triggered when companies distribute dividends that are not included in their final taxable profits, may violate the European Union’s freedom of establishment principle if it treats nonresident companies less favorably than resident companies, according to a ruling from the EU’s highest court.

  • May 19, 2017

    Gibson Dunn Adds Sanctions, Export Control Expert In DC

    Gibson Dunn & Crutcher LLP added a sanctions, exports and compliance specialist to its Washington, D.C., office as of counsel to beef up its international trade team, it announced.

  • May 19, 2017

    GOP Lawmakers Dive Into Digital Currency Records Row

    Republican congressional leaders have demanded information from the Internal Revenue Service about the agency's efforts to collect information on digital currency transactions, citing concerns over a John Doe summons the IRS issued for records of a digital currency broker’s customers in December.

  • May 19, 2017

    ICSID Won't Split Proceedings In $200M Laos Casino Dispute

    An International Centre for Settlement of Investment Disputes tribunal has declined a request from the Laotian government to split up proceedings for a Dutch casino investor’s $200 million arbitral claim over taxes on the investor's gaming resort, according to a decision released Friday.

  • May 19, 2017

    NY Solar Tax Credit Not For Geothermal Systems, Panel Says

    New York’s solar energy tax credit does not cover the costs of geothermal energy systems, a state tax tribunal has ruled, rejecting a Buffalo surgeon’s bid to slash $5,000 off his personal income taxes after shelling out thousands more for a ground-to-home heat pump.

  • May 19, 2017

    Wis., Ho-Chunk Nation Fight Bid To Block Casino Expansion

    The Ho-Chunk Nation and the state of Wisconsin on Thursday both urged a federal court to reject a move to block the expansion of a Ho-Chunk casino, with the tribe arguing that another gambling tribe in the state hadn’t shown that its own casino revenues are likely to be hurt by the project.

  • May 19, 2017

    Ariz. Appeals Court Axes Property Tax On Solar Panels

    An Arizona appeals court Thursday upheld a state law exempting rooftop solar panels from property tax valuations, defeating the state Department of Revenue’s attempt to levy taxes on panels leased to property owners in the state by SolarCity Corporation and SunRun Inc.

  • May 19, 2017

    Taxation With Representation: Skadden, Wachtell, Vinson

    In this week’s Taxation With Representation, Thermo Fisher Scientific picks up a Dutch pharmaceutical company for $7.2 billion, Moody’s buys a business intelligence provider for $3.27 billion, and Yahoo prepares to buy back $3 billion of its common shares before its core business is acquired by Verizon.

  • May 18, 2017

    NY Judge Dismisses $2.4B Tax-Dodging Suit Against Citigroup

    A New York state judge on Wednesday tossed out a $2.4 billion suit accusing Citigroup of dodging $800 million in state taxes by illegally deducting losses it incurred during the financial crisis, according to a source familiar with the matter.

  • May 18, 2017

    'Deathbed' Transfers From Trust Part Of Estate: Tax Court

    The U.S. Tax Court on Thursday sided with the IRS’ decision to increase the value of a woman’s estate by almost $13 million and issue a tax deficiency notice, finding that certain assets transferred out of the woman’s revocable trust while she was on her "deathbed" should be included in her estate.

  • May 18, 2017

    Ex-Rep. Grimm Gets 4-Year Atty Suspension On Tax Charge

    Former Congressman Michael Grimm was suspended from practicing law for four years by a New York state appeals court on Wednesday, after his federal guilty plea to a charge of underreporting taxes on a restaurant's revenues.

  • May 18, 2017

    JCI Investors Fight To Protect Tax Suit Over $16.6B Inversion

    A putative class of Johnson Controls Inc. shareholders told a Wisconsin federal court Thursday that there is undeniable proof that they weren’t warned of being shortchanged by more than $5 billion when the company attempted to dodge tax liabilities related to its merger with Tyco International PLC.

  • May 18, 2017

    Kochs Launch Campaign To Support Trump's Tax Proposals

    Two political advocacy groups funded by the Koch brothers are launching a multimillion-dollar campaign to support President Donald Trump’s tax proposals and counter the House Republicans’ border-adjusted tax plan to disallow deductions for imports, according to an announcement Thursday.

  • May 18, 2017

    Execs Push For Permanent And Comprehensive Tax Reform

    A panel of corporate executives on Thursday told the House Ways and Means Committee that they are interested in permanent and comprehensive changes to the tax code to boost their domestic investments — a position that is not aligned with the White House’s primary focus on lowering tax rates.

Expert Analysis

  • How The Byrd Rule Slowed Down GOP Health Care Reform

    Darryl Nirenberg

    While Republican leadership succeeded in securing 217 votes on Thursday to pass health care reform legislation in the House, standing in their way this past month has been a formidable obstacle: a rule devised by the late Sen. Robert C. Byrd as a feature of the budget reconciliation process, say attorneys with Steptoe & Johnson LLP.

  • An Uncertain Future For US-Chile Tax Treaty — Especially Now

    Eugenia Mize

    Though the future of the bilateral income tax treaty between the United States and Chile remains in limbo largely due to Sen. Rand Paul’s objections, another issue taking time and attention away from ratifying such treaties is the debate in the U.S. over comprehensive tax reform, say Brandon Roman and Eugenia Mize of Squire Patton Boggs LLP.

  • High Court Establishes New Theory Of Municipal Standing

    Philip Stein

    The U.S. Supreme Court's opinion Monday in Bank of America v. City of Miami conceivably established a right for cities to prospectively sue lenders, builders, developers and others in the industry. That power is — at least potentially — enormous, say Philip Stein and James Ward of Bilzin Sumberg Baena Price & Axelrod LLP.

  • What Lawyers Should Know To Avoid Online Scams

    J. S. Christie Jr.

    Scams resulting in access to confidential information are probably a lawyer’s greatest technology and cybersecurity risk. But hackers are more likely to gain access to a lawyer’s computer systems through human error, usually responding to a scam, than a brute force attack, says J. S. Christie Jr. of Bradley Arant Boult Cummings LLP.

  • The Current State Of Renewable Energy Disputes: Part 3

    Justin Tschoepe

    In part 3 of this series, Justin Tschoepe and William Wood of Norton Rose Fulbright discuss disputes brought on behalf of the U.S. government under the federal False Claims Act and suits against foreign sovereigns related to the scaling back of state benefits for renewable energy companies.

  • How Recent Actions Could Limit IRS Regulatory Authority

    Cameron Arterton

    Several recent developments in all three branches of the federal government suggest that there may be a significant curtailing of regulatory authority. While tax guidance is unlikely to be the primary target, this broad push for regulatory reform could nonetheless have a significant impact on IRS regulations, say attorneys with Steptoe & Johnson LLP.

  • The Current State Of Renewable Energy Disputes: Part 2

    Justin Tschoepe

    A wide variety of disputes has arisen relating to state laws and local municipal ordinances as they apply to the building and operation of renewable energy projects and the provision of renewable energy. Part 2 of this series summarizes some of the most common types of disputes in the renewable energy industry involving these state and local issues, say Justin Tschoepe and William Wood of Norton Rose Fulbright.

  • Web Servers: An Overlooked Cybersecurity Risk At Law Firms

    Jeff Schilling

    Many law firms use public-facing websites for business development and to streamline operational processes. While these sites are great for maximizing information-sharing, they could unknowingly be an unlocked gateway into a firm’s most confidential data, says Jeff Schilling of Armor Defense Inc.

  • In Congress: Stopgap Funding, Jay Clayton, North Korea

    Richard Hertling

    Lawmakers were able to avert a shutdown on Friday by passing a one-week stopgap funding bill to keep the government operational. This week, they are looking to finalize a broader spending package, as well as tackle other long-term legislative business, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • The Mediator’s Proposal As A Tool For Litigants

    Dennis Klein

    Mediators’ proposals, which call for an unconditional and confidential acceptance or rejection, are resolving high-value disputes on a regular basis. Dennis Klein of Critical Matter Mediation examines why this is happening and the tactical implications for litigants in anticipating that a mediator’s proposal could resolve litigation.