Tax

  • January 17, 2017

    IRS Finalizes Anti-Inversion Rule, With Some Tweaks

    The Internal Revenue Service has finalized rules meant to make it harder for U.S. businesses to lessen their tax burden by merging with foreign companies, although the agency tweaked the requirements to meet certain exceptions to the regulations.

  • January 17, 2017

    Fla. Counties Fight Dismissal Bid In Rail Bond Challenge

    Two Florida counties on Monday shot back at bids to dismiss their suits challenging the U.S. Department of Transportation's approval of $1.75 billion in tax-exempt bonds for a Miami-to-Orlando passenger railroad, saying the suits aren’t mooted just because the approval of those bonds was replaced by another approval.

  • January 16, 2017

    EU Panama Papers Tax Probe Shifts To Banks, Law Firms

    The European Parliament committee investigating the Panama Papers tax avoidance scandal will shift its focus to the role played by intermediaries such as banks, law firms and accountants in hiding the identity of ultimate beneficial account owners, according to a working paper circulated Monday.

  • January 13, 2017

    Calif. Appeals Court Rejects State Biz Tax On Iowa Investor

    An Iowa farm cannot be held liable for a California state tax on businesses operating in the state on the grounds of a small stake in an investment fund, a California appeals court ruled Thursday, saying the investment does not constitute doing business in the state.

  • January 13, 2017

    Manufacturer Group OK’d To Fight IRS Anti-Inversion Rule

    Despite objections from the IRS, the National Association of Manufacturers got the green light from a Texas federal judge Thursday to fight a recent anti-inversion rule and argue that the agency violated its legal obligations to solicit public comments.

  • January 13, 2017

    UBS Loses $1.2B Bail Challenge In Tax Fraud Investigation

    The European Court of Human Rights announced on Thursday that it has rejected UBS AG's challenge to a €1.1 billion ($1.24 billion) bail upheld by the French Supreme Court after the bank came under scrutiny for allegedly helping clients dodge taxes.

  • January 13, 2017

    Political Differences May Be The Death Of Estate Tax Repeal

    As plans for a revamp of the tax code get underway in Congress, critical differences among President-elect Donald Trump, the GOP and the Democrats on whether to repeal the estate tax and what to replace it with could end up leaving the current law unchanged.

  • January 13, 2017

    Taxation With Representation: Baker, Cleary, Paul, Kirkland

    In this week’s Taxation With Representation, The Williams Cos. Inc. is undertaking an $11.4 billion repositioning of its financial relationship with its master limited partnership, Japanese pharmaceutical company Takeda is purchasing an oncology-focused firm in Massachusetts for $5.2 billion, and a new partnership will buy controlling stakes in McDonald’s in China and Hong Kong for $2.08 billion.

  • January 13, 2017

    Senate Dems Want Foreclosure Victims To Challenge Mnuchin

    Senate Democrats on Friday asked that outside witnesses be allowed to testify at confirmation hearings for Treasury Secretary nominee Steven T. Mnuchin, including witnesses who say they were victims of allegedly shoddy foreclosure practices at a bank where Mnuchin served as chairman.

  • January 13, 2017

    Congress Passes 1st Step To Repeal ACA

    Congress passed the bill that would frame the repeal of the Affordable Care Act on Friday, after the House voted through a measure that would let Republicans undo President Barack Obama's signature health care law down the road without any Democratic votes.

  • January 13, 2017

    Recyclers Say IRS Stuck Them With $22M In Other Co.'s Taxes

    A group of California recycling companies is suing the U.S. government over a $22 million federal tax liability, saying the Internal Revenue Service, without offering any supporting evidence, falsely accused them of being alter egos of the company responsible for the bill.

  • January 12, 2017

    Hospital Tax Exemptions Unconstitutional, Ill. Justices Told

    The tax-exempt status of Illinois' 156 not-for-profit hospitals may be in jeopardy if the Illinois Supreme Court rules in favor of local officials who contend that a 2012 law allowing these hospitals to skip paying property taxes is unconstitutional.

  • January 12, 2017

    Amazon To Begin Remitting Sales Tax To South Dakota

    South Dakota Republican Gov. Dennis Daugaard has announced that Amazon.com Inc. will start remitting sales tax in the state, a move that follows Daugaard's signing of a bill seeking to overturn decades-old U.S. Supreme Court precedent that limits states’ ability to collect sales and use taxes from out-of-state sellers.

  • January 12, 2017

    Coinbase Dives Into IRS Summons Fight

    Virtual currency exchanger Coinbase Inc. asked Thursday to intervene in a lawsuit in California federal court over an IRS summons of its client information, saying it has additional arguments to present to the court to add to those presented by one of its clients.

  • January 12, 2017

    Ex-GE Atty To Get Suspension For Tax Fraud Press Leak

    A former GE in-house counsel and her lawyer were justified in disclosing confidential corporate information about alleged fraud in Brazil in whistleblower complaints but violated professional conduct rules when they leaked the same documents to the press, according to a report Wednesday from the D.C. Court of Appeals conduct board.

  • January 12, 2017

    Ryan Promises 'Concurrent' ACA Repeal And Replacement

    House Speaker Paul Ryan reiterated President-elect Donald Trump's promises for a simultaneous repeal and replacement of the Affordable Care Act on Thursday, hours after the Senate took a series of votes that advanced the repeal effort.

  • January 12, 2017

    Dems, GOP May Be On Collision Course Over Tax Reform

    The top Democrat on the House Ways and Means Committee was critical of the House Republicans’ tax reform blueprint, saying during a speech Thursday that it will concentrate tax cuts on the wealthiest individuals and indicating that differences between the two parties may be unbridgeable.

  • January 12, 2017

    Pa. Atty Gets 4 Years For Failure To Pay Employment Taxes

    A Pittsburgh tax attorney was sentenced Thursday to four years in prison by a Pennsylvania federal judge for his failure to pay more than $790,000 in federal employment taxes stemming from his partial ownership of a local ice and soccer sports facility.

  • January 12, 2017

    Railroad Stock Options Are Taxable, IRS Tells 7th Circ.

    The Internal Revenue Service on Wednesday told the Seventh Circuit not to revive a bid from three Canadian National Railway Co. subsidiaries for a $13.3 million refund for taxes paid on employee stock options, saying that the shares are taxable compensation under the Railroad Retirement Tax Act.

  • January 11, 2017

    4 Obama Tax Policies At Risk Under The GOP's Tax Plan

    The U.S. Treasury Department churned out a number of regulations toward the end of President Barack Obama's term, but some of those policies now face near-certain death under the incoming Trump administration because they are deemed too controversial or will become obsolete under the Republicans' sweeping tax proposals.

Expert Analysis

  • Tax Reform In 2017: Are You Ready For The Storm?

    John Harrington

    Storm clouds are gathering for major tax reform in 2017. As with any storm, it may be sorely needed, but its effects will be unpredictable, and it will come with both rewards and risks. So it's wise to be prepared before it hits, says John Harrington of Dentons.

  • 5 Ways To Fight Costlier Legal Malpractice Claims In 2017

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    There are a number of concrete, practical steps that law firms can take to address the high cost of defending legal malpractice claims, both before and after a claim is made, says Richard Simpson, a partner with Wiley Rein LLP who serves on the ABA Standing Committee on Lawyers’ Professional Liability.

  • Mediating E-Discovery Disputes Can Save Time And Money

    Daniel Garrie

    A primary driver of increasing litigation costs is the explosion of electronic discovery in recent years. Electronic data is not only increasing dramatically in volume, it is also growing in complexity. One way parties can save time and money is to use a neutral, technically skilled mediator, to ensure that e-discovery is both robust and cost-effective, says Daniel Garrie of JAMS.

  • FERC Income Tax Changes Could Impact Entire Energy Sector

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    The Federal Energy Regulatory Commission recently issued a notice of inquiry concerning the treatment of income taxes for ratemaking and cost recovery purposes by pass-through entities. Tax changes in this area could have significant effects on entities in the oil, gas and electric sectors, and possibly chill investment in energy infrastructure, say attorneys with Morgan Lewis & Bockius LLP.

  • Building Momentum For The Pay Equity Movement In BigLaw

    Stephanie A. Scharf

    A decade’s worth of multiple bar association initiatives, conferences, corporate law summits, detailed research reports and opinion pieces on the pay gap has seemingly fallen on the deaf ears of BigLaw. However, recent events presage substantial movement toward pay equity in law firms, say Stephanie Scharf of Scharf Banks Marmor LLC, Michele Coleman Mayes, general counsel for the New York Public Library, and Wendi Lazar of Outten & Golden LLP.

  • Are You Prepared For A 'Post-Fact' Jury?

    Ross Laguzza

    The media has been full of stories lately about the death of facts and the rise of “fake news.” It is reasonable to wonder if people sitting on juries will be able to function appropriately in this post-fact world, says Ross Laguzza of R&D Strategic Solutions LLC.

  • Don't Ignore IRS Formal Document Requests

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    When a tax audit involves the collection of foreign-based documentation, the IRS may issue a formal document request. Failure to respond to an FDR could result in significant consequences concerning the admissibility of FDR-requested items in future civil proceedings, say Andrew Roberson and Joshua McConkey of McDermott Will & Emery LLP.

  • Keeping Pro Se Litigants At Bay

    Michael Walden

    Pro se litigation can be a time-consuming cost of doing business, particularly for large, well-known companies. Though pro se cases occasionally include interesting, even amusing, claims, like all litigation, they must be taken seriously. In this article, attorneys from Shook Hardy & Bacon LLP detail several practical approaches to dealing with the problems posed by pro se litigants.

  • The Panama Papers: The Story So Far, And What Comes Next

    Jeremy Maltby

    The offshore banking industry attracted global attention earlier this year with the publication of 11.5 million leaked documents detailing decades of information about over 200,000 bank accounts and shell companies. Jeremy Maltby and Grant Damon-Feng of O'Melveny & Myers LLP examine government responses to the Panama Papers and offer tips for companies to minimize their risk of exposure to unlawful shell company activity and its consequences.

  • Are Courts In The Discovery Driver’s Seat?

    Cristin K. Traylor

    I recently asked a panel of four federal court judges whether they expect courts to start taking a more active role in e-discovery. They answered with a resounding yes. However, their responses left me wondering whether courts are actually taking a more active role in discovery since the Federal Rules of Civil Procedure amendments took effect in December 2015, says Cristin Traylor of McGuireWoods LLP.