Tax

  • May 14, 2018

    Puerto Rico Rejects Bondholders' $10B Sales Tax Deal

    Two groups of Puerto Rican bondholders on Monday announced a proposal to cut the island's debt by $10 billion by putting a portion of sales tax revenue in a trust to be split between them, but the island’s government and financial overseers predicted fiscal woes if the plan were adopted.

  • May 14, 2018

    Opportunity Zones Good Result From TCJA, Sen. Booker Says

    The “opportunity zones” created by the recent federal tax overhaul are Washington, D.C.’s best-kept secret and could be a game changer for low-income communities, New Jersey Democratic Sen. Cory Booker told Law360 Monday.

  • May 14, 2018

    4 Things To Watch As FERC Sets Sights On Pipeline Policies

    From revamping 20-year-old guidelines for approving natural gas pipelines to sparking a massive rewrite of oil and gas pipeline contracts, the Federal Energy Regulatory Commission is working on several policy changes that could reshape how the pipeline industry does business. Here are four issues percolating at FERC that pipeline companies are watching closely.

  • May 14, 2018

    Tax Dodger Says Judge Erred In Justifying Record $10M Fine

    A Manhattan federal judge's "evolving explanation" for smacking wealthy tax cheat Morris E. Zukerman with a $10 million fine is based in factual error, the onetime Morgan Stanley banker's counsel told the Second Circuit Friday, asking for an order halting his $250,000 monthly fine payments pending the outcome of his appeal.

  • May 14, 2018

    Justices Reject Homeowners' Appeal Over Property Estimate

    The U.S. Supreme Court declined on Monday to hear an appeal over a Seventh Circuit ruling that found two Illinois women who spearheaded a campaign against township employees trespassing on private property can't pursue constitutional claims for an alleged unfair hike to their property assessment.

  • May 14, 2018

    EEOC Says It Needn't Fork Over More Docs To Strip Club

    The U.S. Equal Employment Opportunity Commission told a Florida federal court Friday that a strip club already has the available income information for a bartender applicant it allegedly discriminated against for being male and it is trying to compel more documents as a distraction.

  • May 14, 2018

    High Court To Hear If Damages For Rail Staff Can Be Taxed

    The U.S. Supreme Court agreed Monday to hear a petition from BNSF Railway Co. over whether payroll taxes should be deducted from compensation owed to a former employee for lost wages in connection with a workplace injury.

  • May 13, 2018

    Awaiting IRS Insight On Taxing Exec Pay, Cos. Craft New Plans

    The U.S. tax overhaul’s removal of performance-based pay as an exception to deduction limits on executive compensation is prompting some public companies to create new pay plans to ensure such incentives remain available, practitioners said at an American Bar Association conference Friday.

  • May 13, 2018

    Marinello Hasn't Put Brakes On Similar DOJ Pending Cases

    The federal government is continuing to prosecute cases under a section of the tax code despite a recent U.S. Supreme Court opinion knocking down its broad interpretation of the relevant clause, an official said Saturday.

  • May 12, 2018

    TCJA Provokes Questions About How To Define Entertainment

    The U.S. tax overhaul scrapped employer deductions for the cost of business-related entertainment but kept a partial deduction for meals, prompting practitioners at a tax conference hosted Saturday by the American Bar Association in Washington to ponder when, exactly, a meal might become entertainment.

  • May 12, 2018

    IRS To Start Enforcing Crypto Withholding Rule, Panelist Says

    The Internal Revenue Service will begin this year to more strictly enforce the requirement to withhold taxes for cryptocurrency payments to nonresident aliens, an attorney who has represented clients in related matters said at a Saturday tax conference in Washington, D.C.

  • May 11, 2018

    Tax Automation Co., Music Streamer File IPOs Totaling $265M

    A private equity-backed tax automation company and a Chinese music streamer filed initial public offerings Friday preliminarily intended to raise a combined $265 million, adding to the near-term pipeline of IPOs.

  • May 12, 2018

    Panelists Explore Guardrails For Partnership Representatives

    Given the potential unilateral power granted to the new role of partnership representatives during Internal Revenue Service examinations, experts at a tax conference Friday suggested that partnerships should consider carefully their representatives and the authority they’re granted.

  • May 11, 2018

    Wayfair Halted Online Tax Work, House Panel Counsel Says

    Congressional negotiators were working on a compromise solution for regulating online taxation when the U.S. Supreme Court agreed to review South Dakota v. Wayfair, which brought talks to a halt, the chief counsel to the House Judiciary chair said Friday.

  • May 11, 2018

    Taxation With Representation: Davis, Freshfields, Wachtell

    In this week’s Taxation with Representation, Takeda snapped up Shire for $62 billion, Vodafone bought a portion of Liberty Global’s European business for $21 billion, Nestle SA spent $7.1 billion on the marketing, sale and distribution rights for most of Starbucks’ retail and grocery store items and International Flavors and Fragrances acquired Frutarom for $7.1 billion.

  • May 11, 2018

    Bloomingdale's Taxes Wrong Bags Under City Law, Suit Says

    A purported class of Bloomingdale’s customers slapped the company with a lawsuit in Illinois state court Thursday over claims its Chicago stores are charging an illegal sales tax on its garment bags under a local ordinance they say applies only to paper and plastic checkout bags.

  • May 11, 2018

    FisherBroyles Picks Up DLA Piper Franchise Pro In Houston

    FisherBroyles LLP has snagged a former DLA Piper franchise partner with expertise stemming from in-house work, his own boutique and a decade in BigLaw to grow its Houston office.

  • May 11, 2018

    'Property Rights' Under Fraud Statutes Unclear, Justices Told

    A computer parts salesman has asked the U.S. Supreme Court to review the outcome of a Fifth Circuit decision upholding a 42-month conviction for money laundering and mail, wire and tax fraud, and provide clarity on what constitutes "property rights" under those criminal statutes.

  • May 11, 2018

    Health Hires: Katten, Seyfarth, Holland, Dechert, K&L Gates

    Katten Muchin Rosenman LLP, Garfunkel Wild PC, Seyfarth Shaw LLP, Holland & Knight LLP, Dechert LLP, K&L Gates LLP and Polsinelli PC are among the latest firms to have grown their health and life sciences abilities.

  • May 11, 2018

    Justices Urged To Skip Electric Co.’s $199M Deduction Appeal

    The IRS has insisted further review by the U.S. Supreme Court is not warranted for a lower court’s finding in support of the government in its denial of a $199 million tax deduction for a Pennsylvania-based electricity supplier, saying legal precedent was correctly applied and no circuit conflicts existed.

Expert Analysis

  • 8 Key Tax Provisions Of The NY State Budget

    Irwin Slomka

    Irwin Slomka of Morrison & Foerster LLP reviews eight key tax provisions adopted by the New York state 2018-2019 Legislature in response to the Tax Cuts and Jobs Act.

  • Series

    State Tax After TCJA: Treatment Of International Income

    Jeffrey Friedman

    The Tax Cuts and Jobs Act made sweeping changes to the Internal Revenue Code. Its international tax provisions — including the transition tax, the foreign-source dividends received deduction, the tax on global intangible low-taxed income and others — have far-reaching implications for state tax systems that broadly conform to the IRC, and present significant compliance burdens for taxpayers, say attorneys with Eversheds Sutherland LLP.

  • How To Calculate Corporate Base Income In Illinois

    Christopher Lutz

    While calculating Illinois base income is generally straightforward, some aspects are rather complex, particularly with respect to foreign income and dividend income from certain types of investment companies. Christopher Lutz of Horwood Marcus & Berk Chtd. explains the nuances.

  • Series

    Judging A Book: Berzon Reviews 'We The Corporations'

    Judge Marsha Berzon

    My advice to prospective clerks will now include the suggestion that they read Adam Winkler's new book, "We the Corporations: How American Businesses Won Their Civil Rights," for the same reason I recommend taking a corporations course — appreciating the critical role of business corporations in American life and law, says Ninth Circuit Judge Marsha Berzon.

  • The Impact Of Tax Reform On Film, TV And Print Media: Part 3

    Michele Alexander

    In this third installment of their series on how the tax overhaul impacts U.S. media companies, Bracewell LLP attorneys Michele Alexander and Ryan Davis look at how the international and domestic provisions intended to bring tax dollars home have affected media companies' decisions regarding foreign versus domestic production.

  • Capturing Carbon Tax Credits: A Climate Of Opportunity

    Ali Zaidi

    A new law revising the current Internal Revenue Code Section 45Q carbon dioxide tax credit could deliver tens of millions of dollars per project in tax cuts for developers and investors in carbon removal, say attorneys from Morrison & Foerster LLP.

  • What ABA’s Position On Harassment Means For Employers

    Minjae Song

    In the #MeToo era, the American Bar Association’s recently passed Resolution 302 is a reminder of harassment policy best practices to all employers, and it should be of particular interest to employers in the legal industry, say attorneys with Hunton Andrews Kurth LLP.

  • Opinion

    How Much Might Chicago Taxpayers Pay For Amazon's HQ2?

    Josh Burday

    The city of Chicago has a history of making bad deals in secrecy and at the taxpayers’ expense, says Josh Burday of Loevy & Loevy, who is currently representing the group suing Chicago for disclosure of the details of its bid for Amazon's HQ2.

  • Practical Considerations For Litigating Proportionality

    Elizabeth McGinn

    By incorporating an explicit requirement that discovery must be “proportional to the needs of the case,” the 2015 amendments to the Federal Rules of Civil Procedure garnered much speculation as to their impact on courts’ decision-making processes. Now that the rules have been implemented for over two years, several themes have emerged, say attorneys with Buckley Sandler LLP.

  • New Tax On Foreign Buyers Of Australian Real Estate

    John Walker

    Three Australian states have introduced taxes for transactions involving acquisitions of residential property by foreign investors, but certain foreign investors may be exempted from the new taxes, say John Walker and Jun Au of Baker McKenzie.