Tax

  • February 21, 2017

    Cole Schotz Forms Restaurant And Hospitality Group

    Cole Schotz PC has formally launched a restaurant and hospitality group, bringing together attorneys from its corporate, real estate, tax, employment and intellectual property practices to advise national and international clients, the firm announced Tuesday.

  • February 17, 2017

    Pa. Court Vacates Ruling On Tax Exemption For Trust

    The Pennsylvania Commonwealth Court Thursday vacated a trial court’s decision that a trust operating a historic building is entitled to a property tax exemption as an institution of purely public charity, finding the lower court did not properly consider the criteria for such charities.

  • February 17, 2017

    ACA Program Isn't An Improper Tax On States, 6th Circ. Says

    The Affordable Care Act’s reinsurance program doesn’t amount to an improper tax on states or violation of the Tenth Amendment, the Sixth Circuit ruled Friday, affirming an Ohio federal judge’s dismissal of the state’s lawsuit challenging the program.

  • February 17, 2017

    Partnership Audit Rule Freeze Causing Confusion For States

    A federal freeze on new and pending regulations is forcing states to delay introducing legislation to conform with a new federal law for auditing partnerships, leaving taxpayers with unanswered questions on if, when and how to amend their partnership agreements.

  • February 17, 2017

    Tax Trial Over Cable Co. Sale Hangs On Diligence

    A Kentucky family suing the IRS to recover $15 million in alleged tax overpayments and civil tax evasion penalties stemming from the sale of their cable company will argue in court that the penalties are unprecedented given their efforts to conform to the law, according to a trial brief filed in Kentucky federal court Thursday.

  • February 17, 2017

    Scholastic Loses $3.3M Georgia Sales Tax Dispute

    Scholastic Inc.'s book clubs unit is still on the hook for $3.3 million in taxes and penalties after the Georgia Tax Tribunal found the company has too much of a “nexus” to the state to argue the commerce clause's reservations for interstate commerce safeguard it from local sales taxes.

  • February 17, 2017

    LA Fitness Tax Row Won't Get Texas High Court Review

    The Texas Supreme Court on Friday declined to hear argument from LA Fitness owner Fitness International Inc. that it was unjustly denied a sales tax refund for stationary gym equipment like treadmills that the company had argued it effectively rented to its customers.

  • February 17, 2017

    Wyo. Advances Bill To Fight Restrictions On Online Sales Tax

    The Wyoming Senate has approved a remote sales tax collection measure designed to challenge a 1992 U.S. Supreme Court decision requiring retailers to have a physical presence in a state to collect transaction taxes.

  • February 17, 2017

    Cay Clubs Ex-CFO Fights Gov't Request To Clarify Order

    A former Florida real estate executive facing charges related to an alleged $300 million Ponzi scheme blasted the government’s request for clarity on a pretrial order, saying Friday he won’t be raising arguments the court has barred.

  • February 17, 2017

    Pa. Appeals Court Will Revisit Case Over Gas Rights

    A Pennsylvania appeals court has agreed to reconsider a December ruling that affirmed Range Resources Corp. has rights to more than 2,800 acres of subsurface gas in Lycoming County in a case that turned on a 1932 tax sale.

  • February 17, 2017

    Taxation With Representation: Weil, Skadden, Kirkland

    In this week’s Taxation With Representation, Japanese telecommunications giant SoftBank Group acquires a private equity firm for $3.3 billion in cash, Hologic buys medical aesthetics company Cynosure for $1.65 billion, and a Texas oil and gas company purchases new assets in North Louisiana for $465 million.

  • February 17, 2017

    9th Circ. Won't Revive Suit Against BofA Over Loan Reports

    The Ninth Circuit on Thursday declined to revive homeowners’ proposed class action alleging that Bank of America violated federal tax law by failing to report capitalized interest payments on mortgages, finding that the homeowners could not show that they were harmed.

  • February 17, 2017

    EXCLUSIVE: UK Seeks Bank Shield From EU Tax Avoidance Law

    The U.K. is pushing for an extended exemption for financial services from European Union tax-avoidance reforms aimed at preventing multinational firms from exploiting disparities between national tax regimes, two EU officials familiar with the situation told Law360 Thursday.

  • February 16, 2017

    King Of Pop's Ex-Manager Says Brands Lined Up Before Death

    Michael Jackson’s former manager Tohme Tohme took the stand at the IRS’ behest Thursday in the Los Angeles trial over the value of the late entertainer’s estate at the time of his death, testifying that Nike, Sony and others had licensing deals in the works when Jackson died.

  • February 16, 2017

    Mo. High Court Rules Fla. Telecom Co. Liable For Sales Tax

    A Florida-based telecommunications company lost its bid for a partial refund of sales taxes in Missouri when the Supreme Court of Missouri ruled that the company had failed to prove that its retail sales in the state were exempt from sales tax.

  • February 16, 2017

    Wash. High Court Upholds Estate Tax On $5.5M In Fed Taxes

    Washington’s high court on Thursday struck down a challenge to estate taxes levied by the state on $5.5 million in federal gift taxes paid by a media mogul in the years before his death, finding that the federal taxes fall within the definition of "Washington taxable estate.”

  • February 16, 2017

    6th Circ. Slams IRS In Retirement Transfers Dispute

    The Sixth Circuit berated the IRS on Thursday while overturning a U.S. Tax Court decision finding a family-owned company liable for tax deficiencies on transfers to retirement accounts, saying that the revenue agency was trying to undo transactions that are perfectly legal.

  • February 16, 2017

    FedEx Can Seek Documents On Illegal Cigarette Shipping

    FedEx can seek documents from New York City it believes may shield the company from claims it illegally and knowingly delivered untaxed cigarettes from a Long Island Native American reservation to the Big Apple, a New York federal judge has ruled.

  • February 16, 2017

    Wash. High Court Rebuffs Florist's Same-Sex Objections

    A Washington florist who refused to serve a same-sex wedding, citing religious objections, violated state anti-discrimination laws and is not protected by the First Amendment, the Washington Supreme Court unanimously ruled Thursday.

  • February 16, 2017

    Prevezon Blasts New Gov't Evidence In $230M Tax Fraud Suit

    Prevezon Holdings Ltd. lashed out Wednesday at a government request to introduce new documents, new witnesses and new discovery requests in a New York federal court lawsuit stemming from a $230 million Russian tax fraud, arguing prosecutors had their chance to bolster their “insufficient case.”

Expert Analysis

  • The Up-C: An Alternative Exit For PE-Backed Energy Cos.

    Jeff Malonson

    As initial public offering markets reopen for oil and gas businesses, and the market remains skeptical over the viability of the upstream master limited partnership as an acceptable alternative, private equity sponsors should spend time analyzing the Up-C structure as a means to optimize valuation and liquidity, say Jeff Malonson and Archie Fallon of King & Spalding LLP.

  • WWII Contract Breach Decision May Open Pandora's Box

    Terri Oguz

    Last month, the U.S. Court of Claims ruled that the U.S. government must pay Avian Gas $100 million for violating the "other taxes" clause from WWII-era contracts. The potential windfall of this decision opens the door for thousands of WWII contractors to sue, but many of the top Fortune 500 companies already sued and settled the matter long ago, says Terri Oguz of Golden Seal Enterprises Inc.

  • Can Federal Agencies Reverse Course Under Trump?

    Steven D. Gordon

    The next four years will see litigation that explores the extent to which the Trump administration can alter or reverse the regulatory policies of the Obama administration without having to enact new legislation. The U.S. Supreme Court has recently made clear that there are fewer limits to an agency changing course than had previously been thought, says Steven Gordon of Holland & Knight LLP.

  • The IRS Needs Help

    Gregor_Kathleen_Saunders_RopesGray.jpg

    As President Donald Trump’s nominee for treasury secretary, Steven Mnuchin, testified in his confirmation hearing, the Internal Revenue Service is underfunded and needs more manpower. Because the agency has lost nearly 15,000 staff positions in five years, and struggles with outdated technology, its tax enforcement capabilities have been devastated, say Kat Saunders Gregor, Gabrielle Hirz and Hillel Nadler of Ropes & Gray LLP.

  • Opinion

    The Myth Of The Forceful Mediator

    Jeff Kichaven

    When mediators rely on force to get cases settled, it doesn’t work. It’s time to suggest more productive ways for top-gun litigators and top-flight mediators to engage, says Jeff Kichaven of Jeff Kichaven Commercial Mediation.

  • How The Cayman Islands Updated Its Confidentiality Law

    Andrew Bolton

    Last year, as part of a move toward transparency, cooperation and information-sharing, the Cayman Islands replaced its 40-year-old confidentiality law with a new statute. The key change is that disclosure of confidential information is no longer a criminal offense; instead, liability is returned to the realm of common law and rules of equity, say Andrew Bolton and Jane Hale of Appleby.

  • Bitcoin Users Should Expect More IRS And DOJ Scrutiny

    Mark Milton

    As the value of a bitcoin hovers near $1000, holders of the digital currency may be celebrating. But bitcoin users face new scrutiny from federal authorities. The IRS' quest for information on users of the Coinbase bitcoin exchange service is part of a joint effort with the U.S. Department of Justice to pursue tax evaders, says Mark Milton of Husch Blackwell LLP.

  • Opinion

    Love And Law In The Age Of Trump

    Kevin Curnin

    Love is not a subject that lawyers typically devote themselves to professionally. But as we witness this historic transition to a new administration, lawyers in particular are reminded that love is tied, however imperfectly, to our cherished founding ideals, says Kevin Curnin, president of the Association of Pro Bono Counsel.

  • The State Of The Litigation Finance Industry In 2017

    Christopher P. Bogart

    In the United States, the number of lawyers whose firms have used litigation finance has quadrupled since 2013. Even so, too many remain poorly informed, leaving them at a competitive disadvantage and prone to oddly persistent “alternative facts” about litigation finance, says Christopher Bogart, CEO of Burford Capital.

  • What Potential M&A Buyers Must Know About R&W Tax Risks

    Michael Q. Cannon

    It is possible for representation and warranty insurance policies to provide no or inadequate coverage against certain tax risks. Buyers contemplating R&W insurance deals must have a basic understanding of existing tax risks and consult with tax counsel sufficiently early on in the negotiating process, says Michael Q. Cannon of Gibson Dunn & Crutcher LLP.