Tax

  • March 22, 2017

    Repeal Of ACA Essential Benefits Faces Hazy Path In Senate

    Republicans face an uncertain procedural path if they attempt to repeal the Affordable Care Act’s mandatory benefits for health insurance with a simple-majority vote in the U.S. Senate via so-called budget reconciliation, experts say.

  • March 22, 2017

    Budgetless Illinois Is Overspending By $6B, Experts Say

    Illinois will be billions of dollars short of what it's spending on government services and payments by the July start of the new fiscal year, and its mountain of ever-increasing debt will take extreme measures to shrink, state officials and policy experts told lawmakers this week.

  • March 22, 2017

    Justices Urged To Resolve Split Over Key To $234M Tax Row

    Santander Holdings USA Inc. asked the U.S. Supreme Court to hear its effort to win back a $234 million foreign tax credit refund the First Circuit had overturned, arguing that different courts had conflicting rulings on a key component of the case.

  • March 22, 2017

    Pa. Court Again Says Tax Sale's 'Mineral' Rights Include Gas

    Coming down almost exactly where it did in December, a Pennsylvania appeals court issued its second decision in a gas-rights case finding that a 1932 tax sale of subsurface mineral rights encompassed the sale of oil and gas rights, handing a win to exploration company Range Resources.

  • March 22, 2017

    'Spa Castle’ In Hot Water With NY AG Over $1.5M Unpaid Tax

    A massive spa complex in Queens, New York, and its owners and operators face 11 felony counts of tax fraud and theft after Attorney General Eric Schneiderman accused them on Wednesday of dodging $1.5 million in taxes by dealing in cash and underreporting revenues from 2010 to 2013.

  • March 22, 2017

    CPA Group Urges Congress To Fix Errors In Tax Law

    A group of certified public accountants Wednesday urged Congress to reintroduce and pass a bill to fix drafting errors in recent tax legislation, saying failure to correct mistakes in a 2015 budget act place a burden on the Internal Revenue Service and taxpayers alike.

  • March 22, 2017

    6th Circ. Backs Stiffer Tax Fraud Sentence For Chiropractor

    The Sixth Circuit on Wednesday affirmed a roughly two-year prison sentence for a Kentucky chiropractor who pled guilty in 2015 to tax fraud and to structuring transactions to evade reporting requirements, saying he had agreed to sentencing enhancements as part of his plea.

  • March 22, 2017

    Calif. Phone Tax Class Action Kicked Back To State Court

    A California federal judge on Monday kicked back to state court a class action seeking hundreds of millions in refunds from a sales tax on cellphones based on full price rather than steeply discounted promotions, over the objection of the state and major wireless carriers.

  • March 22, 2017

    Chadbourne M&A Tax Partner Joins Holland & Knight

    A former Chadbourne & Parke LLP tax partner with experience representing companies in mergers, including private equity fund I Squared Capital in its $1.2 billion acquisition of Latin American energy interests, has joined Holland & Knight LLP in New York.

  • March 21, 2017

    Fla. Senate Eyes Tax Credit Repeal Over Insurers' Warnings

    Despite warnings of lost jobs and increased premiums for Florida policyholders, a state Senate panel on Tuesday voted to repeal insurers' long-standing tax credit on in-state employee salaries, and to shift the tax relief to a broader base of businesses by reducing a tax on commercial leases.

  • March 21, 2017

    Gorsuch Rebukes Trump, Defends Record To Senate Panel

    U.S. Supreme Court nominee Judge Neil Gorsuch pushed back Tuesday at attacks on his record and rebuked President Donald Trump’s comments on the judiciary as he sought to persuade a Senate panel to advance his nomination to the nation's highest court.

  • March 21, 2017

    Jet Co. Awarded $1.08M Refund For Bogus Excise Taxes

    An Ohio federal judge Tuesday ordered the Internal Revenue Service to return $1.08 million in tax overpayments made by a private jet company for erroneous air transportation excise taxes charged between 2005 and 2009.

  • March 21, 2017

    ACA Watch: GOP Scrambles As Climactic Vote Looms

    House Republicans on Wednesday will hunt for votes to repeal and replace the Affordable Care Act, the Congressional Budget Office may issue a new appraisal of the effort, and a key committee will set the stage for the climactic vote on Thursday in the full House. Here’s where things currently stand on the Republican bill.

  • March 21, 2017

    2nd Circ. Upholds Tax Ruling, Nixes Penalty Over Paperwork

    The Second Circuit on Monday upheld a U.S. Tax Court decision regarding a tax on $2 million in income but negated a penalty and enhanced the burden of proof on the IRS to secure written supervisory approval while assessing tax penalties.

  • March 21, 2017

    Family Lands Jury Win In Tax Suit Over $40M Cable Co. Sale

    A Kentucky federal jury sided with a family suing the IRS to recover $15 million in alleged tax overpayments and civil tax evasion penalties, finding on Monday that the family had reasonably relied on professional tax advice involving the sale of its cable company.

  • March 21, 2017

    Ukraine Looks To Nix Energy Co.'s $12M Arbitration Award

    JKX Oil & Gas PLC on Tuesday announced that the Ukrainian government has moved to set aside a $12 million award issued to the British company in a dispute over gas royalties on the grounds that the international arbitration tribunal allegedly committed “serious irregularity” in conducting its proceedings.

  • March 21, 2017

    Bombardier Gets 'Ticket Tax' Petition Backing At High Court

    A pair of aviation trade groups threw their weight behind airplane service company Bombardier's U.S. Supreme Court petition challenging an IRS designation of management fees for privately held airplanes as subject to federal commercial ticket taxes.

  • March 21, 2017

    Salt Sold To US Must Be Reassessed, Canada Tax Court Says

    A Canadian salt mine operator scored a win when the Tax Court of Canada ruled in a decision released Monday that the Canada Revenue Agency’s tax assessment regarding the sale of rock salt to a U.S. company was inconsistent with agreements the CRA had with the operator and the IRS.

  • March 21, 2017

    OECD Reports Urge Focus On Tax Transparency, Certainty

    The Organisation for Economic Cooperation and Development is urging G20 member states to remain focused on international tax transparency and offered recommendations on improving tax certainty as a new information exchange system enters its implementation phase, in a pair of reports released by the organization.

  • March 21, 2017

    Tax-Dodging Moneyman Gets Nearly 6 Years, $10M Fine

    A Manhattan federal judge hit onetime Morgan Stanley banker Morris Zukerman with almost six years in prison and a $10 million fine Tuesday, calling the massive tax dodge he admitted to in June a crime of "unmitigated greed."

Expert Analysis

  • Public Utility, Private Investor As Solar Power Partners

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    For the first time, a regulated electric utility has obtained regulatory approval to partner with a tax equity investor to acquire and operate a utility-scale solar project. This arrangement could serve as a blueprint for other electric utilities across the country to transition to utility-owned solar generation at lower costs for their customers, say Patrick Ferguson and Carlos Gutierrez of Davis Wright Tremaine LLP.

  • Issues To Expect In A Title III Puerto Rico Restructuring

    Luke A. Barefoot

    One of the issues that will perhaps most affect the treatment and negotiating leverage of various creditors in Puerto Rico's ensuing Title III process is the determination of the type of security interest and collateral by which their bonds are secured, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Shining A Light On GOP Plan For Health Care Reform

    Andrew Bab

    Since the election of President Trump and Republican majorities in the House and the Senate, there has been a strong push to repeal and replace the Affordable Care Act. However, there has been little detail as to what “repeal” or “replace” actually mean. Recent developments provide some clarity, say members of Debevoise & Plimpton LLP.

  • State And Local Tax Scoreboard: 2016 Year In Review

    In this videocast, Charles Capouet and DeAndre Morrow of Eversheds Sutherland tally significant state and local tax litigation wins and losses, and share observations on 2016 cases, including results for income tax apportionment and sales tax manufacturing exemption controversies. They also recap Avnet v. Washington Department of Revenue.

  • Data Analytics Now Cost-Effective For Smaller Firms

    Chris Paskach

    A recent survey found that nearly two-thirds of Am Law 200 firms are now using data analytics, compared to only about a tenth of regional and boutique firms. Yet the exploding market for data analytics technology in business is making these productivity tools available for any size matter or firm, say Christopher Paskach of The Claro Group and Douglas Johnston Jr. of Five Management LLC.

  • A Lesson From 6th Circ. On 'Applicable Nonbankruptcy Law'

    Elliot M. Smith

    As the Sixth Circuit explained in Hildebrand, it is incorrect to assume that “applicable nonbankruptcy law” means any applicable law outside of the Bankruptcy Code. State laws can still be considered “bankruptcy” laws depending on their content — an important distinction to be leveraged when faced with an otherwise unfavorable “applicable law,” says Elliot Smith of Squire Patton Boggs LLP.

  • Don’t Underestimate The Value Of An Internal Audit

    Justin Gwin

    Most legal and business leaders know that internal culture — including tone, operating style, standard of behavior and shared values that guide employee decisions — can make or break a firm. An internal audit can assess a firm's culture and identify potential issues within the organization, says Justin Gwin of Kaufman Rossin PA.

  • John Doe Summonses: A Key IRS Tool Against Tax Evasion

    Matthew Lee

    A John Doe summons may be used to obtain information and records about a class of unidentified taxpayers if the IRS has a reasonable belief that they are engaged in conduct violating U.S. laws. Taxpayers with undisclosed offshore assets are advised to take advantage of IRS voluntary disclosure options, as the agency continues to crack down on tax evaders, says Matthew Lee of Fox Rothschild LLP.

  • New Business Opportunities In Shared Workspaces

    Philippe Houdard

    For decades, law firms have taken on considerable expense to acquire or rent opulent office space, often with the intention of signaling seriousness and reliability to their clients. But more recently, solo practitioners and established firms alike have started breaking tradition, says Philippe Houdard, co-founder of Pipeline Workspaces.

  • Why Puerto Rico Will Likely Rely On PROMESA Title III

    Richard J. Cooper

    Both the Puerto Rico oversight board and the new commonwealth administration have expressed a strong preference for restructuring the commonwealth’s debt through the use of Title VI of the Puerto Rico Oversight, Management and Economic Stability Act. However, Title VI is unlikely to provide a realistic path to restructure tax-supported debt, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.