Tax

  • July 18, 2017

    Fla. Businessman Jailed For Tax, Bank Fraud Schemes

    A Florida businessman was sentenced Monday to 57 months in prison for conspiring to commit tax and bank fraud through a scheme that involved his transferring nearly $2.5 million from his marketing and information technology company to offshore accounts in Belize under false pretenses.

  • July 18, 2017

    House Republicans Lay Out Tax Reform, Spending Plans

    House Republicans on Tuesday unveiled their financial plan for the government next fiscal year, paving the way for tax reform tied to spending cuts in regulations, employee benefits and welfare benefits.

  • July 18, 2017

    Trump Tax Pick Regrets Not Doing More To Stop EY Shelters

    President Donald Trump’s pick to spearhead tax reform efforts offered a mea culpa Tuesday for failing to stop tax shelter schemes while an executive at Ernst & Young, telling the Senate Finance Committee: “I wish I had done things differently.”

  • July 17, 2017

    11th Circ. Nixes 7-Year Sentence In Tax Fraud Suit

    The Eleventh Circuit on Friday vacated a seven-year sentence for a Florida woman who admitted to participating in an identity theft scheme, saying specific descriptions of thousands of pieces of “personal identifying information” found in her possession are needed to support the government's claims of intended losses.

  • July 17, 2017

    Sen. Finance Committee Dems' Top Tax Aide To Leave

    Victor Fleischer, the renowned tax law professor who sparked a debate over the tax benefits for private equity and hedge fund managers, is stepping down from his role as the co-chief tax counsel for Senate Finance Committee Democrats, according to a statement Monday.

  • July 17, 2017

    IRS Opposes Malibu Lighting Restructure, Liquidation Plan

    The Internal Revenue Service threw a wrench in the Delaware bankruptcy court proceedings of former Home Depot supplier Malibu Lighting and related companies Friday, filing an objection to the manufacturer’s Chapter 11 reorganization plan.

  • July 17, 2017

    Groups Say Tax Reform Can't Be Temporary, Allow Loopholes

    A coalition of major corporations that was initially formed to support the House Republicans’ tax reform ideas urged senators on Monday to avoid half-measures such as temporary tax cuts, while dozens of unions and community groups called for an overhaul of tax laws that would ensure the financial sector pays its fair share of taxes.

  • July 17, 2017

    IRS Gets Poor Marks In Watchdog's Record-Keeping Review

    Record-retention practices at the Internal Revenue Service have fallen behind federal requirements, a government watchdog said in an unflattering new report that spotlights the tax agency's outdated email system and allegedly shifting storage policies.

  • July 17, 2017

    Philly Soda Tax Opponents Appeal To Pa. High Court

    As expected, the American Beverage Association and other challengers are taking Philadelphia's controversial tax on sweetened beverages to Pennsylvania's highest court.

  • July 17, 2017

    Tax Changes Could Cut Charitable Giving, Trump Admin. Told

    Charity advocates have urged the Trump administration and lawmakers to protect tax credits to incentivize charitable giving, warning that an increase to the standard deduction by tax reforms currently under consideration could put a damper on contributions, according to a Monday announcement.

  • July 17, 2017

    Rising Star: Simpson Thacher's Jonathan Goldstein

    Simpson Thacher & Bartlett LLP’s Jonathan Goldstein has helped guide tens of billions of dollars’ worth of mergers, acquisitions and private investment fund formations, including Microsoft's $26.2 billion purchase of LinkedIn, earning him a spot as one of five tax law practitioners under 40 honored by Law360 as Rising Stars.

  • July 17, 2017

    Alaska Cutting ‘Cash For Tax Credits’ Drilling Subsidies

    Alaska appears poised to end what lawmakers call its unique system of cash subsidy payments for oil and gas drilling tax credits, after the state Legislature on Saturday voted overwhelmingly to send the tweak to a welcoming governor.

  • July 17, 2017

    Tax Preparers Lose $2.6M Fed. Claims Suit Over IRS Sting

    A tax preparation company and its refund-advance sister are down to one $2.6 million lawsuit accusing the IRS of soliciting help with a sting operation only to effectively put them out of business, after the judge overseeing a Federal Claims case found they had no “cognizable” interest in a revoked e-filing license.

  • July 17, 2017

    Rakoff Clears DMX To Tour Amid Tax Fraud Allegations

    U.S. District Judge Jed S. Rakoff greenlighted rapper DMX's travel plans for upcoming performances at a brief hearing Monday in his tax fraud case, after which the famed defendant praised his defense lawyer, Murray Richman, with an impromptu rhyme.

  • July 17, 2017

    Tribe Urges Judge To Rethink Order In Tobacco Tax Challenge

    The Keweenaw Bay Indian Community is asking a Michigan federal judge to rethink his earlier ruling in favor of state tax authorities over claims involving tribal tobacco products, knocking his interpretation of a circuit court precedent.

  • July 17, 2017

    Health Overhaul Looks Dead As 2 More GOP Senators Oppose

    Sens. Mike Lee, R-Utah, and Jerry Moran, R-Kansas, announced late Monday that they won't support a newly tweaked version of the Republican health care bill in their chamber, likely quashing the party's latest attempt to undo the Affordable Care Act.

  • July 14, 2017

    Law360 Names Top Attorneys Under 40

    We're pleased to announce Law360's Rising Stars for 2017, our list of 156 attorneys under 40 whose legal accomplishments transcend their age.

  • July 14, 2017

    Rising Star: Cravath's Christopher K. Fargo

    Cravath Swaine & Moore LLP's Christopher K. Fargo has designed and negotiated some of the most challenging multibillion-dollar transactions, including Anheuser-Busch InBev’s $123 billion acquisition of SABMiller, thereby earning him a spot as one of five tax attorneys under 40 honored by Law360 as Rising Stars.

  • July 14, 2017

    Moody's Warns Challenges Ahead For Ill. Despite Budget

    Two days after Standard & Poor’s announced it would not lower Illinois’ credit rating to junk status, Moody’s Investors Service on Friday said the state is still under review for a downgrade, even after the legislature overrode Gov. Bruce Rauner to deliver the state’s first budget in over two years.

  • July 14, 2017

    Dems Query Russian Atty's Role In Deal With Feds

    House Democrats are seeking information on the role a Russian attorney under scrutiny for meeting with Donald Trump Jr. played in Manhattan federal prosecutors' asset forfeiture case that was linked to a $230 million Russian tax fraud scheme and settled just before trial.

Expert Analysis

  • Considerations For Entry Into The Marijuana Industry

    Excerpt from Lexis Practice Advisor
    Cátia Kossovsky

    The current juxtaposition between federal and state marijuana laws impacts how lawyers, courts and legislators address issues in this fascinating new industry. Cátia Kossovsky of Tucker Arensberg PC explains how attorneys can help marijuana-related businesses navigate through all of the various requirements.

  • Weekly Column

    Innovating For Wise Juries: Openings Before Voir Dire

    Richard Lorren Jolly

    This week’s idea for improving civil jury trials is remarkably simple: Allow counsel to provide complete opening statements to the entire venire before voir dire begins instead of after the jury is impaneled, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • 5 Questions To Ask Client Before Proposing A Litigation AFA

    Gregory Lantier

    The first step in assembling an intelligent response to a request for an alternative fee arrangement is for outside counsel to be certain they understand the primary reasons that the client is making the request, say attorneys with WilmerHale.

  • 3 Key Areas Legal Operations Teams Should Focus On

    Jaime Woltjen

    These days, legal operations directors can easily get stretched too thin between responsibilities like overseeing support staff and taking on office management responsibilities. Legal operations teams should focus their time and effort on outside counsel management, technology planning and analytics, says Jaime Woltjen of Stout Risius Ross LLC.

  • 'Physical Presence' Bill Could Have Enormous Impact

    Stephen Kranz

    The recently introduced No Regulation Without Representation Act would not only legislatively enact and define the Quill physical presence rule, but also preempt many states' attempts to expand physical presence nexus, including click-through, marketplace nexus and economic nexus, say attorneys with McDermott Will & Emery LLP.

  • Challenges Of Selling An S Corporation

    Stephen Ziobrowski

    Prior to the rise of limited liability companies, S corporations were the preferred means for obtaining both flow-through taxation and limited liability from a corporate law perspective. When it comes time to exit a business, however, owners of S corporations are presented with a number of challenges, say Stephen Ziobrowski and Andrew Wogman of Day Pitney LLP.

  • Recap

    What The Experts Said About High Court Rulings This Term

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    With the U.S. Supreme Court term now concluded, we take a look back at some first impressions from the experts when the most impactful decisions for corporate law were handed down.

  • US Law Firms Face Discovery Of Foreign Clients' Records

    Steven Kobre

    The law relating to the taking of discovery directly from U.S. law firms is evolving in favor of disclosure when documents have been provided to third parties. Law firms must be vigilant in handling their clients' documents or face being responsible for producing them to third parties, say Steven Kobre and John Han of Kobre & Kim LLP.

  • Opinion

    The Future Of Law And The Demise Of The Midsize Firm

    Fredric Newman

    Since 1980, there has been a systemic supersizing of business enterprises, the growth of sovereign wealth, and the emergence of international businesses. The pressure this has put on national and regional law firms to go global or go home is enormous, says Fredric Newman, a founding partner of Hoguet Newman Regal & Kenney LLP.

  • Take 2 On Proposed Regs For Partnership Audit Rules

    Edward Lemanowicz

    The U.S. Treasury Department and the IRS have reissued proposed regulations on new centralized partnership audit rules, after withdrawing them in January following an executive order from the Trump administration. Partnerships and partners should take note that the new partnership audit rules shift the burden of tax liability from "reviewed-year" partners to current partners, say attorneys with Dechert LLP.