Tax

  • October 6, 2017

    Taxation With Representation: Stikeman, White, DLA, Dorsey

    In this week’s Taxation With Representation, Canadian grocery chain Metro agreed to shell out approximately $3.6 billion for a drugstore chain, Office Depot snapped up CompuCom Systems for about $1 billion, Carlisle Companies announced its intent to buy a polyurethane products company for $670 million, and a deal was struck to sell the Midland Basin’s largest privately held crude oil transportation system for $1.825 billion.

  • October 6, 2017

    Psychic Cops To Hiding $3.5M In Exorcism Income From IRS

    A Florida woman who claimed to be a psychic pled guilty Thursday to hiding more than $3.5 million that she earned performing exorcisms on an elderly woman seeking to rid herself of demons, the U.S. Attorney’s Office for the District of Massachusetts announced.

  • October 6, 2017

    Taxpayer Can't Duck Hidden Foreign Bank Accounts Case

    A Washington federal judge on Thursday declined to toss the U.S. government’s suit accusing a man of willfully failing to disclose foreign bank accounts, finding that the allegations could reasonably lead the court to infer that the man understood IRS reporting requirements.

  • October 6, 2017

    Schwartz Simon Drops Suit Against IRS Over Tax Collection

    A Schwartz Simon Edelstein & Celso LLC member said Friday that the firm recently dropped its New Jersey federal court lawsuit seeking to halt the Internal Revenue Service's collection efforts after opening a new line of communication with the agency to resolve the tax dispute.

  • October 6, 2017

    Trump Admin Sued Over Contraception Mandate Exemptions

    Simpson Thacher and others launched challenges Friday afternoon against new Trump administration rules that dial back the Affordable Care Act’s contraception mandate by allowing employers to claim religious or moral objections, hours after three federal agencies announced the exemptions.

  • October 6, 2017

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen Qatar's QNB Group sue Eritrea, a commercial property development lodge a claim against Clydesdale Bank, and a suit against independent administrator Carey Pensions over financial transactions. Here, Law360 looks at those and other new claims in the U.K.

  • October 5, 2017

    Tax Court Orders Transferee To Settle $6.9M Liability Row

    The U.S. Tax Court refused to allow a convicted tax evader to withdraw his own lawsuit challenging the IRS over $6.9 million in liabilities and ruled instead, in a published opinion released Thursday, that the taxpayer must reach an agre​ement with the IRS, despite his insistence that he has already done so.

  • October 5, 2017

    Schumer Pushes GOP To Keep State, Local Tax Deductions

    U.S. Senate Minority Leader Chuck Schumer, D-N.Y., called on Republicans Thursday to scrap efforts to repeal or change the state and local tax deduction as part of their tax reform plan, arguing the provision will kill the Republican tax plan among its rank-and-file members, raise taxes on millions of middle-class families, and result in more than $1 trillion in losses for taxpayers and communities.

  • October 5, 2017

    Rakoff Sets February Date For DMX Tax Fraud Trial

    U.S. District Judge Jed S. Rakoff on Friday agreed to a February 2018 date for the New York federal tax fraud trial of rapper DMX, but warned attorneys at both tables that the date, which is months later than the judge had planned, "will not move."

  • October 5, 2017

    House, Senate Lay Groundwork For GOP Tax Reform Bill

    Both chambers of Congress took their first steps toward a planned tax reform push Thursday, taking action that would give Congress the ability to send a tax bill to President Donald Trump without Democratic support.

  • October 5, 2017

    Dueling US, EU Tax Claims May Pose Challenge For Amazon

    Amazon in recent days has found itself defending against overlapping tax claims from the European Commission and the U.S. Internal Revenue Service, with no clear path to disputing them if the IRS prevails.

  • October 5, 2017

    No Bias In IRS Tax-Exempt Status Review, Says TIGTA

    The IRS subjected liberal, Tea Party and conservative groups to scrutiny when determining their tax-exempt status, according to an IRS watchdog report released Tuesday.

  • October 5, 2017

    IRS Can't Fight Facts In Transfer Pricing Suit, Medtronic Says

    Medtronic Inc. on Wednesday hit back against the IRS in a major transfer pricing case, telling the Eighth Circuit that the agency has no basis to argue against the facts underlying the U.S. Tax Court’s analysis of the medical device manufacturer’s intellectual property license with its Puerto Rican subsidiary.

  • October 5, 2017

    Citigroup Tax Lawyer Joins Latham & Watkins In New York

    Latham & Watkins LLP has lured a Wall Street tax lawyer from Citigroup who specializes in complex financial products and derivatives to join its tax department and financial institutions group, the law firm announced Wednesday.

  • October 5, 2017

    Clean Energy Investors Get Reprieve From FERC Review

    The Federal Energy Regulatory Commission said Wednesday that tax equity investors in public utilities don't have to first seek authorization from the agency under Section 203 of the Federal Power Act, removing an administrative hurdle for a primary funding source for renewable energy projects.

  • October 5, 2017

    CPAs Tell DC Circ. ‘No Dispute’ They Can Challenge IRS Rule

    The American Institute of Certified Public Accountants told a D.C. Circuit panel Thursday that “there can be no dispute” it has standing to challenge the IRS’ voluntary certification program for unlicensed tax return preparers, despite a lower court ruling finding it had no legally protected interest to assert.

  • October 5, 2017

    Bedding Sellers’ Use Tax Fight Sent To Calif. State Court

    A California federal judge on Wednesday sent a case between two bedding and mattress sellers back to state court, granting the California Department of Tax and Fee Administration’s motion to remand for lack of subject matter jurisdiction.

  • October 5, 2017

    No 'Fairness' Exception To Tax Law, Pa. Appeals Court Says

    A company that negotiates shipping rates with freight carriers can’t get business tax deductions based on customer payments it passes through to the carriers, a Pennsylvania appellate court ruled Thursday, finding that a trial court shouldn’t have made an exception to local law based on “fairness.” 

  • October 5, 2017

    Battle Lines Drawn Over Fight To Kill SALT Deduction

    Amid all the rate cuts, bracket tweaks and sweeping corporate reforms laid out in the Republican tax framework, one tax increase looks set to be the most divisive measure. Advocates and opponents of a plan to eliminate the state and local tax deduction are gearing up for a fight that has been brewing for 30 years.

  • October 4, 2017

    Gaps In Trump-GOP Tax Plan Hint At Loss Of Current Benefits

    The Trump-GOP tax plan is silent on key policy goals that have recently dominated tax reform discussions. The failure to touch upon these measures suggests that lawmakers are mulling limiting or eliminating them. Here are four policy measures that could resurface in a tax reform bill expected before the end of October.

Expert Analysis

  • A Guide To The Executive Branch Official Nomination Process

    Adam Raviv

    Although the Trump administration has completed the vetting and confirmation of a cabinet and White House staff, thousands of senior positions remain unfilled throughout the executive branch. More than ever, people selected for those posts find themselves under close scrutiny, say Adam Raviv and Reginald Brown of WilmerHale.

  • An IRS Lifeline To Public Utilities On Normalization

    Jeffrey Davis

    Last week, the Internal Revenue Service provided a safe harbor for public utilities that inadvertently break the so-called normalization rules, which are used to reconcile tax treatment of investment tax credits, or accelerated depreciation of assets, with their regulatory treatment. This is undoubtedly good news for public utilities, say attorneys with Mayer Brown LLP.

  • DOL's Fiduciary Rule: Death By A Thousand Cuts?

    Andrew Oringer

    Every now and then one wakes up with a thought along the lines of, "How the heck did we get to where we are?" Such a thought may easily be brought to mind by the present state of play regarding the U.S. Department of Labor's new fiduciary regulation, says Andrew Oringer of Dechert LLP.

  • How Collaboration Is Changing Inside Some Law Firms

    Chris Cartrett

    In our recent survey of business of law professionals, nearly half of respondents said that who they collaborate with, inside their law firm, is different from five years ago, says Chris Cartrett of legal software provider Aderant.

  • Blazing A Trail For More Local Taxes By Ballot Initiative

    Eric Coffill

    The California Supreme Court recently held that local taxes imposed via initiative are subject to less stringent requirements than taxes imposed by local governments. But in granting great deference to California's initiative process, the court gave too little regard to Proposition 218, requiring local taxes be approved by a majority of voters, say Eric Coffill and Robert Merten III of Eversheds Sutherland LLP.

  • Opinion

    Dealing With Difficult Lawyers

    Alan Hoffman

    Some lawyers tend to be overly aggressive, regarding law practice as a zero-sum game in which there are only winners and losers. The best response is to act professionally — separating the matter at hand from the personalities. But it is also important to show resolve and not be vulnerable to intimidation, says Alan Hoffman of Husch Blackwell LLP.

  • Wind Power: A Strong Market But An Uncertain Future

    John Crossley

    The U.S. Department of Energy's recently published 2016 Wind Technologies Market Report showed strong growth for wind power due to low power purchase prices, decreased technology costs and improved performance. But the expiration of the production tax credit and low natural gas prices make long-term growth uncertain, say John Crossley and Brynna Krough-Deaton of Husch Blackwell LLP.

  • Calif. High Court Tax Decision Could Be A Pyrrhic Victory

    Bryan Wenter

    The California Supreme Court's decision in California Cannabis Coalition v. City of Upland may make local efforts to raise taxes much easier. However, the court itself inadvertently recognized the potential temporary nature of this victory, acknowledging that voters have the power to restrict the electorate's initiative power, says Bryan Wenter of Miller Starr Regalia.

  • Congressional Forecast: September

    Richard Hertling

    With apologies to T.S. Eliot, September is looking to be the cruelest month. This work period will be a critical test for the president and Republican majority in Congress, as members return to face a daunting workload of time-sensitive legislation and only three weeks to get it all done, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • New Flexibility Comes To REIT Earnings Distribution

    Sarah Beth Rizzo

    New IRS guidance will allow real estate investment trusts and regulated investment companies that would like to issue 80/20 stock/cash dividends to avoid the filing fee, drafting expense and approximately six-month delay associated with obtaining a private letter ruling, say Sarah Beth Rizzo and David Polster of Skadden Arps Slate Meagher & Flom LLP.