Tax

  • March 17, 2017

    Taxation With Representation: Paul, Weil, Gibson, Cravath

    This week's Taxation With Representation sees a private equity firm buying an air medical transportation company for $2.5 billion, Euronet making a $1 billion competing bid for MoneyGram and Vista Equity Partners purchasing DH Corp. for CA$4.8 billion ($3.6 billion).

  • March 17, 2017

    Germany Could Sue US Over Border Tax On Imports

    The specter of an international trade war against the U.S. continues to grow, with Germany’s economy minister saying, ahead of Chancellor Angela Merkel’s first meeting with President Donald Trump on Friday, that a lawsuit could be initiated if Trump enacts a new proposed tax on imports.

  • March 17, 2017

    Gawker Media Dodges $1.2M New York City Tax Claim

    The bankrupt estate of former gossip news outlet Gawker Media LLC has avoided a potential $1.2 million New York City tax liability after a bankruptcy judge on Friday sustained the debtor’s objection to the claim and pegged its overdue tax debt to the city at $9,250.

  • March 17, 2017

    ACA Watch: Trump Goes All In On Repeal Bill, Key Votes Loom

    President Donald Trump has declared himself “100 percent” supportive of a controversial bill repealing and replacing the Affordable Care Act, and House Republicans have set the stage for pivotal votes despite significant cracks in GOP unity. 

  • March 17, 2017

    Reed Smith Adds Hanson Bridgett Partner To SF Office

    Reed Smith LLP has added to its growing San Francisco office a Hanson Bridgett LLP partner who specializes in advising institutional investors and private equity funds on fund formations,  investments and financings, mergers and acquisitions and tax matters, the firm said Friday.

  • March 17, 2017

    'Abusive' Shelter Can't Barter Down Penalties At Tax Court

    A U.S. Tax Court judge sided with the IRS on Thursday in finding the tax agency properly rejected the offered compromise from a now-deceased “abusive tax shelter” operator contending he could only pay a tiny fraction of the $6.7 million in sought penalties.

  • March 17, 2017

    Florida Tax Preparers Slapped With Suit Over False Returns

    The federal government filed a suit in Florida federal court Thursday alleging that two tax return preparers and their companies filed false federal income tax returns for customers, understating liabilities and overstating refunds, while taking large cuts as preparation fees.

  • March 17, 2017

    IRS May Fare Well Despite Proposed Budget Cut

    Despite the prospect of further funding cuts, the Internal Revenue Service may be one of the few federal agencies to come out on top under President Donald Trump’s budget plan, given the emphasis on modernization and the treasury secretary’s goal of expanding programs and services.

  • March 17, 2017

    Wash. Tribal Members Found Exempt From Gas Import Taxes

    The right to travel guaranteed under a U.S. government treaty with the Yakama Nation prohibits the taxation of fuel imports by tribal members, a majority of Washington Supreme Court justices said Thursday in nixing a $3.6 million bill.

  • March 17, 2017

    DreamWorks Tells Fed. Circ. It's Owed $4.4M Tax Refund

    DreamWorks Inc. has urged the Federal Circuit to revive its bid to score more than $4.4 million in tax refunds from the Internal Revenue Service, arguing that income earned abroad qualifies for a tax break even if it was collected after a cutoff date under the relevant law.

  • March 16, 2017

    Ill. Lawmakers Look To Extend Substantial Biz Tax Credits

    Three possible plans for keeping businesses in Illinois with tax credits emerged Thursday in the state's General Assembly, as an earlier program that doled out more than 800 such credits is set to expire by the end of April.

  • March 16, 2017

    ACA Watch: Repeal Inches Ahead, Price To Take Mic

    House Republicans on Thursday just barely moved their Affordable Care Act repeal bill out of committee, Health Secretary Tom Price scheduled a Friday news conference on the measure, and Democrats coalesced behind a common message of opposition. Here’s the latest ACA news.

  • March 16, 2017

    Caterpillar Hires Ex-US AG To Advise On Federal Probe

    The former U.S. attorney general under former President George H.W. Bush who is of counsel to Kirkland & Ellis LLP is assisting Caterpillar Inc. in connection with a federal raid at company headquarters earlier this month over its financial practices, the company said on Thursday.

  • March 16, 2017

    Telecom Electricity Use Not Tax Exempt, NY Judge Says

    XO Communications Services LLC can't claim a refund for taxes on electricity purchased in the provision of telecommunications services to its customers because only “tangible” purchases for “resale” are exempt from taxation, according to a recent New York state Division of Tax Appeals decision.

  • March 16, 2017

    2 Of 3 Biz Professionals Don't Expect Tax Reform This Year

    Nearly two-thirds of recently surveyed business executives don't expect President Donald Trump and congressional Republicans to make good on their promise to achieve corporate tax reform until next year or 2019, according to results announced Thursday by audit, tax and advisory firm KPMG LLP.

  • March 16, 2017

    Eaton Investors Fight To Keep $3B Suit Over Spinoff

    Eaton Corp. PLC investors have urged a Manhattan federal judge to keep alive proposed class claims that the company cost them $3 billion when it revealed it couldn't spin off its vehicle component business tax-free after merging with Cooper Industries PLC, saying Eaton can't overcome misleading statements.

  • March 16, 2017

    Congress Braces For Fight Over Trump's First Budget

    President Donald Trump’s first budget for Congress quickly set the stage for political battles over defense spending increases and domestic cuts Thursday, as legislators prepare for a potential government shutdown in fights over funding this year and next.

  • March 16, 2017

    Pittsburgh Woman Cops To Embezzling $13M From Own Co.

    A Pennsylvania woman pled guilty in federal court Wednesday to charges that she siphoned $12.97 million from her company over 16 years in one of the biggest employee embezzlement cases in state history.

  • March 16, 2017

    US Seeks $854K From Fla. Company For Untaxed Cigars

    A Florida-based company owes more than $854,000 in unpaid excise taxes after underreporting its liability on cigars and cigarillos it imported between 2011 and 2014, the federal government told the U.S. Court of International Trade on Thursday.

  • March 15, 2017

    For Caterpillar, Federal Raid May Mean More Than Tax Trouble

    The IRS has challenged six years of tax returns filed by Caterpillar, but tax troubles may be the least of the construction equipment giant’s problems after a massive surprise raid by federal enforcement authorities signaled the possibility of more serious financial crimes.

Expert Analysis

  • How Chicago's Rental Car Tax Crossed The Line

    Catherine Battin

    The Illinois Supreme Court's recent Hertz ruling held that Chicago's requirement that rental car companies located within three miles of the city collect and remit tax on rentals violates the state constitution. The ruling invites further challenges to the city’s expansive imposition of the lease tax, say Catherine Battin and Lauren Ferrante of McDermott Will & Emery LLP.

  • What Lawyers Can Learn From Kellyanne Conway

    Michelle Samuels

    Presidential adviser Kellyanne Conway's TV appearances provide some examples of what lawyers should and shouldn't do when speaking to the media, says Michelle Samuels, a vice president of public relations at Jaffe.

  • Understanding Connecticut's Income Tax On Stock Options

    Marc Finer

    The Connecticut Supreme Court's recent holding in Allen v. Commissioner of Revenue Services shows how state tax considerations can play a significant role in executive compensation planning. The ruling particularly highlights the importance of analyzing the varying rules applied by each state to taxing stock options and other equity-based deferred income, say Marc Finer and James Brockway of Withers Bergman LLP.

  • The Mistakes Lawyers Make When Copying And Pasting

    Robert D. Lang

    We all recognize that cutting or copying text from earlier works and pasting it into new documents saves attorneys time. However, with this increase in speed comes an increased risk of making, or not catching, errors, says Robert Lang of D’Amato & Lynch LLP.

  • Tax Implications Of The Affordable Care Act Repeal

    Michael White

    Because the Affordable Care Act was upheld by the U.S. Supreme Court as a tax law, its repeal would entail a $1.1 trillion tax revenue loss over 10 years. Based on the direction that the Republicans take in crafting their replacement bill and what portions of the ACA will be repealed, individuals and corporations could be looking at drastic tax changes, say Michael White and Eddie Geraghty of M. White & Associates LLC.

  • Opinion

    Calif. Court Gets Automatic Funding Disclosure Right

    Matthew D. Harrison

    Detractors of litigation funding have strained to characterize a recent decision from a California federal court as significant headway in their crusade against the litigation funding industry. However, in truth, this is a victory for both the industry and those in need of capital to bring meritorious claims against wrongdoers in an often prohibitively expensive legal system, say Matthew Harrison and Priya G. Pai of Bentham IMF.

  • In Retrospect

    Relearning The Lessons Of Korematsu's Case

    Randy Maniloff

    Fred Korematsu’s U.S. Supreme Court case challenging President Franklin Roosevelt’s executive order that led to the incarceration of approximately 120,000 people of Japanese ancestry may sound like ancient history. However, Feb. 19 marks the 75th anniversary of the order's signing, and that it’s celebrating its diamond anniversary now is breathtaking timing, says Randy Maniloff of White and Williams LLP.

  • How A General Counsel Should Think About AI: Part 2

    Bruce J. Heiman

    General counsels face the challenging task of understanding how companies can navigate the rules surrounding uses of artificial intelligence. To get smart on AI, general counsels must ask the right questions about areas such as human resources, intellectual property, liability and insurance, say Bruce Heiman and Elana Reman of K&L Gates LLP.

  • How A General Counsel Should Think About AI: Part 1

    Bruce J. Heiman

    Though the Trump administration has yet to make an official statement regarding artificial intelligence, support for AI is consistent with its expressed desire to promote American business. As such, general counsel will inevitably have to navigate what big data and AI mean for compliance with current and future laws and regulations, say Bruce Heiman and Elana Reman of K&L Gates LLP.

  • Saving Lawyers 1 Less Drink At A Time

    Jennifer Gibbs

    Lawyers are likely turning to alcohol to lessen stress and anxiety, to socialize, and even to sleep better. Unfortunately, many are unaware that their nightly pour could be causing or exacerbating the anxiety that is plaguing the legal profession, says Jennifer Gibbs of Zelle LLP.