Tax

  • December 11, 2017

    Gates Keeps Defense Atty Despite Potential Conflict

    Indicted Trump lobbyist Rick Gates will continue to be represented by Manhattan white-collar attorney Walter Mack despite a potential conflict of interest involving a separate criminal case, Gates told a D.C. federal judge Monday.

  • December 8, 2017

    The Law Firms Of The 2017 MVPs

    Law360's MVP award goes to attorneys who have distinguished themselves from their peers in litigation, deals and other complex matters. Find the MVPs at your firm here.

  • December 8, 2017

    Law360 MVP Awards Go To Top Attorneys From 78 Firms

    The elite slate of attorneys chosen as Law360’s 2017 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.

  • December 8, 2017

    Former Mass. State Lawmaker Indicted On Corruption Charges

    A former leader of the Massachusetts Senate denied any wrongdoing on Friday after prosecutors unsealed a 113-count federal indictment charging him with peddling public policy and using his private firm and a shell company to take in about $1 million in bribes, kickbacks and free coffee.

  • December 8, 2017

    Manafort’s Extensive Edits To Ukrainian Op-Ed Revealed

    Special Counsel Robert Mueller on Friday revealed the extensive changes that Paul Manafort made to an op-ed published in a Ukrainian newspaper in an effort to show that the indicted former Trump campaign manager flouted a media gag order and should be left on house arrest.

  • December 8, 2017

    Report Details Crucial Senate, House Tax Bill Differences

    The Joint Committee on Taxation released a report Thursday comparing the House and Senate versions of the Tax Cuts and Jobs Act, highlighting differences that include where tax brackets begin, the standard deduction, maximum rate on business income of individuals and the child tax credit.

  • December 8, 2017

    Hustler Club Loses $2M Bid To Escape NY Sales Tax

    A New York appeals court upheld a lower court decision Thursday that semi-nude dancing at the Hustler Club in Manhattan was not the type of performance that would exempt it from $2.1 million of sales tax.

  • December 8, 2017

    How House-Senate Negotiators Could Change Final Tax Bill

    With House and Senate leaders having appointed members to a conference committee to hash out the differences in the respective tax bills passed by the two chambers, lawmakers are rolling up their sleeves to get the bill over the finish line by the end of the year. Here, Law360 previews the role the House-Senate conferees will play in drafting the final bill.

  • December 8, 2017

    Texas High Court Won't Hear $2.2B Payout Deduction Dispute

    The Supreme Court of Texas on Friday declined to take up Owens Corning’s challenge to a Texas appellate court ruling that found the manufacturer could not deduct from its business taxes a $2.2 billion payment made as part of an asbestos product liability settlement.

  • December 8, 2017

    Atty To Shell Out $11.7M For Class-Action Finance Fraud

    A California federal judge on Thursday signed off on a tax lawyer’s $11.7 million disgorgement agreement for a scheme in which he raised money from investors to finance class actions, while not disclosing the risks of the suits and using many of the proceeds for personal use and to make Ponzi-like payments to earlier investors.

  • December 8, 2017

    Amicis Back Wayfair's Opposition To Quill High Court Review

    Three interested parties each submitted an amicus brief Thursday in South Dakota v. Wayfair, urging the U.S. Supreme Court to reject South Dakota’s petition for certiorari, arguing, among other things, there would be an undue burden on businesses and violations of due process and the commerce clause should the court abrogate its physical presence nexus rule.

  • December 8, 2017

    Justices Should Nix Online Tax Case, Foes Of SD Action Say

    Congress, not the U.S. Supreme Court, is the body that should appropriately decide whether states may require remote sellers to collect and remit use tax, the online companies in litigation over the issue told the nation’s highest court in a brief filed Thursday.

  • December 8, 2017

    No Extra $2.3M FICA Refund For Kansas Education Nonprofit

    A nonprofit will not receive at least $2.3 million in additional interest it had sought from the IRS for overpayment of Federal Insurance Contributions Act tax, after a Kansas federal judge ruled Thursday that the entity should be treated as a corporation.

  • December 8, 2017

    South Korea Protests Status As Tax Haven On EU Blacklist

    South Korea protested its inclusion on a European Union list of “uncooperative” tax jurisdictions, claiming it violates the country's state sovereignty.

  • December 8, 2017

    EU Sues Ireland Over Inaction On Apple's $15.5B Tax Bill

    The European Commission said Friday it has sued Ireland for not collecting nearly €13 billion ($15.5 billion) in taxes the regulator found Apple Inc. should have paid, shortly after the tech giant escrowed the money while its challenge to the EC’s determination proceeds.

  • December 8, 2017

    Taxation With Representation: Shearman, Sullivan, Wachtell

    In this week’s Taxation With Representation, CVS bought Aetna for $69 billion, UnitedHealth Group Inc. subsidiary Optum acquired Davita for $4.9 billion, Prysmian snapped up General Cable for $3 billion, and Hartford sold its life insurance business for $2.05 billion.

  • December 7, 2017

    Tax Reform Bills Rife With Loopholes, Experts Say

    The tax overhaul bills recently passed by the House and Senate are filled with opportunities for gaming and tax planning, according to a report released Thursday by 13 academics in the tax field.

  • December 7, 2017

    Some State, Local Cellphone Taxes Could Top 40%: Report

    The taxes, fees and surcharges that are tacked onto monthly cellphone bills will hit record levels next year, the Tax Foundation said Thursday, as impending increases could push the tax bite on a typical family plan to as high as 40 percent of the total bill in some locations.

  • December 7, 2017

    Manafort Denies Defying Gag Order With Op-Ed Work

    Indicted former Trump campaign manager Paul Manafort vehemently denied Special Counsel Robert Mueller's accusations that he flouted a media gag order by “ghostwriting” an op-ed about his Ukrainian lobbying work, clarifying that he was only “editing” the piece to “ensure its accuracy” and that it would not prejudice the case anyway.

  • December 7, 2017

    IRS Agent Says Offshore Cos. Ferried Soccer Bribes

    A key IRS agent whose 2011 tax investigation led to the government's corruption probe of dozens of FIFA officials and soccer marketing executives testified at trial Thursday that the executives used offshore intermediary companies with U.S. bank accounts to funnel illicit payments to soccer federations and officials.

Expert Analysis

  • Series

    Judging A Book: Gilstrap Reviews 'Alexander Hamilton'

    Judge Rodney Gilstrap

    While Alexander Hamilton is the subject of a hit Broadway musical and renewed biographical examinations, professor Kate Brown takes us down a road less traveled in her book "Alexander Hamilton and the Development of American Law" — showing Hamilton as first, last and foremost an American lawyer, says U.S. District Judge Rodney Gilstrap of the Eastern District of Texas.

  • How Tax Reform May Hit Aircraft Owners’ Pocketbooks

    Sandra Shippey

    If proposed tax reform legislation passes as written, owners of physical assets such as corporate aircraft would not be able to defer taxable gains when upgrading to newer aircraft. This could negatively affect, among other industries, aircraft manufacturers, resellers, brokers, appraisers, insurers and lenders, says Sandra Shippey of Procopio Cory Hargreaves & Savitch LLP.

  • Pennsylvania NOL Cap Ruling Presents Taxpayer Challenges

    Jeffrey Friedman

    The Pennsylvania Supreme Court recently held that the state’s flat $3 million cap on net operating loss carryforwards violates the state constitution’s uniformity clause. While the court’s reasoning is based upon the application of a Pennsylvania constitutional provision, it may be applicable to other states that have net operating loss carryforward caps, say attorneys with Eversheds Sutherland LLP.

  • The Case For Creating A Mediation Department At Your Firm

    Dennis Klein

    There are at least four reasons supporting the need for some form of a mediation group within a law firm, especially in firms with larger practices, according to Dennis Klein, owner of Critical Matter Mediation and former litigation partner at Hughes Hubbard & Reed LLP.

  • How Tax Reform Proposals Would Impact PE, VC Funds

    Christian Kimball

    While many of the tax changes currently proposed in Congress will significantly affect the after-tax returns of investors in private equity and venture capital funds, most of the proposals will likely not change the manner in which funds operate, say attorneys with Jenner & Block LLP.

  • How Tax Reform Could Impact The Health Care Industry

    Peter Furci

    The U.S. House and Senate have now both detailed their tax reform plans, and both plans could have significant effects on the health care industry. Lower corporate tax rates could benefit companies in the health sector, but changes to the orphan drug tax credit and medical expense deduction would be damaging, say attorneys at Debevoise & Plimpton LLP.

  • Being There: Defending Depositions

    Alan Hoffman

    Defending depositions is challenging. The lawyer is the only shield and protector for the witness and the client. The rules of engagement are less than clear, and fraught with ethical perils. Difficult judgment calls often must be made in the heat of battle. This is where lawyers really earn their keep, says Alan Hoffman of Husch Blackwell LLP.

  • Opinion

    The Legal Fallout For Harvey Weinstein’s Hired Hands

    Nicole Kardell

    There is a difference between a lawyer or investigator seeking evidence to defend against allegations and correct misrepresentations, and, on the other hand, using duplicitous means to gather information and intimidate alleged victims and journalists. Client advocacy does not mean winning at all costs, says Nicole Kardell of Ifrah Law PLLC.

  • Jury Persuasion In An 'Alt-Fact' World

    Shelley Spiecker

    Today's climate of “alternative facts” has jurors making decisions based on beliefs, emotions and social affiliations that often go unacknowledged or underappreciated. To present their case in the most persuasive manner possible, litigators should consider adapting to their audience when it comes to four psychological factors, say consultants with Persuasion Strategies, a service of Holland & Hart LLP.

  • Tax Plan Impacts Exec Pay, But Cos. Shouldn't Act Yet

    Michael Albano.jpg

    The Republican tax proposal includes executive compensation tax reforms that would have significant implications for companies if enacted. Businesses should not redesign their 2018 bonus and incentive plans just yet, but they would be well-served to review the impact the bill would have if adopted in its current form, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.