Tax

  • August 9, 2017

    Accountant Gets OK To Appeal $2.3M IRS Penalty Timing

    An accountant challenging a $2.3 million Internal Revenue Service penalty got approval Tuesday to appeal a court ruling that the penalty was filed on time, when an Illinois federal judge said there was a possibility he could overturn his determination.

  • August 8, 2017

    Securities Industry Asks IRS To Nix Political Subdivision Rule

    A trade group representing the American securities industry urged the IRS on Monday to scrap proposed regulations rewriting who can issue tax-exempt bonds, saying that the new rules impose mandates that could prevent the construction of needed infrastructure in towns and cities.

  • August 8, 2017

    Ex-Fiat Chrysler Analyst Pleads Guilty In Union Payoff Scheme

    A former Fiat Chrysler Automobiles US LLC financial analyst pled guilty Tuesday in Michigan federal court to criminal charges of participating in a scheme to divert more than $4.5 million from a training fund to pay off United Automobile Workers executives and others in cash and gifts.

  • August 8, 2017

    Deloitte Survey Shows Biz Stock In Trump Tax Reform Waning

    A Deloitte survey released Tuesday found businesses are increasingly losing confidence in President Donald Trump’s ability to usher in tax reform, with less than 10 percent of professionals seeing his role as essential to the process and even fewer believing that his promise of a 15 percent corporate rate is realistic.

  • August 8, 2017

    Jackson Hewitt Slams Fraud Suit's 'Conspiracy Theories'

    Jackson Hewitt Inc. told a California federal court Tuesday that a putative class action alleging that the tax preparation franchise manipulated customers’ tax returns to generate and keep ill-gotten refunds should be dismissed because the suit is devoid of specific facts to back up its claims.

  • August 8, 2017

    Justices Told Topless Dancers Count For Tax Exemption

    A New York gentlemen’s club wants to take advantage of the state’s tax exemption for musical performance, urging the U.S. Supreme Court last week to rule that the state can’t judge what’s “sexual fantasy” and what’s dance.

  • August 8, 2017

    Walgreens Improperly Taxing Unsweetened Drinks, Suit Says

    A shopper has hit Walgreens Boots Alliance Inc. with a proposed class action in Illinois state court over a new sweetened beverages tax in Cook County, alleging the drugstore giant improperly applied the tax to unsweetened drinks as well.

  • August 8, 2017

    Utah Judge Won't Sanction Feds In Couple’s $2.4M Tax Fight

    A Utah couple lost out on their attempt to impose sanctions on the federal government in their ongoing dispute with the United States over $2.4 million in allegedly overdue taxes Monday, after a Utah federal judge ruled the government brought a fair case after the couple left bankruptcy.

  • August 8, 2017

    Kirkland & Ellis Picks Up Mayer Brown Tax Whiz

    Kirkland & Ellis LLP has picked up a Mayer Brown LLP partner for its Chicago tax practice, the firm announced on Monday.

  • August 8, 2017

    IRS Pushes To Trim Wells Fargo Tax Suit Over $1.25B Deal

    The Internal Revenue Service on Monday pushed a Minnesota federal judge to toss part of Wells Fargo’s suit over a more than $1.25 billion securities transaction, alleging that the bank had waived its arguments to deduct foreign taxes.

  • August 8, 2017

    AIG, Bank Leumi Settle Unpaid Reinsurance Claim Dispute

    The European arm of U.S. insurance giant American International Group has settled a claim seeking almost $600,000 from Bank Leumi under a reinsurance agreement after a tax evasion scandal engulfed the Israeli bank, according to court documents seen by Law360 Tuesday.

  • August 7, 2017

    Partisan Tax, Health Bills Still Most Likely Outcome

    Although bipartisanship occasionally broke out in the beginning months of the congressional session, the August recess is unlikely to produce any more agreement on taxes, health care and government spending legislation.

  • August 7, 2017

    Investor Seeks OK Of $19M Award Against Golf Club Co.

    A Korean investment fund asked a California federal court Monday to sign off on an approximately $18.8 million arbitral award it won against a golf club shaft manufacturer it had invested in, an award that was issued following a dispute that arose out of unpaid taxes.

  • August 7, 2017

    Tax Court Disallows $3.3B Losses In Partnership 'Scheme'

    The U.S. Tax Court on Monday disallowed deductions for more than $3.3 billion in losses claimed by client members in a purported partnership that was part of a tax avoidance "scheme" promoted by Ernst & Young, finding that its members did not intend to run a business together.

  • August 7, 2017

    Pa. Court Says Tax-Exempt Properties Can Vote On Biz Levies

    The Pennsylvania Commonwealth Court on Friday upheld the legitimacy of a vote that established a business improvement district in the city of Lebanon, rejecting a property owner’s claim that owners of tax-exempt properties were improperly allowed to weigh in.

  • August 7, 2017

    Think Tank Urges Treasury To Strengthen Anti-Inversion Regs

    A tax policy think tank is standing out as a rare voice among numerous experts and private interests calling for the death of Obama-era tax regulations discouraging corporations from shifting profits overseas, saying in a letter Monday that these rules should not only survive but also be widened in scope.

  • August 7, 2017

    Employee On The Hook For Boss' Tax Fraud, 11th Circ. Says

    The shareholder of a now-defunct construction company remains on the hook for his share of $5 million of the company’s tax debts after the Eleventh Circuit found Friday that even though he was a victim of fraud perpetrated by his former colleagues, the money he received from them was never his to begin with.

  • August 7, 2017

    BASF Can't Nix NJ Town's Expert In Superfund Site Tax Row

    A New Jersey Tax Court judge has ruled that BASF Corp. can't boot a municipality’s expert witness before trial in a challenge of a contaminated parcel's tax assessment, reasoning that a land development planning professional isn’t necessarily less qualified than a licensed real estate appraiser to weigh in on a zoning question.

  • August 4, 2017

    Coinbase Gets Support From 3 Groups In IRS Summons Spat

    The Competitive Enterprise Institute and two digital currency advocacy groups asked a California federal court Thursday to let them support Coinbase Inc.’s challenge to an IRS summons that seeks customer names and other information from the virtual currency exchange company, calling the request overbroad.

  • August 4, 2017

    How The ACA Survived A 7-Year War

    The Affordable Care Act has cheated death over and over during the past seven years, evading a number of potentially lethal lawsuits and somehow surviving the slings and arrows of a federal government controlled by hostile Republicans. Here’s a look at the ACA’s improbable journey through a harrowing gantlet of legal and political attacks.

Expert Analysis

  • 5 Questions Firms Should Ask When Evaluating Litigation AFA

    Gregory Lantier

    Law firm management should understand the client’s reasons for requesting an alternative fee arrangement, and whether approving the fee will help grow the relationship with the client, say attorneys with WilmerHale.

  • For Law Firm Offices, Business Savvy Is The New Cool

    Craig Braham

    Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.

  • Planning A Legal Career With A Future Relocation In Mind

    Jacqueline Bokser LeFebvre

    Lawyers move to New York City to work on some of the most sophisticated work the legal market has to offer. This exposure and experience is an amazing asset and many of the skills developed will make associates very marketable in the event they consider relocating to another market. However, this isn’t always the case, says Jacqueline Bokser LeFebvre of Major Lindsey & Africa.

  • How Section 1332 Waivers Could Impact Health Care Reform

    Maura Monaghan

    Although Alaska’s Section 1332 “State Innovation Waiver" was the first to be approved by the Trump administration, it almost certainly will not be the last. In the absence of comprehensive health care reform, the administration is likely to promote these waivers as a means of devolving certain health care regulations to the state level, say attorneys with Debevoise & Plimpton LLP.

  • 4 Female Perspectives On BigLaw Leadership

    Regina Pisa

    Only a handful of the largest U.S. law firms are led by women. Here, in their own words, are perspectives from Shook Hardy & Bacon Chair Madeleine McDonough, Crowell & Moring Chair Angela Styles, Morgan Lewis & Bockius Chair Jami Wintz McKeon and Goodwin Procter Chair Emeritus Regina Pisa.

  • The Elephant In The Room: Advancing Women To Partnership

    Anusia Gillespie

    Despite more focus and investment, the numbers continue to show little progress in advancing women to the top tiers of firm leadership. Considering the irreversible nature of the transformation of the market for top talent, it is time to start experimenting and innovating from the core, rather than from the periphery, say Anusia Gillespie and Scott Westfahl of Harvard Law School.

  • How Midsize Law Firms Can Minimize Cybersecurity Threats

    K. Stefan Chin

    It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.

  • Equity And Incentive Compensation Plans For Startups

    Excerpt from Lexis Practice Advisor
    Jotham Stein

    To effectively advise startups, and the investors that frequently finance them, it is imperative to understand startup equity and incentive compensation structures. Jotham Stein of the Law Offices of Jotham S. Stein PC discusses common compensation practices of investor-backed, Kickstarter-funded and bootstrapped startup enterprises.

  • Weekly Column

    Innovating For Wise Juries: Matching Experts

    Stephen Susman

    In the penultimate installment of this series, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project answer a question on many legal analysts’ minds: What if both sides’ expert witnesses sat in a hot tub discussing the case while a jury watched?

  • Key Factors In Selling Wind Farm Tax Equity Investments

    Jai Khanna

    Recently, a vibrant market has developed for secondary sales of tax equity partnerships that own wind farms in the U.S. However, sellers and purchasers of such membership interests should consider several important points in connection with any sale, say Jai Khanna and Maher Haddad of Baker McKenzie and Paul Vercruyssen, assistant deputy general counsel at Hannon Armstrong.