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Tax

  • June 15, 2018

    Conn. Expands Nexus Definition For Out-Of-State Retailers

    Connecticut has expanded the definition of sales tax nexus to include online solicitation and other types of electronic transmission for making tangible personal property sales.

  • June 15, 2018

    Verizon Unit Loses NJ Bid To Restore $271M Tax Deduction

    MCI Communication Services Inc. lost its bid to restore a roughly $271 million tax deduction after a New Jersey state appeals court on Friday upheld a ruling that the business must pay state tax in connection with income derived from canceled debt that was “pushed down” by its parent company.

  • June 15, 2018

    Tax Data Privacy May Outweigh Possible EU Fines, Atty Says

    The European Union’s proposed requirement for large multinational companies to publicly disclose how much tax they pay around the world would need to come with hefty fines to outweigh the desire to protect sensitive information, a tax practitioner recently said at a tax conference in Miami.

  • June 15, 2018

    EU's $5.5B Tax Break Helps E-Book Sector, Moscovici Says

    A proposed European Union value-added tax break that could mainly benefit big web platforms shows the bloc is not out to get U.S. digital firms, European Tax Commissioner Pierre Moscovici told Law360 in an exclusive interview, despite his stated aim to increase the tax take from the digital sector.

  • June 15, 2018

    Manafort Ordered To Jail For Witness Tampering

    Paul J. Manafort will spend the remaining months before his trial on money laundering and conspiracy charges behind bars, a D.C. federal judge ruled Friday, after finding probable cause that the political operative who helped shepherd Donald Trump's 2016 presidential campaign attempted to tamper with witnesses while under supervised release.

  • June 14, 2018

    Congo Must Pay $96M Customs Contract Award, Suit Says

    A U.S. company that helps the governments of developing nations modernize their customs and tax administrations has won a more than $96 million arbitral award against the Democratic Republic of the Congo, according to documents filed Thursday asking a D.C. federal court to confirm the award.

  • June 14, 2018

    NY Suit Against Trump May Open Door To Criminal Charges

    The language used in the New York State attorney general’s lawsuit accusing President Donald Trump of misusing tax-exempt charitable contributions for personal and political gain suggests criminal charges could follow if federal agencies find evidence of wrongdoing.

  • June 14, 2018

    GEICO Customers Get Quick Win In Car Tax Payment Suit

    A Florida federal judge on Thursday granted a quick win to a class of GEICO customers alleging the insurance company failed to pay for sales tax and transfer fees on leased vehicles when they were totaled, saying contracts did not make a distinction between owned or leased vehicles.

  • June 14, 2018

    Boston City Council Approves Airbnb Rental Restrictions

    The Boston City Council has voted heavily in favor of regulating short-term rental units, making it illegal to post investor-owned units on platforms such as Airbnb, approving an ordinance introduced by the mayor.

  • June 14, 2018

    7th Circ. Won't Revive Deutsche Bank Tax Shelter Suit

    A Seventh Circuit panel on Wednesday affirmed a lower court's decision to toss a former Deutsche Bank AG client's lawsuit accusing the bank and other financial advisers of breaching their fiduciary duties by advising him to set up an illegal tax shelter, finding he waited too long to sue.

  • June 14, 2018

    Ex-NFLers' Tax Credit Scheme Suit Against Chuhak Trimmed

    Scandal-plagued Chuhak & Tecson PC may be off the hook in one proposed class action by a group of former NFL players and others over a tax credit scheme that sent a partner to prison, after a Florida federal court tossed some claims because they conflicted with a federal statute and said it may dismiss the rest as unripe.

  • June 14, 2018

    Amazon Must Release Data In 3rd-Party Tax Row, Judge Says

    A South Carolina administrative law judge ordered Amazon to turn over data to the state Department of Revenue including the sale of goods into the state from its website by third parties and an organizational chart detailing Amazon’s corporate structure, in a dispute involving a $12.5 million tax bill.

  • June 14, 2018

    NY AG Says Trump Used His Charity As Campaign Checkbook

    The New York state attorney general's office accused the Trump Foundation on Thursday of self-dealing in a suit seeking a ban on President Donald Trump from operating any Empire State nonprofit for 10 years, one-year bans for three of his children and $2.8 million of restitution.

  • June 14, 2018

    RBS Faces Trial Over Alleged Role In £160M Tax Fraud

    Lawyers for Royal Bank of Scotland PLC appeared at the High Court in London on Thursday over its alleged role in a huge carbon trading tax fraud, in which it is alleged that traders at the bank carried out deals that helped fraudsters cheat HM Revenue and Customs out of millions of pounds in VAT payments.

  • June 13, 2018

    NY Bill Would Exempt Overhaul's GILTI From State Tax

    A New York state senator has introduced a bill that would exempt global intangible low-taxed income, a new income class created by the federal tax overhaul, from state taxes.

  • June 13, 2018

    PE-Backed Avalara Raises IPO Target To $172.5M

    Private equity-backed tax automation company Avalara Inc. has changed its plans for its initial public offering from 7.5 million shares priced between $19 to $21 apiece to $21 to $23 each, resulting in $172.5 million if the shares are sold at $23, according to a filing with the U.S. Securities and Exchange Commission on Wednesday.

  • June 13, 2018

    NYC, State, Coalition Clash On Uneven City Property Taxes

    The city and state of New York squared off before a state judge Wednesday against a legal coalition that has sued over the constitutionality of the city's property tax system, with the governments saying the suit must be dismissed and the taxpayer group saying the system is so unfair that the court must intervene.

  • June 13, 2018

    2nd Circ. Revives Bid For Seized Funds By Tax Atty's Wife

    A Second Circuit panel on Wednesday vacated a district court's finding that allowed the federal government to seize funds an attorney who helped set up illegal tax shelters gave to his wife, writing that denying her chance to assert an argument would amount to a government seizure of property without due process.

  • June 13, 2018

    Trend Of Rise In Pass-Throughs Forecast To Reverse

    More than 200,000 individual business owners could convert their pass-through businesses into corporate structures as a result of changes in the federal tax code, according to a prediction Tuesday from the Penn Wharton Budget Model.

  • June 13, 2018

    Consulting Co. Exec Convicted In 401(k) Embezzlement Case

    A federal jury on Tuesday convicted the former CEO of an Ohio tech consulting business on most of the charges contained in a December indictment that alleged he embezzled money from a 401(k) and profit-sharing plan and also didn’t pay the IRS thousands in taxes collected from workers, court records show.

Expert Analysis

  • Right Of Way And Property Rights In A Driverless World

    Michelle Rudd

    With much land in today's cities currently designated right of way, broad use of autonomous vehicles may provide opportunities to repurpose some of this property. But first, decision-makers will need to understand the nature of the ownership interests in the property, says Michelle Rudd of Stoel Rives LLP.

  • Opinion

    Exempt Indian Country From The 'Kiddie Tax'

    Nicole Elliott

    Congress should move to exclude the transfer of tribal funds to young tribal members from being taxed under the "Kiddie tax," a tax instated in 1986 and amplified by the Tax Cuts and Jobs Act, say attorneys at Holland & Knight LLP.

  • Unique Considerations In Cryptocurrency Estate Planning

    Michael Kearney

    Security features unique to cryptocurrency put investors at risk of losing such assets upon incapacity or death. Understanding these features and crafting a plan that addresses certain important factors will help assure digital assets are effectively passed on to heirs and beneficiaries, say Michael Kearney and Joseph Doll at Cole Schotz PC.

  • Tandem Nonprofit And For-Profit Cos. Must Walk Fine Line

    Allen Bromberger

    In tandem corporate structures, a nonprofit and a for-profit business must walk a fine line. The for-profit company must sustain enough economic benefit to justify its participation while the nonprofit must minimize such benefit or call its tax-exempt status into question. The inherent conflict is unavoidable, but companies can minimize many of the risks through careful planning, says Allen Bromberger at Perlman & Perlman LLP.

  • Amazon Vendors, Call The NY Tax Dept. Before They Call You

    Craig Reilly

    Following a legal request, Amazon was planning to release its third-party seller information to the New York Department of Revenue by June 1, 2018. Any third-party seller that potentially has nexus with New York should consider reviewing its tax liability and, if necessary, applying for the state’s Voluntary Disclosure and Compliance Program, says K. Craig Reilly of Hodgson Russ LLP.

  • Impediments To Legal Industry's 'Inevitable' Future: Part 1

    Craig Levinson

    Legal pundits continue to make predictions that newer entrants into the industry — NewLaw firms, the Big Four and alternative legal service providers — will progressively seize greater amounts of market share from traditional law firms. But the BigLaw response has been underwhelming at best, and a glimpse at the market forces puts its lack of urgency into perspective, says Craig Levinson, founder of Levity Partners.

  • How Kentucky Changed Its Nearly 100-Year-Old Tax Structure

    Mark Sommer

    Kentucky’s 2018 regular session of the General Assembly brought sweeping changes to an overall tax structure that had been largely untouched over the last century, Mark Sommer and Rowan Reid of Frost Brown Todd LLC discuss what changed and what stayed the same.

  • Mazzei Case Educed An Unusual Tax Court Response

    Lawrence Hill

    The U.S. Tax Court yet again showed itself to be an unfavorable forum for litigating tax-advantaged transactions with its decision in Mazzei v. Commissioner of Internal Revenue — deciding the taxpayers' foreign sales corporation structure lacked economic substance. However, this decision was particularly notable in featuring a rare Tax Court dissent, say Lawrence Hill and Kevin Platt of Winston & Strawn LLP.

  • A Look At Treasury's Recent Efforts To Reform Regulation

    Andrew Roberson

    In keeping with the "one in, two out" principle of deregulation adopted by the Trump administration, the president has called on the U.S. Department of the Treasury to reduce regulatory burdens on taxpayers. Andrew Roberson and Justin Crause at McDermott Will & Emery LLP look at what has happened so far and what taxpayers can do in anticipation of future regulatory reform.

  • Tax Days May Be Longer In Arizona Than New York

    Ariele Doolittle

    In New York, a "day" is defined as "any part of a day" for tax purposes. But, according to a state Supreme Court decision last week, a "day" may mean something different in Arizona. Ariele Doolittle of Hodgson Russ LLP analyzes the matter of BSI Holdings LLC v. Arizona Department of Transportation.