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Tax

  • October 5, 2018

    Eastern European Bloc Backs Digital Tax

    A bloc of Eastern European states said Friday that they were supporting the European Union’s temporary digital tax.

  • October 5, 2018

    'Jersey Shore' Star Gets Prison For Tax Evasion

    Michael “The Situation” Sorrentino, a performer on the reality TV series “Jersey Shore,” was ordered Friday to serve eight months behind bars for tax evasion, with a New Jersey federal judge telling him that “with celebrity, comes responsibility.”

  • October 4, 2018

    7th Circ. Affirms $500M Tax Hit Against Exelon

    An energy company must pay over $500 million in taxes and penalties because it bore none of the “burdens or indicia” of ownership in several coal plants that were the basis of its claim for a Section 1031 like-kind exchange, the Seventh Circuit ruled Wednesday, upholding a decision by the U.S. Tax Court.

  • October 4, 2018

    No One-Size-Fits-All Entity Choice Post-TCJA, Tax Pros Say

    The Tax Cuts and Jobs Act's reduction in corporate income tax rates has revived the popularity of C corporation entity structures, but practitioners warned Thursday there is no one-size-fits-all choice for every business. 

  • October 4, 2018

    Intuit's TurboTax Refund Fraud Deal For 915K Victims OK'd

    A California federal judge on Thursday preliminarily approved a nonmonetary deal TurboTax-maker Intuit Inc. reached to settle proposed class action claims that the company enabled fraudsters to file 915,000 fake tax returns, saying not all identity theft victims suffered out-of-pocket losses and those who did can still pursue individual claims.

  • October 4, 2018

    Post-Wayfair Issues Continue To Crop Up, Panelists Say

    Renewed interest on enforcing economic nexus for income taxes, and whether companies might choose to pay fines for noncompliance rather than collecting and remitting sales and use taxes, are among the issues for tax professionals to pay attention to in the aftermath of the landmark Wayfair decision, tax professionals said at a conference Thursday.

  • October 4, 2018

    Panel Consolidates Danish Tax Fraud Cases To NY Court

    Consolidating 140 tax cases involving the Customs and Tax Administration of Denmark in a New York federal court will make adjudication much more efficient, the U.S. Judicial Panel on Multidistrict Litigation said in its order filed Wednesday to transfer the cases.

  • October 4, 2018

    Ex-Fuel Co. Exec Pleads Guilty To $4M Biodiesel Tax Scheme

    A former Keystone Biofuels Inc. executive pled guilty in Pennsylvania federal court Wednesday to a $4.1 million tax fraud conspiracy that involved seeking renewable energy tax refunds by falsely claiming to manufacture biodiesel that met the necessary standards, according to the U.S. Department of Justice.

  • October 4, 2018

    Couple Asks 2nd Circ. To Rethink Tax Residency Ruling

    A couple has asked the Second Circuit to reconsider a decision barring them from challenging the husband’s state of domicile for tax purposes, saying it would make him “doomed to always be a New York resident” even though he relocated to Florida.

  • October 3, 2018

    Trump Empire, Taxes To Face Scrutiny By NY, NYC

    New York City Mayor Bill de Blasio said Wednesday that his administration will pursue “with vigor” recouping any taxes that President Donald Trump could owe New York City after allegations of tax fraud were made in a bombshell newspaper investigation.

  • October 3, 2018

    6th Circ. Won't Rehear Rail Co.'s Tax Discrimination Case

    The Sixth Circuit on Wednesday denied a railroad carrier's request for an en banc rehearing in a dispute over whether Tennessee's diesel fuel sales and use tax on railroad carriers is discriminatory, saying all issues raised had been previously considered.

  • October 3, 2018

    Dems Pledge To Demand Trump’s Taxes If They Win Congress

    In the wake of new reporting on alleged illegal tax avoidance by the family of President Donald Trump, Democratic lawmakers pledged Wednesday to demand access to Trump’s tax returns if they win back majorities in the U.S. Congress in November’s midterm elections.

  • October 3, 2018

    US Settles With Ex-Herrick Atty Accused Of $130M Tax Fraud

    The U.S. Department of Justice has reached a settlement against a former Herrick Feinstein LLP tax partner accused of cheating the government out of $130 million through tax shelters, according to documents filed in the case in a New York federal court.

  • October 3, 2018

    Don't Hike Insurance Tax Before Brexit, Allianz Tells UK

    Allianz SE urged Chancellor Philip Hammond on Wednesday not to raise the insurance premium tax again in this month’s Budget as it warned that 85 percent of small and midsized businesses would be concerned about the impact on their operations.

  • October 2, 2018

    Doctors Say Jury Doubled Up $4.4M Judgment, Seek New Trial

    A Chicago-area orthopedics group on Monday urged an Illinois federal judge to order a new trial after it was hit with a $4.4 million verdict in a dispute with a former partner who alleged that the partnership stuck him with unnecessary expenses and fraudulently reported his earnings to the IRS.

  • October 2, 2018

    BofA Can't Duck $4.3M NJ Tax Bill Against Merrill Lynch

    Bank of America NA has lost its bid to escape a roughly $4.3 million corporation business tax bill levied against a former Merrill Lynch unit after a New Jersey Tax Court judge rejected the company's arguments that a notice of assessment from state tax authorities was sent to the wrong entity and ZIP code.

  • October 2, 2018

    NY Gov'ts, Groups Ready To Fight IRS SALT Regulations

    A growing coalition of New York-based local governments and statewide associations are gearing up to fight proposed federal regulations that aim to stymie workarounds to the new federal cap on state and local tax deductions — and are ready to sue if they don’t get their way, according to a state assemblywoman leading the charge. 

  • October 2, 2018

    Fla. Man Pleads Guilty To $6.1M Fraud Scheme, Tax Evasion

    A Florida man who had passed himself off as a Harvard-educated investment adviser pled guilty in North Carolina federal court Tuesday to wire fraud and tax evasion for having engaged in a scheme that defrauded lenders, his father's company and his wife out of more than $6.1 million that he either spent or lost through risky trading.

  • October 2, 2018

    BEAT Markup, Treaty Issues Scheduled For Debate At ABA

    With several questions unsettled for the new base erosion and anti-abuse tax, transfer pricing experts at the upcoming American Bar Association Section of Taxation meeting will explore issues such as how the provision applies to intercompany service charges bearing a markup.

  • October 2, 2018

    Investors Call On SEC To Require Tax Reporting Transparency

    A group of investors and academics have called on the U.S. Securities and Exchange Commission to institute rules that would require publicly traded companies to provide greater transparency when reporting their tax obligations.

Expert Analysis

  • Navigating Tax Risks In Shareholder-Executive Compensation

    Natasha Perssico Escobedo

    In recent years, the Internal Revenue Service has focused on tax compliance for compensation paid to executives who are shareholders in business enterprises. Natasha Perssico Escobedo of Epstein + Nach LLC reviews some of the common pitfalls that companies and their legal counsel may experience in disputes with the IRS.

  • The Curious Case Of The Accidental American Taxpayer

    Michael DeBlis III

    Accidental Americans — citizens of other countries born on U.S. soil but with no ties to the U.S. — may be surprised to learn they are subject to the same tax filing obligations, payments and penalties as self-identifying "Americans abroad," says Michael DeBlis of DeBlis Law.

  • 5 More GC Tips For Succeeding As A New Associate

    Jason Idilbi

    Jason Idilbi, former BigLaw associate and general counsel of the tech startup Passport Labs Inc., returns to Law360 to share recent thoughts on best practices for newer associates — whether they are serving external clients or senior attorneys within their firms.

  • Illinois Tax Talk: Motor Fuel Taxes

    Christopher Lutz

    Illinois businesses engaging in activities relating to fuel in any way, even those which do not believe themselves to be retailers or distributors, should be apprised of potential multijurisdictional obligations regarding the various Illinois motor fuel taxes, says Christopher Lutz of Horwood Marcus & Berk Chtd.

  • Manafort Plea Reminds Us Of Whitewater

    Lawrence Laurenzi

    It is clear from Paul Manafort's plea agreement that special counsel Robert Mueller's team is using the same prosecutorial strategy that Ken Starr used in Whitewater. Mueller’s team, however, also faces the same headwinds that Starr faced, say Lawrence Laurenzi and Joe Whitley of Baker Donelson Bearman Caldwell & Berkowitz PC.

  • Series

    Judging A Book: Block Reviews 'Tough Cases'

    Judge Frederic Block

    In a new, extraordinary book, "Tough Cases: Judges Tell the Stories of Some of the Hardest Decisions They’ve Ever Made," 13 of my judicial brethren have courageously and dramatically humanized the judicial process, says U.S. District Judge Frederic Block of the Eastern District of New York.

  • Wayfair Response Bill Offers Hope For Small Retailers

    Marvin Kirsner

    The Online Sales Simplicity and Small Business Relief Act of 2018 has been introduced in Congress to provide relief for businesses dealing with the online sales tax ramifications of the South Dakota v. Wayfair Inc. decision. Marvin Kirsner of Greenberg Traurig LLP describes the benefits of the bill and makes further recommendations.

  • Tax Benefits Of Structured Settlements In Employment Cases

    Lars Johnson

    With employment cases on the rise and many statutory provisions favoring plaintiffs, there are settlement-related tax implications that plaintiffs attorneys should be aware of and plan ahead for, say Lars Johnson of Signature Resolution and David Lesser of Millennium Settlements.

  • Investment Cos. And REITs Receive Welcome Tax Guidance

    Martin Hamilton

    In two recently released revenue procedures, the IRS provided repatriation tax relief for registered investment companies and defined categories of foreign income for real estate investment trusts. Attorneys at Proskauer Rose LLP break down the significant effects.

  • Tips For Offering Student Loan Benefits Under 401(k) Plans

    Richard Chargar

    The IRS recently allowed an employer to make nonelective 401(k) plan contributions for employees repaying student loans. This private letter ruling is instructive for other employers wishing to provide similar tax-favored benefits for employees unable to contribute to their retirement savings, say attorneys at Kelley Drye & Warren LLP.