Tax

  • February 11, 2018

    Biz Interest Anti-Abuse Tax Rule Possible, Official Says

    Even though the IRS and Department of Treasury's Priority Guidance Plan update released Wednesday did not say that an anti-abuse rule was forthcoming on new limitations on business interest expense deductions enacted as part of the GOP tax cut bill, that doesn't mean it won't happen, a Treasury official said Friday.

  • February 9, 2018

    Interim Years Trivial In Partnership Audits, IRS Rep Says

    A representative from the IRS said Friday that the intervening period between a reviewed year, which is the year examined during an audit, and an adjustment year, which is when an audit is finalized, does not matter under the new centralized partnership audit regime.

  • February 9, 2018

    DOJ's No. 3 Checks Out For Walmart Gig

    The U.S. Department of Justice’s associate attorney general who was tasked with overseeing numerous divisions, including antitrust, civil, civil rights, environment and natural resources, and tax, will leave the department for Walmart after nine months on the job, the DOJ and the retail giant announced Friday.

  • February 9, 2018

    Uber, Lyft Can’t Bypass Local Taxes, SF Lawsuit Claims

    The city and county of San Francisco hit the state of California with a lawsuit Thursday, challenging a recently enacted law that allows ride-hailing services like Lyft and Uber to operate in cities without obtaining local licenses, causing the city to lose millions in associated taxes.

  • February 9, 2018

    Texas, Nev. AGs Defend Ariz. Law Opposing Israel Boycotters

    Attorneys general from Texas and Nevada on Friday filed an amicus brief in a lawsuit in Arizona federal court, offering their support for a law that bars state-funded contractors from boycotting Israel.

  • February 9, 2018

    Budget Bill Contains Energy Tax Credit Boon

    Energy tax credit extenders included in the two-year budget deal signed by President Donald Trump on Friday provide potential boosts for renewable energy development and potential lifelines for nuclear and carbon capture and storage projects.

  • February 9, 2018

    Facebook Docs Not Privileged, US Argues In Tax Dispute

    Documents withheld by Facebook Inc. in its transfer pricing dispute with the Internal Revenue Service are not protected by privilege because they pertain to business development and not trial preparation, U.S. Department of Justice attorneys said Thursday in California federal court ahead of a March 29 hearing on whether the company should produce the documents.

  • February 9, 2018

    India Signs 7 APAs, Including First Deal With US

    India’s tax authority has announced that last month it inked seven advance pricing agreements, which provide preemptive approval of multinational corporations' tax treatment of transactions with foreign subsidiaries, including the country’s first such deal with the U.S.

  • February 9, 2018

    Taxation With Representation: Wachtell, Weil, Latham

    In this week’s Taxation With Representation, NuStar Holdings merged with a subsidiary to create a $7.9 billion partnership, Kroger made a $2.15 billion convenience store sale to EG Group, Enduring Resources bought WPX Energy’s San Juan Basin oil holdings for $700 million, and Tronc sold the Los Angeles Times and other newspapers to Nant Capital for $500 million.

  • February 9, 2018

    Texas Oil Co. Sues IRS In $222M Fuel Credit Dispute

    An oil company sued the Internal Revenue Service in a Texas federal court Thursday, asking for a $222 million reduction in its income over the classification of alternative fuel credits.

  • February 9, 2018

    Trump Signs Spending Bill, Ending Overnight Shutdown

    President Donald Trump signed legislation Friday for a two-year budget deal and temporary spending measure, ending a brief government shutdown after Congress failed to pass the bill before midnight.

  • February 8, 2018

    States Again Turn To EITC To Help Low-Income Workers

    After several lean years in which no states created an earned income tax credit and North Carolina became the first state in 30 years to scrap its credit, the state EITC — designed to boost the impact of the federal earned income credit for low- and moderate-income working families — is thriving again.

  • February 8, 2018

    $3B Tax Trial Will Focus On Royalties, Coca-Cola Says

    Long-standing royalty agreements between Coca-Cola and six foreign subsidiaries will be the company's main focus at trial in its $3.3 billion transfer pricing dispute with the Internal Revenue Service, Coca-Cola said in a 161-page trial brief filed Wednesday at the U.S. Tax Court.

  • February 8, 2018

    Australia Floats Guidance For Diverted Profits Tax

    The Australian Taxation Office released a guidance draft Wednesday covering the steps multinational businesses can take if they suspect their arrangements with foreign affiliates might trigger the country’s controversial diverted profits tax, which is designed to prevent companies from shifting profits offshore.

  • February 8, 2018

    Tax Legislation Prompts IRS Updates To Guidance Plan

    The U.S. Department of the Treasury has identified a number of areas where it says guidance will be prioritized over the coming months in the wake of the recently enacted Republican tax cut legislation, according to a document released Wednesday.

  • February 8, 2018

    Whistleblower Can't Avoid Tax On FCA Award, NJ Court Says

    A New Jersey appellate court on Thursday affirmed that a whistleblower’s $1.2 million payout from his False Claims Act lawsuit over unlawful Medicare billing is subject to state income tax, clarifying in a published opinion that the award falls within the legal damages that constitute taxable income under state law.

  • February 8, 2018

    Tax Group Of The Year: Skadden

    Skadden Arps Slate Meagher & Flom LLP's global tax practice has provided advice on transactions to big-name companies such as NXP Semiconductors N.V. in its proposed $47 billion acquisition by San Diego-based Qualcomm Inc. and Hewlett Packard Enterprise in its $8.8 billion spin-off and merger of its software business with a foreign company, earning the firm a spot among Law360's 2017 Tax Practice Groups of the Year for the third year in a row.

  • February 8, 2018

    Budget Deal Would Renew Expired Tax ‘Extenders’

    Congress has passed a budget agreement that, along with keeping the government funded, would revive a set of expired targeted tax benefits for businesses and individuals, known as tax extenders.

  • February 8, 2018

    Greece Must Tax Fuel Headed For Non-EU Nations, Court Says

    The European Union’s top court on Thursday upheld a challenge to a Greek law that lets gas stations near bordering non-EU countries sell tax-exempt fuel, ruling that the excise duty applies even if the drivers are heading directly out of Europe.

  • February 8, 2018

    Hochman Salkin Atty Nominated For IRS Commissioner Role

    Charles Rettig, a seasoned California litigator with Hochman Salkin Rettig Toscher & Perez PC, has been nominated to head the Internal Revenue Service for five years, the White House announced on Thursday.

Expert Analysis

  • Fight On SALT Deductions: Who Will Be Black And Blue?

    Leah Robinson

    Blue states New York, New Jersey and California have thrown their hats into the ring, hoping to knock out the new state and local tax deduction limitation. Odds are good for some strategies and we should expect this fight to go the distance, say attorneys Leah Robinson and Amy Nogid of Mayer Brown LLP.

  • Series

    Judging A Book: Kendall Reviews 'On The Jury Trial'

    Judge Virginia Kendall

    As someone who spent half her days last year on the bench presiding over trials, I often find the alarmist calls to revamp the jury trial system a tad puzzling — why is making trial lawyers better rarely discussed? Then along comes a refreshing little manual called "On the Jury Trial: Principles and Practices for Effective Advocacy," by Thomas Melsheimer and Judge Craig Smith, says U.S. District Judge Virginia Kendall of the Northe... (continued)

  • Tax Reform's Sweeping Impact On Compensation And Benefits

    Alessandra Murata

    The Tax Cuts and Jobs Act, P.L. 115-97, will have repercussions for compensation and benefits programs of private companies, public companies and tax-exempt organizations of all sizes across a broad range of industries. Attorneys at Goodwin Procter LLP highlight key areas of impact.

  • Royal Couple Are Case Study In Cross-Border Tax Planning

    Megan Worrell

    Meghan Markle is not just the fiancee of Britain's Prince Harry: She is a U.S. citizen subject to worldwide taxation. Unless she renounces that citizenship, she and her husband-to-be — and any children they may have — face especially complex tax and wealth planning challenges, says Megan Worrell, vice chair of Duane Morris LLP’s wealth planning practice group.

  • Do I Need New Trial Counsel? 9 Questions To Ask

    Russell Hayman

    Initial selection of defense counsel is usually made at the outset of litigation, long before it is known whether the case may actually proceed to trial. Attorneys with McDermott Will & Emery discuss questions in-house lawyers should consider when deciding whether their litigation counsel should remain lead trial counsel in a case proceeding to trial.

  • Key Components Of The 20% Pass-Through Income Deduction

    Douglas Tapp

    The much discussed 20 percent deduction enacted under the Tax Cuts and Jobs Act is not available to all pass-through entities. It is essential that tax advisers are aware of key provisions in the law to know if their client's choice of business entity is the most tax efficient. Employees may see changes reflected in paychecks as employers adjust withholdings according to new tax tables, say Douglas Tapp and Daniel Gibson at EisnerAmper LLP.

  • Understanding New IRS Rule On Contractor Tax Compliance

    Megan Brackney

    The U.S. Treasury Department recently issued an interim rule to improve the Internal Revenue Service’s ability to identify contractors who have delinquent federal tax liabilities. Contractors should review their filing histories and recent returns to make sure they are up-to-date, says Megan Brackney of Kostelanetz & Fink LLP.

  • Tax Reform's Likely Impact On Domestic M&A

    Stanley Barsky

    The Tax Cuts and Jobs Act contains several provisions that significantly affect the federal income tax consequences of structures often used in domestic mergers and acquisitions. The act also contains a number of ambiguities, which makes application uncertain, say attorneys with Fox Rothschild LLP.

  • TCJA's Opportunities And Challenges For Leveraged Finance

    Elena Romanova

    The Tax Cuts and Jobs Act introduced a host of changes that will immediately impact parties involved in leveraged finance transactions, including reduced tax rates for corporations and certain pass-through entities, new limits on deductibility of interest expenses, and a revised tax regime applicable to multinational groups. Attorneys with Latham & Watkins LLP deconstruct the key changes.

  • Lessons From President Trump's Failed Judicial Nominations

    Arun Rao

    On Tuesday, the Trump administration announced 12 new judicial nominations. We will soon discover whether these candidates learned from the mistakes of the three nominees forced to withdraw in December after bipartisan concerns arose over their qualifications, says Arun Rao, executive VP of Investigative Group International.