Tax

  • February 8, 2017

    Tax Group Of The Year: Skadden

    Skadden Arps Slate Meagher & Flom LLP's global tax practice group during the last term has litigated for its clients some of the most significant pricing transfer cases, including Amazon.com Inc.'s fight with the IRS, and advised others like DuPont Co. on major mergers, earning it a spot for the second year in a row as one of Law360's 2016 Practice Groups of the Year.

  • February 8, 2017

    UK Rejects Watchdog’s Call To Discount Tax-Avoidance Gains

    Citing a risk of lawsuits, the U.K. Treasury is rejecting recommendations from the government’s spending watchdog to discount gains from tax avoidance that may have factored into the £13 billion ($16.3 billion) sale of assets belonging to a mortgage lender that became nationalized during the 2008 financial crisis.

  • February 8, 2017

    Long-Shot Carbon Tax Plan Aims For Policy Consensus

    A plan pitched Wednesday by veteran Republicans to impose a national carbon tax to offset a rollback of climate change regulations isn't likely to succeed, but experts say it provides a glimmer of hope for future bipartisan consensus on some areas of U.S. climate policy, particularly if corporate America warms to the idea of a carbon tax.

  • February 8, 2017

    Ex-Congressional Chief Of Staff Cops To Slush Fund Scheme

    A Florida congresswoman’s chief of staff has pled guilty to two charges in the case accusing him and the politician of diverting more than $800,000 raised for an education charity for their personal use, according to a plea agreement filed in Florida federal court on Wednesday.

  • February 8, 2017

    Trump’s Border Tax Plans Could Spark Canadian Trade War

    The Canadian government threatened Wednesday to respond in kind if the Trump administration introduces new taxes on cross-border trade between the two countries.

  • February 8, 2017

    $3M Ends EY Negligence Row In Universal Health Bankruptcy

    A $2.9 million settlement the trustee for Universal Health Care Group Inc. struck with accounting firm Ernst & Young LLP over allegations it failed to sound warnings of the health care company’s collapse received Florida bankruptcy court approval Wednesday.

  • February 8, 2017

    Blank Rome Adds Benefits Team From Pepper Hamilton

    The Philadelphia-based Blank Rome LLP announced Wednesday that it has snagged a trio of attorneys from crosstown rival Pepper Hamilton LLP to serve in the firm’s employee benefits practice group.

  • February 8, 2017

    Silver Co. Investors Seek Canada's Help In Fraud Suit

    Investors accusing a Canadian silver company of securities fraud and failing to divulge the possibility of a $207 million tax bill asked a California federal court to liaise with Canadian judicial authorities so they can obtain financial records from the company’s auditors and consultants at Deloitte and PricewaterhouseCoopers in British Columbia.

  • February 8, 2017

    Winston Adds Leading Tax Controversy Atty From Shearman

    Winston & Strawn LLP announced a major addition to its tax controversy practice Tuesday with new leadership in the form of Lawrence Hill, a “renowned tax attorney” who comes to the firm from a stint at Shearman & Sterling.

  • February 8, 2017

    NY State Lawmakers Move To Postpone NYC Bag Fee

    The New York Legislature on Tuesday passed a moratorium on a New York City tax on carryout bags that was expected to go into effect this month. If signed by Gov. Andrew Cuomo, the bill would indefinitely postpone implementation of the tax.

  • February 8, 2017

    Groups Sue To Block Trump’s 2-For-1 Regulatory Order

    Public interest legal groups on Wednesday sued the Trump administration, alleging a January executive order mandating that executive agencies eliminate two regulations for every new one is “irrational” and puts public safety at risk by not considering any beneficial effects of new rules.

  • February 7, 2017

    Abuse Claim Dulled King Of Pop's Image, Tax Judge Hears

    Michael Jackson’s former merchandising rights expert testified that the child molestation accusations against the music icon sent sponsors running for the hills as she took the stand Tuesday in a Los Angeles trial to determine what the King of Pop’s estate — including his name and likeness — were worth when he died.

  • February 7, 2017

    Feds Probe Passports, Tax Docs At Ballplayer Smuggling Trial

    Federal prosecutors in the trial of a sports agent and a trainer accused of smuggling Cuban baseball players into the U.S. raised questions Tuesday about details of passports, tax records and other official documents provided to Major League Baseball to gain clearance for clients to sign lucrative contracts.

  • February 7, 2017

    11th Circ. Says Fed. Court Can Abstain From Stormwater Row

    The Eleventh Circuit ruled Tuesday that a Georgia federal district court did not abuse its discretion in abstaining from a suit by property owners challenging a county fee to fund a stormwater management program.

  • February 7, 2017

    Betting Co. Founder Says IRS Chose Wrong Place To Sue Him

    The former owner of one of the world’s largest foreign gambling companies fighting a $56.5 million IRS lawsuit countered the revenue agency’s claims that he is improperly trying to evade the dispute, saying in a court filing Tuesday that he is only trying to have the case proceed in a more appropriate venue.

  • February 7, 2017

    Pa. Legislators Urge Court To Undo Philly Soda Tax Ruling

    Three dozen Pennsylvania state lawmakers urged the Commonwealth Court of Pennsylvania to overturn a trial court’s decision upholding Philadelphia’s controversial tax on sugar-sweetened beverages, arguing Monday that the tax is unlawful and will negatively affect the state’s general fund.

  • February 7, 2017

    Pillsbury Opens Miami Office, Adds 6 From Boies Schiller

    Pillsbury Winthrop Shaw Pittman LLP on Tuesday announced the launch of a new office in Miami, Florida, its 21st location worldwide, and the addition of six commercial litigation and tax attorneys hailing from Boies Schiller Flexner LLP.

  • February 7, 2017

    Okla. Gov. Aims To Ax Corporate Income Tax, Raise Fuel Tax

    Oklahoma Gov. Mary Fallin proposed a rewrite of the state’s tax laws on Monday, but her ideas to replace the corporate income tax with hikes in fuel, tobacco and sales taxes may be a hard sell for her own fellow Republicans.

  • February 7, 2017

    McDermott Adds Tax Partners From Paul Hastings, Greenberg

    McDermott Will & Emery LLP has hired tax partners from Paul Hastings and Greenberg Traurig to bolster the firm’s transactional tax capabilities on the West Coast, McDermott said Tuesday.

  • February 7, 2017

    8th Circ. Absolves PNC Of Liability For Sigillito Ponzi

    The Eighth Circuit on Tuesday affirmed the dismissal of racketeering and conspiracy claims against PNC Bank tied to a predecessor bank's role as custodian of tax shelters that backstopped loans funding the $56 million Ponzi scheme orchestrated by St. Louis attorney and Anglican bishop Martin Sigillito.

Expert Analysis

  • Avoiding The Hidden Costs Of Bargain-Priced E-Discovery

    Michael Cousino

    Many organizations are interested in finding electronic discovery partners who offer tantalizingly low prices for electronic discovery services. However, unforeseen gaps, lax security practices, ignorance of global practices and delayed deliverables can all add up to a surprisingly large final cost, says Michael Cousino of Epiq Systems.

  • New Guidance On Safe Harbor For Information Return Errors

    Michael Chittenden

    On Jan. 4, 2017, the IRS released Notice 2017-09, providing guidance on the de minimis safe harbor for errors in amounts reported on information returns. The notice sheds significant light on the safe harbor, which was enacted by the PATH Act of 2015. But it raises compliance concerns for small payors and for payees receiving intermittent payments, says Michael Chittenden of Miller & Chevalier.

  • The Outlook For The Pharmaceutical Industry Under Trump

    Mark P. Goodman

    Change is coming to the health care and pharmaceutical industries under Trump's administration, presenting both benefits and challenges. Conventional wisdom says that Trump's administration will permit greater flexibility in drug pricing, but Trump has expressed support for competition in the marketplace, which could lower the price of some drugs, say attorneys from Debevoise & Plimpton LLP.

  • Saving Lawyers 1 Breath At A Time: Mindfulness In The Law

    Jennifer Gibbs

    As critical as lawyers are to society, they are reported to be the most frequently depressed occupational group in the United States. In response to the inherently stressful nature of the practice of law, more and more lawyers are turning to an ancient contemplative practice called “mindfulness,” says Jennifer Gibbs of Zelle LLP.

  • Understanding How Blockchain Could Impact Legal Industry

    R. Douglas Vaughn

    Blockchain is essentially a computerized public ledger that can apply to almost anything that a person might save into a database or spreadsheet. This versatile technology may enhance the legal industry by providing an improved record keeping system, setting up "smart contracts" and tracking intellectual property and land records, say R. Douglas Vaughn and Anna Outzen of Deutsch Kerrigan LLP.

  • New Tax Regulations Impact Many Partnership Transactions

    Jeffrey Goldman.jpg

    The U.S. Treasury Department recently issued several new final, temporary and proposed regulations under code sections 704, 707 and 752 which significantly affect the taxation of many partnership transactions. Prospective transactions, including joint ventures taxed as partnerships, should be carefully structured to navigate the hazards of these regulations, say Jeffrey Goldman, Steven Grob and Robert Nelson of Dykema Gossett PLLC.

  • An Unwelcome Gift From The IRS On Conservation Easements

    Ronald Levitt (Color).jpg

    Just before Christmas, the IRS issued Notice 2017-10, declaring some conservation easement donations to be “listed transactions,” and giving a chill to year-end giving plans. The agency's move was arbitrary and ham-fisted, made without opportunity for constructive comment, and endangers this vital conservation funding mechanism, say Ronald Levitt and David Wooldridge of Sirote & Permutt PC.

  • For US Citizens In Israel, Time To Face Up To FATCA

    Robert Henoch

    In accord with the U.S. Foreign Account Tax Compliance Act, Israeli financial institutions must now report their U.S. account holders’ personal and financial information to Israeli authorities, who will send that information to the IRS. Accordingly, Americans with substantial assets in Israel must either comply with the law’s obligations, or prepare for the consequences of enforcement, say Robert Henoch and Will Rosenzweig of Kobre & Kim LLP.

  • 5 Tips On Controlling Hotel Property Taxes

    Douglas John

    Not prioritizing property taxes can be a costly mistake for hotel owners, as hotels are recognized as one of the highest taxed real estate assets. Paying attention to errors and opportunities, and understanding the differences between investment market and property tax values, is crucial to minimizing taxes, says Douglas John of Buchalter Nemer PLC

  • Be Prepared For Law Firm Data Breach Litigation

    Scott Vernick

    The April 2016 leak of "Panama Papers" documents from law firm Mossack Fonseca removed any doubt that the threat of cyberattacks against the legal industry is more than hypothetical. While the case law on law firm data breach litigation has largely yet to be written, there are certain fundamental tenets worth reviewing, say Scott Vernick and Peter Buckley of Fox Rothschild LLP.