Tax

  • June 15, 2017

    House Passes Tax Credit Fix For Veterans Under AHCA

    The U.S. House passed a bill to “fix” problems in the version it passed of the American Health Care Act — the bill meant to repeal and replace the Affordable Care Act — adding health care tax credits for veterans who use private services.

  • June 15, 2017

    Mo. Appeals Court Revives Gas Co.’s $1M Tax Challenge

    A Missouri Court of Appeals panel has revived a natural gas distribution company’s challenge to a $1 million property tax bill, ruling Tuesday that a local court incorrectly found the company needed to exhaust its administrative remedies before suing and that the business undermined its case by paying the levy under protest.

  • June 15, 2017

    Trader Challenges IRS Repatriation Rules In $377M Tax Row

    An affiliate of commodities trader Susquehanna International Group LLP has asked the U.S. Tax Court to nix 1960s-era IRS repatriation rules meant to close foreign tax loopholes in its $377 million fight with the agency stemming from a mega-loan from Bank of America brokerage Merrill Lynch.

  • June 15, 2017

    House OKs COBRA Tax Credits, Dependent On AHCA Passage

    The U.S. House of Representatives voted Thursday to approve a bill, dependent on enactment of Republicans’ Obamacare alternative, that would extend that measure’s tax credits to those holding on to their employer-sponsored health insurance after termination via COBRA continuation coverage.

  • June 15, 2017

    Creditor, Retiree Committees Appointed In Puerto Rico Case

    The U.S. bankruptcy watchdog on Thursday appointed two committees to represent retirees and unsecured creditors in Puerto Rico’s ongoing restructuring case, while declining to create a committee for unsecured creditors of the Puerto Rico Sales Tax Financing Corp.

  • June 14, 2017

    Justice Ginsburg On Oral Argument And ‘Imperious’ Attorneys

    Justice Ruth Bader Ginsburg discusses the value of oral arguments, advice for advocates, and the one thing lawyers do that irks her, in the second of two articles based on an exclusive interview.

  • June 14, 2017

    Fla. Couple Can't Deduct Capital Losses, Tax Court Finds

    A Florida couple who sold their interest in a golf business partnership lost their challenge to more than $700,000 in federal tax deficiencies when the U.S. Tax Court ruled on Wednesday that their losses must be treated as capital losses that don’t qualify for a deduction.

  • June 14, 2017

    5 Federal Judges To Mediate Puerto Rico Bankruptcy Fights

    A team of five sitting federal judges across several jurisdictions was appointed on Wednesday to help mediate issues arising from Puerto Rico's massive debt restructuring proceedings, with U.S. Bankruptcy Judge Barbara Houser of Texas' Northern District to serve as leader of the group.

  • June 14, 2017

    Treasury, FEMA Seek Input On What Rules To Cut

    The departments of Homeland Security and Treasury took a public step toward rolling back existing federal regulations Wednesday, starting a review of rules to implement President Donald Trump’s executive order that requires two regulations be nixed for each new rule passed.

  • June 14, 2017

    Trump Budget Cuts Would Fall On Poor, Study Finds

    President Donald Trump’s proposed budget cuts would leave state and local governments scrambling to make up more than $450 billion in 10 years to deliver services that directly assist low- and moderate-income families, the elderly and people with disabilities, according to a think tank report Tuesday.

  • June 14, 2017

    Fla. Tax Preparers Want Feds' 'Bare Minimum' Complaint Axed

    Three South Florida tax preparers accused of allegedly padding their customers' tax returns with bogus businesses and fake education and fuel credits in order to get them refunds fought back Wednesday against the government's allegations, saying they should be dismissed for lack of specificity.

  • June 14, 2017

    Hughes Hubbard Adds Trust And Estate Partner

    Hughes Hubbard & Reed LLP has bolstered its trust and estate group by hiring a former Greenberg Traurig PA partner with experience counseling wealthy individuals and families on estate, gift, generation-skipping transfer and income tax matters.

  • June 14, 2017

    No Need To Continue Cap-And-Trade Fight, Calif. Says

    California air regulators and allied environmental groups urged the state Supreme Court on Wednesday to reject challenges to the state's greenhouse gas cap-and-trade program, saying arguments that auction revenues constitute an unauthorized tax are increasingly academic given the program's unique nature and subsequent state tax law changes.

  • June 14, 2017

    Wis. Rep. Introduces Bill To Bar Interstate Sales Tax

    A Wisconsin congressman is attempting to end the growing dissension by states trying to expand their taxing authority over online retailers with a bill that essentially codifies the status quo confirmed by the U.S. Supreme Court in 1992 by barring interstate sales tax.

  • June 14, 2017

    Philly Hit With Class Action Challenging Center City Taxes

    A former Philadelphia mayoral candidate and a parking lot owner launched a putative class action in Pennsylvania state court Tuesday challenging the city’s implementation of a tax that supports the special services provided by its Center City District.

  • June 14, 2017

    EU Court Says Gibraltar Gambling Operators Must Pay UK Tax

    The EU’s high court determined Tuesday that although the British territory of Gibraltar is separate from the United Kingdom, the Gibraltar Betting and Gaming Association must comply with a new UK law requiring gambling service providers to pay taxes on games of chance placed with them by British consumers.

  • June 14, 2017

    Philly Beverage Tax Survives Challenge In Pa. Appeals Court

    A Pennsylvania appeals court on Wednesday upheld Philadelphia's controversial tax on sweetened beverages after rejecting arguments that the levy was a legally impermissible duplication of the state's sales tax.

  • June 13, 2017

    Ex-Texas Politico Admits Taking Bribe From State Sen.

    A former Texas county leader on Monday admitted he took money in exchange for awarding a jail medical services contract, entering a guilty plea just a week after a state senator and attorney also charged with bribery had characterized the alleged payments as “gratuities.”

  • June 13, 2017

    Kirkland Lures Tax Partner From Weil For NY Office

    Kirkland & Ellis LLP will bring to its Manhattan office a senior tax partner with extensive experience covering corporate and partnership tax matters from Weil Gotshal & Manges LLP in Dallas, the firm announced this week.

  • June 13, 2017

    ACA Repeal Means 13M More Uninsured, Gov't Report Says

    Republican legislation repealing much of the Affordable Care Act would leave 13 million additional Americans uninsured a decade from now, according to a new government estimate Tuesday that painted a somewhat rosier picture of the repeal bill.

Expert Analysis

  • How Client Feedback Programs Benefit Law Firms And Clients

    Elizabeth Duffy

    Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.

  • A Primer On Effectively Connected Income

    Excerpt from Lexis Practice Advisor
    Adam Tejeda

    Adam Tejeda and Elizabeth Crouse of K&L Gates LLP present a brief overview of effectively connected income and the tension between ECI and foreign investors' goals in making U.S. investments.

  • Solving The Legal Industry's Data Protection Breakdown

    Jeff Ton

    Most law firms today aren't using common security and data protection measures that other industries employ to protect sensitive data. Options like continuous data replication and backups have various pros and cons, but most importantly, law practices must understand the need for a two-tiered approach to data protection, says Jeff Ton of Bluelock LLC.

  • 5 Things To Know About Justice Gorsuch’s First 30 Days

    Charles Webber

    Justice Neil Gorsuch joined the U.S. Supreme Court a little more than 30 days ago, on April 7, 2017. And while it is too early for him to have written any opinions, Gorsuch participated in the final 13 oral arguments of the 2016 term. Charles Webber of Faegre Baker Daniels LLP offers five takeaways from his first month on the job.

  • In Congress: Post Comey

    Richard Hertling

    The GOP majority is undoubtedly hoping the political storm surrounding FBI Director James Comey's dismissal does not derail its agenda for the 115th Congress, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • 5 Mistakes That End Law Firms

    Randy Evans

    Although the end often comes quickly, law firms do not fail overnight. Randy Evans of Dentons and Elizabeth Whitney of Swiss Re Corporate Solutions review five mistakes that expedite law firm failures.

  • Trump's Tax Plan And 401(k)s: What’s Old Could Be New Again

    Sharon Lippett

    If the Trump administration's 2017 tax proposal includes provisions relating to defined contribution retirement plans sponsored by private employers, such as 401(k) plans, the impact will be felt by employers and investment managers, as well as by plan participants, says Sharon Lippett of Epstein Becker Green.

  • Why US Law Firms Need Anti-Money Laundering Policies

    Kristine Safos

    For U.S. law firms, anti-money laundering compliance are a business necessity. As large financial institutions and other clients adopt their own AML policies, they expect law firms they work with to do the same. Kristine Safos of HBR Consulting offers guidance on AML and client due diligence best practices.

  • In Trump Era, States Take Lead On Social Cost Of Carbon

    Seth Belzley

    The social cost of carbon is a measure intended to quantify the effect that a single ton of carbon dioxide emissions has on climate change. Even as the Trump administration has disbanded the federal interagency working group on this issue, the states have been stepping up their efforts, say Seth Belzley and Stephen Humes of Holland & Knight LLP.

  • Hedge Fund Settlement Shows Broad Reach Of New York FCA

    Douglas Baruch

    While the recent $40 million settlement based on taxes allegedly avoided by members of Harbinger Capital Partners was record-breaking, the underlying source of liability — the New York False Claims Act — was highly unusual as well. This action may usher in a whole new wave of potential liability against financial institutions, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.