Tax

  • January 5, 2017

    Ex-Grant Thornton Atty Can't Appeal In Suit Against Firm

    The New Jersey Appellate Division on Thursday dismissed an appeal from a former Grant Thornton LLP attorney in his lawsuit against the accounting firm and others, finding that the lawyer is not entitled to appeal a lower court ruling that does not represent a final order in the case.

  • January 5, 2017

    Atty Won't Stop Push To Keep IRS From Coinbase Users' Info

    A Berns Weiss LLP attorney and customer of the virtual currency exchanger Coinbase Inc. has told a California federal court that the IRS tried to “artificially moot” his efforts to quash a John Doe summons to obtain customer information from Coinbase by saying it no longer wants information on him.

  • January 5, 2017

    Plane Charter And Management Co. Challenges IRS Taxes

    A charter and plane management company hit the Internal Revenue Service with a Federal Claims Court lawsuit Wednesday accusing the tax agency of blurring the line between the two services and imposing an “illegal” excise tax on management services for planes fully owned and controlled by third parties.

  • January 5, 2017

    'Circuit Split' On Tax Returns In Bankruptcy Hits High Court

    A Florida resident wants the U.S. Supreme Court to take on an Eleventh Circuit holding that he filed several tax returns too late to shed the associated liabilities in bankruptcy, warning of a four-way circuit split on when honest efforts to satisfy tax laws are enough.

  • January 5, 2017

    Ryan Promises Planned Parenthood Defunding In ACA Repeal

    House Speaker Paul Ryan promised that the coming congressional repeal of the Affordable Care Act would also include measures to defund Planned Parenthood, a popular plank among Republicans who object to its providing abortion services.

  • January 5, 2017

    Gulfstream Founder Trustees Get Claims Pared In $10M Suit

    A California federal judge on Wednesday found that trustees of the estate for deceased Gulfstream Aerospace Corp. founder Allen Paulson did not have a fiduciary duty to Paulson's widow, but temporarily declined to let them fully off the hook in a tax dispute related to the estate.

  • January 4, 2017

    GOP Import Tax May Be Doomed To Fail

    President-elect Donald Trump’s recent tweets threatening import taxes on U.S. companies that manufacture their products overseas has raised the ire of retail groups, and experts say the proposal may violate international treaties while ultimately failing to achieve the stated goal of creating domestic jobs.

  • January 4, 2017

    House Passes Bill Aimed At Last-Minute Executive Rules

    House Republicans on Wednesday voted through a bill aimed at rules passed in the waning days of presidential administrations that could allow Congress to reject en bloc rules passed toward the end of President Barack Obama's presidency.

  • January 4, 2017

    Deutsche Bank To Pay $95M In US Tax Avoidance Settlement

    Deutsche Bank AG will fork over $95 million to end the U.S. government's suit accusing it of trying to avoid paying taxes by setting up shell companies, according to a settlement approved Wednesday in a New York federal court.

  • January 4, 2017

    Tax Fraud CEO Pleads Guilty In Congo Mine Money Scheme

    A former CEO of an energy services company has pled guilty to felony tax fraud charges alleging he hid $18.5 million of his company’s taxable income by investing the money in a Democratic Republic of Congo mining operation, the New York attorney general’s office said Wednesday.

  • January 4, 2017

    Md. Bill Aims To Force Prez Contenders To Reveal Tax Info

    Two Maryland Democrats said Tuesday they are introducing a state bill that would require U.S. presidential candidates to release their tax returns to appear on the Maryland ballot, joining other lawmakers in floating legislation as a response to President-elect Donald Trump's refusal to disclose his tax records.

  • January 4, 2017

    Congress Takes First Steps To Repeal Affordable Care Act

    Congressional Republicans took the first votes on the path to repealing the Affordable Care Act on Wednesday, as Vice President-elect Mike Pence promised that repeal will be the "first order" of the new administration.

  • January 4, 2017

    MoneyGram Wants Out Of States' Unclaimed Property Fight

    MoneyGram Payment Systems Inc. has asked the U.S. Supreme Court to keep it out of a dispute between Delaware and several other states on who gets to keep abandoned MoneyGram checks, arguing that it has no legal interest in the case and its involvement could raise constitutional issues.

  • January 4, 2017

    Democrats Seek To Block Trump Nominees’ Tax Dodges

    Four Democratic U.S. senators have reintroduced legislation that would prevent President-elect Donald Trump's cabinet nominees, several of whom are billionaires, from avoiding millions in taxes when selling assets to comply with ethics rules, according to a Tuesday statement.

  • January 3, 2017

    Tax Court Backs Penalty For Improper Investment Deductions

    A Pennsylvania accountant must pay taxes and penalties on more than $10 million in equity investments he erroneously deducted from his tax returns, the U.S. Tax Court ruled Tuesday, finding he should have known the deductions were bogus, based on professional experience.

  • January 3, 2017

    Fla. Senate Bill Would Nix Sports Facility Finance Program

    Time may be running out on a Florida program that offers public funding from sales taxes to offset the cost of professional sports facility construction and renovations, as a powerful state senator filed a bill Tuesday to repeal the underlying law.

  • January 3, 2017

    Ohio Justices Side With Shareholders In Income Tax Fight

    The Ohio Supreme Court has found that a trailer park equipment supplier's $74 million income distribution to two Missouri-based shareholders does not have to be taxed for the portion of that income earned in Ohio because it should be treated as nonbusiness income.

  • January 3, 2017

    House Rules Could Ease Affordable Care Act Repeal

    House Republicans on Tuesday voted through rules changes that would grease the wheels of Affordable Care Act repeal and replacement this year, exempting the bills from new budget rules meant to limit spending increases.

  • January 3, 2017

    IRS Finalizes Passive Foreign Investment Ownership Rules

    The Internal Revenue Service has finalized rules it initially issued three years ago to determine ownership of passive foreign investment companies and to provide guidance on annual reporting requirements for shareholders of those companies.

  • January 3, 2017

    Trump Threatens 'Border Tax' On GM Cars Made In Mexico

    General Motors Co. became the latest target of President-elect Donald Trump’s online missives Tuesday when he singled out the automotive company for manufacturing vehicles in Mexico and threatened a “big border tax” against imports by the company.

Expert Analysis

  • Despite Momentum, Marijuana Remains Risky Business

    John Bessonette

    Voters in eight states legalized marijuana last month and more than one-fifth of Americans now live in states with legal recreational marijuana markets. But marijuana companies still lack adequate access to capital and financial services, say attorneys with Kramer Levin Naftalis & Frankel LLP.

  • The Ethical Risks Of A Multijurisdictional Practice

    Melinda Gentile

    As law firms and clients conduct more business on a regional or national scale, multijurisdictional practice is becoming more prevalent for practicing attorneys. Attorneys engaged in both private practice and as in-house counsel need to be aware of the ethical risks of practicing across jurisdictions — including the implications of engaging in the unauthorized practice of law, say Melinda Gentile and Monique Cardenas of Peckar & Abramson PC.

  • The 1234A-B-Cs Of Breakup Fees

    Michael Alter

    M&A agreements often provide for the payment of a breakup fee to the jilted party if a deal falls apart. The IRS recently advised that the payment of a breakup fee should sometimes be characterized as a capital loss under Section 1234A of the Internal Revenue Code. This could increase after-tax costs to the paying party, but accord beneficial capital gain treatment to the receiving party, say attorneys from Fried Frank Harris Shriv... (continued)

  • SEC Focus On Financial Reporting: Recent Cases And Trends

    Nicholas Berg

    By targeting technical violations in subjective areas of financial reporting and accounting, the U.S. Securities and Exchange Commission has made it clear that it will target more minor accounting and disclosure issues in a manner similar to that being employed in other areas involving strict-liability offenses, say attorneys with Ropes & Gray LLP.

  • How Law Firms Are Using Analytics To Reduce Write-Offs

    Haley Altman

    It is increasingly necessary for law firms to implement strategies to improve efficiency, staffing and value to meet client needs. Haley Altman, CEO and co-founder of Doxly Inc., discusses how to successfully leverage analytical tools and emerging technology to increase profitability.

  • A Review Of Key Cases Against Executives In Q3

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    Attorneys with Miller & Chevalier Chtd. highlight the third quarter’s most significant cases and government investigations impacting corporate executives.

  • A Warning On Bitcoin Tax Compliance For The IRS

    Leslie Book

    Virtual currencies bring special challenges for tax administrators around the world, but the IRS and Congress have not focused sufficient energy on some of the issues associated with their use. That, at least, is the message in a report issued in September by the Treasury Inspector General for Tax Administration, says Leslie Book of the Villanova University School of Law.

  • In Congress: 3 Priorities

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    Three weeks remain on the schedule for the 114th Congress and three unfinished priorities remain on the to-do list, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • REVIEW: The Missing American Jury

    Judge William Young

    Face it, the American jury system is dying. The arguments Professor Suja Thomas makes in her new book deserve consideration by everyone interested in how our government actually works and how it might recapture the unifying communitarian experience of direct democracy and actual trial by one’s peers, says U.S. District Court Judge William Young of the District of Massachusetts.

  • IRS Notice Raises Questions For Pension Equity Plans

    Dominic DeMatties

    A recent Internal Revenue Service notice announced that pension equity plans are subject to the hybrid plan market rate of return rules only if they explicitly provide interest credits to participant accounts. The IRS notice resolved some issues about the treatment of interest in these plans, but raised new questions, leading to uncertainty for stakeholders, says Dominic DeMatties of Alston & Bird LLP.