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