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Tax

  • August 2, 2018

    Manafort's Bookkeeper IDs Bogus Financial Statements

    The former bookkeeper for Trump campaign chairman Paul Manafort testified Thursday about the political consultant’s financial reversals in the mid-2010s, culminating in an apparent attempt to use bogus documents to secure bank loans in 2016.

  • August 2, 2018

    3 Key Takeaways As Cities Sue Trump Over ACA 'Sabotage'

    Several large cities on Thursday launched a sprawling legal attack on the Trump administration for allegedly “sabotaging” the Affordable Care Act, teeing up high-stakes questions about the law’s future and executive branch power. Here, Law360 explores three key takeaways from the complaint.

  • August 2, 2018

    Female KPMG Employees Seek Class Cert. In Sex Bias Case

    Female workers at KPMG LLP asked a Manhattan federal court Thursday to certify their sex discrimination case against the accounting firm as a class and collective action, saying thousands of women potentially covered by the suit have been similarly mistreated when it comes to pay and promotions.

  • August 2, 2018

    4 Tips For Estates To Cope Without Miscellaneous Deductions

    The tax overhaul’s temporary bar against miscellaneous itemized deductions could hit trusts and estates especially hard, but practitioners offer four planning strategies that could help make up for some lost deductions.

  • August 2, 2018

    KPMG Can't Escape Investors' Suit Over Miller Energy Audit

    A Tennessee federal judge on Thursday kept alive the bulk of a proposed class action from investors accusing KPMG of helping the now-defunct Miller Energy Resources Inc. falsify financials about oil and gas assets, saying there is adequate evidence that the alleged scheme was known to KPMG and caused share prices to fall.

  • August 2, 2018

    Investor's Suit Accuses Temp Agencies Of Misreporting Taxes

    A shareholder of several California staffing firms has sued the companies in federal court, accusing the family running them and their accountants of misreporting business income on tax returns and failing to file tax forms.

  • August 2, 2018

    7-Eleven Hits Ex-Franchisee With TM Suit In Wage Dispute

    7-Eleven Inc. sued a former Chicago-area franchise owner in Illinois federal court Wednesday, claiming he is in violation of its trademarks for not turning over his stores or inventory to the company after losing his franchises for failing to pay his employees their legally required wages.

  • August 2, 2018

    9th Circ. Won't Rehear Suit Over Calif. Tax Delinquency List

    The Ninth Circuit has declined to rehear an attorney's request for the court to rethink its April decision finding that a California law suspending the driver's licenses of the state’s top 500 delinquent taxpayers is constitutional.

  • August 2, 2018

    Apple Has Paid €9B Of €14B EU Tax Bill, Filing Says

    Apple Inc. has already paid €9 billion ($10.4 billion) of the €14 billion it owes following a European Commission decision that it underpaid Irish taxes, according to a Securities and Exchange Commission filing Wednesday.

  • August 1, 2018

    Ohio Pushes To Air IRS Worker Testimony In Tea Party Fight

    The attorney general of Ohio on Wednesday asked a federal judge to keep the depositions of two former IRS officials public, arguing a motion to seal their testimony should not be granted because the state has an interest in their testimony.

  • August 1, 2018

    Senate Panel Approves Treasury, IRS Nominations

    The Senate Finance Committee on Wednesday approved President Donald Trump’s nominations for deputy secretary of the Treasury Department and chief counsel for the Internal Revenue Service.

  • August 1, 2018

    UBS Doesn't Have To Turn Over Accounts, Swiss Court Says

    A Swiss court has blocked the country’s tax authorities from helping their French counterparts access UBS client information, ruling the existence of bank accounts in Switzerland belonging to French residents wasn’t enough to suggest potential tax avoidance.

  • August 1, 2018

    Government Follows The Money In Manafort Trial

    Multiple witnesses testified Wednesday to receiving hundreds of thousands of dollars in payments from offshore entities controlled by former Trump campaign chairman Paul Manafort for purchases of high-end clothing, luxury cars and home improvements as prosecutors sought to illustrate how Manafort used undeclared earnings from his work in Ukraine to fund his lavish lifestyle.

  • August 1, 2018

    IRS Floats Rules For Transition Tax On Foreign Earnings

    The U.S. Department of Treasury dashed many corporate taxpayers’ hopes on Wednesday, nixing suggested exceptions or potential areas for wiggle room in regulations to determine how to impose a one-time transition tax on the accumulated earnings of U.S. multinationals’ foreign subsidiaries as part of 2017’s federal tax overhaul.

  • August 1, 2018

    Insurers Get Green Light To Sell ACA-Skirting Policies

    The Trump administration on Wednesday gave health insurers the green light to sell lengthier policies that don’t include Affordable Care Act benefits and protections, asserting that slimmer coverage will help consumers who’ve been priced out of ACA marketplaces.

  • July 31, 2018

    MLB Wants Cut Of Gambling Revenue, League Official Says

    A top Major League Baseball official said Tuesday that states should impose whatever tax rates they want on their fledgling sports betting industries but also said the league will be seeking “an integrity fee” from sports book operators.

  • July 31, 2018

    Navajo Couple Settles Loan Fee Class Action For $1M

    A New Mexico couple who are members of the Navajo Nation asked a federal judge Monday to approve a deal that would provide about $1 million to resolve a proposed class action claiming companies near the Navajo reservation preyed on consumers by charging secret fees and hiding the true interest rate for loans tied to consumers' tax refunds.

  • July 31, 2018

    IRS Urged To Let Congress Vote On Outsourcing Attys

    The Internal Revenue Service should wait for Congress to act on pending legislation narrowing the role of nongovernment attorneys in audits before finalizing its own rules, several people said at an agency public hearing Tuesday at IRS headquarters in Washington, D.C.

  • July 31, 2018

    Gulfport Hit With $2.3M Suit Over Oil, Gas Lease Royalties

    Gulfport Energy Corp. has been hit with a suit in Ohio federal court seeking more than $2.3 million in damages over allegations that it violated lease agreements by subtracting taxes and other costs from royalty payments on one lease and not paying royalties due on the other.

  • July 31, 2018

    Manafort Paints Gates As Author Of Ukraine Fraud At Trial

    The only thing Paul Manafort is guilty of is trusting too much, the former Trump campaign chair’s attorneys said in Virginia federal court on day one of his trial on charges of bank and tax fraud, claiming his business partner, Rick Gates, is responsible for the alleged fraud related to the pair’s political consulting work.

Expert Analysis

  • Parsing Tax Treatment Of Foreign Investors in US Real Estate

    Brad Wagner

    The IRS issued interim guidance on the tax treatment of disallowed earnings stripping interest to inbound foreign investors in United States real estate. The guidance clarifies that taxpayers will be allowed to deduct interest expense up to 30 percent of adjusted taxable income plus its interest income, says Brad Wagner of Wagner Duys & Wood LLLP.

  • How Tax Reform 2.0 Might Affect Social Enterprise

    Allen Bromberger

    The framework for new federal legislation dubbed “Tax Reform 2.0,” released earlier this week, would make permanent individual and small business tax cuts enacted last year, encourage Americans to save for retirement, and promote business startups. If passed, the legislation also could affect strategies used by nonprofit or for-profit legal entities to address social problems, says Alan Bromberger of Perlman & Perlman LLP.

  • States Responding To SALT Cap, Carried Interest Provisions

    Naylor-Jeremy.jpg

    A number of states have recently proposed or passed new laws targeting carried interest loopholes and the cap on state and local tax deductibility. Some of these efforts are taxpayer-friendly and some are expected to impose additional tax burdens, say Jeremy Naylor and Kimberly Ann Condoulis of Proskauer Rose LLP.

  • The Future Of Authenticating Audio And Video Evidence

    Jonathan Mraunac

    The recent emergence of artificial intelligence-based technology has prompted serious concerns about the future integrity of recordings. Attorneys must think critically about standards for authenticating audio and video evidence as well as legislative and regulatory safeguards to discourage pervasive manipulation and forgery, says Jonathan Mraunac of Ogletree Deakins Nash Smoak & Stewart PC.

  • The IRS Gets Real About Virtual Currencies

    Nelson Yates

    On July 2, 2018, the Internal Revenue Service announced its Large Business and International Division would undertake five new compliance campaigns, including a virtual currency initiative. But with limited guidance from the IRS, compliance enforcement through the virtual currency campaign will almost certainly leave taxpayers with more questions than answers, says Nelson Yates of Morgan Lewis & Bockius LLP.

  • Connecticut's 'Kill Quill' Bet Seems To Pay Off

    Marc Finer

    Connecticut recently passed sales tax legislation requiring out-of-state online retailers to collect Connecticut sales tax. This law, which would have been unconstitutional had the Supreme Court upheld Quill Corp. v. North Dakota, is likely valid after the court eliminated the physical presence standard in South Dakota v. Wayfair Inc., says Marc Finer of Murtha Cullina LLP.

  • Developments In Environmental Enforcement Since TCJA

    Peter Condron

    The Tax Cuts and Jobs Act has made it more difficult for companies facing environmental enforcement to deduct payments to the government by requiring that settlement agreements and court orders contain specific language. Though the IRS has yet to explain just how parties are to comply, guidance can be found in the rule-making process and recent case law, say attorneys at Crowell & Moring LLP.

  • A Range Of State Responses After Wayfair

    Jeffrey Reed

    In the weeks since the U.S. Supreme Court decided South Dakota v. Wayfair Inc., state responses have ranged from hortatory to defiant. Jeffrey Reed, chairman of the state tax practice at Kilpatrick Townsend LLP, reviews 12 state reactions and offers considerations for online sellers still developing a game plan.

  • Opinion

    Law360's Global 20 Doesn't Acknowledge Global Networks

    Glenn Cunningham

    While I read with interest Law360's report analyzing the top 20 global law firms of 2018, I also noticed it doesn't tell the whole story. Global networks of independent law firms compare favorably with multinational firms in terms of geographic coverage, legal expertise, and awareness of local cultures and customs, says Glenn Cunningham of Interlaw Ltd.

  • Tips For Managing A Transfer Pricing Exam

    Michael Peggs

    In today’s post-base erosion and profit shifting world, international examinations with a focus on transfer pricing are commonplace. Managers of transfer pricing exams should look out for various forms of cognitive bias, neglect of the regulations in favor of heuristics, and inadequacies in documentation and ex ante analysis, says Michael Peggs of Ruchelman PLLC.