Tax

  • April 24, 2014

    Ex-Airline Exec Asks High Court To Ax $8.5M Tax Liability

    A former officer of defunct National Airlines Inc. asked the U.S. Supreme Court on Monday to squash a Ninth Circuit ruling that held him liable for over $8.5 million of National Airlines' unpaid federal excise taxes, saying there was ambiguity over what kinds of behavior trigger the liability.

  • April 24, 2014

    Colombia, Saudi Arabia Sticking To Tax Transparency: OECD

    The Organization for Economic Cooperation and Development said Thursday the tax systems of Colombia, Saudi Arabia and Latvia have become more transparent, a development the OECD said was part of broader push for transparency throughout the international community.

  • April 24, 2014

    Wis. Enacts TV, Radio Station Property Tax Breaks

    Wisconsin radio and television stations will soon be freed from paying local property and some state sales taxes under legislation signed Wednesday by Gov. Scott Walker.

  • April 24, 2014

    Reed Smith Gets Tax Malpractice Suit Booted Out Of Philly

    A Philadelphia judge on Tuesday granted Reed Smith LLP's petition to transfer to Allegheny County a legal malpractice suit claiming the firm provided faulty tax guidance to the overseers of two trusts that were improperly drafted and led to undue taxes on the plaintiff.

  • April 24, 2014

    Israel Should Widen VAT, Enact Universal Carbon Tax: OECD

    Israel can reform its tax system and spur greater economic growth by slowing increases in its corporate income tax, widening its value-added tax base and increasing its fuel excise tax, according to a report released Wednesday by the Organization for Economic Cooperation and Development.

  • April 24, 2014

    Senator Says IRS Should Rescind $1M In Employee Bonuses

    U.S. Sen. Joe Manchin, D-W.Va., on Wednesday called on Internal Revenue Service Commissioner John Koskinen to rescind more than $1 million in bonuses the tax agency doled out to IRS employees who were delinquent on their federal taxes, saying the payments were unconscionable.

  • April 24, 2014

    Publicis Sure Of UK Tax Approval For $35B Omnicom Deal

    Publicis Groupe SA is confident that the new company it seeks to form in a $35.1 billion merger with Omnicom Group Inc. will land approval to establish its tax home in the U.K., the company said Wednesday, following reports that the deal hit some snags.

  • April 24, 2014

    Female Powerbrokers Q&A: Dorsey's Liz Buckingham

    Baby boomers with large books of business are retiring. At our last partners’ meeting, two teams composed of a senior male partner and a junior female partner talked about their transition planning. It was a powerful message, says Elizabeth Buckingham, head of Dorsey & Whitney LLP's trademark, copyright, advertising and brand management practice group.

  • April 24, 2014

    Female Powerbrokers Q&A: Williams & Connolly's Enu Mainigi

    I find that both female and male associates who have spent some time in another career before or after law school initially have better success in taking ownership of matters and thereby standing out to senior partners, says Enu Mainigi, a member of Williams & Connolly LLP’s executive committee and head of the firm's health care law and False Claims Act practices.

  • April 23, 2014

    Holland & Knight Adds Former SEC, DOJ Atty

    Holland & Knight LLP has hired a former U.S. Attorney's Office and Securities and Exchange Commission official with a wealth of experience in securities and tax fraud matters, the firm said Wednesday.

  • April 23, 2014

    De Blasio Introduces Sandy Property Tax Relief Bill

    New York City Mayor Bill de Blasio on Wednesday proposed legislation that would provide relief to city homeowners who rebuilt or repaired their homes after Superstorm Sandy and who are soon facing a huge increase in their property tax bills.

  • April 23, 2014

    Seminole Tribe Fights Florida's Casino Rent, Utilities Taxes

    The Seminole Tribe of Florida told a federal judge Wednesday that it should not have to pay a state utilities tax and sales tax levied on rent the tribe charges to companies running restaurants at tribal casinos, arguing that the taxes are expressly prohibited by federal law.

  • April 23, 2014

    Texas Fracking Co. Challenges $2M IRS Deficiency

    A Texas-based hydraulic fracturing company is protesting an Internal Revenue Service notice reducing the amount of deductions allocable to its oil, gas and geothermal properties by approximately $2 million, according to a petition filed in U.S. Tax Court.

  • April 23, 2014

    IRS Isn't Obligated To Tap Trusts To Collect Back-Taxes

    The U.S. Tax Court on Wednesday said the Internal Revenue Service can refuse to collect back-due taxes from a spendthrift trust and instead use a continuing personal levy, even though a levy may result in additional interest and costs for a delinquent taxpayer.

  • April 23, 2014

    Lamar Advertising Lands IRS Approval For REIT Conversion

    Lamar Advertising Co. has received the go-ahead from the U.S. Internal Revenue Service to convert to a real estate investment trust, it said Wednesday, issuing its announcement days after a CBS Corp. advertising subsidiary said it too will convert to an REIT.

  • April 23, 2014

    Ariz. Gov. Won't Expand Religious Property Tax Exemption

    Arizona Gov. Jan Brewer on Tuesday vetoed legislation that would have added leased property to a property tax exemption for religious institutions, saying the bill would have compounded assessors' administrative burdens and may not actually benefit tenants.

  • April 23, 2014

    AT&T, Lucent Land $2.6M Fee Award In Calif. Sales Tax Fight

    California's tax regulator must pay $2.6 million in attorneys' fees to AT&T Corp. and Lucent Technologies Inc. in a long-running battle over sales and use tax payments after a state judge ruled Friday that the tax agency wasn't justified in defending the suit.

  • April 23, 2014

    NJ Rolls Out New Sales Tax Regs On Software Sales

    The New Jersey Division of Taxation released proposed rules Monday clarifying the proper sales tax treatment of computer software and related software maintenance services, a move the regulator said is intended to clear up confusion within the industry.

  • April 23, 2014

    Fannie, Freddie Score Win Against Conn. Cities In Tax Row

    A Connecticut federal judge on Wednesday gave Fannie Mae and Freddie Mac another victory in a long judicial winning streak against state and local governments trying to collect local real estate transfer taxes, dismissing a class action brought by the city of Bridgeport.

  • April 23, 2014

    Ex-Penny Stock Co. Prez Gets 18 Years For $18M Fraud

    The Sixth Circuit on Wednesday affirmed an 18-year prison sentence given to the ex-president of penny stock company Plasticon International Inc., saying the man convicted of bilking investors out of over $18 million failed to object to his sentence at trial.