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Tax

  • June 24, 2014

    Axed Student Loan Bill Signals Bleak Future For Tax Plan

    A bill raising taxes on the wealthy to refinance student loans saw a swift death this month after Senate Republicans called it class warfare, and while attorneys say the idea expands on a long-standing tradition of using the tax code to support higher education, they doubt immediate solutions are near.

  • June 24, 2014

    Lower Tax Rate Will Keep Cos. In US, Rep. Camp Says

    The Republican chairman of the House Ways and Means Committee on Tuesday pushed his plan to reduce the corporate income tax, saying it would dissuade U.S.-based corporations from moving overseas for tax purposes.

  • June 24, 2014

    Miami Beach, Orlando Support Fla. Gay Marriage Suits

    The cities of Miami Beach and Orlando on Monday put their support behind two lawsuits challenging Florida's ban on same-sex marriages, filing motions to file amicus curiae briefs in favor of overturning the current law.

  • June 24, 2014

    Endo's $600M DAVA Deal Provides Case Study In Pharma M&A

    Irish drugmaker Endo International PLC said Tuesday that it would expand its product pipeline by scooping up DAVA Pharmaceuticals Inc. in a deal worth up to $600 million that underscores several of the major forces behind this year's surge in pharma M&A.

  • June 24, 2014

    NY Hospital Can't Duck Fraud, Other Claims In Tax Dispute

    A New York federal judge on Monday refused to toss two class complaints alleging New York-Presbyterian Hospital bargained away former medical residents' rights to Federal Insurance Contributions Act tax refunds in an Internal Revenue Service settlement, saying most of the claims are adequately pled.

  • June 24, 2014

    Canada Crushes US In Tax Burden Ranking, Says KPMG Study

    Corporations opening in Canada pay 46 percent less in taxes than new businesses in the United States, and burgeoning French corporations pay 63 percent more in taxes than U.S.-based businesses, according to a study released on Tuesday by accounting giant KPMG International.

  • June 23, 2014

    Asset Firms Face Flood Of Regulations, Industry Exec Warns

    Asset management firms are facing an avalanche of new rules that could produce a sea change in regulatory oversight and affect the taxes they pay on transactions and the tax information they give regulators, said Denise Voss, a director and conducting officer in Franklin Templeton Investments in Luxembourg.  

  • June 23, 2014

    High Court Won’t Weigh In On $31M Media Payroll Tax Fight

    The U.S. Supreme Court on Monday refused to review a federal appeals court ruling that media payroll giant Cencast Services LP could not tax film production company workers as if they were employees of Cencast, and sticking the company with a bill for $31 million in back payroll taxes.

  • June 23, 2014

    Travelocity, Expedia Fight Puerto Rican Hotel Tax

    Travel websites Travelocity.com LP, Expedia Inc., Hotels.com LP and others pushed back Friday against Puerto Rico’s attempt to collect millions in back-due hotel taxes from the companies, saying the U.S. territory is overstepping its tax collection bounds.

  • June 23, 2014

    Houston Duped Voters Into $125M Fee, Texas Justices Told

    A group of property owners asked the Texas Supreme Court on Friday to revive their challenge to a municipal drainage fee they say the city of Houston duped voters into approving by concealing the fact that they were signing up to pump $125 million annually into city coffers.

  • June 23, 2014

    Prez's Tax Court Power Doesn't Violate Constitution: DC Circ.

    The D.C. Circuit on Friday rejected a taxpayer's argument that the president’s removal power over U.S. Tax Court judges violates the constitutional concept of separation of powers, leaving a couple with more than $23,000 in tax debt.

  • June 23, 2014

    A-Rod Drops Damages Suit Against Yankees' Team Doctor

    Alex Rodriguez's courtroom assault on baseball, his union and his baseball team ended Friday when he dropped a Bronx County medical malpractice suit against New York Yankees team doctor Chris Ahmad and New York Presbyterian/Columbia University Medical Center.

  • June 23, 2014

    Deals Rumor Mill: Shire, Monsanto, Lululemon

    Shire is sharpening its defenses as it braces for a fourth takeover attempt by AbbVie, while rumors surfaced Monsanto had considered snapping up its $34 billion Swiss rival Syngenta to avoid U.S. corporate taxes by moving its headquarters to Switzerland.

  • June 23, 2014

    EU Agrees To Close Parent-Subsidiary Tax Loophole

    European Union finance ministers ended months of deliberations Friday when they agreed to close a major loophole exploited by some parent companies and their subsidiaries that leaders say costs the bloc €1 trillion ($1.36 trillion) a year.

  • June 23, 2014

    Supreme Court Won't Hear Appeal Over Judge-Juror Talks

    The U.S. Supreme Court on Monday declined an appeal by a South Dakota surgeon who claimed a federal judge violated his due process rights by privately meeting with two jurors during his trial on tax fraud charges.

  • June 20, 2014

    RBC Can't Force Testimony In Wash Trading Suit, CFTC Says

    The Commodity Futures Trading Commission, the federal agency suing Royal Bank of Canada over alleged wash trading, asked a federal court on Friday to deny RBC's motions seeking to compel witnesses to testify about the commission’s 2006 inquiry into RBC’s alleged affiliate block trading and tax benefits.

  • June 20, 2014

    Law Firm Can't Recover $156K IRS Seized From Client

    A Louisiana federal judge dismissed a Mississippi law firm’s suit against the U.S. government Thursday, ruling the firm had no claim to recover $156,000 in legal fees — money later seized by the Internal Revenue Service — from a settlement it negotiated for a yacht designer.

  • June 20, 2014

    Sen. Menendez Predicts Slow Progress On Tax Treaties

    In a moment of candor on Thursday, Senate Foreign Relations Committee chairman Robert Menendez, D-N.J., ended a hearing on tax treaties by confessing to a panel of business leaders that Congress is unlikely to solve their problems anytime soon.

  • June 20, 2014

    OECD Taxes Worse Than US Taxes, Study Finds

    Although some say the United States imposes a high level of taxes on average wage earners, a study released by the research group Tax Foundation on Thursday found the 34 Organization for Economic Cooperation and Development nations, on average, hit their respective citizens with higher taxes than the U.S.

  • June 20, 2014

    6 Tips For Shaving Down A Hotel Tax Bill

    Hotels can have a hard time scoring fair tax assessments given their complicated revenue streams. And now that the lodging business is booming, some experts predict, tax bills will rise, too. Here, Law360 looks at what to do if your hotel client takes a hit on a tax assessment.