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Tax

  • June 17, 2014

    2nd Circ. Vacates Tax Conviction On Data Seizure Grounds

    The Second Circuit on Tuesday overturned an accountant's tax conviction after finding the government violated his constitutional right against unreasonable searches and seizures by collecting his personal computer files in a search for his clients' business records and holding the files for nearly three years.

  • June 17, 2014

    16 Riker Danzig Attys Break Away To Start New NJ Firm

    Sixteen attorneys from Trenton, New Jersey’s Riker Danzig Scherer Hyland & Perretti LLP will decamp to a new firm opening mid-July in Florham Park, New Jersey, initially focusing on tax and mergers and acquisitions, two of the new firm’s named partners told Law360 on Tuesday.

  • June 17, 2014

    Wells Fargo Can't Say Docs Are Privileged In $164M IRS Row

    A Minnesota federal judge has denied Wells Fargo & Co.’s claim that certain communication pertaining to a $1.25 billion structured trust advantaged repackaged securities, or STARS, transaction may be excluded as privileged from the bank’s $164 million refund suit against the Internal Revenue Service.

  • June 17, 2014

    Tax Court Rejects Challenge To Ruling In 27-Year-Old Case

    The U.S. Tax Court on Tuesday declined to vacate a decision to uphold a decades-old IRS assessment, rejecting the taxpayers' challenge to the ruling after the U.S. Supreme Court gave taxpayers the right to inspect initial reports written by the courts.

  • June 17, 2014

    Wilson Elser Sinks $1.5M Malpractice Suit In NY Court

    A New York City appellate court on Tuesday affirmed dismissal of a legal malpractice case brought by a woman who claimed Wilson Elser Moskowitz Edelman & Dickler LLP failed to request tax documents that would have left her with a stake in a property, finding she failed to show the conduct caused her loss.

  • June 17, 2014

    Brookstone Ch. 11 Plan Ducks $1.6 Million IRS Debt

    The Internal Revenue Service threw a wrench into the proposed Chapter 11 bankruptcy plan filed by specialty retailer Brookstone Holdings Corp. on Monday, saying the company's reorganization plan attempts to improperly shed more than $1.6 million in past-due tax debt and administrative expense costs.

  • June 17, 2014

    CEOs Say Tax Extender Bill Will Usher In US Tax Reform

    More than three quarters of the top CEOs around the country believe that the passage of a tax extender bill currently in Congress would serve as a bridge to a complete overhaul of the tax code, according to poll results released Tuesday by corporate advocacy group Business Roundtable.

  • June 17, 2014

    IRS Keeping Scandal Evidence From Investigators, GOP Says

    The Internal Revenue Service has known for months that it had lost years' worth of emails from alleged political-targeting ringleader Lois Lerner, despite keeping investigators in the dark until last week, two congressional leaders said Tuesday.

  • June 17, 2014

    Tax Reforms Could Boost US Economic Recovery, OECD Says

    The U.S.' economic recovery is stronger than most countries in the Organization for Economic Cooperation and Development, the body said in a new report, but will remain sluggish until the nation cuts its corporate tax rates and reduces its tax allowances.

  • June 17, 2014

    Cuomo's 'No' Threatens To Vaporize NY Medical Pot Bills

    New York's legislative bid to allow marijuana for medical use came down to the wire Tuesday, but despite deals on who could use it, the tax rate, how much could be dispensed and who would oversee the process, Gov. Andrew Cuomo's opposition to allowing for smokeable pot threatened enactment.

  • June 17, 2014

    Female Powerbrokers Q&A: Levine Sullivan's Gayle Sproul

    Find a firm or a law department with a collegial atmosphere, or create one. Don’t stay in an environment that is uncomfortable or one that does not make you feel like a valued member of the team, says Gayle Sproul, a member of Levine Sullivan Koch & Schulz LLP's executive committee.

  • June 17, 2014

    Female Powerbrokers Q&A: Proskauer's Monica Shilling

    While I don’t usually think of it as an old boys’ network, there are times when I’m at a closing dinner, and I notice people looking over in a restaurant — it is only then that I realize I’m the only woman sitting at a table with 13 men and that people are curious as to what is going on, says Monica Shilling, co-head of Proskauer Rose LLP's global private equity group.

  • June 16, 2014

    High Court Refuses Restaurateur's Tax Fraud Appeal

    The U.S. Supreme Court on Monday refused the appeal of a San Francisco restaurateur who sought to overturn his conviction for tax evasion and mail fraud on grounds that the Internal Revenue Service violated the U.S. Constitution by illegally seizing his correspondence with his attorney.

  • June 16, 2014

    NARFE Backs Tax Break For Combat-Zone Civilians

    A bill aimed at solving the shortage of civilians working in combat zones by offering them the same tax break available to active military personnel has gained the endorsement of the National Active and Retired Federal Employees Association, a lobbying group that advocates for benefits for federal employee and retirees.

  • June 16, 2014

    Hertz Facing Investor Class Action Over Inaccurate Filings

    Hertz Global Holdings Inc. was hit with a proposed class action Friday in New Jersey federal court accusing the car rental company of defrauding shareholders by filing inaccurate financial reports, following Hertz’s disclosure that it found accounting errors for the past three years.

  • June 16, 2014

    NJ Assembly OKs Bill Letting Local Gov'ts Bid In Tax Sales

    The New Jersey Assembly on Monday approved legislation to create a pilot program to give distressed communities more power to bid in tax sales, which will enable them to profit off the sales and help troubled taxpayers.

  • June 16, 2014

    Class Claims Axed In Tax Shelter Suit Against Insurer

    A North Carolina federal judge on Monday axed class action claims in a lawsuit alleging The Lincoln National Life Insurance Co. disguised abusive tax shelters as welfare benefit plans, saying the claims will be better pursued individually.

  • June 16, 2014

    Chamberlain Hrdlicka Sued Over Botched Filing, $1.6M Award

    Chamberlain Hrdlicka White Williams & Aughtry was slapped with a malpractice suit in Texas court Thursday, by a former client claiming the firm allowed a $1.6 million judgment to be entered against it in a dispute over allegedly unpaid sales tax.

  • June 16, 2014

    Obama Pushed IRS To Target Conservatives: House Report

    Public pressure from the Obama administration convinced the Internal Revenue Service to target conservative nonprofit groups for political activity, according to a House Oversight Committee report Monday.

  • June 16, 2014

    EBay Gets $12M Tax Credit To Expand In Chicago

    Illinois Gov. Pat Quinn announced Monday that online marketplace auction site eBay Inc. is expanding in Illinois, after the state agreed to give the company $12 million in tax credits over a 10-year period, creating 360 new jobs in the state.