Tax

  • December 6, 2012

    Toss Oil, Gas Tax Breaks Off Fiscal Cliff, House Dems Say

    Any agreement between President Barack Obama and congressional Republicans that resolves the so-called fiscal cliff must include the elimination of billions of dollars of tax breaks and other loopholes for the oil and gas industry, Democrats in the U.S. House of Representatives said Thursday.

  • December 5, 2012

    IRS Finalizes $29B Medical Device Excise Tax

    The Internal Revenue Service on Wednesday released its final rule implementing the Affordable Care Act's excise tax on medical devices, which is estimated to cost the industry $29 billion over 10 years, as the industry continues to push to repeal the tax altogether.

  • December 5, 2012

    $11M Donation Spurs Another Calif. Campaign Disclosure Bill

    Another California lawmaker on Monday put forward a bill seeking better disclosure of campaign donor information in response to a controversial $11 million contribution by an Arizona-based nonprofit to a political action committee that sought to defeat Gov. Jerry Brown’s tax hike initiative.

  • December 5, 2012

    Blackstone Pays $882M For Dutch Tax Consultancy

    Blackstone Group LP has agreed to acquire tax consulting company Intertrust Group Holding SA from a Dutch private equity firm, Intertrust said Wednesday, for a reported €675 million (US$882 million).

  • December 4, 2012

    Only NY Agency Can Settle Rent Hike Suits, Atty Says

    An attorney for a New York City apartment complex told a state appeals court Tuesday that a state housing agency, and not the courts, should resolve two class actions over allegedly illegal rent hikes, part of the fallout from a landmark rent stabilization decision.

  • December 4, 2012

    Ill. County Official Gets Tax Trial Pushed Back

    An Illinois federal judge on Tuesday pushed back the impending criminal tax trial of Cook County Commissioner William Beavers to early next year, citing uncertainty about when one of the defendant's lawyers would be able to return to court after an illness.

  • December 3, 2012

    Calif. Bills Seek To Ramp Up Campaign Disclosure Rules

    Weeks after a California political watchdog began investigating a nonprofit to track down the sources of an $11 million contribution to a committee that tried to fight Gov. Jerry Brown's tax measure, two state senators on Monday introduced bills that aim to require greater disclosure of campaign donations by nonprofits.

  • November 30, 2012

    Airlines Ask High Court To Review Post-Tax Price Rule For Ads

    Three airlines have asked the U.S. Supreme Court to hear their challenge of a federal rule requiring prominent display of tax-included total airfare prices in advertisements, claiming it unconstitutionally limits their speech by keeping them from revealing the government's tax burden.

  • November 30, 2012

    Judge Sets Limits Ahead Of Ill. Official's Criminal Tax Trial

    A federal judge told an Illinois county official's attorneys Friday that they cannot mention his amended tax returns during opening statements at his upcoming criminal tax trial and also indicated that prosecutors should mind their tone if they talk about his alleged use of campaign funds to gamble.

  • November 29, 2012

    Feds Say Ill. Official Can't Back Up Claim Suit Was Vindictive

    Prosecutors fought back Thursday against an Illinois county official's recent claim that a criminal tax case set for trial Monday is an instance of “vindictive prosecution” spurred by his refusal to cooperate in probes of other officials, saying the claim is unsupported.

  • November 29, 2012

    JPMorgan Dodges Suit Over Tax Liability In Trading Unit Sale

    A New York federal judge on Wednesday dismissed a breach of contract suit brought by financial technology provider NES Financial Corp. against JPMorgan Chase Bank NA over the bank's alleged failure to disclose billions in tax liability when NES bought one of its asset trading units.

  • November 29, 2012

    Chicago Hospital Hit With Suit Over Refusing Charity Care

    Swedish Covenant Hospital was hit with a suit in Illinois state court Thursday, alleging the Chicago-area facility has failed to provide charity care to its low-income, uninsured patients, despite being legally required to do so under the terms of a state tax exemption.

  • November 29, 2012

    2 Ex-E&Y Attys' Tax Shelter Convictions Reversed By 2nd Circ.

    The Second Circuit on Thursday reversed the convictions of two former Ernst & Young LLP tax attorneys and affirmed the lower court's convictions of two others in a 2009 trial over tax shelters the accounting giant had devised.

  • November 29, 2012

    IRS Says Solar Trust's Ch. 11 Plan Denies Its Setoff Rights

    The Internal Revenue Service on Thursday objected to the Chapter 11 liquidation plan of bankrupt alternative energy company Solar Trust of America LLC in Delaware federal court, saying it fails to preserve the setoff and recoupment rights of the agency.

  • November 28, 2012

    Charles Schwab Skirts Suit Over IRA Tax Exemption

    A California federal judge on Tuesday tossed a putative class action alleging Charles Schwab Corp. duped customers into signing agreements for retirement accounts that caused them to violate U.S. tax law, saying the complaint offered no evidence of an imminent threat of government enforcement.

  • November 28, 2012

    Lawmakers Urge Congress To Pass Wind Tax Credit Extension

    A bipartisan group of lawmakers on Wednesday urged Congress not to further delay a decision on an extension to a wind energy tax credit, saying failure to extend the incentive would threaten both thousands of jobs and national energy security.

  • November 28, 2012

    Davis Graham Tax Partner Rejoins From Baker & McKenzie

    A former Davis Graham & Stubbs LLP tax attorney who represents energy firms on mergers and acquisitions, joint ventures and investment activity will rejoin the firm in Denver on Monday as a partner after spending six years with Baker & McKenzie LLP, Davis Graham said Tuesday.

  • November 27, 2012

    BDO, Morgan Lewis Sued In Illinois Over Tax Shelters

    Two Michigan investors on Tuesday sued accounting firm BDO Seidman LLP and law firm Morgan Lewis & Bockius LLP in Illinois state court for allegedly conspiring to sell them fraudulent tax shelter products despite knowing that the investments likely were illegal.

  • November 26, 2012

    'Machete' Producer Seeks To Chop Rights Deal For Sequel

    "Sin City" and "Machete" director Robert Rodriguez's production company was hit with a $2 million suit by Hollywood producer Rick Schwartz’s production firm, seeking to end their rights agreement in a contract dispute over the production of a sequel to "Machete," a 2010 action film.

  • November 26, 2012

    Barclays Center Developer Backs Off Tax Appraisal Suit

    A subsidiary of Forest City Ratner Cos. LLC, the developer of the Barclays Center in Brooklyn, N.Y., said Monday that it had withdrawn its suit against New York City over a $741 million property tax appraisal for the newly opened arena and a related residential tower.