Tax

  • January 28, 2014

    Greenberg Traurig Adds Kramer Levin Tax Atty To NY Office

    Greenberg Traurig LLP has snapped up a new shareholder from Kramer Levin Naftalis & Frankel LLP who has a lengthy history in tax, corporate and securities law, the firm said Monday.

  • January 28, 2014

    Q&A With Mayer Brown's Jason Bazar

    Clients focused on financing their global business operations have been seeing increased interest on the part of the Internal Revenue Service in intercompany indebtedness lately, says Jason Bazar, co-chairman of Mayer Brown LLP's tax transactions and consulting practice.

  • January 28, 2014

    The Bitcoin Boom: IRS Mum On Digital Currency

    More than 1 million people own part of Bitcoin's $12 billion market cap, but the IRS has not yet issued guidance on how it will treat the booming world of digital currencies, leaving taxpayers to find their own solutions. This is Part 1 of a two-part series on the taxation of Bitcoin and other digital currencies. Part 2 will be published Wednesday.

  • January 28, 2014

    IRS Gives Guidance On Future Of No-Rule Areas

    An Internal Revenue Service official addressed a packed house of tax attorneys in New York on Tuesday, giving guidance on the future of the agency's no-rule policy and its application to granite trusts, hook equity and North-South transactions.

  • January 28, 2014

    IRS Cuts Will Frustrate 2014 Filing Season, NTEU Chief Says

    If taxpayers think this year's delayed tax filing season is an annoyance, they soon will experience greater frustrations due to severe budget cuts that will increase taxpayer hold times and delayed agency responses, the leader of the National Treasury Employees Union said Tuesday.

  • January 28, 2014

    NJ High Court Blocks Tax Claims In Wrongful Death Suits

    The New Jersey Supreme Court ruled Tuesday that the state's wrongful death laws do not allow heirs to recover damages for estate taxes that are paid at the time of a person’s death.

  • January 28, 2014

    FATCA Agreements Raise Enforcement Issues, Tax Attys Say

    Intergovernmental agreements designed to halt offshore tax evasion are becoming key to enforcing the Foreign Account Tax Compliance Act, but bring new enforcement issues, a panel of tax attorneys told the New York State Bar Association on Tuesday.

  • January 28, 2014

    Va. Senate Passes Satellite Equipment Sales Tax

    The Virginia Senate on Monday unanimously approved legislation that would require satellite television customers to pay sales and use taxes on the equipment they lease or purchase.

  • January 28, 2014

    IRS Simplifies Extension Requests For Portability Elections

    The Internal Revenue Service on Monday detailed how taxpayers can receive a time extension to make portability elections and transfer a decedent spouse's unused estate tax exclusion to a surviving spouse in response to the U.S. Supreme Court's June ruling extending federal benefits to same-sex spouses.

  • January 28, 2014

    Female Powerbrokers Q&A: Young Conaway's Pauline Morgan

    As a junior associate, I was told that I should be more "bubbly" in dealing with assigning partners. I was fairly certain that my male colleagues were not given the same "constructive" criticism. But I went on my non-bubbly way and seemed to do just fine, says Pauline Morgan, chairwoman of Young Conaway Stargatt & Taylor LLP's bankruptcy section and a member of the firm's management committee.

  • January 28, 2014

    Female Powerbrokers Q&A: Phelps Dunbar's Nan Alessandra

    In reflecting on what it was like being a woman entering a male-dominated field, I realize that having studied and performed ballet for 20 years was the best training I could ever have received before jumping into the legal profession in 1985, says Nan Alessandra, coordinator of Phelps Dunbar LLP's New Orleans employment law practice.

  • January 28, 2014

    JC Penney Beefs Up Poison Pill To Preserve $2B Tax Breaks

    J.C. Penney Co. Inc. on Tuesday tightened its defenses against an unsolicited takeover in a move meant to ensure that the sputtering retailer can use its steep losses to tap into about $2 billion in future tax breaks.

  • January 27, 2014

    IRS Liens Divested In Tax Sale, Bank Tells Pa. Court

    First Northern Bank & Trust Co. urged a Pennsylvania federal court on Monday to find that it doesn't have to pay the U.S. Internal Revenue Service tax liabilities owed on a property the bank bought in 2012, saying the government’s liens were extinguished at sale.

  • January 27, 2014

    Tax Court Opens Door For More Abatement Challenges

    The U.S. Tax Court on Monday provided taxpayers greater ammunition to fight for tax abatements when it declined to dismiss a petition challenging the Internal Revenue Service's refusal to suspend interest accruing on a California pair's years-old tax liabilities. 

  • January 27, 2014

    Tax Court Axes Charity Write-Off For Detroit Apartments

    The U.S. Tax Court ruled Monday that although a Detroit apartment complex was owned by BSA Corp., the S corporation could not claim the complex's donation as a charitable contribution because the submitted property appraisals suffered “from a number of material deficiencies.”

  • January 27, 2014

    GOP Introduces Affordable Care Act Replacement Bill

    Three Republican senators on Monday proposed a bill that would repeal and replace the Affordable Care Act, largely through changes to the Tax Code.

  • January 27, 2014

    4th Circ. Rules Fannie, Freddie Exempt From Transfer Tax

    The Fourth Circuit on Monday upheld decisions finding that Fannie Mae and Freddie Mac are not liable for state and local real estate transfer taxes, ruling that the companies' congressional charter exempts them from the taxes despite a requirement that they pay other property taxes.

  • January 27, 2014

    Justices Snub Suit Claiming Donations Spurred RE Tax Hike

    The U.S. Supreme Court on Monday denied a request for certiorari from three Illinois property owners who claimed local taxing authorities violated the First Amendment by increasing their property taxes after discovering they donated money to a state representative featured in news reports on alleged political favoritism.  

  • January 27, 2014

    Tobacco Co. Hit With Possible $60M Excise Tax Bill

    Native American cigarette producer King Mountain Tobacco Co. Inc. was slapped with a possible $60 million Internal Revenue Service tax assessment Friday, after a district court in Washington ruled federal tobacco excise tax laws trump a 160-year-old treaty with the nation.

  • January 27, 2014

    High Court Won't Hear Challenge To La. Tobacco Tax

    The U.S. Supreme Court on Monday passed on an appeal challenging Louisiana’s system for taxing smokeless tobacco, which causes out-of-state distributors to pay a higher levy than their in-state competitors.