The city of Detroit's plan to exit bankruptcy will result in growth in taxable income and employment in the city, a tax expert said in Michigan bankruptcy court Monday as part of the city's blockbuster Chapter 9 confirmation trial.
The U.S. Commodity Futures Trading Commission on Monday fired back at the Royal Bank of Canada, telling a New York federal judge that certain of its claims against the bank are not timed-barred as RBC had said in an earlier filing.
Vorys Sater Seymour and Pease LLP has lured a fraud prosecutor from the U.S. Attorney's Office for the Northern District of Ohio to serve as partner in its government investigations, crisis management and white collar crime practices in the Cleveland office, the firm said Monday.
California Gov. Jerry Brown on Friday signed legislation giving Northrop Grumman Corp. a tax incentive of as much as $465 million if the company wins a U.S. Air Force contract to build its next-generation long-range bomber and performs contract work in the state.
A New York partnership that owned a historic building in Harlem says the Internal Revenue Service wrongly barred it from seeking a $3.2 million charitable contribution deduction for a conservation easement of the building's facade, according to a lawsuit filed in federal court on Friday.
Medical device manufacturer Zimmer Holdings Inc. is protesting a $79 million Internal Revenue Service assessment arising from transfer pricing adjustments that the agency made on transactions, including licensing agreements, between itself and a Dutch subsidiary, according to court records made public on Monday.
Japan and the Sultanate of Oman on Sunday completed all necessary steps to bring a tax-sharing agreement into force this September, the Japanese government has said.
A California federal judge ruled Friday that JPMorgan Chase Bank NA owes the Internal Revenue Service for failing to impose a levy on the bank accounts of a mistakenly refunded taxpayer before the taxpayer withdrew a portion of the refund, saying the burden to protect the money was on the bank.
Maryland's top court ruled Monday that a statute requiring corporations to file separate state tax returns did not prevent authorities from assessing additional taxes and penalties to a Nordstrom Inc. subsidiary to which the retailer transferred its valuable trademark portfolio in a bid to avoid paying state taxes.
A top British banking association wants the U.K.'s tax agency HM Revenue and Customs to reconsider its plans to directly take unpaid tax debts from debtors' bank accounts because the scheme may violate the nation's human rights law, according to a letter released Monday.
Chiquita Brands International Inc. is staring down a proxy fight after spurning a $611 million bid from a pair of Latin American suitors in favor of an earlier offer from Fyffes PLC, adding another layer to an M&A play already complicated by increasing scrutiny of inversion deals.
The Internal Revenue Service recently issued final rules detailing how tax whistleblowers can collect rewards, but the process for actually receiving a payout remains shrouded in mystery for informants with cases before the agency. Below, attorneys share four tips for counseling IRS whistleblowers.
The federal government on Thursday hit back at BB&T Corp.’s bid to reinstate millions of dollars in tax credits it claimed for an overseas loan, telling the Federal Circuit the credits had been correctly rejected as connected to an “abusive” tax shelter scheme.
The Seventh Circuit revived a racketeering suit Friday over legislation that former Illinois Gov. Rod Blagojevich signed to benefit the state's horse-racing industry, saying the causal line between an alleged bribe and the signing of the tax on riverboat casinos was direct enough to qualify as proximate cause.
The Texas Supreme Court on Friday denied a petition for review that argued a state law requiring a 24-hour waiting period for customers to get sales tax refunds on goods they export outside the country violates the U.S. Constitution’s import-export clause.
In this week's Taxation With Representation, attorneys from Weil, Bracewell and Baker Botts tackle different sides of Kinder Morgan's $70 billion energy and pipeline consolidation, while Skadden helps Coca-Cola transfer its energy-drink business to Monster Beverage in a $2.15 billion deal.
A Texas appeals court on Friday upheld the repeal of a state tax that was levied on small tobacco companies in 2013 following a 1998 settlement with several large tobacco companies that led to an increase in the price of Big Tobacco products, affirming the tax on Small Tobacco was "unconstitutional in its entirety."
U.S. Sen. Dick Durbin, D-Ill., is urging his home state pharmaceutical company Hospira Inc. to not proceed with a potential tax inversion if it acquires a French business, a move that could enable the company to move abroad and take advantage of lower tax rates.
A D.C. federal judge ordered the Internal Revenue Service to detail its attempts to recover data from former director Lois Lerner's broken hard drive, including efforts to find emails sought by a conservative political group in a suit over the agency's politically-targeted auditing scandal.
Two Berkeley residents have filed suit in state court alleging that the city’s soda tax proposal, which will appear on the November ballot, uses biased and “politically charged” language and falsely implies that the tax will only affect high-calorie beverages.
The new federal tax law was expected to change how deals get structured, and four months after its enactment, it is becoming clear how the legislation is having an impact on negotiations and tax planning strategies.