Tax

  • April 29, 2008

    Supreme Court Refuses Lehman Tax Case

    A Delaware subsidiary of Lehman Brothers Holdings Inc. may soon be forced to write a $10 million check to the state government, after the U.S. Supreme Court refused to hear Lehman's appeal of a Delaware Superior Court ruling pinning the tax bill on the bank.

  • April 22, 2008

    Mercury's Ex-CFO Charged With Backdating Scam

    U.S. prosecutors have charged Mercury Interactive Corp.'s former chief financial officer with involvement in a scam to backdate stock option grants that last year caused the company to shell out $117 million to placate angry shareholders.

  • March 28, 2008

    Constellation Strikes Deal On Consumer Credits

    Constellation Energy and Maryland authorities have resolved their legal battle over consumer tax credits with a deal that will deliver $346 million in credits and $187 million in one-time rebates to the company's residential customers in Maryland.

  • March 26, 2008

    Supreme Court Hears Transfer Tax Exemption Case

    Florida's Department of Revenue told the Supreme Court Wednesday that it should be able to tax court-approved Chapter 11 asset sales as long as a reorganization plan has not yet been confirmed.

  • March 19, 2008

    KPMG Defendant's Woes Continue To Multiply

    Federal prosecutors have decided to pursue a new, separate fraud charge against one of the former KPMG International employees who already stands accused of engaging in a massive tax shelter fraud.

  • March 13, 2008

    EU Fines Italian Banks €123M Over Illegal Aid

    The European Commission took aim Wednesday at Italy for giving unlawful fiscal aid to privatized banks, hitting nine Italian banks with a total of €123 million ($191.5 million) in fines and referring the country to the European Court of Justice for failing to recover illegal state aid in another instance.

  • March 11, 2008

    Thacher Proffitt Forms Distressed Debt Group

    To help clients take advantage of the recent downturn in the capital markets, law firm Thacher Proffitt & Wood LLP has created a new group focused on distressed assets.

  • March 11, 2008

    Ernst & Young Seeks Almost $1M For Dura Work

    Accounting giant Ernst & Young LLP has billed Dura Automotive Systems Inc. nearly $1 million for a month's work as tax and risk adviser to the bankrupt auto parts maker.

  • February 20, 2008

    More Charges Filed In Ernst & Young Tax Fraud Case

    Expanding the web of a criminal case that has already ensnared four Ernst & Young employees, the U.S. attorney's office for the Southern District of New York issued a new indictment Tuesday, adding more defendants and more charges related to an alleged scheme to develop and market fraudulent tax shelters.

  • February 20, 2008

    Carbon Tax More Efficient Than Cap-And-Trade: Study

    Instituting a carbon dioxide tax is a more efficient way of controlling carbon dioxide emissions than cap-and-trade approaches, according to a new report from the U.S. Congressional Budget Office.

  • February 13, 2008

    Pepper Hamilton Lures Assistant U.S. Attorney

    An assistant U.S. attorney who specializes in corruption and criminal tax matters will soon make the jump from the federal government to Pepper Hamilton LLP's white-collar and corporate investigations practice group.

  • February 8, 2008

    NYRA Rejects NYC's Income Tax Bill

    The bankrupt New York Racing Association has objected to a $275,000 income tax claim brought by New York City, arguing that the city lacks the authority to levy the tax.

  • January 30, 2008

    Lehman Tangles With IRS Over Tax Benefits

    With the outlook on Wall Street becoming bleaker by the day, Lehman Holdings Inc. is now also locked in a battle with the Internal Revenue Service over an estimated $685 million in total tax benefits that the brokerage giant previously reported.

  • January 18, 2008

    N.Y. Sues Tax Prep Cos. Over High-Interest Loans

    With tax season right around the corner, New York state regulators have set out to curb the allegedly predatory lending practices of two of the state's largest tax preparers.

  • January 16, 2008

    As Special Master, She Sets Precedent

    A litigator at a San Francisco law firm was appointed the first female special master in the history of the U.S. Supreme Court on Tuesday. Kristin Linsley Myles, a litigation partner at Munger, Tolles & Olson and a former law clerk to Justice Antonin Scalia, was named special master in South Carolina v. North Carolina.

  • January 9, 2008

    Fed. Cir. Reverses Pennzoil Tax Refund Ruling

    An appellate court has reversed a ruling of the U.S. Court of Federal Claims, finding that Pennzoil-Quaker State Co. cannot claim a tax refund related to a $4.4 million settlement in an antitrust suit brought by its suppliers.

  • January 8, 2008

    Texas Counties Protest Delphi Chapter 11 Plan

    A group of Texas counties has cried foul over Delphi Corp.'s proposed reorganization plan, arguing that the bankrupt auto supplier is attempting to wiggle out of its current tax obligations.

  • January 7, 2008

    Michigan Presses Delphi On Tax Issue

    Michigan has launched two new tax audits at Delphi Corp., hoping to shake down the bankrupt auto supplier for the alleged $10.5 million it owes the state in unpaid business taxes.

  • December 3, 2007

    Supreme Court Grants Cert In Coal Tax Refund Case

    The U.S. Supreme Court agreed on Monday to hear a case in which three coal mining units of TECO Energy Inc. are trying to get additional interest on the recovery of an illegally levied tax.

  • November 30, 2007

    Court Denies Alcoa $12M Tax Refund For Cleanup

    An appeals court ruled on Wednesday that aluminum producer Alcoa Inc. is not entitled to a refund of taxes it could have saved if it had spent more money on disposing of toxic waste in the years between 1940-1987, instead of spending it on a cleanup in 1993.