Tax

  • February 7, 2012

    $4B NY Event Center Project May Hinge On Slot Revenues

    A titanic $4 billion convention center project in New York that would create the largest event center in the country may hinge on negotiations over revenue-sharing at the developer's nearby casino complex, industry watchers said Tuesday.

  • February 7, 2012

    Solar Developers Sue Calif. County Over 'Sun Tax'

    Two solar industry trade groups sued Riverside County, Calif., on Friday, saying the county has no authority to impose a so-called annual sun tax of $450 per acre for solar energy developments.

  • February 6, 2012

    Buffet Chain Dodging $3M Tax Bill In Ch. 11: Calif.

    A California tax authority accused bankrupt Buffets Restaurants Holdings Inc. on Thursday of attempting to skip out on a $3 million tax bill left over from the buffet chain’s previous stint in Chapter 11.

  • February 6, 2012

    IRS Lays Out Plan For New Medical Device Tax

    The Internal Revenue Service on Friday outlined how it planned to impose a 2.3 percent excise tax on the manufacturers and importers of medical devices, a provision of the Affordable Care Act that will bring in an estimated $20 billion over the next several years.

  • February 2, 2012

    Reinhart Lures Employee Benefits Pro From Deloitte

    Reinhart Boerner Van Deuren SC has pulled in a Deloitte Tax LLP expert who helps clients through Internal Revenue Service and U.S. Department of Labor audits to its employee benefits practice in Milwaukee, Reinhart said Monday.

  • January 30, 2012

    US Can't Sue Ch. 13 Trustees Over Orders: 6th Circ.

    Squashing a suit over Michigan bankruptcy judges' decision to order the Internal Revenue Service to send tax refunds of Chapter 13 filers directly to trustees, the Sixth Circuit said Monday that the federal government can't sue the trustees for carrying out court orders.

  • January 30, 2012

    Lawyer Helped 2 Hide Millions In UBS, Other Banks: DOJ

    A former San Diego tax lawyer and two Arizona businessmen face federal conspiracy charges for allegedly hiding millions of dollars in accounts at UBS AG and other overseas banks, according to an indictment unsealed Monday by an Arizona federal court.

  • January 27, 2012

    Judge Won't Toss Same-Sex Couples' CalPERS Insurance Case

    A California federal judge on Thursday refused to toss a class action by state employees over federal tax provisions that exclude same-sex spouses and domestic partners from long-term care insurance coverage by the California Public Employees' Retirement System.

  • January 27, 2012

    Swiss Institution Sells Non-US Business Amid Tax Scandal

    Switzerland's oldest bank, Wegelin & Co., is sending its non-U.S. clients and staff to Notenstein Private Bank Ltd. for an undisclosed sum as it struggles with U.S. authorities' charges that it lets American clients hide assets, Wegelin said Friday.

  • January 26, 2012

    Prosecutors Get An Earful For Adelphia Tax Evasion Case

    A Pennsylvania federal judge on Thursday dismissed a 6-year-old tax evasion case against a father-and-son pair of Adelphia Communications Corp. executives already sentenced in New York for securities fraud, questioning why federal prosecutors devoted years of resources to the case.

  • January 24, 2012

    Obama Urges Sweeping Economic Efforts For Trade, Energy

    President Barack Obama offered a broad new economic plan in his State of the Union speech Tuesday, calling for a combination of legislative and executive efforts to boost American manufacturing and trade, stimulate domestic energy production, create a more equitable tax code, and prevent abuses in the financial sector.

  • January 24, 2012

    2nd Circ. Sides With IRS In GE Tax Shelter Case

    The Second Circuit on Tuesday ruled that the Internal Revenue Service could penalize a General Electric Capital Corp. unit for underpaying its taxes by allocating virtually all of its taxable income to two tax-exempt Dutch foreign banks.

  • January 23, 2012

    Eyeing Tax Rewards, Big Cos. And PE Firms Back Solar

    The end of a federal grant system that doled out billions of dollars to solar energy companies may have been a blow to some players in the industry, but still-remaining tax benefits are proving to be a strong enough lure for rich corporations and private equity firms to invest in solar projects, experts say.

  • January 23, 2012

    FCA Suit Against Payroll Cos. Won't Get High Court Hearing

    The U.S. Supreme Court on Monday declined to hear a False Claims Act suit by two attorneys who accused payroll companies of improperly profiting from tax transfer payments.

  • January 23, 2012

    Proskauer Malpractice Suit Not Time-Barred: J&J Heir

    The grandson of a Johnson & Johnson co-founder told a New York state court Friday that it wasn't too late for him to sue Proskauer Rose LLP and two attorneys for giving him bad advice about selling his J&J shares to avoid taxes.

  • January 23, 2012

    Tyco Accuses CIT Of Dragging Feet On $190M Tax Claim

    Tyco International Ltd. moved Friday to compel arbitration with reorganized business lender CIT Group Inc., saying that although a judge ruled for Tyco on a $190 million claim in a tax benefits dispute, CIT continues to fight arbitration.

  • January 20, 2012

    Ex-Atty Who Used UBS To Duck Taxes Gets 45 Days

    An octogenarian ex-attorney who stashed over $26 million in a UBS AG account in Switzerland was sentenced to 45 days in prison for tax evasion Friday in New York federal court.

  • January 20, 2012

    Vodafone Off Hook For India's $2.5B Tax Bill

    U.K. telecommunications giant Vodafone Group PLC will not have to pay $2.5 billion in taxes on its 2007 purchase of Hutchison Whampoa Ltd.'s Indian cellphone business, the Supreme Court of India ruled Friday.

  • January 19, 2012

    House Democrats Want Tax On 'Excess' Oil, Gas Profits

    Democrats in the U.S. House of Representatives introduced a bill Wednesday that would tax oil and gas company profits that exceed a predetermined amount in order to fund tax credits for fuel-efficient cars and fare reductions for mass transit systems during gas price spikes.

  • January 18, 2012

    Conspiracy Charges Against Adelphia Execs Dismissed

    A Pennsylvania federal judge on Wednesday dismissed on double jeopardy grounds the conspiracy charges in a tax evasion case against a father-and-son pair of Adelphia Communications Corp. executives already sentenced in New York for the same securities fraud.