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Tax

  • October 22, 2014

    'Real Housewives' Star Can't Serve Term In Halfway House

    A New Jersey federal judge on Wednesday declined to partially convert a 15-month prison sentence for Teresa Giudice, the “Real Housewives of New Jersey” star convicted on fraud and tax evasion charges, saying the court didn't intend for Giudice to serve time in a halfway house.

  • October 22, 2014

    Mich. Court Keeps Glass Co. On Hook For $4M In Abated Taxes

    The Michigan Court of Appeals on Tuesday said food and beverage glassmaker Owens-Brockway Glass Containers Inc. has to pay $4 million in tax refunds to the city of Charlotte, because it closed its factory there before fulfilling its tax abatement contract.

  • October 22, 2014

    3 Forms S Corporations Must File For Overseas Entities

    Owners of S corporations and closely held businesses that expand overseas need to be well aware of forms they must file with the Internal Revenue Service to avoid facing severe penalties, tax practitioners said Wednesday at a conference in New York. Here are three forms they should know about.

  • October 22, 2014

    Clarion, MRP Unit Scoop Up Pa. Industrial Project

    Property investment manager Clarion Partners LLC and the industrial arm of developer MRP Realty have snapped up the land and rights for a 1.5 million-square-foot, Class A industrial development project in Pennsylvania that recently scored a major tax break, the companies announced Wednesday.

  • October 22, 2014

    Schulte Roth Adds Patterson Belknap Trusts And Estates Chair

    Schulte Roth & Zabel LLP has lured over a partner and chair of the trusts and estates group from Patterson Belknap Webb & Tyler LLP to serve as a partner in the individual client services group at the firm’s New York office.

  • October 22, 2014

    Bose McKinney Can't Shake $7.6M Malpractice Suit

    A Michigan federal court on Wednesday shot down Bose McKinney & Evans LLP and its tax service group head's request that the court reconsider its summary judgment decision, in Booth American Co.'s $7.6 million malpractice suit over a disputed pension plan indemnity agreement.

  • October 22, 2014

    A Month In, Deal Makers Hurt But Not Sunk By Inversion Rules

    The Obama administration has claimed a few high-profile victories in the month since it rolled out a series of new rules meant to squelch the rising appeal of controversial tax-inversion deals, but while tougher restrictions have jostled the marketplace, several transactions remain on the table.

  • October 22, 2014

    IRS Missing Steps When Auditing Partnerships: Report

    Partnership entities are ballooning in number each year and the Internal Revenue Service is struggling to audit them properly, with the service missing steps in nearly 2/3 of the partnership audits it conducted in 2012, a tax watchdog said Wednesday.

  • October 22, 2014

    Seyfarth Nabs Ex-Hunton & Williams Health, Nonprofit Pros

    Seyfarth Shaw LLP has hired a pair of former Hunton & Williams LLP corporate attorneys who are experts in representing tax-exempt organizations to join its Los Angeles offices as partners, the firm announced Wednesday.

  • October 22, 2014

    Practitioners Hope Tax Reform Will Improve S Corp Laws

    Tax practitioners are hopeful that when Congress finally tackles comprehensive tax reform, it will continue a yearslong legislative trend that has made pass-through S corporations more taxpayer-friendly, a Garvey Schubert Barer LLP tax partner said on Wednesday at a New York University tax conference.

  • October 22, 2014

    Palmolive Building Owners Dispute $33.4M Deduction Denial

    The owners of the historic Palmolive Building in Chicago have filed a protest over the Internal Revenue Service’s denial of a $33.4 million deduction for their donation of a conservation easement on the building, saying the agency had wrongly appraised the easement as valueless.

  • October 22, 2014

    Sens. Ask Treasury To Preserve LIFO Accounting Method

    Pressure mounted on the U.S. Department of the Treasury to preserve the "last in, first out" method of accounting on Tuesday as a bipartisan group of 14 senators sent a letter to Treasury Secretary Jacob Lew asking that the accounting method be kept in any effort to reform the tax code.

  • October 22, 2014

    Wyly Says Ch. 11 Should Block SEC Asset Freeze

    Lawyers for billionaire investor Sam Wyly on Wednesday told a Texas bankruptcy judge his voluntary Chapter 11 petition protects his estate from the U.S. Securities and Exchange Commission’s attempt to secure an asset freeze in New York federal court.

  • October 22, 2014

    Mylan Signals $5.3B Abbott Inversion On Track After Tweaks

    Mylan Inc. and Abbott Laboratories said Wednesday that new limitations imposed by the Obama administration on tax-motivated M&A wouldn't derail their planned $5.3 billion inversion deal, though they did modify the terms of the transaction.

  • October 21, 2014

    Ex-UBS Adviser Says Weil Was At Meeting On Hiding Accounts

    A former UBS AG client adviser on Tuesday placed the Swiss bank's ex-wealth management head Raoul Weil at meetings in 2002 where clients were allegedly advised on keeping accounts hidden from U.S. authorities, but Weil's attorneys questioned why this information was not mentioned in prior meetings with federal prosecutors.

  • October 21, 2014

    Ex-CEO of NJ Drug Dispensary Indicted For Tax Evasion

    The former CEO of a New Jersey pharmacy dispensing company was indicted on Tuesday by a federal grand jury for allegedly filing falsified income tax returns to conceal stock earnings, settlements and disbursements of company funds.

  • October 21, 2014

    IRS Must Screen Agencies Before Sharing Tax Info: Report

    The Internal Revenue Service should ensure that federal taxpayer information that is shared with federal agencies and state and local entities will be protected against unauthorized use and disclosures before it leaves the IRS' hands, according to a report issued Tuesday by a tax watchdog.

  • October 21, 2014

    Astros, Nats Stadium Plan Gets $108M Boost From Fla. County

    The Palm Beach County Commission on Tuesday agreed to allocate $108 million in bed taxes for a new shared spring training facility for the Houston Astros and the Washington Nationals despite the teams' lack of a site for the proposed $135 million stadium.

  • October 21, 2014

    Senate Shake-Up Would Breathe New Life Into ACA Battles

    An increasingly likely Republican takeover of the U.S. Senate in next month's midterm elections would almost certainly lead to new showdowns over controversial Affordable Care Act provisions, such as the employer mandate and the medical device tax, as incoming senators try to turn campaign rhetoric into reality.

  • October 21, 2014

    US Asks 5th Circ. To Deny UT Bid To Rehear Tax Refund Suit

    The U.S. government recently said the Fifth Circuit correctly determined earlier this year that the University of Texas did not qualify for an $11 million refund for Federal Insurance Contributions Act taxes against its medical residents and the court should deny the university's request for a rehearing.