Tax

  • November 8, 2011

    Senate To Consider Repeal Of Contractor Tax Rule

    The U.S. Senate voted Monday evening to debate a bill that would repeal an unpopular rule requiring the government to automatically withhold 3 percent from payments to contractors, following the overwhelming passage of the bill in the U.S. House of Representatives.

  • November 7, 2011

    Lehman REIT Asks Judge To Confirm Arbitration Win

    Archstone-Smith Operating Trust asked a California judge Monday to confirm an arbitration panel’s bellwether ruling that the real estate investment trust is not liable for over $100 million in investor income taxes triggered by its 2007 leveraged buyout by Lehman Brothers Holdings Inc.

  • November 7, 2011

    CIT Pushes For An End To Tyco’s Suit Over $794M Tax Deal

    Recently reorganized business lender CIT Group Inc. on Monday asked a New York bankruptcy judge to kill a lawsuit its former parent, Tyco International Ltd., brought over a $794 million tax agreement, saying the suit seeks an unfair payday.

  • November 4, 2011

    Tenants Can't Sue Over Missing Tax Forms: 2nd Circ.

    The Second Circuit on Friday rejected a class of tenants' bid to revive claims that New Jersey property developer Essex Waterfront Partners LLC failed to provide proper tax returns related to interest earned on security deposits, establishing whether such a suit can be brought under the Internal Revenue Code.

  • November 4, 2011

    Mall Giant Simon Says Ind. Must End Amazon Tax Break

    Mall titan Simon Property Group Inc. on Thursday filed suit in Indiana in an effort to compel the state to start collecting sales tax from Amazon.com Inc., claiming the online retailer illegally ducks tax burdens that other stores shoulder.

  • November 3, 2011

    NY Court Keeps $25M MetLife Tax Break Action Alive

    A New York appeals court on Thursday affirmed a lower court's refusal to dismiss a class action against Metropolitan Tower Life Insurance Co. and Tishman Speyer Properties LP over their allegedly illegal pocketing of almost $25 million in tax breaks related to rent rates.

  • November 2, 2011

    Hill Tax Proposal Draws Attention To Short-Term Trading

    Democratic lawmakers Tom Harkin of Iowa and Peter DeFazio of Oregon on Wednesday introduced a proposal that, though unlikely to make it through Congress, would impose a tax on short-term trading by investment banks and other financial firms.

  • November 1, 2011

    PE Hotspot: Taxes May Snag Private Equity Rush In Brazil

    Brazil's economy is in overdrive and private equity investment is on the rise, but foreign investors remain hampered by an onerous tax regime as well as regulatory processes that are cumbersome and inscrutable, attorneys say.

  • November 1, 2011

    Carried Interest Reform Would Rock Real Estate World

    The Obama administration's proposal to raise revenue by doubling the tax rate on carried interest for investment partnerships could rewrite the rules of real estate investment, and some experts say the result may be catastrophic for the industry.

  • October 28, 2011

    Ex-J&G Attys Rip Prosecutors For Downplaying Juror Lies

    A pair of former Jenkens & Gilchrist PC attorneys convicted of selling illegal tax shelters renewed their push for a new trial in New York on Thursday, calling a juror's alleged concealment of a history of alcoholism and petty crimes a "monstrous fraud on the court."

  • October 27, 2011

    House Votes To Scrap Contractor Withholding Rule

    The U.S. House of Representatives voted overwhelmingly Thursday to repeal a rule requiring the federal government to automatically withhold 3 percent from payments to contractors, amid clamor that the measure could harm small businesses.

  • October 26, 2011

    DLA Piper Adds Luce Forward REIT Pro

    A real estate capital markets expert formerly at Luce Forward Hamilton & Scripps LLP has joined DLA Piper as a partner in its San Diego office as the firm looks to expand its securities and real estate transaction work in the city, it said Wednesday.

  • October 26, 2011

    Ambac, IRS In Talks To Resolve $807M Tax Claims

    Bankrupt financial products insurer Ambac Financial Group Inc. told a New York court on Wednesday that it hoped to reach an agreement by early November with the Internal Revenue Service over disputed tax liabilities, including claims for at least $807 million.

  • October 25, 2011

    Private Equity Attys Blast Carried Interest Reform

    President Barack Obama’s plan to raise taxes on private fund managers may carry populist thunder, but lawyers practicing in the private equity world say it could ultimately do more harm than good.

  • October 21, 2011

    Treasury, IRS Urged To Revamp Derivatives Tax Policies

    The U.S. Government Accountability Office recommended Thursday that the U.S. Department of the Treasury and the Internal Revenue Service consider revamping their tax policies concerning derivatives, saying that investors are using the deals to exploit loopholes in the federal tax code.

  • October 20, 2011

    $45M In Tax Refunds Belong To BankUnited: Judge

    A Florida judge has ruled BankUnited Financial Corp.'s bankruptcy estate owns more than $45 million in federal tax refunds and not the Federal Deposit Insurance Corp. — the receiver for the company's failed bank subsidiary — BankUnited said Thursday.

  • October 11, 2011

    DOJ Charges 2 Swiss Bankers In $600M Offshore Scheme

    Federal prosecutors in New York on Tuesday accused two Swiss bankers of participating in a scheme to hide more than $600 million from the Internal Revenue Service in offshore accounts.

  • October 7, 2011

    Q&A With Foley & Lardner's Gabor Garai

    There may be fair and equitable solutions to our tax predicament. But taxing carried interest as ordinary income is not one of them, says Gabor Garai, chairman of Foley & Lardner LLP's private equity and venture capital practice.

  • October 6, 2011

    EU Commissioner Fights Opposition To Transaction Tax

    Europe's taxation commissioner on Thursday urged members of European Parliament to adopt a controversial financial transaction tax, calling push-back against his proposal unsurprising and reiterating that the new tax could generate €57 billion ($77.5 billion) per year for the 27 European Union states.

  • October 3, 2011

    DOJ Slams H&R Block's $288M Bid To Buy TaxACT Maker

    The U.S. Department of Justice on Monday wrapped up closing arguments in its antitrust suit seeking to halt H&R Block Inc.'s proposed $287.6 acquisition of the maker of TaxACT software with a renewed assault on the company's market definition.