Tax

  • February 18, 2014

    IRS Execs Owe Taxes On Travel Expenses, Watchdog Says

    Some Internal Revenue Service executives have classified their travel expenses as nontaxable despite being told that they need to pay taxes on them, according to a government watchdog report released Tuesday.

  • February 14, 2014

    Va.’s Gay-Marriage Ban Struck Down As Unconstitutional

    A Virginia federal judge on Thursday ruled that the state's same-sex marriage ban is unconstitutional, finding that the voter-approved law does not serve a legitimate state interest.

  • February 14, 2014

    GE Says IRS Overtaxed By Disallowing $2B Restructuring Loss

    General Electric Co. is claiming it overpaid its 2000 taxes by $658 million after the Internal Revenue Service blocked its attempt to declare a capital loss of $2.2 billion, according to a complaint filed Friday in Connecticut federal court.

  • February 14, 2014

    NM's Beer Excise Tax Goes To Senate Floor

    The New Mexico State Senate finance committee passed a bill to let counties raise alcohol taxes on to the Senate floor on Thursday.

  • February 14, 2014

    Ohio Creates Program To Fight Unemployment Benefits Fraud

    Fraudsters who game Ohio’s unemployment system will have their federal tax refunds automatically intercepted and dumped into state coffers thanks to a newly minted federal-state partnership program, according to a state agency announcement Thursday.

  • February 14, 2014

    Calif. Equalization Board Considers Gas Tax Reduction

    The California State Board of Equalization said Friday it is considering whether to reduce the state's gasoline excise tax by 3.5 cents per gallon.

  • February 14, 2014

    Veteran Tax Atty Pleads Guilty To Hiding $1.3M From IRS

    A San Francisco tax attorney pled guilty to failing to report $1.3 million in earnings to the Internal Revenue Service, and will be sentenced to a year in prison and pay $650,993 in restitution, the IRS said Friday.

  • February 14, 2014

    House Bill Targets Taxation Of Telecommuters

    A bill introduced in the U.S. House of Representatives on Thursday would make it illegal for states to impose income tax on employees who work remotely for an out-of-state employer.

  • February 14, 2014

    FHFA Attys Fire Back At Appeals Over Tax Exemption

    Federal Housing Finance Agency attorneys fired back Thursday to a host of class action appeals filed with the Eleventh Circuit challenging a district court's ruling that Fannie Mae, Freddie Mac and the FHFA were totally exempt from real estate transfer taxes.

  • February 14, 2014

    Ariz. Senate Committee OKs Electricity Tax Break

    Arizona lawmakers on Wednesday took the first steps toward passing legislation that would exempt companies from paying sales tax on electricity used for manufacturing or smelting.

  • February 14, 2014

    2014 Tax Filing Season Off To Strong Start, IRS Says

    The Internal Revenue Service said Friday that tax filings in 2014 so far have outpaced tax filings for the same time last year by 2.5 percent even though tax filing season was pushed back by 10 days this year because of October’s government shutdown.

  • February 14, 2014

    Taxation With Representation: Tax Counsel On The Deal

    In this week's Taxation With Representation, Davis Polk & Wardwell LLP helps Comcast Corp. buy out Time Warner Cable Inc., and Freshfields Bruckhaus Deringer LLP handles a $1.9 billion transaction for a German tire maker.

  • February 14, 2014

    New Finance Committee Chair Wyden Outlines Priorities

    Tax reform will be a top priority, Sen. Ron Wyden, the newly appointed chairman of the Senate Finance Committee, said on Friday.

  • February 14, 2014

    Ohio Lawmaker Calls For Earned Income Tax Credit Reform

    Sen. Sherrod Brown, D-Ohio, renewed his push Friday for congressional action on passing the Working Families Tax Relief Act of 2013, which would expand eligibility for tax credits focused on individuals, including the Earned Income Tax Credit.

  • February 14, 2014

    Film Tax Credits Bring Hollywood Glitz, At A Cost

    Independent studies show that film tax credits yield more success for politicians' approval ratings than they do for government coffers. But in a post-recession climate with tightened production budgets, film tax credits have grown more important — and more widespread — than ever before.

  • February 14, 2014

    GOP Bill Would Curb Federal Recognition Of Gay Marriages

    Republican senators on Thursday introduced legislation to bar federal recognition of same-sex marriages when couples reside in states that don’t consider their nuptials valid, signaling resistance to the Obama administration’s reading of the U.S. Supreme Court’s landmark Windsor decision.

  • February 14, 2014

    Wash. Pols Unveil $12B Transportation Plan, Gas Tax Hike

    A coalition of Washington senators on Thursday unveiled a $12.2 billion transportation package that includes a proposal to increase the state's gasoline tax by 11.5 cents over three years in order to help fund construction of freeways and roads.

  • February 14, 2014

    Reclamation Fee An Unlawful Tax, Coal Cos. Tell High Court

    A coalition of coal producers have urged the U.S. Supreme Court to review the U.S. Department of the Interior's ability to charge reclamation fees on extracted coal, claiming the Federal Circuit erred when it determined that the rule doesn’t undermine a constitutional ban on export taxes.

  • February 14, 2014

    Female Powerbrokers Q&A: Hughes Hubbard's Bassey

    As usual, I was the only woman in a male-dominated conference room. When the client and I walked in for the deposition, one of the lawyers came up to me and inquired about when the lawyer was arriving. I evenly responded, “I am here," says Beatrice Hamza Bassey, a member of Hughes Hubbard & Reed LLP's executive committee.

  • February 14, 2014

    Female Powerbrokers Q&A: Mitchell Silberberg's Coyoca

    Because of the changing economics of the profession, practicing law today is tough for all lawyers. But for women, there are all of these challenges plus the demands often placed on them to assume administrative roles in their firms, which imposes even more constraints on time and energy, says Lucia Coyoca, chairwoman of Mitchell Silberberg & Knupp LLP's entertainment litigation practice.