Tax

  • August 2, 2012

    Sens. Want Detailed Cost-Benefit Studies For New Regs

    Legislation introduced Wednesday in the U.S. Senate would authorize the president to require cost-benefit analyses of new regulations from independent federal agencies that supervise companies in financial services, telecommunications and other sectors — a proposal some observers call a backdoor method of neutralizing effective oversight.

  • August 1, 2012

    House OKs Bill That Would Fire US Workers With Tax Issues

    The U.S. House of Representatives on Tuesday passed a bill that would require the firing of federal employees who fail to pay their taxes.

  • August 1, 2012

    Markey Presses IRS To Eliminate Tar Sands Tax Loophole

    Rep. Edward J. Markey, D-Mass., urged the U.S. Department of the Treasury and Internal Revenue Service on Tuesday to close a potential loophole absolving tar sands oil importers from paying excise taxes for an oil spill fund, saying the IRS erroneously determined tar sands aren't crude oil products.

  • July 31, 2012

    Amtrak Says Phila. Can't Charge It Wage Taxes

    Arguing that it is exempt from all state and local taxation, Amtrak filed suit in Pennsylvania federal court Tuesday over nearly $500,000 the city of Philadelphia claims it’s owed from wages Amtrak paid to security personnel based there.

  • July 31, 2012

    UBS Clients Get 1 Year Each For Swiss Tax Dodge

    Two flight school owners were each sentenced to a year and a day in prison Monday after pleading guilty in California federal court to tax evasion over hiding millions in a secret UBS AG Swiss account and several other overseas bank accounts, the U.S. Department of Justice said.

  • July 31, 2012

    Tenn. Latest To Sue Fannie, Freddie Over Unpaid RE Taxes

    Fannie Mae and Freddie Mac were hit Monday with a putative class action by a Warren County, Tenn., official seeking to recoup allegedly unpaid property transfer taxes related to foreclosures, the latest in a slew of such cases launched in recent months.

  • July 30, 2012

    Ex-NJ Tax Division Officials Convicted In Misconduct Case

    A onetime director of the New Jersey Division of Taxation and a fellow official were convicted Monday of official misconduct for allegedly acting on the state contracts of a collection company that provided them with dinners, entertainment and other gifts.

  • July 30, 2012

    NJ County Fights Fannie, Freddie Over Foreclosure Fees

    Cape May County, N.J., joined the flurry of litigation against Fannie Mae and Freddie Mac over unpaid transfer taxes, alleging in its own putative class action Friday that the companies failed to meet their tax obligations relating to foreclosures in 37 states.

  • July 27, 2012

    Nestle's Attack On Texas Margin Tax May Be An Uphill Battle

    Nestle USA Inc. on Thursday urged the Texas Supreme Court to shoot down part of the state's controversial margin tax, claiming it wrongly charges similar businesses different rates in violation of the state Constitution's equal protection and equal and uniform clauses — a tough argument that has rarely won over Texas courts.

  • July 27, 2012

    US Develops Int'l Agreement To Combat Offshore Tax Evasion

    The U.S. Treasury Department on Thursday unveiled an intergovernmental framework designed to comply with reporting requirements for foreign banks implemented under the U.S. Foreign Account Tax Compliance Act, adopted in 2010 to fight tax evasion by U.S. citizens.

  • July 26, 2012

    Calif. City’s Sugary Drink Tax Measure May Face Legal Battles

    Cash-strapped cities in California are watching the city of El Monte's efforts to pass a new tax on sugary drinks, but experts said Thursday that the proposal will likely need to overcome legal challenges claiming the tax is arbitrary before officials will consider the measure a viable option for raising revenue.

  • July 26, 2012

    Atty Says KBR Owes Fees For $1B In Mexican Tax Savings

    A Mexican tax attorney sued KBR Inc. on Wednesday, claiming the Houston-based engineering and construction company failed to pay him for his legal services that he says helped save it $1 billion in tax liability to the Mexican government.

  • July 26, 2012

    House Moves To Block IRS Foreign Deposit Rule

    The House of Representatives on Thursday voted to block the Internal Revenue Service from implementing a rule that would require U.S. banks to report the identities of their foreign account holders, although hopes for the legislation seem dim in the Senate.

  • July 26, 2012

    Ohio Counties Sue Fannie, Freddie Over Deed Transfer Taxes

    Mortgage giants Fannie Mae and Freddie Mac were hit with another proposed class action in federal court Tuesday, this one filed by several Ohio counties, over allegedly dodging millions of dollars worth of property-related transfer taxes.

  • July 25, 2012

    Calif. Appeals Court Sinks Challenge To Prop 13

    A California appeals court on Tuesday upheld Proposition 13, rejecting a challenge that the property tax restriction voters passed in 1978 constituted an impermissible revision of the state constitution.

  • July 24, 2012

    DC Circ. Kills Airlines' Challenge To DOT Ad Price Rule

    Spirit Airlines Inc. and Southwest Airlines Co. lost their challenge Tuesday to a U.S. Department of Transportation rule requiring airlines to prominently display tax-included total airfare prices in advertisements, with the D.C. Circuit shooting down their First Amendment arguments against the rule.

  • July 24, 2012

    US Can't Duck Suit Over $94M Prison Contract

    A U.S. Court of Federal Claims judge on Monday denied the government's motion to throw out a suit by Flintco Inc. claiming the Federal Bureau of Prisons breached a $94 million prison construction contract by reneging on its promise of tax breaks.

  • July 23, 2012

    'Poor' Ex-NY Senator Espada Finds Cash For Lawyer

    Former New York state Sen. Pedro Espada Jr., who faces trial on tax fraud charges and sentencing for stealing from a health network, got a new lawyer Monday to fight the tax charges, abandoning claims he was too poor to pay for one.

  • July 23, 2012

    Judge Stays Penthouse Publisher's Suit Over $500M Acquisition

    A New York state judge on Monday temporarily put on hold Penthouse magazine publisher FriendFinder Networks Inc.'s suit against accounting firm Grant Thornton LLP, which allegedly didn't uncover a personal-ad company's failure to pay European taxes before the publisher bought it for $500 million.

  • July 20, 2012

    Texas Court Nixes Consumers' $14M Sales Tax Refund Claim

    A Texas appeals court on Friday blocked a group of consumers from suing the state because class counsel lacked the authority to represent them, after the consumers sought to recover $14 million in sales tax they say they shouldn't have had to pay on rebates offered by retailers.