Tax

  • November 26, 2007

    Judge Pushes Back WalMart Exec's Resentencing

    A district court judge has put on hold the resentencing of former WalMart Stores Inc. executive Thomas Coughlin until the U.S. Supreme Court hands down a decision in a case that may change the way judges determine criminal sentences.

  • November 19, 2007

    Alaska Steps Closer To Hiking Its Oil Tax

    The Alaska legislature has voted in favor of increasing its tax on the oil industry, approving a bill that has received strong backing from the governor and stout opposition from major energy companies.

  • November 16, 2007

    New Indictment Filed In KPMG Tax Shelter Case

    Federal prosecutors have filed a superseding indictment against former KPMG partner David Greenberg, a month after his trial on suspect tax shelters was postponed for a second time.

  • November 7, 2007

    Supreme Court Considers Arbitration Case

    The Supreme Court heard oral arguments Wednesday in a dispute over when U.S. courts are allowed to review a decision reached in arbitration — a case Justice Stephen Breyer half-jokingly called the “case of the century.”

  • November 6, 2007

    Tenured Professors' Retirement Payments Taxable

    Overturning an earlier ruling by a district court and choosing between two conflicting precedents, an appellate court ruled Friday that early retirement payments made by the University of Pittsburgh to tenured professors could be taxed by the U.S. government under the Federal Insurance Contribution Act.

  • November 2, 2007

    High Court To Analyze Municipal Bond Issue

    The U.S. Supreme Court will hear oral argument Monday in a case that will decide whether states can tax their own municipal bonds more favorably than out-of-state bonds.

  • October 29, 2007

    Tax-Deferred Exchange Litigation Gets MDL Status

    Two class actions filed over the collapse of real estate investment companies Southwest Exchange Inc. and Qualified Exchange Services Inc., both of which were acquired by bankrupt breast implant firm MediCor, have been consolidated into a multidistrict litigation in the U.S. District Court for the District of Nevada.

  • October 25, 2007

    Former DHB Execs Indicted For Fraud, Insider Trading

    New York prosecutors have accused two former executives of body armor manufacturer DHB Industries Inc. of a number of criminal charges, including securities fraud, insider trading, obstruction of justice and tax evasion.

  • October 15, 2007

    KPMG, Sidley, Proskauer Hit With Tax Shelter Suit

    A group of funds have launched a new lawsuit against accounting firms KPMG LLP and Grant Thornton International and law firms Proskauer Rose LLP and Sidley Austin LLP, accusing them of conspiring with others to lure them into a tax shelter that proved to be illegal.

  • October 8, 2007

    Dana's Disclosure Statement Irks Iowa's Taxman

    The Iowa Department of Revenue has filed an objection to Dana Corp.'s disclosure statement, urging the bankruptcy court overseeing Dana's Chapter 11 proceedings not to approve the auto parts maker's disclosure statement unless it is amended to provide for interest on disputed tax claims.

  • September 12, 2007

    New Indictment Planned In Ernst & Young Tax Case

    New York prosecutors have revealed that they plan to seek a new indictment in a fraud case against four current and former Ernst & Young partners charged with allegedly designing fraudulent tax shelters.

  • September 10, 2007

    Ex-Trader Pleads Guilty In KPMG Tax Shelter Case

    A former trader faces up to five months in jail after pleading guilty Monday to conspiracy over his role in an alleged tax shelter scam developed by accounting firm KPMG.

  • September 4, 2007

    Grant Thornton Dropped From Tax Shelter Case

    Accounting firm Grant Thornton LLP has been dismissed as a defendant in a case against a group of law firms, auditors and financial advisors accused of hoodwinking a New Jersey couple into claiming illegal tax benefits.

  • August 28, 2007

    Firms Ask IRS For Extension On Compensation Rules

    A group of 92 law firms has sent a letter to the Internal Revenue Service, requesting an extra year for their clients to comply with new tax rules that affect a wide variety of executive deferred compensation plans at companies across the country.

  • August 10, 2007

    Oil Company Forced To Pay $667M In Back Taxes

    A Moscow court on Friday reportedly upheld a 17 billion ruble ($667 million) back-tax claim against RussNeft, thus adding to the 3.4 billion rubles ($134 million) the Russian oil company was already forced to pay last month.

  • August 9, 2007

    Assistant U.S. Attorney Hops To Morrison & Foerster

    Former New York Assistant U.S. Attorney Lawrence Gerschwer, who helped the state bring down U.S. Foodservice Inc.'s marketing chief, Mark Kaiser, joined Morrison & Foerster LLP on Monday as a partner in the firm's Manhattan office.

  • July 30, 2007

    Deutsche Bank Sued In Louisiana Over Tax Shelters

    Deutsche Bank has removed a lawsuit against it from state to federal court, where it now faces allegations that it fooled investors into participating in illegal tax fraud while charging exorbitant fees.

  • July 20, 2007

    IRS Probes Tax Dodging In Derivatives Trades: Report

    Two financial services firms have been asked by the Internal Revenue Service to release data in a probe on whether complex derivatives trades were designed to avoid taxes, according to published reports.

  • July 19, 2007

    Government Appeals KPMG Dismissals

    Federal prosecutors have wasted no time in appealing the dismissal of charges against 13 former KPMG LLP executives, who they accuse of creating illegal tax shelters to help wealthy clients avoid paying taxes.

  • July 16, 2007

    KPMG Dismissals Set Up Second Circuit Showdown

    A judge ruled Monday that he had no choice but to dismiss the charges against 13 former KPMG LLP executives who had been accused of creating illegal tax shelters to help wealthy clients avoid paying taxes.