Tax

  • April 18, 2014

    IRS Announces Nationwide Tax Forum Dates, Locations

    The Internal Revenue Service on Friday announced the dates and locations for its annual Nationwide Tax Forum, a series of events the agency hosts to keep tax professionals up to date on the law, with events in Chicago, San Diego, New Orleans, Orlando and the Washington, D.C., metro area.

  • April 18, 2014

    86 Countries Endorse VAT Cross-Border Framework

    Eighty-six countries have endorsed a new international framework that will make it easier to apply national value-added tax rules to cross-border transactions, the Organization for Economic Cooperation and Development said Friday.

  • April 18, 2014

    Ernst & Young Appoints New Global Vice Chair, GC

    Ernst & Young LLP has promoted one of its continental leaders to a new position responsible for helpings its global network of offices work together.

  • April 18, 2014

    Alaska House Passes Bill To Nix Film Tax Credit In 2016

    The Alaska House of Representatives passed legislation on Thursday that abolishes the state’s film tax credit in 2016, pending a report to the Legislature on tax revenue that is slipping between the cracks.

  • April 18, 2014

    Colo. Pols Target More Frequent Marketing Tax Remittance

    Colorado lawmakers, possibly as early as next week, are likely to pass proposed legislation that would require hotels and condominiums to remit local marketing and promotion taxes on a monthly basis, as opposed to quarterly.

  • April 18, 2014

    Ariz. Close To Strengthening Captive Insurer Regs

    A bill sent Thursday to Arizona Gov. Jan Brewer would strengthen state standards for captive insurers by requiring insurance subsidiaries to disclose more information regarding their financial relationships to their affiliated companies and provide regulators with additional tools to oversee potentially problematic tax structures.

  • April 18, 2014

    10th Circ. OKs $18M Judgment Due To Bad Record Keeping

    The Tenth Circuit on Friday agreed with calculations made by the Internal Revenue Service when it slapped a New Mexico couple with $18 million in past-due taxes, saying the couple’s lack of record keeping required the IRS to reconstruct their income.

  • April 18, 2014

    GAO Says 99% Of Large Partnerships Escaping IRS Audits

    The Internal Revenue Service has failed to audit 99 percent of tax returns filed by large partnerships with assets exceeding $100 million, according to a U.S. Government Accountability Office report made public Thursday.

  • April 18, 2014

    Pa. Names 1st Chair To Renewed State Tax Appeals Board

    The Pennsylvania State Treasurer announced Thursday the appointment of a seasoned State Treasury official as the first chairwoman of the recently reformed Board of Finance and Revenue, which decides appeals involving most tax matters in the state.

  • April 18, 2014

    Vimpelcom To Sell $2.6B Orascom Stake To End Tax Case

    Russian communications company Vimpelcom Ltd. will sell a 51 percent stake in Orascom Telecom Algerie SpA for $2.6 billion to Algeria's national investment fund, ending a tax dispute between the companies and the Algerian government, Vimpelcom said Friday.

  • April 18, 2014

    Taxation With Representation: Tax Counsel On The Deal

    In this week's Taxation With Representation, Cleary Gottlieb works a $1 billion buy for Warburg Pincus and Gibson Dunn helps MGM form a new joint venture.

  • April 18, 2014

    Female Powerbrokers Q&A: Nicolaides' Monica Sullivan

    While times are changing as more women become the important firm clients, business is still done on the golf course, often to the exclusion of women, says Monica Sullivan, a founding partner at Nicolaides Fink Thorpe Michaelides Sullivan LLP.

  • April 18, 2014

    Female Powerbrokers Q&A: Sutherland's Cynthia Shoss

    One hiring partner — with his feet propped on his desk so I could contemplate the soles of his shoes — told me, "My clients aren’t ready for women lawyers, but you might try the oil companies," says Cynthia Shoss, co-leader of Sutherland Asbill & Brennan LLP's insurance transactions and products practice.

  • April 17, 2014

    $20M Proskauer Malpractice Bid Merits 2nd Shot, Judge Told

    A Los Angeles surgeon suing Proskauer Rose LLP for more than $20 million for allegedly advising him to sink large sums of money into illegal tax shelters urged a California judge on Thursday to reconsider his dismissal order, saying legal opinion letters from Proskauer are admissible evidence against the firm.

  • April 17, 2014

    US Would Nab $1.4T Under Obama Budget Plan, CBO Says

    The U.S. will receive an extra $1.4 trillion in revenue over the next 10 years and cut its deficit by $1 trillion if Congress fully enacts President Barack Obama's 2015 budget, according to a report issued by the Congressional Budget Office on Thursday.

  • April 17, 2014

    McDermott, Congressional Veterans Join Tax Foundation

    The Tax Foundation on Thursday announced the signing of two congressional veterans and a McDermott Will & Emery LLP partner to its board of directors.

  • April 17, 2014

    Calif. Voters Want Biz Property Assessed More Often

    A poll released Thursday shows that most California voters say a state property tax law should be changed so business and commercial properties are always assessed when they are transferred or sold — a move that will increase tax burdens on businesses.

  • April 17, 2014

    CORRECTED: $4M Loss Denied For Personal Indemnification Agreement

    The U.S. Tax Court sided with the Internal Revenue Service Thursday and refused to allow entrepreneur Robert Alpert almost $4 million in deductions related to an indemnification agreement with his mother for losses she suffered on his unauthorized securities purchases. CORRECTION: An earlier story mischaracterized the defendant’s actions as theft. The error has been corrected.

  • April 17, 2014

    Rajaratnam Tax Shelter Firm Can't Get Help Paying $5M Award

    A New York judge on Wednesday tossed a lawsuit by tax firm Diversified Group Inc. that had hoped to force accountants and tax attorneys to help pay a $5 million arbitration award against Diversified for selling illegal tax shelters to notorious inside trader Raj Rajaratnam.

  • April 17, 2014

    IRS Greenlights CBS Outdoor Advertising REIT Plan

    Media titan CBS Corp. announced Wednesday that it had received a favorable private letter ruling from the Internal Revenue Service, approving the company’s plan to convert its outdoor advertising subsidiary into a real estate investment trust.