Tax

  • December 12, 2013

    First National Sues To Keep $10M Tax Refund From FDIC

    First National Bank Group Inc., the Texas-based parent company of a failed bank controlled by the Federal Deposit Insurance Corp., asked a federal judge Wednesday to declare it the owner of a more than $10 million tax refund the FDIC has staked a claim to.

  • December 12, 2013

    Indian Court Unfreezes Nokia Assets, Clearing Way For Sale

    An Indian court on Thursday released frozen assets of Nokia Corp., clearing the way for the sale of the company's smartphone operations to Microsoft Corp. after Nokia agreed to pay 22.5 billion rupees ($363 million) of an alleged tax liability.

  • December 12, 2013

    Reorganized RFS Loses $37M Tax Refund Bid

    The U.S. Court of Federal Claims ruled Wednesday that Reorganized RFS Corp. isn’t entitled to the more than $37 million in tax refunds it claimed it was owed during its bankruptcy proceedings, because it sought the refunds over a decade too late.

  • December 12, 2013

    Female Powerbrokers Q&A: White And Williams' Patti Santelle

    I am often the only woman at the table. At my firm, I am the only female department chair and one of only a few women at our departmental and practice group meetings. This needs to change, says Patricia Santelle, managing partner of White and Williams LLP, chairwoman of the firm's commercial litigation department and co-chairwoman of the firm's insurance coverage and bad faith group.

  • December 12, 2013

    Female Powerbrokers Q&A: Mayer Brown's Debora De Hoyos

    The demands on leaders at large law firms in 2013 are significant, but I don’t believe they are greater, or that there are special traps, for women, says Debora de Hoyos, global client relationship partner at Mayer Brown LLP.

  • December 12, 2013

    DOE Hands Out $150M In Clean Energy Tax Credits

    The U.S. Department of Energy said on Thursday that it’s handing out $150 million in tax credits to a dozen companies to encourage investment in clean energy manufacturing equipment, part of a $2.3 billion program to boost clean energy manufacturing in the U.S.

  • December 12, 2013

    Q&A With BakerHostetler's Paul Schmidt

    Global efforts on the part of tax authorities, both foreign and domestic, to combat tax base erosion and profit shifting will create considerable challenges for tax planning, including government enforcement through litigation, regulatory changes and legislation to address the migration of intellectual property to low-tax jurisdictions, says Paul Schmidt, chairman of BakerHostetler LLP's tax group.

  • December 11, 2013

    NYC OKs $120M Tax Breaks For Hudson Yards, Willets Point

    The New York City Industrial Development Agency approved nearly $120 million in tax breaks Monday for ongoing development projects at Manhattan’s Hudson Yards and at Willets Point in Queens.

  • December 11, 2013

    Poultry Co. Hit With $30M Tax Deficiency Over Stock Sale

    The U.S. Tax Court on Wednesday affirmed a $30 million tax deficiency against the world's second-largest poultry manufacturer, saying the company could not claim a worthless security deduction after intentionally abandoning $38 million in previously purchased stock.

  • December 11, 2013

    UK Pols Call EU Financial Transaction Tax Proposal 'Deadly'

    A U.K. House of Lords committee on Tuesday slammed a European Commission proposal that would allow 11 EU states to tax financial transactions, saying the "deadly" scheme would damage the U.K.'s markets because the country would have to collect the tax on behalf of the other 11 states.

  • December 11, 2013

    IRS Clairifies New Eligible Contributions For Roth Rollover

    The Internal Revenue Service cleared up on Wednesday what types of additional contributions can now be converted to a Roth retirement account as a result of changes to the tax code brought about by Congress' fiscal cliff deal.

  • December 11, 2013

    Majestic Star Beats Challenge To Lowered Tax Assessment

    A Delaware federal judge on Tuesday dismissed the appeal of an Indiana county seeking to reverse a decision that lowered tax assessments on a pair of Majestic Star Casino LLC properties by more than $100 million, finding that the bankruptcy court committed no errors in doing so.

  • December 11, 2013

    Vetting Clients Helps Avoid Tax Malpractice Rows: ABA Panel

    Tax attorneys are often passionate advocates for their clients, but if they want to avoid malpractice suits they need to turn those same advocacy skills inward and screen potential clients and cases thoroughly, experts said at an American Bar Association conference Wednesday.

  • December 11, 2013

    Schaeffler Protests $25M Reduction In Capital Loss Tax Claim

    A partnership of German automotive and industrial components manufacturer Schaeffler GMBH & Co. has asked the U.S. Tax Court to disallow the Internal Revenue Services' $25 million reduction of its capital losses claim arising from the €88 million ($121 million) sale of its shares in two of Schaeffler's subsidiaries, according to a company petition filed with the court earlier this month.

  • December 11, 2013

    Tax Deal For $133M Texas Hotel Complex Wins City Nod

    The city council for Georgetown, Texas, approved a tax incentive deal on Tuesday that helps push forward a long-delayed, approximately $133 million hotel, conference center and apartment project near Austin.

  • December 11, 2013

    Q&A With Vinson & Elkins' Todd Way

    In recent years, legislation has been proposed that would eliminate many tax incentives for oil and gas exploration and development. Unfortunately, there are no tax planning “silver bullets” that would effectively mitigate the impact these proposals would have on our clients’ capital costs and after-tax returns, says Todd Way, a partner at Vinson & Elkins LLP.

  • December 11, 2013

    IRS OKs Rule On Tax Liability For Home Health Agents

    The Internal Revenue Service released final regulations Wednesday providing that agents who handle wage payments for home health care recipients can assume responsibility for the recipients' federal unemployment tax obligations in certain circumstances.

  • December 11, 2013

    Chicago, New York Crowned Kings Of Travel Taxation

    Taxes levied on travel-related services increased U.S. travelers' tax bills by 58 percent in 2013, with Chicago and New York leading the taxation pack, a Global Business Travel Association report said Tuesday.

  • December 11, 2013

    Retailer Seeks $2M Refund For Katrina-Related Tax Break

    Louisiana-based home improvement retailer Stine LLC sued the Internal Revenue Service on Wednesday seeking a $2.1 million tax refund, saying the company was entitled to substantial tax breaks for investing in areas that were hit hard by hurricanes Katrina and Rita.

  • December 11, 2013

    Pa. Pushes For 3rd Circ. Hearing In Gay Marriage Dispute

    Pennsylvania officials defending the state's gay marriage ban from a constitutional challenge asked a federal court Tuesday to ignore their opponents' jurisdiction arguments and allow an interlocutory appeal to the Third Circuit for review of whether the plaintiffs' claims fall under federal jurisdiction.