Tax

  • April 15, 2014

    Tax Extenders Could Cut $1T Fiscal Cliff Revenue, Org Says

    If Congress permanently extends a package of temporary tax breaks that already expired or will expire this year, the 10-year cost will wipe out $1 trillion in revenue the government is set to earn through its fiscal cliff deal, a federal watchdog warned Monday.

  • April 15, 2014

    Tax Havens Cost Average Taxpayer $1,259, Study Finds

    The average U.S. taxpayer pays an extra $1,259 per year in taxes to make up for lost revenues from offshore tax havens used by corporations and wealthy individuals, according to a study published on Tuesday.

  • April 15, 2014

    Utah Has Best 2014 Economic Outlook, NY Ranked Last

    Due to low tax and light spending policies, Utah topped the American Legislative Exchange Council's list of states with the best 2014 economic outlook, and New York's high tax rates earned it a last-place ranking on the list.

  • April 15, 2014

    Ex-McDermott Atty Charged With Not Reporting $2M In Income

    Federal prosecutors on Tuesday charged a former McDermott Will & Emery LLP partner in Florida with failing to report about $2.1 million in partnership income to the Internal Revenue Service.

  • April 15, 2014

    Strip Club's Suit Says NY Tax Laws Violate Free Speech

    Manhattan's Hustler Club filed suit against the New York Department of Taxation in New York State Supreme Court on Friday, alleging the state's laws taxing exotic dance performances violate free speech protections of the First Amendment to the U.S. Constitution.

  • April 15, 2014

    RNC Files Suit Over IRS Tax-Exempt Group Docs

    The Republican National Committee launched a lawsuit in Washington federal court Tuesday alleging the Internal Revenue Service has not complied with its request for documents related to criteria used for reviewing and approving tax-exempt organizations.

  • April 15, 2014

    Joint Committee Taps Sen. Wyden As New Chairman

    Sen. Ron Wyden, D-Ore., has been tapped to chair the Joint Committee on Taxation for the rest of Congress' current session, replacing former Sen. Max Baucus, who left the post to become ambassador to China, the committee said Monday.

  • April 15, 2014

    Female Powerbrokers Q&A: BakerHostetler's Pennington

    When I was being considered for managing partner in my office — at a time no other law firm in all of Texas had a sole female managing partner — one female partner told me she didn’t want me to be selected because if I failed, it would reflect poorly on all the other women partners, says Lisa Pennington, managing partner of BakerHostetler's Houston office.

  • April 15, 2014

    Female Powerbrokers Q&A: Veenker Law's Vicki Veenker

    Not having female peers is a challenge — my summer associate class was 10 men and me, I was the only woman partner on the West Coast at Fish & Neave, I was the only woman present at my first Shearman & Sterling worldwide litigation partners meeting, and in my IP practice, I am often the only woman in client meetings, says Vicki Veenker, founder of Veenker Law Offices.

  • April 14, 2014

    Ex-Calif. City Official Gets Prison Time For Tax Fraud

    The former city administrator for the city of Bell, Calif., who pled guilty to conspiracy and tax charges in connection with a pay scandal that took down the city’s highest officials, was sentenced Monday to just under three years in prison.

  • April 14, 2014

    IRS Issues Guidance On Passive Foreign Investment Co. Stock

    The Internal Revenue Service and U.S. Department of the Treasury on Monday issued a notice that they will no longer treat U.S. individuals who own stock in passive foreign investment companies through certain tax exempt organizations as a shareholder of the underlying investment company under existing attribution rules.

  • April 14, 2014

    RE Mogul's Estate Denied Installment Plan On $10M Tax

    The U.S. Tax Court ruled Monday that approximately $10 million in taxes owed on a real estate mogul's estate cannot be paid off in installments because the required estate tax return was filed nearly four years after his death.

  • April 14, 2014

    NJ Doctor Charged With Avoiding Taxes On $6M In Income

    A New Jersey doctor was arrested on Friday for an array of tax charges, including the mishandling of nearly $6 million in cash, according to the U.S. Department of Justice.

  • April 14, 2014

    Verizon, Others Underpayed 911 Taxes By $29M, Suit Says

    Verizon Communications Inc., Comcast Phone of DC LLC, MCI Worldcom Communications Inc. and several other Washington, D.C., telecommunication companies were sued Monday in District of Columbia Superior Court for failing to pay over $29 million in 911 taxes.

  • April 14, 2014

    Heartbleed Breach Steals 900 Canadian Tax ID Numbers

    Canada’s tax service said Monday that an Internet security vulnerability known as the Heartbleed bug snatched roughly 900 social insurance numbers during a six-hour breach of taxpayer data.

  • April 14, 2014

    Reed Smith Doesn't Want Tax Malpractice Suit In Philly

    Reed Smith LLP asked a Philadelphia County judge on Monday to transfer to Allegheny County a legal malpractice suit over tax guidance the firm gave to the overseers of two trusts, which were allegedly improperly drafted and led to undue taxes on the plaintiff.

  • April 14, 2014

    German Court Orders €2.2B Refund Over Nuclear Energy Tax

    The Hamburg Finance Court on Monday ordered the German government to provisionally refund utilities €2.2 billion ($3.04 billion) in nuclear fuel taxes pending a determination by Europe's top court over whether the tax is legal.

  • April 14, 2014

    11th Circ. Backs 10-Year Sentence For Fla. Tax Fraudster

    The Eleventh Circuit on Monday upheld a 121-month sentence for a South Florida woman who participated in an income tax refund scheme to defraud the federal government out of $11 million, saying a lower court reasonably issued and explained the sentence.

  • April 14, 2014

    Pa. Court Blocks Disclosure Of Hotel Tax Information

    A Pennsylvania court on Monday denied a newspaper's request under the state's open records law for data on Lancaster County's hotel room rental tax, saying the information is a protected trade secret.

  • April 14, 2014

    State Court Strikes NYC Rule For Taxi Driver Health Care

    A New York court last Tuesday struck down a fare reduction rule created under former New York City Mayor Michael Bloomberg’s administration to provide health care assistance for taxi drivers to meet requirements of the Affordable Care Act, ruling the city had exceeded its authority.