The former owner of Pennsylvania's Mount Airy Casino Resort has lodged a protest in the U.S. Tax Court alleging the Internal Revenue Service erroneously determined that the casino's sale should have been subject to $30.9 million in gift and generation-skipping taxes.
A Tennessee federal judge on Friday ordered that the damages for failure to pay taxes against two executives of a defunct eye health company be cut more than 50 percent, from a total of about $14 million to about $6.3 million because of a mistake by the jury.
The State of Michigan Court of Appeals in a case of first impression Thursday affirmed that the Michigan single-business tax is an excise tax and not dischargeable under Chapter 11 of the Bankruptcy Code.
The Tenth Circuit on Friday reversed a district court's sanctions against a couple from New Mexico accused of tax evasion, saying that the plaintiffs didn't get a chance to respond to the sanctions because the district court never notified them.
The New Jersey Supreme Court will hear Red Bull Arena Inc.'s challenge to millions of dollars in local property taxes over a soccer stadium and associated land in Harrison, New Jersey, which lower courts determined were not tax exempt, according to an order Thursday.
The Financial Industry Regulatory Authority Inc.'s CEO in a speech released Thursday exhorted the industry to use more research to analyze the effects of rules and potential rules on fixed-income markets and dark pools, saying much is still not known about how they operate and what improvements are needed.
In this week's Taxation with Representation, Simpson Thacher's attorneys work Alibaba Group Holding Ltd.'s historic initial public offering, while Wachtell guides Dresser-Rand Group Inc. on its $7.6 billion sale to Siemens AG.
Chiquita Brands International Inc. and Ireland's Fyffes PLC said Friday they restructured their merger agreement to give Chiquita a bigger slice of the combined outfit, sweetening their controversial inversion deal as they try to fend off a competing offer for the banana giant.
Kansas could see a boost in its tax revenue via an auction of sex toys seized from an adult store chain that was delinquent on its taxes.
The U.S. Tax Court refused Thursday to squash Internal Revenue Service deficiencies against two co-founders of an asbestos removal company who argued that underlying issues should have been addressed in previous litigation, finding that the IRS raised new issues.
A Pennsylvania appeals court denied Grant Street Group Inc.’s bid protest of a contract to design the state’s tax credit marketplace on Wednesday, finding the Department of Community and Economic Development’s award to another company as the sole responsible contractor was proper.
The IRS receives thousands of investigative referrals each year against tax return preparers suspected of fraud, but the agency's lack of standard evaluation guidelines is hindering the process: between 2010 and 2012, over one-third of referrals went untouched, according to a report issued Thursday.
The Supreme Court of Washington State on Thursday upheld a ruling in favor of the state Department of Revenue's denial of a refund on mortgage-related securities income tax to Cashmere Valley Bank, saying that the bank's investments weren't primarily secured.
An Albany, New York, judge on Thursday threw out a suit brought by a powerful teachers' union that claims Gov. Andrew Cuomo's 2011 property tax cap law is unlawful, finding no compelling logic to various assertions, including one that the law infringes parents' rights to direct their kids' education.
A New York judge on Thursday ordered Texas tycoon Sam Wyly and the estate of his late brother Charles Wyly Jr. to pay at least $187 million for using offshore trusts to secretly trade stocks while evading taxes, but said the ultimate penalty may be twice as much.
The European Commission said Thursday that it has referred Germany to the European Court of Justice, alleging that the country’s value-added tax refund policies discriminate against non-EU taxpayers.
A former suburban Chicago lawyer was sentenced Thursday to seven months in prison on obstruction and tax charges stemming from a scam where he made unauthorized charges on his clients’ credit cards for his own use and then discharged the debts in their bankruptcies.
The Texas Commission on Environmental Quality on Wednesday ruled that 16 power plants must pay property taxes on their steam generator equipment because they are used to generate additional electricity and aren't used for pollution control, as an exemption requires.
Friday marks one month since regulators loosened restrictions on AstraZeneca PLC reviving merger talks with Pfizer Inc., but a lack so far of apparent movement toward a deal and new U.S. tax rules unveiled this week all but confirm the blockbuster tie-up is off the table.
The U.S. Tax Court on Wednesday ruled that a couple must pay interest on a 2006 tax liability they say didn't exist because they had a previous tax overpayment, after determining that liabilities can only be satisfied, not negated, by overpayments.
The new federal tax law was expected to change how deals get structured, and four months after its enactment, it is becoming clear how the legislation is having an impact on negotiations and tax planning strategies.