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Tax

  • September 29, 2014

    Ex-Pa. Casino Owner Challenges $31M IRS Deficiency Notice

    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.

  • September 26, 2014

    Execs Get Over $7M Slashed From Tax Damages Set By Jury

    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.

  • September 26, 2014

    Mich. Single-Biz Tax Can't Be Cut In Ch. 11, Court Says

    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.

  • September 26, 2014

    10th Circ. Reverses Sanctions On Tax Fraudster Couple

    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.

  • September 26, 2014

    NJ High Court Wades Into Red Bull Stadium Tax Dispute

    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.

  • September 26, 2014

    FINRA Head Calls For More Data-Driven Market Research

    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.

  • September 26, 2014

    Taxation With Representation: Wachtell, Simpson, Jones Day

    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.

  • September 26, 2014

    Chiquita Inversion Partner Sweetens Deal As Rival Bid Looms

    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.

  • September 25, 2014

    Kansas Aims To Regain Lost Taxes Through Sex Toy Auction

    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.

  • September 25, 2014

    Asbestos Co. Execs Can't Shake IRS Deficiency Claims

    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.

  • September 25, 2014

    Pa. Appeals Court Approves Tax Credit Design Contract

    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.

  • September 25, 2014

    IRS Must Improve Review Of Return Preparers, Report Says

    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.

  • September 25, 2014

    Wash. Justices Nix Bank's Mortgage Securities Tax Refund Bid

    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.

  • September 25, 2014

    Judge Rejects Teachers' Challenge To Cuomo Tax Cap Law

    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.

  • September 25, 2014

    Wyly Bros. Ordered To Pay At Least $187M For Tax Fraud

    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.

  • September 25, 2014

    Germany Referred To EU High Court Over VAT Refund Rule

    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.

  • September 25, 2014

    Ex-Atty Gets 7 Months For Ripping Off Bankruptcy Clients

    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.

  • September 25, 2014

    TCEQ Axes Power Plants' Property Tax Fight

    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.

  • September 25, 2014

    Pfizer, AstraZeneca Deal Hopes Wilt After Inversion Rules

    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.

  • September 24, 2014

    Tax Court Says Old Overpayment Can't Negate Interest Due

    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.