Tax

  • November 3, 2017

    Tax Planners Not Banking On An Estate Tax Repeal

    As House Republicans move forward with legislation that would increase the estate tax exemption and eventually repeal the levy altogether, practitioners are advising clients to hold off on planning for the changes due to turbulent political winds and the controversial nature of the tax.

  • November 3, 2017

    Feds Seek To Deny Entry To Russian Atty Who Met Trump Jr.

    Government lawyers told a New York federal judge Wednesday there’s no reason for a Russian businessman and his lawyer, who became embroiled in controversy after it was revealed she met with Donald Trump Jr. during the presidential campaign, to be granted entry to the U.S. for a money laundering and tax fraud case in which the government claims several Russian companies failed to make a $5.9 million settlement payment.

  • November 3, 2017

    Schumer Blasts GOP Tax Bill As ‘Betrayal’ Of Middle Class

    Slamming the House Republican tax bill as a "pure betrayal" of middle-class families and a tax cut for the ultra-rich, Senate Minority Leader Chuck Schumer, D-N.Y., said Friday that the more taxpayers learn about the proposal, the more they'll dislike it.

  • November 3, 2017

    GOP Tax Bill A Boon For Deal-Making, But Questions Remain

    The new tax bill released by House Republicans has been welcomed by mergers and acquisitions professionals pleased with the cutting of corporate tax rates, though in its current form the legislation leaves open many questions, including how the elimination of certain deductions might affect the private equity industry.

  • November 3, 2017

    IRS Issues 2nd Round Of Guidance On Large Business Audits

    The IRS on Friday released the second set of major focus areas it will target during audits of the largest corporations, adding to the list of issues the agency identified in January as part of an overhaul of its audit procedures.

  • November 3, 2017

    Manafort Partner Seeks Release From House Arrest

    The business partner and co-defendant of Paul Manafort, President Donald Trump's former campaign chairman, asked a D.C. federal judge on Thursday to release him from house arrest while he awaits trial on allegations of money laundering and undeclared foreign lobbying activities, saying he did not pose a flight risk or a threat to the community.

  • November 3, 2017

    Homeowners' Property Tax Suit Against Wash. Tribe Tossed

    A Washington federal judge on Thursday dismissed a suit brought by three nontribal couples challenging the tribe’s property tax, saying the couples cannot sue yet since the tax has not been enforced.

  • November 2, 2017

    Defense Attys In Mueller Cases Run The White Collar Gamut

    The lawyers representing defendants in the first cases brought by special counsel Robert Mueller range from an “aggressive” former government tax prosecutor known for “watershed” offshore tax cases to local operators in Chicago and New York.

  • November 2, 2017

    Tax Cuts Expected To Be A Hard Sell For Republicans

    House Republicans delivered on their promise to introduce legislation to slash tax rates for businesses, but opposition from traditional allies to the removal or limitation of benefits for middle-income taxpayers and small businesses means that significant amendments may be required for the bill’s passage.

  • November 2, 2017

    Mueller Privilege Win May Signal More Atty-Client Attacks

    Federal prosecutors' successful effort to pierce Paul Manafort's discussions with counsel about his years-late registration as a foreign agent demonstrates special counsel Robert Mueller's willingness to pry favorable evidence from lawyers for maximum advantage, sending a warning to other figures under scrutiny in Mueller's investigation, experts said.

  • November 2, 2017

    State AGs Rip HHS Opt-Outs For ACA Birth Control Mandate

    Four state attorneys general signed on Thursday to a lawsuit in California federal court challenging Trump administration regulations allowing employers to dodge Affordable Care Act requirements to provide coverage for contraception under exemptions for religious or moral objections.

  • November 2, 2017

    'Gilmore Girls' Actor's Kin Can't Revive CohnReznick Suit

    A New York state appellate court found Thursday that the late "Gilmore Girls" actor Edward Herrmann's family's suit against accounting firm CohnReznick LLP was still too vague, affirming its dismissal in a lower court.

  • November 2, 2017

    Insurers' Suit Against IRS Over Reporting Rules Nixed

    A Tennessee federal judge on Thursday dismissed insurers’ suit accusing the Internal Revenue Service of unfairly labeling them as tax scammers in a notice on so-called captive insurance companies.

  • November 2, 2017

    Legal Scholars Urge High Court To Undo Online Sales Tax Ban

    Over three dozen law professors and economists pressed the U.S. Supreme Court on Thursday to overturn its precedent that prevents states from collecting sales and use tax from online retailers located outside their borders, arguing that the 25-year-old rule is outdated in the wake of the e-commerce boom.

  • November 2, 2017

    Seyfarth Shaw Says RICO Suit Can't Prove Tax Shelter Plot

    Seyfarth Shaw LLP told an Illinois federal judge on Thursday that a man's Racketeer Influenced and Corrupt Organizations Act claims accusing the law firm of selling him an illegal tax shelter blew his last chance to argue it was part of a pattern of fraud.

  • November 2, 2017

    Tax Reform Bill Aims To Halve Mortgage Interest Deduction

    Long-awaited details of President Donald Trump's tax plan call for slashing the home mortgage interest deduction to half its current level, the bill introduced in the U.S. House of Representatives on Thursday revealed.

  • November 2, 2017

    Manafort Lawyer Warned After Holding News Conference

    The judge assigned to the criminal case against ex-Trump campaign manager Paul Manafort and his longtime business partner Rick Gates admonished lawyers on Thursday to make their arguments in court, “not on courthouse steps,” a direct shot at Manafort attorney Kevin Downing for his post-hearing news conference Monday.

  • November 2, 2017

    Ala. 911 District Gets 2nd Chance At Emergency Fees Suit

    An Alabama federal judge granted permission Wednesday for Birmingham’s 911 district to amend its suit alleging a telephone and internet provider failed to assess emergency service fees on telephone lines, after previously tossing the suit for falling short of a heightened standard.

  • November 2, 2017

    India Finalizes Pricing Reporting Rules Under OECD Plan

    India’s tax authority on Wednesday announced rules covering how multinational companies are expected to disclose transfer pricing information for each country where they operate, measures that are part of government’s alignment with the Organization for Economic Cooperation and Development’s efforts to curb corporate tax avoidance.

  • November 2, 2017

    GOP Tax Bill Sets 20% Top Corporate Rate

    House Republicans on Thursday released their long-awaited tax bill that aims to lower the top corporate income tax rate to 20 percent, introduce a top tax rate of 25 percent for pass-through businesses and maintain the top individual rate at 39.6 percent.

Expert Analysis

  • Financial Crisis Anniversary

    New Post-Recession Metrics For BigLaw Partner Success

    Peter Zeughauser

    After nearly a decade of recession-accelerated change in the legal industry, “merit-based” compensation has largely come to mean measuring attorney success using some combination of origination and working attorney hours metrics. However, there are signs that the real impact of the recession is still around the corner, and that building a book isn’t enough, says Peter Zeughauser of Zeughauser Group.

  • Acting As Fiduciary Is Always In An Atty's Best Interest

    Stuart Riemer

    Attorneys understand the importance of fiduciary duty when providing legal counsel to their clients. But the U.S. Department of Labor's new rule on conflicts of interest makes it important to act as a fiduciary in other situations as well, such as when serving as a trustee or as the executor of an estate, says Stuart Riemer of Treasury Partners.

  • Opinion

    Time To Lift Student Loan Counseling Restrictions

    Christopher Chapman

    While it lends more than $100 million each year to our nation’s college students — including law students — the U.S. Department of Education surprisingly limits loan counseling to one-time entrance counseling for first-time student borrowers. Is this rational? asks Christopher Chapman, president of AccessLex Institute, a nonprofit focused on access to legal education.

  • Why You Should Consider Hyperlinking Your Next Brief

    Christine Falcicchio

    The shift to electronic filing has somewhat eased the task of reviewing briefs and their supporting files. An e-brief takes e-filing to the next level, says Christine Falcicchio, a principal at Strut Legal Inc.

  • Asian-Americans Facing Challenges In The Legal Industry

    Goodwin Liu

    Asian-Americans are the fastest-growing minority in the legal profession, but recent studies confirm their underrepresentation among partners, prosecutors, judges and law school administrators. We must take action, say Goodwin Liu, associate justice of the California Supreme Court, and Ajay Mehrotra of the American Bar Foundation.

  • How States Are Trying New Strategies To Collect Sales Tax

    Carley Roberts

    States historically have had difficulty collecting sales tax from out-of-state sellers, thanks to the U.S. Supreme Court's Quill decision. But recent laws aimed at forcing online marketplaces to collect sales tax or comply with certain reporting requirements show that states are getting creative in pursuing tax revenue, say attorneys at Eversheds Sutherland LLP.

  • A BigLaw Ladies’ Guide To Becoming A 1st-Chair Trial Lawyer

    Sarah Rathke

    Judge Shira Scheindlin recently published an op-ed in The New York Times discussing the statistical truth that law firms have poor representation of female attorneys as first-chair trial lawyers. Backed by data collected by the New York State Bar Association, Judge Scheindlin’s observation is not merely anecdotal. But it doesn’t have to be inevitable, says Sarah Rathke, a partner and trial lawyer at Squire Patton Boggs LLP.

  • Section 409A And Deferred Compensation Arrangements

    Excerpt from Lexis Practice Advisor
    Sinead Kelly

    Section 409A of the Internal Revenue Code provides some special exemptions and exclusions for deferred compensation earned under certain foreign plans and otherwise by U.S. taxpayers who work or have previously worked outside the United States. In this article, Sinead Kelly and Narendra Acharya of Baker McKenzie outline what to know about these special rules.

  • Many Questions Unanswered After California's Tax Shakeup

    Huy Le

    In June, California overhauled its taxation system and created two new tax agencies. A bill signed into law last month further defined the roles and rules of these entities. But taxpayers with pending appeals still face a great deal of uncertainty about the new system, say Huy Le and Timothy Gustafson of Eversheds Sutherland.

  • 5 Tips To Ensure Proper Deposition Behavior

    Brian McDermott

    If conducted properly, depositions can be a powerful tool. At times, though, opposing counsel employ tactics to impede the examiner’s ability to obtain unfiltered, proper testimony from the deponent. By knowing and effectively using applicable rules and case law, however, deposing attorneys can take specific steps to combat these tactics, say attorneys with Ogletree Deakins Nash Smoak & Stewart PC.