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Tax

  • July 2, 2018

    New 1040 Form May Not Reduce Filing Burdens

    A statement released at the same time as a new postcard-size Form 1040 by the U.S. Treasury Department on Friday claims individual income tax filing burdens will be greatly reduced, but some practitioners question whether new schedules required to accompany the form could have the opposite effect.

  • July 2, 2018

    Virtual Currency Compliance Among 5 New LB&I Campaigns

    The Internal Revenue Service’s Large Business and International Division approved five new compliance campaigns Monday, including a new focus on virtual currencies, but the agency said it is not considering a voluntary disclosure program for that area in the future.

  • July 2, 2018

    Trump Plows Ahead With Supreme Court Selection Process

    President Donald Trump is ramping up the process of replacing Justice Anthony Kennedy on the U.S. Supreme Court, interviewing four candidates Monday and revealing the White House staffers who are leading the selection effort.

  • July 2, 2018

    NJ Avoids Gov't Shutdown With $37.4B Budget Deal

    New Jersey Democratic Gov. Phil Murphy signed a $37.4 billion state budget bill at the 11th hour Sunday, quelling fears of a government shutdown after he reached an agreement with leaders at the State House the day before.

  • July 2, 2018

    Top 5 Federal Tax Cases Of 2018: Midyear Report

    In the first half of 2018, the U.S. Supreme Court narrowed a tax obstruction statute and addressed the taxation of railroad company stock options, while circuit courts considered the right to be heard by the Internal Revenue Service Appeals Office and the substance-over-form doctrine. Here are the five biggest federal tax cases of the year so far.

  • July 2, 2018

    Governor Signs 'Airbnb' Tax Bill Into Law In NJ

    New Jersey Gov. Phil Murphy on Sunday signed into law a bill that imposes state sales and use taxes as well as hotel and motel occupancy fees on short-term property rentals made through online marketplaces like Airbnb Inc.’s home-sharing website.

  • July 2, 2018

    Netherlands, Starbucks Ask EU Court To Reverse Tax Ruling

    The Netherlands and Starbucks asked a European Union court Monday to reverse a 2015 European Commission ruling that the American coffee giant received unfair tax benefits.

  • July 2, 2018

    The Lateral Audit: Tax Attorney Moves In June

    In the latest edition of the Laterals Audit, Schiff Hardin LLP strengthens its New York tax practice, Barclay Damon LLP brings on a new partner with public finance experience, and Sheppard Mullin Richter & Hampton LLP adds a partner to help its clients with private equity funds.

  • June 29, 2018

    The Most Talkative Justices Of The Term

    Once again, Justice Stephen Breyer was the most talkative member of the U.S. Supreme Court during oral arguments, but another member of the court turned heads by speaking out 50 percent more than she did in the prior term.

  • June 29, 2018

    The Firms That Won Big At The Supreme Court

    A handful of law firms argued multiple cases during the latest high court term — with varying degrees of success. Here’s how the familiar law firms fared in some of the most high-profile cases of the year.

  • June 29, 2018

    The Supreme Court Term By The Numbers

    Back at full strength, the justices worked their way through a docket full of blockbusters. Here’s our data-driven look at the term that was.

  • June 29, 2018

    Justice Kennedy Leaves Mixed Record On Civil Rights

    Over three decades on the Supreme Court, Justice Anthony Kennedy perhaps became best known for upholding the constitutional right to abortions and to same-sex marriage, but his deference to states’ rights and his inclination to take a race-blind approach to legal analysis have complicated his civil rights legacy.

  • June 29, 2018

    Wells Fargo Beats Out Fla. City's Discriminatory Lending Suit

    Wells Fargo escaped a Fair Housing Act lawsuit from Miami Gardens, Florida, on Friday when a federal judge ruled that the South Florida city had failed to present sufficient evidence to support its claims of discriminatory lending.

  • June 29, 2018

    Puerto Rico Sees New Fiscal Plan After Labor Reform Fails

    The federal board overseeing the overhaul of Puerto Rico's debt and finances announced Friday it has recertified long-term fiscal plans for the island that call for enhanced austerity following the failure of the commonwealth's government to pass labor reform measures it had agreed to last month.

  • June 29, 2018

    4 Constitutional Questions To Ponder In A Post-Quill World

    The U.S. Supreme Court's historic decision to abolish the physical presence standard for sales and use tax collection in South Dakota v. Wayfair raised a number of constitutional issues that could be subject to much interpretation. Here are four of the issues raised.

  • June 29, 2018

    Manafort To Seek Change Of Venue In Fraud Case

    Attorneys for Paul Manafort told a Virginia federal judge Friday that they intend to seek a change of venue for his rapidly approaching tax and bank fraud trial, saying government leaks and media coverage have poisoned public sentiment toward the former Trump campaign chairman.

  • June 29, 2018

    Trump Says He Will Announce Supreme Court Nominee July 9

    President Donald Trump said Friday he will announce his nominee to take Justice Anthony Kennedy’s place on the U.S. Supreme Court on July 9, and that he has narrowed down the pool of candidates to “around” five people, including two women.

  • June 29, 2018

    Kennedy's Retirement: Legacy, Fallout & The Battle Ahead

    Justice Anthony M. Kennedy, the longest-serving active member of the U.S. Supreme Court, announced his retirement Wednesday after three decades on the high court. Here, Law360 analyzes his immense impact and what his departure means for the future of the court.

  • June 29, 2018

    Energy Co. Claims IRS Wrongly Assessed $421M In Taxes

    Entergy Corp. has filed suit in Louisiana federal court, claiming the Internal Revenue Service illegally and erroneously assessed $421 million in income taxes and interest on the energy company, and saying the assessment and a subsequent levy were not made within the statute of limitations.

  • June 29, 2018

    House Will Address International Tax Provisions, Brady Says

    The U.S. House of Representatives will address international-oriented provisions in the federal tax overhaul legislation, House Ways and Means Committee Chairman Kevin Brady, R-Texas, said Friday.

Expert Analysis

  • Pa. Renter With Out-Of-State Landlord? Add Tax To Your Rent

    Mary Hevener

    Pennsylvania residents who make payments of certain income to nonresident nonemployees, or that pay rent for Pennsylvania property to any nonresident landlords, should comply with new tax requirements beginning on July 1, 2018, or risk liability for the Pennsylvania taxes, penalties and interest due on these payments, say attorneys at Morgan Lewis & Bockius LLP.

  • Series

    From Lawmaker To Lawyer: 6 Things I Learned In Congress

    Charles Gonzalez

    I found that senior members of Congress didn’t have time to mentor younger members. Lawyers — though just as busy as members of Congress — cannot afford to follow this model, says former Rep. Charles Gonzalez, D-Texas, of Ogletree Deakins Nash Smoak & Stewart PC.

  • Will The Robots Who Replace Us Also Pay Income Tax?

    Gerlind Wisskirchen.jpg

    Modern information technology, intelligent algorithms and production robots are strongly influencing the working world in the 21st century. This article, by attorneys at CMS Francis Lefebvre, provides an overview of the future labor market as well as the impact of artificial intelligence on labor law and tax issues.

  • The Wayfair Brief: What You Should Know

    Clark Calhoun

    Alston & Bird LLP submitted an amicus brief on behalf of Americans for Tax Reform in South Dakota v. Wayfair. Two of the firm's attorneys, Clark Calhoun and Andrew Yates, analyze the fine points of the U.S. Supreme Court's majority and dissenting opinions in this case and offer recommendations for states and online retailers going forward.

  • High Court Kills Quill, But What's Left?

    Craig Fields

    While much attention will be paid to the decision in South Dakota v. Wayfair, the questions that the U.S. Supreme Court has left for another day are just as important, say attorneys at Morrison & Foerster LLP.

  • Tax Relief Under Tax Cuts And Jobs Act? Not For Debtors

    Scott Grossman

    The Tax Cuts and Jobs Act has been lauded as being generally beneficial to corporate taxpayers — but not so for corporate debtors, whose ability to reorganize and emerge under a Chapter 11 plan has been significantly and negatively impacted by the change, say Scott Grossman and Kenneth Zuckerbrot of Greenberg Traurig LLP.

  • Real Estate Investors, Quintuple Your Deductions Under TCJA

    Steve Moskowitz

    Tax reform, and specifically Internal Revenue Code Section 199A, has created new planning opportunities for real estate investors and brokers. Although the provision is quite complex, there are huge potential savings available to commercial real estate investors, says Steve Moskowitz of Moskowitz LLP.

  • Checkbook IRAs And Digital Assets: A Bet Against The House

    Seth Pierce

    Since a 2014 tax ruling that permits holding digital currency in tax-deferred retirement accounts, investment companies have sprung up encouraging people to roll their traditional retirement investments into cryptocurrencies. But investment vehicles of dubious legality may lead to loss of tax deferral and penalties for early withdrawal, says Seth Pierce at Mitchell Silberberg & Knupp LLC.

  • How Wayfair Decision Benefits New Jersey

    Gary Botwinick

    The U.S. Supreme Court decision in South Dakota v. Wayfair will have a significant impact on commerce in many ways. Gary Botwinick of Einhorn Harris Ascher Barbarito & Frost PC discusses its specific impacts on and benefits to the state of New Jersey.

  • US Owners Of Foreign Trusts Face Increased IRS Scrutiny

    Arielle Borsos

    In light of a recent statement by the IRS Large Business and International division, individuals who have foreign trust reporting requirements now face an increased risk of IRS audit and penalties and should be sure they are in compliance with the complex reporting obligations associated with foreign trusts, say Arielle Borsos and Victor Jaramillo of Caplin & Drysdale Chtd.