Tax

  • March 8, 2017

    4 Takeaways As ACA Repeal Debate Kicks Off

    Republican efforts to repeal and replace the Affordable Care Act took center stage Wednesday on Capitol Hill as key committees started debate on controversial new legislation.

  • March 8, 2017

    US Had Top Statutory Biz Tax From G20 Members: Report

    A new report from the Congressional Budget Office released Wednesday shows that the U.S. had the highest statutory corporate tax rate among G20 countries in 2012, while it came in fourth for the highest effective rate on returns from marginal investment.

  • March 8, 2017

    Mich. Health Care Provider Wins Charity Tax Exemption

    The Michigan Tax Tribunal has upheld the tax-exempt status of a health care provider that the local tax authority claims employs business practices more in keeping with those of a private, for-profit provider than a charity, according to a decision made public Wednesday.

  • March 8, 2017

    US Emerging As Major Tax Haven, EU Report Says

    The U.S. is emerging as a major tax haven for wealthy foreigners due to its reluctance to adopt new global disclosure standards and its tolerance for highly secretive and anonymous shell companies, according to a European Parliament report released Tuesday.

  • March 8, 2017

    EU Law Precludes French Tax Statute On Mergers, Court Says

    A French law requiring companies to obtain prior approval for favorable tax treatment on capital gains from cross-border mergers is precluded by a European Union directive preventing member countries from imposing taxes that would restrict such transactions, according to a court ruling on Wednesday.

  • March 8, 2017

    Wyly Children Seek To Shield Trust From $1B IRS Claim

    Two of Texas tycoon Sam Wyly’s children on Tuesday sought to intervene in his bankruptcy proceeding, arguing in an adversary suit that the Internal Revenue Service is wrongly trying to claim money held in a trust they oversee.

  • March 8, 2017

    CPA Group Backs New Push To Harmonize State Income Tax

    The American Institute of CPAs on Wednesday threw its weight behind a renewed legislative push to streamline income tax payments for taxpayers who occasionally work outside their home states, calling a reintroduced bill that previously cleared the House of Representatives a balanced measure that would simplify tax compliance.

  • March 8, 2017

    E-Books Ineligible For Lower VAT, European Court Says

    The European Court of Justice ruled Tuesday that European Union members cannot apply lower value-added taxes to electronically submitted books, holding that only physically shared materials such as CDs are eligible for a reduced tax and that the disparate treatment is not discriminatory.

  • March 8, 2017

    Doc Can't Nix Settlement To Dodge Creditors, Calif. Court Says

    A California doctor and business owner cannot invalidate a settlement in a dispute with his financial advisers in order to prevent the proceeds from going to one of his creditors, a California appeals court ruled Tuesday.

  • March 7, 2017

    New Model Regs For Taxing Services May Lead To Lawsuits

    The Multistate Tax Commission’s new model regulations for determining how businesses should apportion their income to different states has raised constitutional concerns among tax practitioners who say the recommendations, if adopted, could lead to conflicts between states and service providers.

  • March 7, 2017

    Epic Backlash Greets ACA Repeal Plan

    House Republicans on Tuesday encountered swift and sweeping resistance to their Affordable Care Act repeal plan, with powerful industry groups and diverse conservative voices expressing opposition.

  • March 7, 2017

    Fla. Tax Preparer To Pay $950K In Sweeping Fraud Suit

    A Florida federal judge on Monday ordered a tax preparer to pay nearly $1 million for overseeing falsely prepared tax returns at his franchise business that decreased clients' tax burden and allowed him to recoup portions of inflated refunds, and also barred him from preparing future returns.

  • March 7, 2017

    Ill. Revenues In 'Freefall,' Says Budget Watchdog

    Illinois' revenue continues to come up short and could even be considered in a state of "freefall," according to a pair of reports released Tuesday by the Commission on Government Forecasting and Accountability.

  • March 7, 2017

    Judge Spared Removal For Same-Sex Marriage Stance

    A Wyoming municipal court judge and part-time circuit court magistrate who refused to perform gay marriages in her official capacity will not be removed from the bench, but should receive a public censure for her actions, a divided Wyoming Supreme Court ruled on Tuesday.

  • March 7, 2017

    Williams Seeks Chancery Tax Doc Order In ETE Merger Fight

    The Williams Cos. Inc. asked a Delaware vice chancellor late Monday to order Energy Transfer Equity LP’s delivery of records involving a crucial tax opinion blamed for sinking an estimated $38 billion merger of the two companies, claiming that ETE had wrongly demurred.

  • March 7, 2017

    GOP Leaders Defend ACA Repeal Bill Amid Backlash

    Amid criticism from both within their party and across the aisle, Republican leaders defended their plans to repeal the Affordable Care Act Tuesday, a day after revealing a plan backed by President Donald Trump.

  • March 7, 2017

    Water Agency Can’t Revive Challenge To Tribal-Land Tax Rule

    The Ninth Circuit held Tuesday that a California water agency was not injured by a federal regulation it argued might keep it from collecting certain taxes and fees from non-Indians who lease reservation lands, affirming the toss of the agency’s challenge.

  • March 7, 2017

    Couples Lose Bid For Fees In Ky. Clerk Marriage License Row

    A Kentucky magistrate judge on Monday recommended that the four couples who had sued a court clerk over her refusal to grant all marriage licenses in protest of same-sex marriage shouldn’t get attorneys fees because they didn’t actually win their case.

  • March 7, 2017

    SD Sales Tax Law Edges Closer To Hearing In Top Court

    A South Dakota law imposing sales taxes on certain out-of-state retailers inched closer to the Supreme Court on Tuesday when a state circuit court tossed a lawsuit to compel online retailers to pay the tax, finding the suit fails as a matter of law.

  • March 7, 2017

    Pa. Auditor Says Marijuana Can Help Close Budget Shortfall

    Pennsylvania's auditor general called for the full legalization, and taxation, of marijuana Monday as a way to tackle the state's projected $3 billion budget shortfall and to address the social and fiscal costs of policing the drug and pursuing criminal charges against users.

Expert Analysis

  • WWII Contract Breach Decision May Open Pandora's Box

    Terri Oguz

    Last month, the U.S. Court of Claims ruled that the U.S. government must pay Avian Gas $100 million for violating the "other taxes" clause from WWII-era contracts. The potential windfall of this decision opens the door for thousands of WWII contractors to sue, but many of the top Fortune 500 companies already sued and settled the matter long ago, says Terri Oguz of Golden Seal Enterprises Inc.

  • Can Federal Agencies Reverse Course Under Trump?

    Steven D. Gordon

    The next four years will see litigation that explores the extent to which the Trump administration can alter or reverse the regulatory policies of the Obama administration without having to enact new legislation. The U.S. Supreme Court has recently made clear that there are fewer limits to an agency changing course than had previously been thought, says Steven Gordon of Holland & Knight LLP.

  • The IRS Needs Help

    Gregor_Kathleen_Saunders_RopesGray.jpg

    As President Donald Trump’s nominee for treasury secretary, Steven Mnuchin, testified in his confirmation hearing, the Internal Revenue Service is underfunded and needs more manpower. Because the agency has lost nearly 15,000 staff positions in five years, and struggles with outdated technology, its tax enforcement capabilities have been devastated, say Kat Saunders Gregor, Gabrielle Hirz and Hillel Nadler of Ropes & Gray LLP.

  • Opinion

    The Myth Of The Forceful Mediator

    Jeff Kichaven

    When mediators rely on force to get cases settled, it doesn’t work. It’s time to suggest more productive ways for top-gun litigators and top-flight mediators to engage, says Jeff Kichaven of Jeff Kichaven Commercial Mediation.

  • How The Cayman Islands Updated Its Confidentiality Law

    Andrew Bolton

    Last year, as part of a move toward transparency, cooperation and information-sharing, the Cayman Islands replaced its 40-year-old confidentiality law with a new statute. The key change is that disclosure of confidential information is no longer a criminal offense; instead, liability is returned to the realm of common law and rules of equity, say Andrew Bolton and Jane Hale of Appleby.

  • Bitcoin Users Should Expect More IRS And DOJ Scrutiny

    Mark Milton

    As the value of a bitcoin hovers near $1000, holders of the digital currency may be celebrating. But bitcoin users face new scrutiny from federal authorities. The IRS' quest for information on users of the Coinbase bitcoin exchange service is part of a joint effort with the U.S. Department of Justice to pursue tax evaders, says Mark Milton of Husch Blackwell LLP.

  • Opinion

    Love And Law In The Age Of Trump

    Kevin Curnin

    Love is not a subject that lawyers typically devote themselves to professionally. But as we witness this historic transition to a new administration, lawyers in particular are reminded that love is tied, however imperfectly, to our cherished founding ideals, says Kevin Curnin, president of the Association of Pro Bono Counsel.

  • The State Of The Litigation Finance Industry In 2017

    Christopher P. Bogart

    In the United States, the number of lawyers whose firms have used litigation finance has quadrupled since 2013. Even so, too many remain poorly informed, leaving them at a competitive disadvantage and prone to oddly persistent “alternative facts” about litigation finance, says Christopher Bogart, CEO of Burford Capital.

  • What Potential M&A Buyers Must Know About R&W Tax Risks

    Michael Q. Cannon

    It is possible for representation and warranty insurance policies to provide no or inadequate coverage against certain tax risks. Buyers contemplating R&W insurance deals must have a basic understanding of existing tax risks and consult with tax counsel sufficiently early on in the negotiating process, says Michael Q. Cannon of Gibson Dunn & Crutcher LLP.

  • What To Look For In Trump And May's 1st Meeting

    James K. Kearney

    Among the goals of Prime Minister Theresa May and President Donald Trump in Friday's meeting at the White House will be setting a course for a future U.K.-U.S. trade deal. The policies of both leaders will be on the line, say Jim Kearney of Womble Carlyle Sandridge & Rice LLP and Peter Snaith of Bond Dickinson LLP.