Tax

  • July 11, 2017

    Building Owner Must Face Trial To Escape IRS Penalty

    A New York federal judge on Monday refused to throw out an IRS penalty against a partnership whose $4 million conservation easement deduction was disallowed by the agency, saying the partnership would have to prove at trial that it did not make a “valuation misstatement.”

  • July 11, 2017

    Morgan Lewis Tells Judge Privilege Breach Dooms Fraud Case

    A Pennsylvania federal judge was urged during a hearing Tuesday to throw out charges over an alleged green energy scam after government investigators accessed a privileged memo that a defendant in the case sent to a Morgan Lewis & Bockius LLP attorney.

  • July 11, 2017

    Steel Mill Owner Can’t Duck $4M Pennsylvania Tax Liability

    A Pennsylvania state judge wasn’t obliged to accept arguments that more than half a 1,257-acre parcel of land had “no value,” a state appeals court said on Tuesday in refusing to upend a more than $4 million tax bill facing steel mill owner ARMCO Advanced Materials Corp.

  • July 11, 2017

    Bank Can Keep $4M Tax Refund In Parent Co.'s Bankruptcy

    In a case surrounded by “an air of unreality,” a Colorado federal judge ruled Monday that a failed Colorado bank can keep a $4 million tax refund out of the bankruptcy estate of its parent company.

  • July 11, 2017

    3 Portuguese Ministers Named In Free Soccer Trips Probe

    Portugal’s attorney general named three junior ministers in charge of tax affairs, internationalization and industry as formal suspects Monday in a probe focusing on an energy company's gifts of travel, meals and tickets to watch the country’s national soccer team play in last year’s European Championship.

  • July 11, 2017

    Lawmakers Push EU To Commit To Panama Papers Reforms

    European Union lawmakers investigating the Panama Papers tax evasion scandal on Monday heaped pressure on the bloc’s officials to stamp out practices of money laundering, tax evasion and avoidance.

  • July 10, 2017

    Trump’s War On Regs Undermined By Missing Tax Advisers

    The U.S. Department of the Treasury’s move to target only eight Obama-era tax regulations for repeal or adjustment suggests the Trump administration’s goal of minimizing the regulatory burden on businesses is being hampered by not having key tax policy advisers in place.

  • July 10, 2017

    Mich. Retiree Asks High Court To Revive Tax Class Action

    A retired Michigan teacher is asking the U.S. Supreme Court to revive his proposed class action against the Wolverine State for retroactively revoking state and local tax exemptions on state pensions without providing “comparable alternative financial benefits.”

  • July 10, 2017

    Will ACA Repeal Pass? Here's What 11 Experts Think

    After more than seven years, Affordable Care Act repeal efforts are hurtling toward a dramatic denouement in coming weeks, and Law360 on Monday surveyed health policy insiders for predictions on whether Republicans will manage to gut the landmark law. Here’s what they expect.

  • July 10, 2017

    Table Tennis Club Not A Charity, Ore. Tax Court Rules

    An Oregon Tax Court judge on Monday handed a Marion County assessor a win in its dispute over property tax exempt status for a Willamette Valley table tennis club, ruling that the club's central mission is not charitable and has little, if anything, to do with giving.

  • July 10, 2017

    OECD Updates Transfer Pricing Rules, Including ‘Intangibles’

    The Organisation for Economic Co-operation and Development released the latest version of its guidelines for countries taxing so-called transfer pricing issues of goods and services moving across national borders between related entities Monday, with more than 10 percent of the publication dedicated to overseeing “intangibles.”

  • July 7, 2017

    Texas Appeals Court Upholds IRS Test For Nonprofit Status

    A Texas federal judge on Friday upheld an Internal Revenue Service rule used to deny tax-exempt nonprofit status to a conservative group, saying the rule is not “unconstitutionally vague” and does not restrict free speech.

  • July 7, 2017

    Amazon, IRS Agree On Tax Refund Due In $1.5B Dispute

    After suffering a blistering loss in a $1.5 billion transfer pricing dispute against Amazon, the IRS agreed that it owes the online retail giant $9.5 million for the 2005 tax year, but that there is an income tax deficiency of $2.5 million from the following year.

  • July 7, 2017

    Biofuel Exec Decries Holland & Knight Duo's Role In His Case

    A businessman charged in an alleged multimillion-dollar green energy scam on Thursday again asked a Pennsylvania federal judge to throw out his case, saying he is the victim of the government’s “reckless exploitation” of a conflict of interest with regard to his former Holland & Knight LLP lawyer and the firm's senior policy adviser.

  • July 7, 2017

    Taxation With Representation: Kirkland, Gibson, Goodwin

    In this week’s Taxation With Representation, Berkshire Hathaway Energy prepares to acquire bankrupt EFH for $9 billion, the parent of television giant QVC agrees to an approximately $2.1 billion takeover of the company behind Home Shopping Network, and the marketing firm Red Ventures plans to buy Bankrate Inc. for about $1.4 billion.

  • July 7, 2017

    Gerdau Reaches $15M Deal To End Investors' Bribery Claims

    Brazilian steel manufacturer Gerdau SA has agreed to pay $15 million to settle a proposed class of investors’ allegations that the company misled them by failing to disclose its involvement in a purported bribery scheme with Brazilian tax authorities, according to documents filed in New York federal court Thursday.

  • July 7, 2017

    Vet's Stateside Job Not Enough For Tax Break, NJ Court Says

    A New Jersey appeals court on Friday rejected a veteran's claim that the permanent injuries she sustained during training qualify for a tax exemption on her home, upholding a state tax court finding that her support role didn't bring her close enough to the dangers of war to qualify for the tax break.

  • July 7, 2017

    Stites & Harbison Nabs Husch Blackwell Tax Lawyer

    Stites & Harbison PLLC has snagged a business and estates partner from Husch Blackwell LLC to bolster its presence in Memphis, Tennessee, the firm recently announced.

  • July 7, 2017

    Debt-Equity Rules Among 8 Tax Regs Targeted For Repeal

    The U.S. Department of the Treasury on Friday identified eight Obama-era tax regulations as needing to be potentially rescinded or modified under a presidential executive order seeking to simplify the tax code, including final rules that recharacterize certain corporate debt as equity and proposed rules to value-transferred interests for estate tax purposes.

  • July 7, 2017

    Floyd Mayweather Lacks Cash For Taxes Until After Fight

    Boxing champion Floyd Mayweather Jr. doesn’t have enough cash on hand to meet his 2015 tax liability, according to a Tax Court petition asking for a reprieve until after an upcoming fight because his current assets, while “substantial,” are “restricted and primarily illiquid.”

Expert Analysis

  • Examining Tax Issues With Settlements In Employment Cases

    Excerpt from Lexis Practice Advisor
    William Hays Weissman

    Attorneys often overlook or fail to address the consequences of tax and reporting issues associated with the settlement of employment-related litigation. William Hays Weissman of Littler Mendelson PC explains how to avoid potential problems for both the employer and employee.

  • Lateral Partner Due Diligence: Where Should A Firm Begin?

    Howard Flack

    One frequently hears from leading malpractice insurers that one of the highest risk categories for law firms is that of lateral partners not sufficiently vetted during the recruitment process, says Howard Flack, a partner at Volta Talent Strategies Inc. who previously led lateral partner recruiting and integration at Hogan Lovells.

  • What Cos. Need To Know About The UK Criminal Finances Act

    Neil Gerrard

    The U.K.'s Criminal Finances Act 2017 creates a new offense of failure to prevent the facilitation of tax evasion. The extraterritorial effect of the offense means that entities doing business in the U.K. will be criminally liable even if an associated person commits tax evasion in another jurisdiction. The potential impact is far-reaching and burdensome, say attorneys with Dechert LLP.

  • How Regulatory Reforms Will Affect Taxes — And Taxpayers

    Cameron Arterton

    The Trump administration has issued several executive orders that impact tax regulations. The exact application of these orders to tax policy is currently being determined, but this period of regulatory reform presents an opportunity for taxpayers to weigh in with the Treasury Department on guidance that may affect them, say attorneys with Steptoe & Johnson LLP.

  • An Unconstitutional Alternative Tax On Companies In NJ

    Leah Robinson

    The New Jersey Division of Taxation has recently informed a number of out-of-state businesses that, even though the companies are protected from a net income tax, they must pay the alternative minimum assessment component of the state's corporation business tax. But New Jersey’s claims transgress congressional protections and the U.S. Constitution, say Leah Robinson and Amy Nogid of Mayer Brown LLP.

  • Weekly Column

    Innovating For Wise Juries: Setting Trial Time Limits

    Stephen Susman

    This is the second in a series of articles discussing ideas proposed by the NYU School of Law Civil Jury Project to resuscitate the American jury trial. In this article, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman argue for setting early and strict time limits in civil jury trials.

  • Opinion

    Big Business Lobby Tries To Hobble Litigation Finance, Again

    Allison Chock

    In its most recent petition advocating mandatory disclosure of litigation finance, the U.S. Chamber of Commerce simply rehashes the same arguments from its previous failed efforts to convince the Committee on Rules of Practice and Procedure of the dire implications of undisclosed funding relationships, say members of IMF Bentham Ltd.

  • A Review Of Recent Cases Against Execs: Part 1

    Lauren Briggerman

    Several recent developments in significant government investigations highlight the aggressive tactics prosecutors are deploying and the risks faced by corporate executives. However, there have been relatively few charges brought against corporate executives in major government investigations this spring, say attorneys with Miller & Chevalier Chtd.

  • Monthly Column

    Congressional Forecast: June

    Richard Hertling

    Members of Congress return to Washington, D.C., this week for a four-week work period before the Fourth of July recess. Many of the same issues that absorbed their attention during the first five months of the year will continue to dominate the June agenda on Capitol Hill, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • Maryland's Energy Storage Credit Has Strings Attached

    David Burton

    Last month, Maryland became the first state in the U.S. to offer a tax credit for energy storage systems. But its value may be limited by a cap on the total amount of credits the state will issue in a given year, questions about how partnerships may be allowed to allocate the credit between sponsors and investors, and other considerations, say attorneys at Mayer Brown LLP.