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Tax

  • October 2, 2018

    Doctors Say Jury Doubled Up $4.4M Judgment, Seek New Trial

    A Chicago-area orthopedics group on Monday urged an Illinois federal judge to order a new trial after it was hit with a $4.4 million verdict in a dispute with a former partner who alleged that the partnership stuck him with unnecessary expenses and fraudulently reported his earnings to the IRS.

  • October 2, 2018

    BofA Can't Duck $4.3M NJ Tax Bill Against Merrill Lynch

    Bank of America NA has lost its bid to escape a roughly $4.3 million corporation business tax bill levied against a former Merrill Lynch unit after a New Jersey Tax Court judge rejected the company's arguments that a notice of assessment from state tax authorities was sent to the wrong entity and ZIP code.

  • October 2, 2018

    NY Gov'ts, Groups Ready To Fight IRS SALT Regulations

    A growing coalition of New York-based local governments and statewide associations are gearing up to fight proposed federal regulations that aim to stymie workarounds to the new federal cap on state and local tax deductions — and are ready to sue if they don’t get their way, according to a state assemblywoman leading the charge. 

  • October 2, 2018

    Fla. Man Pleads Guilty To $6.1M Fraud Scheme, Tax Evasion

    A Florida man who had passed himself off as a Harvard-educated investment adviser pled guilty in North Carolina federal court Tuesday to wire fraud and tax evasion for having engaged in a scheme that defrauded lenders, his father's company and his wife out of more than $6.1 million that he either spent or lost through risky trading.

  • October 2, 2018

    BEAT Markup, Treaty Issues Scheduled For Debate At ABA

    With several questions unsettled for the new base erosion and anti-abuse tax, transfer pricing experts at the upcoming American Bar Association Section of Taxation meeting will explore issues such as how the provision applies to intercompany service charges bearing a markup.

  • October 2, 2018

    Investors Call On SEC To Require Tax Reporting Transparency

    A group of investors and academics have called on the U.S. Securities and Exchange Commission to institute rules that would require publicly traded companies to provide greater transparency when reporting their tax obligations.

  • October 2, 2018

    Atty Accused Of Depositing Stolen $1M Tax Refund Check

    A California attorney has been arrested by federal agents and accused of depositing a stolen check from the U.S. Department of the Treasury worth more than $1 million, according to the U.S. Department of Justice.

  • October 2, 2018

    EU Tweaks Sales Tax On Cross-Border Value Chains

    The European Union agreed to change how value-added taxes apply to some cross-border transactions at a gathering of finance ministers in Luxembourg Tuesday.

  • October 2, 2018

    Pressure Builds On Gov't To Slash Pension Withdrawal Tax

    Opposition to a controversial “emergency” tax on pension lump sum withdrawals, which leads savers to overpay £100 million ($130 million) each year, could move the Office for Tax Simplification to reconsider the measure, a former pensions minister told Law360 on Tuesday.

  • October 1, 2018

    Health Care Advocates Ask For Block Of ACA-Skirting Plans

    Insurers, doctors and patient advocates asked a D.C. federal judge on Friday to bar the Trump administration from enforcing a "lawless rule" that they say would disrupt the health insurance market by extending for up to three years "short-term" policies that lack Affordable Care Act-guaranteed benefits.

  • October 1, 2018

    High Court Declines Ky. Hospital Tax Reimbursement Case

    The U.S. Supreme Court on Monday said it will not grant certiorari for a case involving eight Kentucky hospitals that wanted to revive their bid to receive a larger tax reimbursement for services they provided to uninsured patients below the poverty line.

  • October 1, 2018

    Calif. Gov. Vetoes SALT Workaround, Citing Federal Response

    Outgoing California Gov. Jerry Brown has vetoed legislation aimed at bypassing the $10,000 cap on the federal deduction for state and local taxes paid.

  • October 1, 2018

    Swiss Anti-Tax-Avoidance Changes May Face Public Vote

    A Swiss bid to eliminate tax loopholes and fend off European Union sanctions may face a public vote, after left-wing parties Saturday voiced their opposition to the measures.

  • October 1, 2018

    Railroad Co. Tells Claims Court US Owes It $26M In Refunds

    The Union Pacific Railroad Co. has told the Court of Federal Claims that the U.S. government owes it more than $26 million in refunds for tax overpayments because the Internal Revenue Service failed to apply a net interest rate of zero to certain overlapping periods of mutual indebtedness when there were overpayments and underpayments.

  • October 1, 2018

    High Court Rejects Atty's Appeal Of Tax Court Sanctions

    A tax attorney is out of appeals after the U.S. Supreme Court rejected his petition for certiorari to reverse $27,000 in sanctions by the U.S. Tax Court for making frivolous arguments to delay the collection of his clients' federal income tax.

  • September 28, 2018

    Supreme Court Cheat Sheet: 8 Cases To Watch

    With D.C. Circuit Judge Brett Kavanaugh’s fate as the ninth justice still hanging in the balance, the U.S. Supreme Court kicks off its new term Monday without a case of blockbuster proportions. But there are several bread-and-butter business issues filling out the docket.

  • September 28, 2018

    Dems' Emoluments Suit Not Just A Political Fight, Judge Says

    President Donald Trump can’t get out of Congressional Democrats’ lawsuit alleging he violated the emoluments clause of the U.S. Constitution, a D.C. federal judge ruled Friday, saying the lawmakers have standing to challenge the president, and their allegations amount to more than “a political dispute between the elected branches of government.”

  • September 28, 2018

    Fuel Tax, Tribal Land Rights On Agenda For High Court

    The U.S. Supreme Court is set to take on several cases with major implications for tribes that are attracting heavy friend-of-the-court participation, including a tax battle between Washington State and a Yakama Nation company, a Crow tribe member’s bid to hunt under a tribal treaty, and a murder case that could have a profound impact on Oklahoma tribes’ jurisdiction. Here, Law360 takes at look at its slate of Native American law-related cases and the key amicus briefs for each side.

  • September 28, 2018

    Tribal Tobacco Co. Says 9th Circ. Rulings Go Against Treaty

    A Native American tobacco company has urged the Ninth Circuit to rethink two rulings finding it liable for some $58 million in excise taxes and $6 million in fees, saying they conflicted with a treaty with the Yakama Nation and the General Allotment Act of 1887. 

  • September 28, 2018

    9 States Face Remote Sales Tax Collection In Uncertain Waters

    Nine states will officially begin enforcing sales and use tax collections on remote sellers that do business within their borders on Monday, 102 days after the U.S. Supreme Court’s landmark Wayfair decision, but questions and uncertainties remain over how much new revenue they will see.

Expert Analysis

  • Tax Benefits Of Structured Settlements In Employment Cases

    Lars Johnson

    With employment cases on the rise and many statutory provisions favoring plaintiffs, there are settlement-related tax implications that plaintiffs attorneys should be aware of and plan ahead for, say Lars Johnson of Signature Resolution and David Lesser of Millennium Settlements.

  • Investment Cos. And REITs Receive Welcome Tax Guidance

    Martin Hamilton

    In two recently released revenue procedures, the IRS provided repatriation tax relief for registered investment companies and defined categories of foreign income for real estate investment trusts. Attorneys at Proskauer Rose LLP break down the significant effects.

  • Tips For Offering Student Loan Benefits Under 401(k) Plans

    Richard Chargar

    The IRS recently allowed an employer to make nonelective 401(k) plan contributions for employees repaying student loans. This private letter ruling is instructive for other employers wishing to provide similar tax-favored benefits for employees unable to contribute to their retirement savings, say attorneys at Kelley Drye & Warren LLP.

  • The Insurance And Tax Consequences Of Settling FCA Cases

    Andy Liu

    When you settle a False Claims Act case, will you have to pay the money out of pocket, or could some or all of it be covered by insurance? Can you write off some or all of the amount from your taxes? ​​​​​​​Andy Liu and Jason Lynch of Nichols Liu LLP address these questions and survey the relevant case law.

  • 8 Innovative Ways To Empower Jurors

    Christopher Campbell

    Much time and attention have been focused on improving lawyers' abilities to communicate with and persuade juries in complex trials. But it is equally important to equip and prepare jurors to become better students in the courtroom, say attorneys with DLA Piper and Litstrat Inc.

  • GOP Tax Law Guides Dems To Future Offsets

    Lai King Laim

    The Republican package known as tax reform 2.0, expected to come to a vote on the House floor as early as Wednesday, may not go anywhere, but the legislative process gives us hints as to what the Democratic tax agenda will look like in the new Congress, particularly if they regain a House majority, says Lai King Lam of McGuireWoods Consulting LLC.

  • Legal Pitfalls To Avoid In Social Cause Marketing Campaigns

    Russell Stein

    In recent years, businesses have increasingly teamed up with charities to promote products or charitable causes. However, if these campaigns are not executed properly, they can lead to civil and criminal penalties, taxes and bad publicity for all parties involved, says Russell Stein of Partridge Snow & Hahn LLP.

  • Cloud Computing Clearly The Future For Small Firms

    Holly Urban

    While in-house technology investments on the scale and complexity needed to compete with large firms remain cost prohibitive for small and midsize law firms, cloud-based services offer significant cost savings and productivity gains with little to no capital investment, says Holly Urban of Effortless Legal LLC.

  • Leveraging Today's Lateral Associate Market

    Darin Morgan

    With the Milbank/Cravath pay scale once again equalizing compensation at many Am Law 100 firms, there is even more pressure for firms to differentiate themselves to top lateral associate candidates. This presents strategic considerations for both law firms and lateral candidates throughout the recruitment process, says Darin Morgan of Major Lindsey & Africa.

  • GILTI Guidance Defers Dealing With Most Vexing Issues

    Robert Kiggins

    Last week, the IRS issued its first guidance as to proposed rule-making on global intangible low-taxed income. This is a welcome start at clarification and integration of GILTI with other code sections but more guidance is necessary, especially as to the Section 250 deduction and the workings of the foreign tax credit, says Robert Kiggins of Culhane Meadows LLP.