Tax

  • September 7, 2017

    Ryan Says Congress On Track To Pass Tax Reform By 2018

    House Speaker Paul Ryan, R-Wis., remains optimistic about the prospects of passing comprehensive tax reform this fall despite the absence of specific details of the plan and a busy legislative agenda, insisting on Thursday that Congress can “walk and chew gum at the same time.”

  • September 6, 2017

    Tax Reform Prospects Getting Bleak Despite Trump Speeches

    President Donald Trump’s renewed speeches on tax reform should be encouraging for businesses, but the persistent absence of details, conflicting principles and the addition of immigration policy to an already crowded legislative agenda make the likelihood of passing tax legislation this year negligible.

  • September 6, 2017

    2 Ex-Howrey Partners Settle Tax Cases For $50K Each

    Two foreign former Howrey LLP partners will pay $50,000 apiece to end tax obligation cases with the trustee representing the long-defunct law firm after he claimed the duo had skipped out on payments and contractual obligations, according to a settlement approved Wednesday in California bankruptcy court.

  • September 6, 2017

    Trump Touts Biz Tax Cuts In Face Of Liberal Group's Critique

    President Donald Trump touted his upcoming tax reform push during a speech Wednesday in North Dakota, promising lower corporate rates intended to increase wages, while federal tax policy experts associated with a liberal coalition said it’s a “myth” that slashed taxes for companies will trickle down to workers.

  • September 6, 2017

    ACA Peace Breaks Out After Years Of Partisan Combat

    Republicans and Democrats on Wednesday spent several hours discussing the Affordable Care Act calmly and constructively during a Capitol Hill hearing, a strikingly peaceful scene that left observers taken aback after eight years of partisan warfare.

  • September 6, 2017

    OECD Warns Of Consequences For Misuse Of Tax Data

    Tax authorities that use information from country-by-country reports in inappropriate ways risk having foreign jurisdictions suspend the exchange of those reports, the Organization for Economic Cooperation and Development said Wednesday.

  • September 6, 2017

    Deutsche Bank Exits Tax Shelter Suit After Claims Expire

    An Illinois federal judge granted a quick win to Deutsche Bank AG on Tuesday, tossing the final claim from a five-year-old suit brought by former clients who had accused the bank and other financial advisers of breaching their fiduciary duty by advising them to set up an illegal tax shelter, ruling that the clients filed their claims too late.

  • September 6, 2017

    DC Board Sanctions Ex-GE Atty For Multiple Tax Fraud Leaks

    Leaks by a former GE in-house counsel and her lawyer about the company's alleged tax fraud, in whistleblower claims and to the press, strike at “core professional concerns” of client confidentiality, a District of Columbia disciplinary board said in a recent suspension decision.

  • September 6, 2017

    Pa. Law Firm Hit With Suit Over Inflated Tax Collection

    Bankrupt property company Lehigh Valley Properties Inc. has filed suit in a Pennsylvania federal court against a law firm focused on collections, claiming the firm pursued a tax debt it knew to be inflated because part of the taxed land had been seized by eminent domain.

  • September 6, 2017

    High Court Told Tax Code's Omnibus Clause Too 'Sweeping'

    A criminally convicted tax dodger has pressed the U.S. Supreme Court for a more narrow reading of the Internal Revenue Code’s “omnibus clause,” which makes obstruction of the code’s enforcement a criminal offense, arguing the government’s “sweeping” interpretation would criminalize otherwise lawful conduct.

  • September 6, 2017

    House Passes Bill Targeting IRS Asset Seizure Program

    The U.S. House of Representatives on Tuesday passed bipartisan legislation that would reform the IRS’ controversial civil asset forfeiture program by requiring the tax agency to obtain probable cause before seizing money from those suspected of illegal activity, a response to reports that individuals had seen their legitimate earnings taken. 

  • September 5, 2017

    Replacing DACA More Urgent Than Tax Reform: Microsoft

    Microsoft slammed the Trump administration's decision to rescind protection from deportation for young unauthorized immigrants, with the software giant's president and chief legal officer saying Tuesday that Congress must now prioritize a replacement program over tax reform.

  • September 5, 2017

    IRS Can Keep Docs Out Of CEO’s $1M Tax Penalty Trial

    The CEO of generic-drug maker Lannett Co. cannot introduce IRS investigation documents at trial in his challenge of a nearly $1 million tax penalty, a Pennsylvania federal judge ruled on Tuesday, finding the documents are not relevant to the question of whether he willfully failed to disclose a Swiss bank account.

  • September 5, 2017

    Screws Are Defined By Their Anchor, Gov't Tells Fed. Circ.

    A U.S. Court of International Trade judge mistakenly halved a Canadian fastener company’s import tariffs because it didn’t focus on what the screws anchor into to define them, the federal government told a Federal Circuit panel in oral arguments on Tuesday.

  • September 5, 2017

    The Laterals Audit: Tax Attorney Moves In August

    In this latest edition of the Laterals Audit, DLA Piper’s Mexico City office integrates with local corporate firm González Luna Moreno y Armida SC, Baker McKenzie loses two leading tax controversy lawyers but gains a pair of highly regarded trust and estates attorneys, and a team of tax lawyers leaves Dykema Gossett PLLC for Chamberlain Hrdlicka in Texas.

  • September 5, 2017

    Saul Ewing, Arnstein & Lehr Merger Yields 15-Office Firm

    Saul Ewing LLP and Arnstein & Lehr LLP announced Tuesday they have merged to create a more than 400-attorney firm with 15 offices along the East Coast and in the Midwest.

  • September 5, 2017

    Weil Draws On Team Dynamics For Win In Archstone Suit

    The task that Weil Gotshal & Manges LLP faced in running the defense of some of the biggest names in real estate and finance in a dispute over the $22 billion leveraged buyout of the Archstone-Smith real estate investment trust could hardly have been more complex, but with a partner-led core team of attorneys that stayed on the case for 10 years, the firm secured a complete victory last month.

  • September 5, 2017

    Ex-Credit Suisse Banker Asks For No Jail Time Or Fine

    Attorneys for a former Credit Suisse banker who pled guilty to helping U.S. clients hide offshore funds from the IRS are seeking a sentence of probation instead of prison time, casting her as simply a “cog in a wheel that was invented long before she came to Credit Suisse.”

  • September 5, 2017

    Texas High Court Won't Hear Risk Pool Reinsurance Tax Row

    The Texas Supreme Court in a brief entry filed on Friday declined to take up a challenge brought by two insurers against an appeals court’s finding that their reinsurance of two governmental self-insurance risk pools isn’t eligible for tax breaks on reinsurance premiums under state law, leaving intact their $1 million tax payment.

  • September 5, 2017

    WTO Grounds EU Case Against Boeing Subsidies

    The World Trade Organization’s Appellate Body on Monday struck down the European Union’s lone victory in a multipronged case against a series of Washington state tax breaks given to Boeing, granting the U.S. a complete victory in the latest chapter of the two governments’ sprawling aircraft trade battle.

Expert Analysis

  • A Foreign Partner Is Not Taxable On A Partnership Sale

    Steven Bortnick.jpg

    The Tax Court's recent ruling in Grecian Magnesite overturned the U.S. Internal Revenue Service's position that gain on the sale of a partnership interest is taxable to foreign limited partners. This result supports the view that, for the most part, taxation in such cases would only be possible with legislative change, says Steven Bortnick of Pepper Hamilton LLP.

  • Weekly Column

    Innovating For Wise Juries: Closing Argument

    Stephen Susman

    In the final article in this series on proposed innovations to the American jury trial, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project sum up the improvements they believe the U.S. jury system desperately needs.

  • What's Next For ACA Repeal?

    Michael Parme

    Following the failure of the Senate's so-called "skinny repeal" bill last week, the Affordable Care Act remains the law of the land for the time being. But it also remains under siege, even if there is not a fully crystallized health care reform proposal on the table, says Michael Parme of Haight Brown & Bonesteel LLP.

  • 5 Questions All AFAs Should Answer Clearly

    Gregory Lantier

    While no particular form is required to establish a durable alternative fee arrangement, there are terms that should, for the benefit of both client and outside attorney, be expressly set forth in the agreement itself, but are often overlooked, say attorneys with WilmerHale.

  • Cybersecurity Risks In The Courtroom

    Daniel Garrie

    As cybercriminals continue to look for easy targets, the court system will surely enter their crosshairs. If judges and court personnel do not maintain proper data security and cyber hygiene, confidential litigant information can fall into the hands of a wide variety of bad actors, say Daniel Garrie of JAMS, David Cass of IBM Cloud, Joey Johnson of Premise Health Inc. and Richard Rushing of Motorola Mobility LLC.

  • How The IRS Is Changing Pre-Approved Retirement Plans

    Joseph Yonadi

    By liberalizing the types of retirement plans it will consider as pre-approved, the Internal Revenue Service is encouraging adopters of individually designed plans to consider pre-approved plans in the future, say attorneys at Benesch Friedlander Coplan & Aronoff LLP.

  • Monthly Column

    Gray Matters: Clients Are Not Really 'Emotional'

    Gray Matters

    When you look at your client through the "survival circuit" lens, what first appeared as an emotional mess is now valuable information about what is important to them, what needs have to be met to settle the case, or what further clarity your client requires before moving forward, say dispute resolution experts Selina Shultz and Robert Creo.

  • Valley Forge V. Upper Merion Is A Solid Win For Taxpayers

    Jeffrey Wilhelm

    The Pennsylvania Supreme Court's decision in Valley Forge v. Upper Merion this month is one of the state's most important real estate tax assessment cases to issue within the last two decades, providing taxpayers with important constitutional defenses against unscrupulous practices of taxing jurisdictions, says Jeffrey Wilhelm of Reed Smith LLP.

  • Sellers Beware Connecticut's Demands For Customer Data

    Stephen Kranz

    Last month, the Connecticut Department of Revenue Services issued demand letters to remote sellers requiring that they either provide electronic records for individual sales shipped into the state, or register to collect and remit Connecticut sales and use tax. Supplying such data violates the privacy and First Amendment rights of customers, say attorneys with McDermott Will & Emery LLP.

  • Having A Chief Privacy Officer Reassures Your Firm's Clients

    Rita Heimes

    When a law firm appoints a chief privacy officer, not only does the firm benefit from the crucial operational impact of a well-managed privacy program, but clients see how seriously you take your duties of confidentiality and competence, says Rita Heimes, research director at the International Association of Privacy Professionals.