Tax

  • January 6, 2017

    Chevron Doctrine Repeal Teed Up For House Vote

    The House of Representatives will vote next week to overturn the Supreme Court's longstanding Chevron doctrine, which defers to government agency legal interpretations, as part of a larger campaign to pull back on federal rulemaking powers.

  • January 6, 2017

    4th Circ. Upholds IRS Rejection Of $118M Tax Deduction

    In a published opinion Friday, the Fourth Circuit backed the IRS' rejection of $117.8 million in salary and wage deductions claimed by an engineering and defense contractor post-acquisition, because it faced no “substantial risk of forfeiture” on the stock at the dispute's heart.

  • January 6, 2017

    3 Ex-Paskenta Officials Indicted On Embezzlement Charges

    Three former Paskenta Band of Nomlaki Indians officials were hit with a 69-count indictment in California federal court on Thursday accusing them of embezzling at least $6 million in tribal funds, making false statements to federal agents and either filing inaccurate tax returns or failing to file any at all.

  • January 6, 2017

    Taxation With Representation: Bracewell, Gibson, Baker

    In this week’s Taxation With Representation, tax attorneys help guide the creation of an $11 billion natural gas liquids producer, Abbott Laboratories wraps up its $25 billion purchase of a rival medical device maker and Sears unloads its Craftsman tool brand in a $900 million transaction.

  • January 6, 2017

    Mylan Sues IRS For Nixing $42M In Patent Litigation Write-Offs

    Mylan Inc. is fighting the IRS’ decision to deny its bid to write off $42 million in legal fees incurred in 2014 defending patent infringement litigation over its generic drug activities, arguing in a new suit filed in U.S. Tax Court that the expenses had nothing to do with the Food and Drug Administration approval process.

  • January 6, 2017

    Ole Miss Inks Deal To Halve IRS Bill Over Nike, Coke Programs

    A U.S. Tax Court judge has slashed in half a tax bill for the University of Mississippi related to money it made sending its coaches to functions sponsored by Nike and Coca-Cola following a settlement between the school and the IRS, court records show.

  • January 6, 2017

    Philly Urges Pa. Justices To Hear Soda Tax Challenge

    The Pennsylvania Supreme Court was urged in a petition Friday to assume special jurisdiction over a pending appeal following the dismissal of a lawsuit challenging the city of Philadelphia’s new tax on sugar-sweetened drinks and diet soda.

  • January 6, 2017

    Shareholder Can't Duck Taxes Tied To $3M In Sales: NY Court

    A New York tax court has denied a refund request from a shareholder of a pass-through corporation that was found to owe additional taxes on $3 million in sales, finding that the shareholder failed to show that she was not responsible for her portion of the taxes. 

  • January 6, 2017

    5 Insights From General Electric's Alex Dimitrief

    “Data sovereignty” is a recent trend with important consequences for GE’s future as a digital industrial company. The technical challenges alone are immense. But compounding those challenges are the growing number of countries considering laws that would impede the flow of data across national borders, says Alex Dimitrief, general counsel of General Electric Co.

  • January 5, 2017

    House Passes Bill To Put Rules To Up-Or-Down Vote

    Major administrative rulemakings and rulings could have to go to Congress for an approval vote if a bill the House passed Thursday becomes law.

  • January 5, 2017

    Wash., County Can't Dodge Tulalip Tribes' Biz Tax Dispute

    A federal judge on Thursday largely rejected the state of Washington and Snohomish County’s bid for a quick win in a lawsuit in which the Tulalip Tribes are challenging taxes imposed by the state and county on non-Native American businesses and their patrons at a village on reservation lands.

  • January 5, 2017

    AICPA Calls On IRS To Simplify Interest Capitalization Rules

    The American Institute of Certified Public Accountants told the IRS on Wednesday that the agency needs to simplify regulations covering capitalized interest, which involves long-term property costs, saying that the rules place a “substantial” administrative burden on certain industries.

  • January 5, 2017

    GOP’s Higher Tax Deductions May Be Bad For Homeowners

    A key platform of the House Republicans’ tax reform plan to almost double tax breaks for individuals and families could actually end up driving down housing prices by making tax incentives less effective for homebuyers, according to one of the nation’s largest lobby groups.

  • January 5, 2017

    Ex-Senate Finance Tax Counsel Joins Covington & Burling

    Anticipating significant movement on tax policy under an incoming Republican trifecta government, Covington & Burling LLP has brought a former tax counsel on the U.S. Senate Finance Committee to its public policy and government affairs practices, the firm announced on Thursday.

  • January 5, 2017

    Ex-Grant Thornton Atty Can't Appeal In Suit Against Firm

    The New Jersey Appellate Division on Thursday dismissed an appeal from a former Grant Thornton LLP attorney in his lawsuit against the accounting firm and others, finding that the lawyer is not entitled to appeal a lower court ruling that does not represent a final order in the case.

  • January 5, 2017

    Atty Won't Stop Push To Keep IRS From Coinbase Users' Info

    A Berns Weiss LLP attorney and customer of the virtual currency exchanger Coinbase Inc. has told a California federal court that the IRS tried to “artificially moot” his efforts to quash a John Doe summons to obtain customer information from Coinbase by saying it no longer wants information on him.

  • January 5, 2017

    Plane Charter And Management Co. Challenges IRS Taxes

    A charter and plane management company hit the Internal Revenue Service with a Federal Claims Court lawsuit Wednesday accusing the tax agency of blurring the line between the two services and imposing an “illegal” excise tax on management services for planes fully owned and controlled by third parties.

  • January 5, 2017

    'Circuit Split' On Tax Returns In Bankruptcy Hits High Court

    A Florida resident wants the U.S. Supreme Court to take on an Eleventh Circuit holding that he filed several tax returns too late to shed the associated liabilities in bankruptcy, warning of a four-way circuit split on when honest efforts to satisfy tax laws are enough.

  • January 5, 2017

    Ryan Promises Planned Parenthood Defunding In ACA Repeal

    House Speaker Paul Ryan promised that the coming congressional repeal of the Affordable Care Act would also include measures to defund Planned Parenthood, a popular plank among Republicans who object to its providing abortion services.

  • January 5, 2017

    Gulfstream Founder Trustees Get Claims Pared In $10M Suit

    A California federal judge on Wednesday found that trustees of the estate for deceased Gulfstream Aerospace Corp. founder Allen Paulson did not have a fiduciary duty to Paulson's widow, but temporarily declined to let them fully off the hook in a tax dispute related to the estate.

Expert Analysis

  • How Law Firms Are Using Analytics To Reduce Write-Offs

    Haley Altman

    It is increasingly necessary for law firms to implement strategies to improve efficiency, staffing and value to meet client needs. Haley Altman, CEO and co-founder of Doxly Inc., discusses how to successfully leverage analytical tools and emerging technology to increase profitability.

  • A Review Of Key Cases Against Executives In Q3

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    Attorneys with Miller & Chevalier Chtd. highlight the third quarter’s most significant cases and government investigations impacting corporate executives.

  • A Warning On Bitcoin Tax Compliance For The IRS

    Leslie Book

    Virtual currencies bring special challenges for tax administrators around the world, but the IRS and Congress have not focused sufficient energy on some of the issues associated with their use. That, at least, is the message in a report issued in September by the Treasury Inspector General for Tax Administration, says Leslie Book of the Villanova University School of Law.

  • In Congress: 3 Priorities

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    Three weeks remain on the schedule for the 114th Congress and three unfinished priorities remain on the to-do list, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • REVIEW: The Missing American Jury

    Judge William Young

    Face it, the American jury system is dying. The arguments Professor Suja Thomas makes in her new book deserve consideration by everyone interested in how our government actually works and how it might recapture the unifying communitarian experience of direct democracy and actual trial by one’s peers, says U.S. District Court Judge William Young of the District of Massachusetts.

  • IRS Notice Raises Questions For Pension Equity Plans

    Dominic DeMatties

    A recent Internal Revenue Service notice announced that pension equity plans are subject to the hybrid plan market rate of return rules only if they explicitly provide interest credits to participant accounts. The IRS notice resolved some issues about the treatment of interest in these plans, but raised new questions, leading to uncertainty for stakeholders, says Dominic DeMatties of Alston & Bird LLP.

  • Big Tax Grab Risks Nipping Cannabis Industry In The Bud

    Michael Chernis

    California's Proposition 64 recently legalized recreational marijuana in the state, and for many policymakers, one of its major attractions was its promise as a new revenue source for perpetually underfunded operations. But heavy-handed new taxes — which some local jurisdictions are already countenancing — could throttle the promising new cannabis industry, says Michael Chernis of the Chernis Law Group.

  • Avoiding Law Firm BYOD Risks: Tips For Securing Devices

    Everett Monroe

    Many believe that the solutions to the security problems created by using smartphones for work are primarily technological, but a much larger piece of the puzzle involves the human factor. To achieve reasonable security around mobile devices, law firms must go back to basics — clear policies, effective training and thoughtful oversight, says Everett Monroe of Hanson Bridgett LLP.

  • Tax Policy In The Trump Era: Part 3

    Matthew Cutts

    Nearly three decades have passed since the last major overhaul of the U.S. tax code. Republican and Democratic policymakers agree (often for different reasons) that reform is needed. In the final installment of this series, attorneys with Squire Patton Boggs discuss corporate tax inversions and Section 385, the estate tax, low-income housing, and pension and retirement savings.

  • 4 Ways Lawyers Can Improve Their Marketing

    Mike Mellor

    Attorneys may not realize the breadth of services that their marketing, design and library teams offer. One of the things I like to do when attorneys start at our firm is give them a download of the kinds of problems we can solve for them so they know how to work with us most effectively, says Mike Mellor, director of marketing at Pryor Cashman LLP.