A Republican plan to stop taxing income for many small businesses at individual rates is raising concerns that business owners will be able to evade taxes by recharacterizing personal wages as business income that will be taxed at a lower rate.
The Internal Revenue Service objected Thursday to provisions of Samson Resources Corp.’s Chapter 11 plan that it said could block the agency from charging interest on debts to the government and prevent it from holding back payments to offset company-related tax debts.
The Tax Foundation on Thursday urged the U.S. Supreme Court to take up a challenge to a Michigan appeals court ruling that backed Michigan's decision to retroactively withdraw from a multistate tax agreement, saying guidance is needed on the limits of retroactive tax legislation.
A whistleblower who was denied an award for information she gave the IRS was granted permission Wednesday to drop her challenge to the decision, with the U.S. Tax Court ruling that dismissing the case would not prejudice the agency since she could not contest the decision again.
President Donald Trump's recent vow to impose import taxes on Mexican goods to pay for a border wall is stoking concerns among energy firms that have cashed in on increasing Mexican demand for U.S. natural gas and petroleum products, and could chill new investment in cross-border infrastructure if Trump follows through on his threat, experts say.
The federal government is pursuing the South Korean widow of the Q-Ray Ionized Bracelet developer for more than $3.97 million in unpaid penalties stemming from a false advertising scandal that plunged the company into bankruptcy, saying the alleged fraudster stashed millions in offshore accounts before he died in 2012.
All 16 Democratic members of the House Ways and Means Committee signed on to a letter Wednesday urging their colleagues not to repeal recent Internal Revenue Service rules to recharacterize certain corporate debt as equity for tax purposes, regulations the Democrats say are needed to prevent multinational businesses from relocating overseas.
Sutherland Asbill & Brennan LLP tax attorneys logged key victories nationwide in the last year, including for Verizon in fights over local attempts to hit the company’s set-top boxes with property taxes and for Comcast in Oregon Tax Court over $300 million in new taxes, landing the team as a Law360 2016 Practice Group of the Year.
Support for a Republican-led overhaul of the corporate tax code began showing signs of weakness this week as two GOP senators expressed concerns that the border adjustment tax at the centerpiece of the proposal will be detrimental to U.S. consumers and economic growth.
Michael Jackson’s estate Wednesday called Greenberg Traurig LLP’s entertainment litigation practice co-chair to testify about the estate's efforts to protect and expand Jackson's intellectual property rights after his death, in the trial to determine if the estate owes the IRS hundreds of millions of dollars for undervaluing its assets.
Florida lawmakers took a first step Wednesday toward slashing economic incentive programs in the state, as a House committee voted 10-5 for a bill that would eliminate numerous tax credits and public financing programs for certain industries and companies, a proposal strongly opposed by Gov. Rick Scott.
The future of a "Grand Bargain" in the Illinois Senate that would increase taxes on groceries and drugs grew cloudy Wednesday after parts of the deal drew no support from Republicans in a floor vote Wednesday.
Skadden Arps Slate Meagher & Flom LLP's global tax practice group during the last term has litigated for its clients some of the most significant pricing transfer cases, including Amazon.com Inc.'s fight with the IRS, and advised others like DuPont Co. on major mergers, earning it a spot for the second year in a row as one of Law360's 2016 Practice Groups of the Year.
Citing a risk of lawsuits, the U.K. Treasury is rejecting recommendations from the government’s spending watchdog to discount gains from tax avoidance that may have factored into the £13 billion ($16.3 billion) sale of assets belonging to a mortgage lender that became nationalized during the 2008 financial crisis.
A plan pitched Wednesday by veteran Republicans to impose a national carbon tax to offset a rollback of climate change regulations isn't likely to succeed, but experts say it provides a glimmer of hope for future bipartisan consensus on some areas of U.S. climate policy, particularly if corporate America warms to the idea of a carbon tax.
A Florida congresswoman’s chief of staff has pled guilty to two charges in the case accusing him and the politician of diverting more than $800,000 raised for an education charity for their personal use, according to a plea agreement filed in Florida federal court on Wednesday.
The Canadian government threatened Wednesday to respond in kind if the Trump administration introduces new taxes on cross-border trade between the two countries.
A $2.9 million settlement the trustee for Universal Health Care Group Inc. struck with accounting firm Ernst & Young LLP over allegations it failed to sound warnings of the health care company’s collapse received Florida bankruptcy court approval Wednesday.
The Philadelphia-based Blank Rome LLP announced Wednesday that it has snagged a trio of attorneys from crosstown rival Pepper Hamilton LLP to serve in the firm’s employee benefits practice group.
Investors accusing a Canadian silver company of securities fraud and failing to divulge the possibility of a $207 million tax bill asked a California federal court to liaise with Canadian judicial authorities so they can obtain financial records from the company’s auditors and consultants at Deloitte and PricewaterhouseCoopers in British Columbia.
The U.S. Treasury Department recently issued several new final, temporary and proposed regulations under code sections 704, 707 and 752 which significantly affect the taxation of many partnership transactions. Prospective transactions, including joint ventures taxed as partnerships, should be carefully structured to navigate the hazards of these regulations, say Jeffrey Goldman, Steven Grob and Robert Nelson of Dykema Gossett PLLC.
Just before Christmas, the IRS issued Notice 2017-10, declaring some conservation easement donations to be “listed transactions,” and giving a chill to year-end giving plans. The agency's move was arbitrary and ham-fisted, made without opportunity for constructive comment, and endangers this vital conservation funding mechanism, say Ronald Levitt and David Wooldridge of Sirote & Permutt PC.
In accord with the U.S. Foreign Account Tax Compliance Act, Israeli financial institutions must now report their U.S. account holders’ personal and financial information to Israeli authorities, who will send that information to the IRS. Accordingly, Americans with substantial assets in Israel must either comply with the law’s obligations, or prepare for the consequences of enforcement, say Robert Henoch and Will Rosenzweig of Kobre & Kim LLP.
Not prioritizing property taxes can be a costly mistake for hotel owners, as hotels are recognized as one of the highest taxed real estate assets. Paying attention to errors and opportunities, and understanding the differences between investment market and property tax values, is crucial to minimizing taxes, says Douglas John of Buchalter Nemer PLC
The April 2016 leak of "Panama Papers" documents from law firm Mossack Fonseca removed any doubt that the threat of cyberattacks against the legal industry is more than hypothetical. While the case law on law firm data breach litigation has largely yet to be written, there are certain fundamental tenets worth reviewing, say Scott Vernick and Peter Buckley of Fox Rothschild LLP.
Since 2008, the legal relationship dynamic has consistently evolved, leading clients to demand more "value" for services received. In 2017, investment in and adoption of new technology and prioritizing cybersecurity will lead to an increase in billable hours and shifts in realization rates, says Haley Altman of Doxly.
With commercial litigation funding gaining acceptance throughout the U.S., law firms and corporations are investigating how they can benefit from the capital that funders provide, and which criteria they should use in selecting a funder. Ralph Sutton, chief investment officer of Bentham IMF, discusses several major trends to watch in 2017.
Storm clouds are gathering for major tax reform in 2017. As with any storm, it may be sorely needed, but its effects will be unpredictable, and it will come with both rewards and risks. So it's wise to be prepared before it hits, says John Harrington of Dentons.
There are a number of concrete, practical steps that law firms can take to address the high cost of defending legal malpractice claims, both before and after a claim is made, says Richard Simpson, a partner with Wiley Rein LLP who serves on the ABA Standing Committee on Lawyers’ Professional Liability.
A primary driver of increasing litigation costs is the explosion of electronic discovery in recent years. Electronic data is not only increasing dramatically in volume, it is also growing in complexity. One way parties can save time and money is to use a neutral, technically skilled mediator, to ensure that e-discovery is both robust and cost-effective, says Daniel Garrie of JAMS.