A New Jersey biofuel company owner was sentenced Friday in Ohio federal court to 60 months in prison for participating in a fraudulent scheme that reaped more than $7 million in tax and renewable fuels credits connected to the purported production of biodiesel fuel, the U.S. Department of Justice said.
An art consultant charged with dodging taxes on a $3.5 million inheritance, who also is in a prolonged struggle over grand jury subpoenas requiring her to produce Swiss bank records, picked up new defense counsel Friday to handle her criminal case.
The Washington, D.C., government has withdrawn its challenge to a D.C. Superior Court decision that the government can’t tax a limousine company’s trips across state lines, leaving intact the court’s finding that an exception under federal law regarding transportation to airports doesn’t apply.
A California appeals court ruling upholding the state’s greenhouse gas cap-and-trade program put the initiative on firmer ground, but a possible appeal to the state Supreme Court and potential actions by the Legislature and regulatory agencies still obscure its future.
Bank of America lost $11 million when it sold off debt held by Dewey & LeBoeuf LLP before the megafirm crashed, a bank representative testified on Friday at the retrial of two former executives accused of defrauding the bank and others.
Illinois' revenues grew modestly in March, according to a new report from the state's in-house fiscal watchdog, but the state is still far behind in tax receipts as it approaches the end of its fiscal year.
In this week’s Taxation With Representation, British American Tobacco and Qualcomm Inc. cleared regulatory hurdles for acquisitions valued at $49 billion and $37.7 billion, respectively, and 7-Eleven inked a deal to pick up a portfolio of stores from Sunoco LP for $3.3 billion.
Engineering and defense contractor QinetiQ US Holdings Inc. has asked the U.S. Supreme Court to take up its challenge to a Fourth Circuit ruling that the IRS does not have to provide an explanation for issuing a notice of tax deficiency.
Affordable Care Act marketplaces are likely to steadily improve in the coming year and be increasingly profitable for insurers, assuming that no major changes are made by regulators or Congress, according to a report Friday from S&P Global.
Two separate court rulings in which the IRS suffered a defeat over tax breaks and an accounting method used by real estate developers and a retailer will not be applied to most other taxpayers in similar situations, the revenue agency said Friday.
Senate Majority Leader Mitch McConnell, R-Ky., dismissed the idea of a bipartisan approach to revamping tax laws Friday while chastising Democrats for supposedly being uninterested in economic growth.
A California man accused of assisting real estate billionaire Ng Lap Seng in a scheme to bribe United Nations officials pled guilty Friday to a tax-evasion conspiracy charge, leaving the wealthy Chinese developer as the last defendant in the high-profile prosecution.
A Pennsylvania vape shop challenging a state tax on “unsavory inventory,” including e-cigarettes and their components, argued Friday that the case should be moved from federal court back to state court, arguing that its questions regarding the U.S. Constitution should not be considered before questions of state law.
The federal government on Friday piled on more charges to the criminal tax case against “Jersey Shore” star Michael Sorrentino and his brother, Marc Sorrentino, including tax evasion and falsifying records relating to companies the brothers ran to bank on the MTV actor's celebrity status.
Investors in AbbVie Inc. sued the pharamceutical company’s directors in Illinois federal court Thursday in a bid to recover the $1.6 billion breakup free the firm paid Shire PLC after new tax rules scuttled their merger, saying a class action over the same issue that recently survived dismissal puts the company at risk for even more losses.
New York’s Division of Tax Appeals has rejected NRG Energy Inc.’s challenge to a denied property tax refund of over $5.8 million, holding in a decision released Thursday that the power giant misapplied a state court case regarding the benefits program under which NRG claimed the money.
DLA Piper has added a former Baker McKenzie LLP partner to its Austin office who advises U.S. multinational clients and foreign clients on tax planning often tied to complex cross-border transactions, the firm announced.
A split California appellate panel on Thursday upheld the state’s cap-and-trade program against a closely watched challenge from businesses and advocacy groups, finding the state’s auction revenues from greenhouse gas emission allowances do not equate to a tax.
A Texas federal judge on Thursday declined to toss a suit against an Illinois law firm accused of altering the compensation of a former junior partner on a 1099 form to harass and harm him, instead granting a bid to send the suit to Illinois, finding a related action there warrants transfer.
The revival of a tax on business receipts that was largely repealed in the early 20th century is likely to hurt the economies of states that are now considering it to plug budget shortfalls, since it could lead to job losses and higher consumer prices.
Nerves were high on the day of the trial. While technically client interests were not at stake, our reputations were still on the line. We were not only presenting our case in front of our newly acquainted colleagues, but also for partners at our firm, expert witnesses, federal judges and in-house counsel — potential employers and clients, say attorneys with Dentons, sharing their recent mock trial experience.
As it is unlikely there will be significant opposition to the Criminal Finances Bill in the House of Lords, it is likely to become law during the mid to late part of 2017. "Unexplained wealth orders" will be a new and powerful tool available to U.K. criminal authorities to seize assets, says Ian Hargreaves of Covington & Burling LLP.
As greater wealth is created through the cannabis industry, the cannabis client must be prepared by having an effective estate and asset protection plan in place. Such estate planning involves five common documents and enables six distinct results and benefits, says Carl Linder of Greenspoon Marder PA.
For the first time, a regulated electric utility has obtained regulatory approval to partner with a tax equity investor to acquire and operate a utility-scale solar project. This arrangement could serve as a blueprint for other electric utilities across the country to transition to utility-owned solar generation at lower costs for their customers, say Patrick Ferguson and Carlos Gutierrez of Davis Wright Tremaine LLP.
One of the issues that will perhaps most affect the treatment and negotiating leverage of various creditors in Puerto Rico's ensuing Title III process is the determination of the type of security interest and collateral by which their bonds are secured, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
Since the election of President Trump and Republican majorities in the House and the Senate, there has been a strong push to repeal and replace the Affordable Care Act. However, there has been little detail as to what “repeal” or “replace” actually mean. Recent developments provide some clarity, say members of Debevoise & Plimpton LLP.
In this videocast, Charles Capouet and DeAndre Morrow of Eversheds Sutherland tally significant state and local tax litigation wins and losses, and share observations on 2016 cases, including results for income tax apportionment and sales tax manufacturing exemption controversies. They also recap Avnet v. Washington Department of Revenue.
A recent survey found that nearly two-thirds of Am Law 200 firms are now using data analytics, compared to only about a tenth of regional and boutique firms. Yet the exploding market for data analytics technology in business is making these productivity tools available for any size matter or firm, say Christopher Paskach of The Claro Group and Douglas Johnston Jr. of Five Management LLC.
As the Sixth Circuit explained in Hildebrand, it is incorrect to assume that “applicable nonbankruptcy law” means any applicable law outside of the Bankruptcy Code. State laws can still be considered “bankruptcy” laws depending on their content — an important distinction to be leveraged when faced with an otherwise unfavorable “applicable law,” says Elliot Smith of Squire Patton Boggs LLP.
Most legal and business leaders know that internal culture — including tone, operating style, standard of behavior and shared values that guide employee decisions — can make or break a firm. An internal audit can assess a firm's culture and identify potential issues within the organization, says Justin Gwin of Kaufman Rossin PA.