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Tax

  • January 30, 2014

    Female Powerbrokers Q&A: Orrick's Laurie Strauch Weiss

    My mentors have predominantly been men, and I never really thought about that before, but I do believe the emphasis on having same-gender role models may be misplaced, says Laurie Strauch Weiss, head of Orrick Herrington & Sutcliffe LLP's mass torts and product liability practice.

  • January 29, 2014

    Weatherford To Pay $52.5M To End Tax Flub Class Action

    Weatherford International Ltd. and several executives have agreed to pay $52.5 million to settle an investor class action over tax miscalculations by the energy equipment company that overstated earnings by about $500 million, plaintiffs' attorneys told a New York federal judge Wednesday.

  • January 29, 2014

    Mass. Board Wants Gaming Tax Threshold At Federal Level

    The Massachusetts Gaming Commission unanimously voted Wednesday to ask the state legislature to consider raising a current tax reporting threshold on casino and horse-race winnings from $600 to federal tiered thresholds.

  • January 29, 2014

    Sen. Brown Stumps For Wider Tax Credits For Individuals

    Immediately following President Barack Obama’s vocal support of tax reform in Tuesday’s State of the Union speech, Sen. Sherrod Brown, D-Ohio, called on Congress to pass the Working Families Tax Relief Act of 2013, which would expand eligibility for tax credits focused on individuals. 

  • January 29, 2014

    Senate Bill To Nix NFL Tax Exemption Gains New Sponsor

    Days before the Super Bowl, U.S. Sen. Angus King, I-Maine, announced Wednesday that he was throwing his support behind legislation that would prevent the National Football League and other professional sports leagues from continuing to qualify their league offices as tax-exempt organizations.

  • January 29, 2014

    IRS Must Revisit ACA Fraud Search Routines, Watchdog Says

    The Internal Revenue Service needs to review computer routines it uses to flag potentially fraudulent Affordable Care Act credits that are claimed by tax-exempt organizations, says a report released Wednesday by the Treasury Inspector General for Tax Administration.

  • January 29, 2014

    Fla. Gov. Plans Tax Cuts, Debt Reduction In Proposed Budget

    After revealing pieces of his “It's Your Money Tax Cut Budget” over the past week, Florida Gov. Rick Scott on Wednesday unveiled his entire proposed 2014-15 budget that aims to cut taxes by $500 million, reduce the state's debt and eliminate government waste.

  • January 29, 2014

    Ballard Spahr Expands Atlanta Office With Tax Partner

    Ballard Spahr LLP moved forward with its expansion by adding to its Atlanta office McKenna Long & Aldridge LLP’s former tax practice head, who will bolster the firm's tax and mergers & acquisitions practices, the firm announced Tuesday.

  • January 29, 2014

    Proposed Calif. Car Tax Amendment Stalls

    Supporters of a California ballot proposal that would impose a 1 percent property tax on all vehicles registered to the state have dropped the effort, saying Tuesday they've encountered difficulty in getting the public to back the measure.

  • January 29, 2014

    Q&A With Katten's Abby Feinman

    Since passage of the Economic Growth and Tax Relief Reconciliation Act the stage has been set for constant adjustments with respect to gift, estate and generation-skipping transfer taxes. Given the frequency of changes to the rates and laws we are always conscious that there will be additional changes ahead, says Abby Feinman, head of Katten Muchin Rosenman LLP's Los Angeles trusts and estates practice.

  • January 29, 2014

    Ore. Tax Court Nixes Challenge To Portland's Arts Tax

    The Oregon Tax Court on Tuesday closed the door on another potential challenge to Portland's arts tax, ruling a lawsuit renewing the argument that the levy violates the state's prohibition on poll taxes belongs in a local circuit court that has already shot down that claim.

  • January 29, 2014

    IRS Floats New Regulations On Disguised Sales

    The Internal Revenue Service released proposed regulations Wednesday clarifying ambiguities in its treatment of disguised property sales between individuals in partnerships.

  • January 29, 2014

    The Bitcoin Boom: A Currency For Tax Evasion

    Italy this month became the 19th nation to join an information exchange to stop people from hiding their money in overseas banks, but government officials fear that digital currencies like Bitcoin could let tax evaders circumnavigate the banks altogether. This is Part 2 of a two-part series on the taxation of Bitcoin and other digital currencies. Part 1 was published Tuesday.

  • January 29, 2014

    House Passes $956B Bipartisan Farm Bill

    The U.S. House of Representatives on Wednesday approved an estimated $956 billion farm bill, after congressional negotiators earlier this week agreed to a compromise that cuts food stamp funding, conservation programs and direct farm subsidies while extending federal funding for communities with large tracts of untaxable federal lands.

  • January 29, 2014

    Caribbean Tax Haven Outpaced Canada In Investment, UN Says

    The British Virgin Islands, considered one of the world's top tax havens, received more direct foreign investment in 2013 than Canada, Brazil and a host of other nations while cross-border mergers and acquisitions remained sluggish, according to a report released Tuesday by the United Nations.

  • January 29, 2014

    Bad Investments No Excuse For Tax Neglect, Tax Court Says

    The U.S. Tax Court ruled Tuesday that imprudent business decisions are not an excuse for failure to pay back-due taxes, slapping a couple that owns a prepaid wireless communication company with almost $800,000 in taxes plus interest.

  • January 29, 2014

    Female Powerbrokers Q&A: Goodwin Procter's Joanne Gray

    As I approached the podium to speak for the first time, the judge said, "It’s your turn to argue, sweetie!” The whole courtroom froze. I nicely informed him that “there is only one person in my life who is allowed to call me 'sweetie,' and unfortunately he isn’t in the courtroom right now!” says Joanne Gray, chairwoman of Goodwin Procter LLP's specialty litigation group and product liability and mass torts practice.

  • January 29, 2014

    Female Powerbrokers Q&A: Taft's Barbara Duncombe

    Be aware of cultural biases, but be yourself. Consistent professionalism, legal ability and the use of good-hearted humor can conquer sexism, says Barbara Duncombe, a partner with Taft Stettinius & Hollister LLP.

  • January 28, 2014

    Obama Asserts Executive Power In State Of The Union Speech

    President Barack Obama in his State of the Union address Tuesday outlined proposals ranging from employment, trade, health and patent reforms to a tax overhaul including the elimination of fossil fuel subsidies, warning he would use his executive power to advance many of the measures if Congress doesn’t.

  • January 28, 2014

    Dewey Gave Bad Advice On Tax Shelter, $6M Suit Says

    An accountant who says his attorneys at Dewey & LeBoeuf LLP gave him bad legal advice about a tax shelter is seeking retribution for the $5.8 million the Internal Revenue Service is forcing him to pay for misreporting his investment, according to an adversary proceeding filed in New York bankruptcy court Tuesday.