Tax

  • November 17, 2011

    Congress Scraps 3% Contractor Payment Withholding Rule

    After passing both chambers of Congress, a bill that would repeal an unpopular rule requiring the government to automatically withhold 3 percent from payments to contractors was sent Wednesday to President Barack Obama, who has said he will sign the bill.

  • November 15, 2011

    Juror Lies May Give Convicted Tax Cheat Attys New Trial

    A New York federal judge on Tuesday said an evidentiary hearing was necessary to determine whether a juror's alleged misconduct warrants a new trial for two former Jenkens & Gilchrist PC attorneys convicted of selling illegal tax shelters.

  • November 15, 2011

    H&R Block Walks Away From $288M TaxACT Deal

    H&R Block Inc. and TaxACT software developer 2SS Holdings Inc. have abandoned their plans to merge in a $287.6 million deal, the companies said Tuesday, two weeks after a Washington federal judge barred the transaction on antitrust grounds.

  • November 15, 2011

    US Seeks Reduced Sentence For Ex-UBS Tax Cheat

    Prosecutors asked a Florida federal court on Monday to hand a reduced sentence to a former UBS banker who admitted to helping U.S. citizens use Swiss bank accounts to evade taxes, citing his assistance in a government crackdown on tax evasion.

  • November 14, 2011

    Ex-E&Y Partner Fights Tax Fraud Conviction In 2nd Circ.

    An Ernst & Young accounting partner who allegedly aided a tax evasion scheme asked the Second Circuit on Monday to overturn his conviction, arguing that the legal standard for prosecuting tax evaders is too prosecutor-friendly to survive post-Skilling.

  • November 10, 2011

    Judge Backs DOJ Market Definition In H&R Block Case

    A Washington federal judge concluded that the federal government rightly limited the market affected by H&R Block Inc.'s $287.6 million bid for the maker of TaxACT software to online do-it-yourself tax products rather than all preparation methods, according to an opinion released Thursday supporting an injunction against the deal.

  • November 9, 2011

    Diamond Seller Gets 1 Year For Hiding $7M From IRS

    A diamond merchant was sentenced Wednesday to one year and one day in prison after admitting that he evaded taxes by stashing away more than $7.1 million at Swiss bank UBS AG, the U.S. Justice Department said.

  • November 8, 2011

    Senate To Consider Repeal Of Contractor Tax Rule

    The U.S. Senate voted Monday evening to debate a bill that would repeal an unpopular rule requiring the government to automatically withhold 3 percent from payments to contractors, following the overwhelming passage of the bill in the U.S. House of Representatives.

  • November 7, 2011

    Lehman REIT Asks Judge To Confirm Arbitration Win

    Archstone-Smith Operating Trust asked a California judge Monday to confirm an arbitration panel’s bellwether ruling that the real estate investment trust is not liable for over $100 million in investor income taxes triggered by its 2007 leveraged buyout by Lehman Brothers Holdings Inc.

  • November 7, 2011

    CIT Pushes For An End To Tyco’s Suit Over $794M Tax Deal

    Recently reorganized business lender CIT Group Inc. on Monday asked a New York bankruptcy judge to kill a lawsuit its former parent, Tyco International Ltd., brought over a $794 million tax agreement, saying the suit seeks an unfair payday.

  • November 4, 2011

    Tenants Can't Sue Over Missing Tax Forms: 2nd Circ.

    The Second Circuit on Friday rejected a class of tenants' bid to revive claims that New Jersey property developer Essex Waterfront Partners LLC failed to provide proper tax returns related to interest earned on security deposits, establishing whether such a suit can be brought under the Internal Revenue Code.

  • November 4, 2011

    Mall Giant Simon Says Ind. Must End Amazon Tax Break

    Mall titan Simon Property Group Inc. on Thursday filed suit in Indiana in an effort to compel the state to start collecting sales tax from Amazon.com Inc., claiming the online retailer illegally ducks tax burdens that other stores shoulder.

  • November 3, 2011

    NY Court Keeps $25M MetLife Tax Break Action Alive

    A New York appeals court on Thursday affirmed a lower court's refusal to dismiss a class action against Metropolitan Tower Life Insurance Co. and Tishman Speyer Properties LP over their allegedly illegal pocketing of almost $25 million in tax breaks related to rent rates.

  • November 2, 2011

    Hill Tax Proposal Draws Attention To Short-Term Trading

    Democratic lawmakers Tom Harkin of Iowa and Peter DeFazio of Oregon on Wednesday introduced a proposal that, though unlikely to make it through Congress, would impose a tax on short-term trading by investment banks and other financial firms.

  • November 1, 2011

    PE Hotspot: Taxes May Snag Private Equity Rush In Brazil

    Brazil's economy is in overdrive and private equity investment is on the rise, but foreign investors remain hampered by an onerous tax regime as well as regulatory processes that are cumbersome and inscrutable, attorneys say.

  • November 1, 2011

    Carried Interest Reform Would Rock Real Estate World

    The Obama administration's proposal to raise revenue by doubling the tax rate on carried interest for investment partnerships could rewrite the rules of real estate investment, and some experts say the result may be catastrophic for the industry.

  • October 28, 2011

    Ex-J&G Attys Rip Prosecutors For Downplaying Juror Lies

    A pair of former Jenkens & Gilchrist PC attorneys convicted of selling illegal tax shelters renewed their push for a new trial in New York on Thursday, calling a juror's alleged concealment of a history of alcoholism and petty crimes a "monstrous fraud on the court."

  • October 27, 2011

    House Votes To Scrap Contractor Withholding Rule

    The U.S. House of Representatives voted overwhelmingly Thursday to repeal a rule requiring the federal government to automatically withhold 3 percent from payments to contractors, amid clamor that the measure could harm small businesses.

  • October 26, 2011

    DLA Piper Adds Luce Forward REIT Pro

    A real estate capital markets expert formerly at Luce Forward Hamilton & Scripps LLP has joined DLA Piper as a partner in its San Diego office as the firm looks to expand its securities and real estate transaction work in the city, it said Wednesday.

  • October 26, 2011

    Ambac, IRS In Talks To Resolve $807M Tax Claims

    Bankrupt financial products insurer Ambac Financial Group Inc. told a New York court on Wednesday that it hoped to reach an agreement by early November with the Internal Revenue Service over disputed tax liabilities, including claims for at least $807 million.