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Tax

  • August 5, 2013

    Neb. High Court Says Wind Tax Credit Is Constitutional

    Nebraska's top court on Friday upheld a tax credit for wind energy companies that allows wind farm Elkhorn Ridge Wind LLC to credit nearly $1.6 million it previously paid in property toward its future tax bills, reversing a lower court decision that said the credit violated the state's constitution.

  • August 5, 2013

    Accountant Must Yield Tax Docs In Taylor Bean FCA Case

    A Georgia magistrate judge on Monday ordered the accountant of an owner of a bankrupt mortgage company who also had a stake in Taylor Bean & Whitaker Mortgage Corp. to produce tax documents for a False Claims Act suit over bogus applications for federal mortgage guarantees, finding no accountant-client privilege applied.

  • August 2, 2013

    House Passes Bill To Keep IRS From Implementing ACA

    House Republicans on Friday continued their ongoing quest to topple the Affordable Care Act by voting through a measure billed as Keep the IRS Off Your Health Care Act to prevent the Internal Revenue Service from implementing any part of the health care law. 

  • August 2, 2013

    Sen. Wants Cruise Lines To Pay 'Fair Share' Of US Tax

    Sen. Jay Rockefeller, D-W.Va., has introduced legislation that would increase federal taxes imposed on cruise lines, noting many are registered as foreign companies despite having headquarters and executives located in the United States and deriving substantial revenue here.

  • August 2, 2013

    Patton Boggs, Akin Gump Top Lobbying Firms In 2nd Quarter

    Patton Boggs LLP’s lobbying practice was the highest-grossing lobbying group in terms of reported revenue among law firms in the second quarter, besting its perennial rival Akin Gump Strauss Hauer & Feld LLP as top firms profited from a pickup in lobbying activity on issues tied to tax reform and intellectual property.

  • August 2, 2013

    H&R Block Hit With Class Action Over Tax Refund Delays

    Customers hit two H&R Block Inc. units with a proposed statewide class action in New York federal court on Thursday, accusing the companies of a tax error that resulted in erroneous and negligent preparation of 600,000 tax returns and refund delays of up to six weeks.

  • August 1, 2013

    2nd Circ. Rejects New York Life Bid To Cancel $100M Tax Bill

    The Second Circuit ruled Thursday that the Internal Revenue Service does not have to refund New York Life Insurance Co. $100 million, affirming a lower court’s decision that the insurance company was claiming tax deductions it didn’t deserve.

  • August 1, 2013

    Reps. Seek To Ease Foreign Investment In US Real Estate

    U.S. Reps. Kevin Brady, R-Texas, and Joseph Crowley, D-N.Y., introduced legislation Wednesday aimed at reforming current tax laws to ease foreign investment in U.S. real estate.

  • August 1, 2013

    Obama To Nominate Ex-Freddie Mac Chairman As IRS Head

    President Barack Obama will nominate John Koskinen, who served as nonexecutive chairman of Freddie Mac from 2008 to 2011 and acting CEO in 2009, to serve as commissioner of the Internal Revenue Service, Obama announced Thursday.

  • August 1, 2013

    CMS To Vet All ACA Insurance Applications, Official Says

    All applicants for health insurance subsidies under the Affordable Care Act, not just a sample of applicants, will have their income verified under a new rule to ensure their eligibility and help prevent fraud, a Centers for Medicare & Medicaid Services official said Thursday.

  • July 31, 2013

    NJ Court Won't Disturb Law Blocking Tax Refund For Polluters

    A New Jersey state court judge last week dismissed the Chemistry Council of New Jersey’s bid to block a state law that funnels property tax refunds owed to owners of contaminated industrial sites to the state’s environmental regulator to cover site remediation costs.

  • July 31, 2013

    Fla. Cities Call County's Fee Requirement An 'Illegal Tax'

    Fourteen Florida towns and cities filed an amended complaint Tuesday in a lawsuit contesting Palm Beach County's requirement that they help fund its Office of Inspector General, arguing their sovereign immunity renders the mandatory charges unlawful and unenforceable.

  • July 31, 2013

    IRS Can Keep Taxes Wrongly Taken From Worker: Fed. Circ.

    The Federal Circuit on Wednesday rejected a foreign Verizon Corp. employee's bid for a refund of U.S. taxes that were improperly withheld from his lump-sum pension payment even though he never worked in the country, affirming a lower court's finding that he filed for a tax refund too late.

  • July 31, 2013

    K&L Gates Boosts Seattle Office With Tax, Energy Partners

    K&L Gates LLP is adding three new tax and energy partners to its Seattle office, including two snagged from Stoel Rives LLP and another who's returning to K&L after three years at PricewaterhouseCoopers LLP, K&L announced Wednesday.

  • July 30, 2013

    Pa. Gov. Blasts AG's Refusal To Defend Gay Marriage Ban

    The general counsel for Pennsylvania Gov. Tom Corbett on Tuesday blasted the state's elected attorney general for her refusal to defend the state in an American Civil Liberties Union lawsuit alleging Pennsylvania’s statutory ban on same-sex marriage deprives gay couples of benefits afforded to heterosexual couples.

  • July 30, 2013

    Liechtenstein Bank Agrees To $23.8M US Tax Evasion Deal

    Liechtensteinische Landesbank AG, a bank based in Vaduz, Liechtenstein, has agreed to pay more than $23.8 million and enter into a nonprosecution agreement to settle claims that it helped U.S. taxpayers avoid tax obligations, the U.S. Department of Justice announced Tuesday.

  • July 30, 2013

    'Real Housewives Of NJ' Stars Released On Bond

    Two stars of the Bravo reality show "The Real Housewives of New Jersey" accused of bankruptcy fraud were released Tuesday on bonds of $500,000 each following their initial court appearance.

  • July 29, 2013

    IRS Asked To Review Enroll America's Nonprofit Status

    The conservative group Cause of Action urged the Internal Revenue Service on Monday to investigate whether the nonprofit Enroll America should receive tax-exempt status, claiming the Affordable Care Act-supporting group should be considered an insurance trade organization rather than a nonprofit.

  • July 29, 2013

    Mintz, Cohn Reznick Blamed For $1M Tax Hit In Equity Sale

    A onetime principal of Integrated Media Solutions LLC has sued law firm Mintz & Gold LLP and a division of accounting firm Cohn Reznick LLP in New Jersey, claiming their negligent advice cost her nearly $1 million in additional tax liability in a sale of her equity in the advertising business.

  • July 29, 2013

    'Real Housewives Of New Jersey' Stars Hit With Fraud Claims

    Two stars of the Bravo reality show "The Real Housewives of New Jersey" have been accused of lying on loan applications, committing bankruptcy fraud and failing to file tax returns, according to an indictment returned Monday by a New Jersey grand jury.