Tax

  • August 8, 2011

    Taxes Saved Are Not An FCA Suit Earned, Judge Says

    A New Jersey federal judge on Thursday tossed a utility authority director's False Claims Act suit against Covanta Energy Corp., ruling that money saved from the issuance of tax-exempt bonds does not qualify as federal funding under the law.

  • August 8, 2011

    Judge Greenlights Jackson Hewitt Ch. 11 Plan

    A Delaware bankruptcy judge gave her blessing to Jackson Hewitt Tax Service Inc.'s chapter 11 plan on Monday, which will restructure $357 million in debt and leave the nation's second-largest tax preparer under the control of secured lenders.

  • August 5, 2011

    Cancer Researcher Cops To UBS Swiss Tax Shelters

    A New Jersey cancer researcher admitted Friday that he stashed at least $2.6 million in Swiss accounts at UBS AG and other banks, making him the seventh person to plead guilty in New York to similar allegations in a crackdown on overseas tax shelters.

  • August 4, 2011

    Ex-UBS Banker Charged With Hiding $215M From IRS

    A former UBS AG banker was indicted Thursday for allegedly concealing $215 million in client money from the Internal Revenue Service.

  • August 4, 2011

    Conoco Hit With Investor Suit Over Exec Payment Plan

    A shareholder of energy giant ConocoPhillips sued the company and its board of directors in Delaware federal court on Wednesday, challenging a compensation plan for executives that has allegedly been pursued in breach of tax and securities regulations.

  • August 4, 2011

    Ex-Sullivan & Cromwell Partner Cops To Tax Evasion

    A one-time Sullivan & Cromwell LLP mergers and acquisitions partner pled guilty in New York on Thursday to failing to pay taxes on some of the $10.8 million he made over eight years.

  • August 1, 2011

    DOJ Moves To Block H&R Block's $288M TaxACT Buy

    The Antitrust Division of the U.S. Department of Justice sought a preliminary injunction Monday in Washington seeking to block H&R Block Inc.’s $287.6 million purchase of 2SS Holdings Inc., maker of TaxACT tax preparation software and web services.

  • August 1, 2011

    Proskauer Rose Sued For $140M Over Flawed Tax Advice

    The grandson of a Johnson & Johnson Inc. co-founder sued Proskauer Rose LLP and two of the firm's partners in New York state court on Friday over allegedly defective transactions that were meant to reduce tax liabilities from selling J&J shares.

  • July 25, 2011

    Horse Breeder Trustee Settles Fraud Claims For $27M

    The bankruptcy trustee for Kentucky horse breeder ClassicStar LLC on Friday inked $27 million in settlements with investors accusing the GeoStar Corp. subsidiary of convincing them to claim $500 million in improper tax deductions in a fraudulent mare-leasing scheme.

  • July 21, 2011

    Feds Charge 4 In $3B Credit Suisse Tax Fraud Case

    Federal prosecutors in Virginia on Thursday charged three more former Credit Suisse AG employees, including its former head of offshore banking for North America, with helping U.S.-based clients evade taxes by hiding up to $3 billion in foreign bank accounts.

  • July 21, 2011

    Ernst & Young Can't Escape Tax Shelter Case

    A New York state judge ruled Wednesday that Ernst & Young LLP must face fraud allegations over shady tax shelters, part of a wide-ranging scandal that bankrupted an asset manager and ensnared attorneys and other individuals in criminal charges.

  • July 21, 2011

    Swiss Adviser Charged With Helping Clients Hide $184M

    Federal officials on Thursday announced conspiracy charges in New York against a Swiss financial adviser who allegedly helped dozens of U.S. taxpayers shield more than $184 million in assets from the Internal Revenue Service.

  • July 20, 2011

    Judge Pares Proskauer Tax Malpractice Suit

    A California state judge tossed two causes of action Wednesday in a legal malpractice suit alleging Proskauer Rose LLP gave bad tax advice to Dr. Gary Michelson, who has won more than $1 billion in patent litigation in the last decade.

  • July 19, 2011

    Ex-SES GC Can't Escape Fraud Sentence: 6th Circ.

    The Sixth Circuit on Tuesday affirmed the conviction of human resources firm Simplified Employment Services Inc.'s in-house attorney for conspiracy to defraud the U.S. government of $51.7 million in tax revenue, saying attorney-client privilege was not relevant to his participation in the scheme.

  • July 18, 2011

    Same-Sex Couples Win Class In CalPERS Insurance Fight

    A California federal judge on Friday certified a class of state employees in same-sex partnerships claiming that tax provisions of the California Public Employees' Retirement System that deny long-term care insurance to gay and lesbian spouses and domestic partners are unconstitutional.

  • July 14, 2011

    Senate Bill Stresses Job Creation In Contract Awards

    Sen. Jay Rockefeller, D-W.Va., introduced legislation Thursday that would allow the federal government to consider job creation when awarding contracts, as well as a bill to prevent U.S. companies from avoiding taxes and moving jobs overseas.

  • July 14, 2011

    Ex-Kirkland Partner Pleads Not Guilty To Tax Charges

    Former Kirkland & Ellis LLP bankruptcy partner Theodore L. Freedman pled not guilty on Thursday in New York federal court to charges that he falsified tax returns in an effort to avoid paying the government $1 million.

  • July 8, 2011

    Md. Appeal Won't Breach Stay In Jackson Hewitt Ch. 11

    A Delaware bankruptcy judge on Friday allowed Maryland to appeal a decision that put Jackson Hewitt Tax Services Inc. outside the reach of the state's lending laws, finding that the appeal did not violate the automatic stay in the tax preparer's Chapter 11 case.

  • July 6, 2011

    Horse Breeder Trustee Settles With Ex-Parent Co. For $2M

    The bankruptcy trustee for Kentucky horse breeder ClassicStar LLC said Wednesday he had reached a $2 million settlement with the breeder's former owner, GeoStar Corp., in a tax and securities fraud case included in multidistrict litigation over a mare leasing program.

  • July 5, 2011

    Texas Tax Men Blast Jackson Hewitt Ch. 11 Plan

    Dozens of Texas counties, cities and other entities holding claims for delinquent property taxes on Friday objected to bankrupt Jackson Hewitt Tax Service Inc.'s proposed reorganization in Delaware, claiming it doesn't provide for statutory interest on tax liens.