The billionaire behind the Beanie Babies stuffed toy craze was sentenced to two years of probation and community service Tuesday for evading around $5 million in taxes on income from a secret Swiss bank account, avoiding the prison term sought by prosecutors.
The Internal Revenue Service on Monday spelled out under what terms a taxpayer is allowed to issue a refunding bond for purposes of refinancing Recovery Zone Facility Bonds, which were created as part of Congress's 2009 stimulus package.
The Tax Court of New Jersey on Friday refused to slash property taxes imposed on Atlantic City Electric Co. by Salem County in 2005 and 2006, saying experts for both sides failed to give reliable testimony regarding environmental contamination's effects on land value.
A $1.012 trillion spending bill published Monday by congressional negotiators includes cuts to the Internal Revenue Service budget and extra money for the watchdog agency that caught the IRS in its targeting of Tea Party groups.
The biggest regulatory challenge for my clients in the coming year will likely continue to be the application of Internal Revenue Code section 409A to entertainment entities and also to partnerships and limited liability companies generally, says Marla Aspinwall, a partner with Loeb & Loeb LLP specializing in executive compensation issues.
A bill introduced Monday in the Pennsylvania General Assembly would attach a tax on natural gas development to repairing the state’s roads and transit services.
Once, an adversary at a deposition treated me differently than he would have treated a senior male adversary. He seemed to think that making loud and frequent objections and speeches would throw me off or intimidate me. But maintaining my poise and confidence took the wind out of his sails, says Mary Beth Hogan, co-chairwoman of Debevoise & Plimpton LLP's litigation department.
There is no pipeline problem on which to blame under-representation of women. If a firm doesn't have representative numbers of women or minorities in leadership, it is a problem in the development and promotion systems the firm is using, says Katherine Kimpel, managing partner of Sanford Heisler LLP's Washington, D.C., office.
The Ninth Circuit on Monday sided mostly with the government in a dispute involving heirs of the founders of former California media conglomerate Chronicle Publishing Co. over a series of dubious transactions designed to eliminate the substantial tax liability related to the sale of the company's assets.
Americans for Tax Fairness on Monday slammed a recent report issued by another tax watchdog, the RATE Coalition, maintaining that a 10 percent corporate tax rate cut will spur the nation’s economy saying instead that voters want the wealthy to pay more taxes.
Robert A. Rizzo, the former chief administrative officer for the city of Bell, Calif., pled guilty Monday to two federal charges of conspiracy and filing a false federal income tax return, in connection with a scandal that nearly bankrupted the city and took down its highest officials.
A Washington, D.C., federal judge on Monday tossed a lawsuit brought against the U.S. Department of Treasury by the Florida Bankers Association and others challenging the agency’s new regulations requiring commercial banks and savings associations to share nonresident alien depositors’ personal information with the IRS.
The Internal Revenue Service has approved $340 million in bonds to help finance the construction of 3 World Trade Center, which has been delayed for several years, Sen. Charles Schumer, D-N.Y., announced Monday.
The Internal Revenue Service can collect tax debt from a bankrupt attorney because the debt was not discharged in his Chapter 11 plan, the agency told an Arizona federal judge on Monday.
The U.S. Supreme Court refused Monday to review a Sixth Circuit ruling that held a complex $5.4 million foreign currency loan was really a tax shelter scheme subject to full taxation, rejecting a petition filed by eyeglass magnate Mark Kerman.
New rules to tax the digital economy must be built to adapt to unpredictable advances in technology, experts from around the world told the Organization for Economic Cooperation and Development in comments made public on Monday.
The U.S. telecommunications and cable industries on Monday urged Congress to renew a recently expired bonus depreciation rule that provided significant tax breaks to companies investing in their domestic business, saying it could hinder American job growth.
A Florida federal judge tossed on Monday an orthodontist's suit against the U.S. Department of the Treasury and the Internal Revenue Service over the alleged expenses he incurred because of the delay of the Affordable Care Act's employer mandate.
New York Presbyterian Hospital pushed back Friday against a class of former medical residents who claim it bargained away their rights to Federal Insurance Contributions Act tax refunds in a settlement with the Internal Revenue Service, saying the residents failed to file for refunds before the claim period expired.
The U.S. Supreme Court on Monday hammered another nail into the coffin of abusive tax shelters, tossing a Mississippi businessman's $18 million tax shelter case back to the Fifth Circuit for the imposition of further tax penalties.
The new federal tax law was expected to change how deals get structured, and four months after its enactment, it is becoming clear how the legislation is having an impact on negotiations and tax planning strategies.