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Tax

  • January 14, 2014

    Beanie Babies Billionaire Skirts Jail Time For Tax Dodge

    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.

  • January 14, 2014

    IRS Clarifies Scope Of Recovery Zone Bond Refundings

    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.

  • January 14, 2014

    NJ Utility Can't Cut Property Tax Over Contamination Costs

    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.

  • January 14, 2014

    $1T Spending Bill Aims To Slash IRS Funding

    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.

  • January 14, 2014

    Q&A With Loeb & Loeb's Marla Aspinwall

    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.

  • January 14, 2014

    Pa. Rep. Seeks To Tax Fracking To Fund Roads, Transit

    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.

  • January 14, 2014

    Female Powerbrokers Q&A: Debevoise's Mary Beth Hogan

    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.

  • January 14, 2014

    Female Powerbrokers Q&A: Sanford's Katherine Kimpel

    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.

  • January 13, 2014

    9th Circ. Mostly Sides Against Publishing Heirs In Tax Spat

    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.

  • January 13, 2014

    Americans Want Deficit Cuts, Not Tax Cuts, Watchdog Says

    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.

  • January 13, 2014

    Ex-Calif. City Manager Rizzo Pleads Guilty In Tax Scandal

    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.

  • January 13, 2014

    Treasury, IRS Escape Banking Groups' Tax Info Sharing Suit

    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.

  • January 13, 2014

    IRS Approves $340M Bond Financing For 3 WTC

    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.

  • January 13, 2014

    IRS Says It Can Target 'Gap Interest' On Bankrupt Lawyer

    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.

  • January 13, 2014

    Justices Toss Eyeglass Magnate's $5M Tax Shelter Case

    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.

  • January 13, 2014

    Tax Code Must Adapt To Technology, Economic Panel Hears

    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.

  • January 13, 2014

    Congress Urged To Extend Bonus Depreciation

    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.

  • January 13, 2014

    Provider's Suit Over ACA Employer Mandate Gets Chucked

    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.

  • January 13, 2014

    NY Hospital Says Residents Failed To File For Tax Refunds

    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.

  • January 13, 2014

    Supreme Court Jacks Up Penalties In $18M Tax Shelter Case

    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.