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Tax

  • November 22, 2013

    Cos. Spend 268 Hours A Year Prepping Taxes, Report Finds

    Companies throughout the world spend an average of 268 hours — almost seven workweeks — preparing and paying taxes every year, according to a joint report released Friday by PriceWaterhouse Coopers and the World Bank.

  • November 22, 2013

    4 Countries Ignore Tax Exchange Standards, Group Says

    Dozens of nations are contributing to an Organization for Economic Cooperation and Development tax information exchange, but four nations notoriously known as tax havens — Luxembourg, Cyprus, the Seychelles and the British Virgin Islands — are noncompliant, the organization said Friday.

  • November 22, 2013

    Lawmakers Float Bill To End Oil, Gas, Coal Tax Breaks

    A new bill introduced on Thursday would eliminate tax subsidies for the oil, gas and coal industries as part of the Obama administration's efforts to tie clean energy to a stronger economy.

  • November 22, 2013

    Female Powerbrokers Q&A: Norton Rose's Jane Smith

    The way to break into an old boys’ network is actually to create your own network that the boys want to join, says Jane Smith, head of Norton Rose Fulbright LLP's U.S. real estate practice.

  • November 22, 2013

    Female Powerbrokers Q&A: Jones Day's Mary Ellen Powers

    Firms should get rid of compensation systems that create internal competition and reward sharp elbows. For decades, we’ve had a system at Jones Day that rewards teamwork, and it’s one of the reasons why so many women are now in leadership positions, says Mary Ellen Powers, partner-in-charge of Jones Day's Europe/Middle East region.

  • November 21, 2013

    Baker Donelson Adds Tax Expert In Birmingham

    Baker Donelson Bearman Caldwell & Berkowitz PC announced Wednesday the addition of attorney Ross Cohen as of counsel to boost the firm's tax department and corporate/mergers and acquisitions group in Birmingham, Ala.

  • November 21, 2013

    Fla. Appeals Court Backs Dismissal Of Unpaid Tax FCA Suit

    A Florida appeals court on Thursday upheld the dismissal of two Florida residents' effort to get their cut as relators in a False Claims Act action related to claims of unpaid taxes on assignment-of-mortgage notes, saying the state's tax act controls such matters.

  • November 21, 2013

    Dow Challenges $1B Tax Shelter Ruling In 5th Circ.

    Some Dow Chemical Co. entities urged the Fifth Circuit on Wednesday to overturn a district court ruling that the company entered two investment partnerships to create about $1 billion in phony tax deductions, saying tax law doesn't ban transactions that have tax and nontax benefits.

  • November 21, 2013

    Ill. High Court Allows $23M Tax Refund, Kills Loophole

    The Illinois Supreme Court dealt a mixed hand to the state Department of Revenue on Thursday when it required authorities to refund over $23 million in local taxes to an Illinois-based fuel company, but invalidated the regulation allowing for the loophole.

  • November 21, 2013

    Baucus Aims To Pare Depreciation Rules In Tax Plan

    The latest tax reform proposals unveiled Thursday by Senate Finance Committee Chairman Max Baucus take aim at the current cost recovery and tax accounting system by eliminating a glut of depreciation rules that have added layers of complexity to the tax code.

  • November 21, 2013

    NY Should Rethink Film Industry Tax Credits, Report Says

    New York gives more tax credits to the film industry than it receives from its tax revenue, according to an unpublished report prepared for the New York State Tax Reform and Fairness Commission that was leaked on Wednesday.

  • November 21, 2013

    Moody's Downgrades Atlantic City Over Poor Gaming Revenue

    Moody's Investor Service has downgraded Atlantic City's rating to Baa2 from Baa1 because of the city's reduced tax base and weak casino revenues, the ratings agency said Tuesday.

  • November 21, 2013

    Ohio Failed To Return $30M In Tax Refunds, Report Says

    The Ohio Inspector General announced Thursday that the state has wrongfully withheld more than $30 million in business tax refunds dating back more than a decade and called for reform of the state's tax administrator.

  • November 21, 2013

    Q&A With Kirkland & Ellis' Todd Maynes

    The IRS is overworked and Congress wants to cut their funding. It’s a little absurd actually, says Todd Maynes, a partner with Kirkland & Ellis LLP specializing in the tax aspects of debt restructuring, bankruptcy and tax litigation.

  • November 21, 2013

    EU Targets Belgium For Tax Discrimination

    The European Commission announced Wednesday that it would move forward with enforcement actions against Belgium before the Court of Justice for the European Union over two tax policies that it believes favor Belgian residents and discourage foreign investment.

  • November 21, 2013

    IRS Cut Corners On Data Security Fixes, Watchdog Says

    The Internal Revenue Service needs to ensure that it follows through on all corrective plans it implements to fix security weaknesses because several plans were closed before being fully implemented, putting taxpayer data at risk, according to a report released Thursday.

  • November 21, 2013

    Female Powerbrokers Q&A: Weil's Mindy Spector

    As a junior associate, I was sent to a client and the general counsel of the company said that he didn’t want a "girl associate" interacting with the business people. Ironically, at the end of the matter, the client offered me a job to be the "first woman lawyer" in its law department, says Mindy Spector, general counsel of Weil Gotshal and Manges LLP and chairwoman of the firm's nominating committee.

  • November 21, 2013

    Female Powerbrokers Q&A: Hunton & Williams' Sandy Collins

    I serve on a firm committee that touches base with every team head on a regular basis about the professional development of the women on their respective teams. Firms need to be strategic in increasing women partners to reflect both the real world and what our clients want, says Cassandra Collins, administrative partner of Hunton & Williams LLP's global litigation group.

  • November 21, 2013

    Liechtenstein, San Marino Sign Int'l Tax Info Accord

    Liechtenstein and San Marino on Thursday became the latest countries to join an international data exchange intended to increase transparency in the shadowy world of global banking and crack down on tax evasion.

  • November 21, 2013

    Travel Sites Lose Hotel Tax Challenge In NY’s Top Court

    Expedia Inc. and other online travel agencies suffered a setback Thursday when the New York Court of Appeal ruled that New York City’s tax on online hotel bookings is legal, overturning a lower court’s ruling that the tax was unconstitutional.