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Tax

  • October 23, 2012

    NYC Landlords Stuck In Rent Stabilization Program, Court Rules

    A 1,000-unit New York City apartment complex can't give up lucrative tax breaks so it can deregulate apartments previously rent-stabilized, a state appeals court ruled Tuesday, striking a blow to landlords in the wake of the landmark Stuyvesant Town rent stabilization decision.

  • October 22, 2012

    Solyndra Gets Green Light For Ch. 11 Plan Over US Objection

    A Delaware bankruptcy judge on Monday gave her blessing to Solyndra LLC's reorganization plan, casting aside the U.S. government's protest that the plan's central goal was to secure valuable tax breaks for the defunct solar company's private equity investors.

  • October 19, 2012

    Powerful House, Senate Panels Set For Election Year Shake-Up

    Regardless of the outcome of the presidential election, power players on Capitol Hill are preparing for a turnover in leadership of key congressional committees, which could usher in new agendas and affect efforts to tackle financial reform, domestic energy production, liquefied natural gas exports, cybersecurity, competition policy, agency budgets and entitlement programs during the 113th Congress.

  • October 19, 2012

    Top NY Court Rules Credit Unions Must Pay Mortgage Tax

    New York's top court on Thursday ruled that federal credit unions are required to pay a state mortgage tax on home loans they originate, ruling that federal law does not specifically exempt them from such taxes.

  • October 19, 2012

    Texas High Court Denies Nestle's Bid To Kill Margin Tax

    Texas’ highest court on Friday upheld the state’s business margin tax as constitutional, ending a challenge by Nestle USA Inc., which claimed it was unfairly being forced to pay a higher rate than other companies.

  • October 18, 2012

    LA County Assessor Denies Tax Fraud Charges

    A Los Angeles County assessor pled not guilty Thursday to charges that he took bribes to assign lower property values and cost the county more than $1.1 million in lost property tax revenue.

  • October 17, 2012

    Solyndra Battles IRS In Court Over Ch. 11 Plan

    Defunct solar energy company Solyndra LLC squared off with the U.S. government Wednesday in Delaware bankruptcy court, arguing that its reorganization plan makes the best of a bad situation for its private equity creditors and is not, as the government claims, a ploy to secure valuable tax breaks.

  • October 17, 2012

    LA Real Estate Assessor Arrested In Tax Fraud Scheme

    A Los Angeles County assessor was arrested Wednesday for allegedly accepting $185,000 to assign lower values on certain properties that allegedly led to unwarranted property tax refunds for his appraiser's clients and more than $1.1 million in losses to the county.

  • October 17, 2012

    IRS Charity Care Rule Puts Nonprofit Hospitals On Defense

    Nonprofit hospitals are pushing back on the Internal Revenue Service's proposed requirements for expanding access to charity care, saying the proposals are too prescriptive and will erect unnecessary and expensive barriers for hospitals trying to maintain their tax-exempt status.

  • October 17, 2012

    Virgin Mobile, TracFone Target 911 Tax In Texas High Court

    TracFone Wireless Inc. and Virgin Mobile USA Inc. on Wednesday told the Texas Supreme Court they’re entitled to a refund of a state tax on their prepaid cellphones because a fee for emergency services applied only to traditional wireless plans.

  • October 16, 2012

    7th Circ. OKs Medicare Payment Cut To 19 Ill. Hospitals

    The Seventh Circuit on Tuesday ruled that the Department of Health and Human Services was right to lower the Medicare reimbursement for 19 Illinois hospitals by several million dollars, finding that HHS was well within its discretion to rule that state payments offset taxes the hospitals paid.

  • October 16, 2012

    US Demands Solyndra Tax Break Docs Before Key Hearing

    On the eve of a pivotal hearing on Solyndra LLC's bankruptcy plan, the U.S. government on Tuesday asked the court to force the defunct solar company to turn over privileged documents concerning tax breaks enjoyed by its private equity investors under the plan.

  • October 16, 2012

    'Girls Gone Wild' Founder Sues BDO Seidman Over Tax Shelters

    Pornographer Joseph R. Francis on Monday went after BDO Seidman LLP in California state court, saying the accounting firm sold him on fraudulent tax shelter products for which the Internal Revenue Service later assessed him back taxes and penalties of $13 million.

  • October 16, 2012

    Obama, Romney Throw Blows Over Energy, Health Care, Trade

    President Barack Obama confronted Republican presidential nominee Mitt Romney again on Tuesday in a tug-of-war over unemployment, energy policy, health care reform and trade in the second of three debates preceding the Nov. 6 presidential election.

  • October 15, 2012

    Solyndra Fires Back At IRS Over Ch. 11 Plan Tax Breaks

    Solyndra LLC on Monday defended its Chapter 11 plan against a protest from the U.S. Internal Revenue Service, saying there is nothing improper about its private equity owners taking advantage of the defunct solar company’s tax breaks after it exits bankruptcy.

  • October 15, 2012

    Ex-Oxbow Exec Alleges Billionaire Koch Held Him Captive

    A former executive for coal company Oxbow Carbon & Minerals Inc. sued the company’s billionaire owner William Koch in California federal court Thursday, claiming Koch held him captive after he questioned the legality of an alleged tax evasion plan.

  • October 12, 2012

    Fannie, Freddie Fire Back At Fla. County's Excise Tax Suit

    Fannie Mae and Freddie Mac on Thursday asked a federal judge to throw out a Florida county’s proposed class action accusing the mortgage giants of ducking property-related excise taxes, saying their charters provide an exemption from such levies.

  • October 12, 2012

    Wells Fargo Stripped Of Award In Pollution Tax Break Appeal

    A Texas appeals court on Friday vacated a sanctions award Wells Fargo Bank Minnesota NA had won against an Austin, Texas, appraisal district that refused to grant it a property tax break for its pollution control measures, holding the bank didn’t follow tax protest procedures.

  • October 10, 2012

    IRS Says Solyndra's Ch. 11 Plan Is Ploy To Skirt Taxes

    The Internal Revenue Service moved to derail Solyndra LLC's bankruptcy plan on Wednesday, claiming the plan cannot be approved because its “principal purpose” is to help the defunct solar company's private equity owners avoid paying taxes.

  • October 5, 2012

    Indy Downs CEO Gets OK To Examine Winning Bidder's Docs

    A Delaware bankruptcy judge on Friday allowed Indianapolis Downs LLC's CEO to examine communications between Centaur Gaming LLC, which agreed to buy the rival horse track and casino for $500 million, and certain state agencies, finding his discovery requests pertinent to the Chapter 11 proceedings.