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Tax

  • June 3, 2013

    BP Announces $1B Alaska Expansion, Citing New Tax Break

    BP PLC said Monday that it would invest another $1 billion and add two new drilling rigs to its operations in Alaska's North Slope region, citing a tax break recently enacted by the state in order to encourage more oil and gas production.

  • June 3, 2013

    Tax Code Nixes Resident's $30M Suit, NY Hospital Chain Says

    A New York hospital chain urged a federal court Friday to toss a former medical resident's $30 million putative class action alleging it made no real effort to inform residents that it had over-collected their federal taxes, saying it followed tax requirements and cannot be sued.

  • May 30, 2013

    IRS Wrongly Refused To Stay Booz Allen Contract: Tax Co.

    A tax-consulting firm Thursday sued the U.S. in the Court of Federal Claims, saying the Internal Revenue Service improperly refused to stay a contract it issued to rival Booz Allen Hamilton Inc., even though the firm filed a bid protest with the Government Accountability Office.

  • May 29, 2013

    Swiss Will Let Banks Share Info On US Tax Cheats

    The Swiss government on Wednesday said it would allow the country's banks to turn over information about hidden accounts held by American clients that were not covered by an earlier agreement with U.S. tax authorities in a move aimed at putting “the past to rest.”

  • May 29, 2013

    $1B Empire State Building IPO Approved By Shareholders

    A supermajority of Empire State Building investors have approved a controversial plan to put the building in a $1 billion publicly traded real estate trust, despite ongoing litigation over the proposal, according to a Wednesday regulatory filing.

  • May 28, 2013

    TSA Contractor Can't Recoup $5.3M In Taxes, DC Circ. Says

    The D.C. Circuit on Tuesday rejected a Transit Security Administration contractor's efforts to recoup $5.3 million in Washington state taxes, finding that the company's contract related to explosive detection equipment installed at airports didn't allow it to seek reimbursement.

  • May 28, 2013

    $880M Everglades Restoration Bill Continues Tax On Farmers

    Florida Gov. Rick Scott on Tuesday signed into law a measure that will continue taxing farmers in the northern Everglades to help generate $32 million a year in state funding to support the final phase of an $880 million long-term restoration project.

  • May 28, 2013

    Edwards Wildman Can't Get High Court Help In RICO Suit

    The U.S. Supreme Court on Tuesday denied a bid by Edwards Wildman Palmer LLP to squash a putative racketeering class action accusing it, John Hancock Life Insurance Co. and others of steering companies to abusive tax shelters, rejecting arguments that the Sixth Circuit had defied high court precedent.

  • May 24, 2013

    Energy Storage Bill Would Boost Renewables, Sens. Say

    Four U.S senators on Thursday reintroduced a bill that would offer tax incentives for the use of technologies that can store energy, which they claim would spur further renewable energy development and lower electricity costs by reducing the need for electricity at peak hours.

  • May 24, 2013

    Pa. Can't Tax Out-Of-State Trusts, Appeals Court Rules

    The Pennsylvania Commonwealth Court ruled Friday that the state’s efforts to impose income taxes on two trust funds that were based in Delaware and lacked Pennsylvania income violated the commerce clause of the U.S. Constitution.

  • May 23, 2013

    Hertz, Avis Say Chicago Making Them Pay For $800M Project

    The Hertz Corp., Avis Budget Car Rental LLC and two other rental car companies urged an Illinois judge on Wednesday to halt a Chicago airport's “do-or-die" public bid process, slated to go live Friday, alleging that the city has unlawfully changed lease practices to pay for a modernization project whose costs could exceed $800 million. 

  • May 23, 2013

    Casino Revenue Talks With NY Tribe Hit Impasse, Cuomo Says

    New York Gov. Andrew Cuomo said Thursday that casino revenue-sharing negotiations with the Seneca Nation Native American tribe have stalled, leaving the tribe’s territory open to other bidders as the state seeks to legalize table games like poker, roulette and craps.

  • May 22, 2013

    Texas Lawmakers Advance Business Tax Cut Bill

    Texas lawmakers on Tuesday approved legislation that will reduce state business tax liabilities by $600 million and impose a permanent exemption from the tax for companies with annual revenues below $1 million.

  • May 22, 2013

    Ex-Jenkens Atty, Accounting Chief Can't Duck Tax Fraud Rap

    A New York federal judge on Wednesday denied a bid by a former Jenkens & Gilchrist PC attorney and the head of an accounting firm to toss their tax evasion charges for lack of jurisdiction, saying a jury could find evidence that they set up an alleged tax shelter scheme in New York.

  • May 22, 2013

    Seyfarth Sued Again Over Brazilian Tax Shelters

    A Texas couple on Tuesday hit Seyfarth Shaw LLP with another derivative malpractice lawsuit tied to junk Brazilian tax shelters, alleging in Illinois state court that the firm knowingly misrepresented U.S. tax benefits of shelter schemes while reaping exorbitant fees from their clients.

  • May 22, 2013

    3rd Circ. Sides With IRS In Majestic Star Casino Tax Dispute

    The Third Circuit on Tuesday overturned a bankruptcy court decision that allowed Majestic Star Casino LLC to escape taxes foisted upon it when the casino operator’s nondebtor parent revoked its “S” corporation status, siding with the U.S. Internal Revenue Service and Majestic Star’s former owner.

  • May 22, 2013

    HSBC Client Avoids Jail After Cooperating With Tax Probe

    A New Jersey man who pled guilty to conspiring with several HSBC bankers to hide money in India from the Internal Revenue Service avoided prison time Wednesday, instead receiving probation in exchange for assisting prosecutors in their investigation of the bank.

  • May 21, 2013

    Apple CEO Denies Avoiding Taxes With Offshore Shell Cos.

    Apple Inc. CEO Timothy D. Cook on Tuesday defended his company's policy of holding billions of dollars in worldwide revenue in Irish shell corporations and shielding them from U.S. and international corporate taxes, telling a Senate investigations subcommittee that contrary to its report, Apple hasn't undercut its tax responsibilities.

  • May 21, 2013

    Drinker Biddle Lures Back Employee Benefits Pro

    Drinker Biddle & Reath LLP has landed an experienced partner to strengthen its employee benefits and executive compensation practice group in Chicago, the firm said on Monday.

  • May 21, 2013

    GOP Sens. Hammer Lew On IRS Targeting Scandal

    Secretary of the Treasury Jack Lew on Tuesday said he will push regulators to speed up finishing capital, proprietary trading and other Dodd-Frank Act-mandated rules even as questions over the Internal Revenue Service's targeting of conservative groups dominated his appearance before a Senate panel.