Tax

  • September 14, 2010

    Quellos Execs Cop To $240M Tax Shelter

    The founder and a former top executive of investment management firm Quellos Group LLC have pled guilty to charges related to a tax shelter that allowed wealthy clients to avoid more than $240 million in taxes.

  • September 7, 2010

    Sonnenschein Removed In BDO Tax Evasion Case

    A judge has disqualified Sonnenschein Nath & Rosenthal LLP from representing Denis Field, the former chief executive officer of BDO Seidman fighting charges that he helped run a scheme to sell illegal tax shelters.

  • September 7, 2010

    Priceline, Others Settle Fla. Tax Dispute For $6.5M

    A federal judge has preliminarily signed off on a $6.5 million settlement in a suit between a class of Florida counties and a slew of travel websites — including Priceline.com Inc. and Expedia Inc. — accused of dodging hotel occupancy taxes.

  • August 30, 2010

    Boulder Capital Told To Return $24M Loan Repayments

    A bankruptcy judge has ordered real estate financing company Boulder Capital LLC to return $24.3 million in loan repayments it received from The 1031 Tax Group LLP, a bankrupt money management firm that was looted by its owner.

  • August 26, 2010

    Spheris Inc. Liquidation Plan Confirmed

    A bankruptcy judge signed off on the Chapter 11 liquidation plan of defunct medical documentation technology company Spheris Inc. Thursday after the debtors resolved Internal Revenue Service objections.

  • August 10, 2010

    Skadden Must Produce Documents In Quellos Case

    A federal judge has ordered Skadden Arps Slate Meagher & Flom LLP to produce documents related to work it did for Quellos Group LLC in connection with an alleged tax shelter.

  • August 9, 2010

    Kerry Offers Clean Energy Bill In Lieu Of Cap-And-Trade

    With cap-and-trade legislation in limbo, Sen. John Kerry, D-Mass., has unveiled a much more limited bill that would provide tax incentives for clean energy manufacturing, renewable energy and conservation.

  • August 2, 2010

    Fed. Circ. Finds Coal Reclamation Fees Constitutional

    A federal appeals court has ruled that reclamation fees collected by the Office of Surface Mining Reclamation and Enforcement from coal producers are not export taxes and therefore do not violate the U.S. Constitution.

  • July 27, 2010

    Duke Holds On To Power Plant Tax Credit For Now

    A federal judge has rejected a bid by two environmental advocacy groups to stop the U.S. Department of Energy from giving a federal tax credit to Duke Energy Corp. for a planned cleaner coal power plant.

  • July 16, 2010

    Tobacco Importer Sues US Over Tax Rates

    A domestic importer of “gutkha” has sued the U.S. government, challenging an agency action labeling the Indian tobacco product as snuff, rather than chewing tobacco, which comes with a tax rate that is three times as high.

  • July 14, 2010

    Bracewell Opens Doors In Seattle

    Bracewell & Giuliani LLP has set up shop in Seattle to serve its growing client base in the U.S. Pacific Northwest and western Canada and initially will focus on providing legal services in the areas of energy, intellectual property litigation and tax.

  • July 14, 2010

    US Insurers Fight Foreign Reinsurance Tax Break

    Leaders from two major U.S. insurance holding companies urged a U.S. House of Representatives panel Wednesday to close a tax loophole they said is unfairly allowing foreign-owned insurers to take a hefty tax break for reinsuring their U.S. risk with non-U.S. affiliates.

  • July 7, 2010

    Loeb & Loeb Snares 2 O’Melveny Tax Attorneys

    Loeb & Loeb LLP has expanded its tax law practice in Los Angeles with the addition of two attorneys from O’Melveny & Myers LLP who specialize in advising bankrupt clients on tax matters.

  • July 1, 2010

    Colonial Can't Pursue Tax, Insurance Claims: FDIC

    The Federal Deposit Insurance Corp. has asked a judge to throw out a suit brought by the bankrupt Colonial BancGroup Inc. over who owns the rights to certain income tax refunds and proceeds of insurance policies, saying the claims are barred by statutory provisions.

  • July 1, 2010

    Texas Tax Agency Seeks To Overhaul Ch. 11 Setoffs

    The chief tax collector of Texas has objected to U.S. Concrete Inc.'s reorganization plan, arguing that bankruptcy judges must put a halt to the accepted practice of nixing creditors' setoff rights, particularly in light of the high court's guidance in Espinosa v. United States Aid Funds Inc.

  • June 24, 2010

    La. Wants BP To Cough Up $35M, Lost Property Taxes

    A package of resolutions has been adopted by the Louisiana Legislature, requesting among other things that BP PLC provide $35 million to the state's technical colleges for cleanup programs and that the state attorney general sue BP for the loss of property taxes.

  • June 21, 2010

    EPA Wants Superfund Taxes Brought Back

    The U.S. Environmental Protection Agency has come out in support of reinstating the lapsed Superfund "polluter pays" taxes, saying they are needed so taxpayers won't bear the cost of cleanups when responsible parties cannot be identified.

  • June 14, 2010

    High Court To Hear CSX Challenge To Ala. Taxes

    The nation's highest court agreed Monday to take up the question of whether millions of dollars in diesel fuel taxes applied to railroad transport petitioner CSX Transportation Inc., but not its water- and highway-based freight hauling competitors, may be challenged as discriminatory.

  • June 10, 2010

    Crescent Sues Ex-CEO Over $2.4M In Tax Payments

    Real estate developer Crescent Resources LLC is going after its former president, accusing him of breaching contract by accepting more than $2.4 million to offset taxes on an interest that never vested.

  • June 9, 2010

    Pa. Dishes Out Tax Objection To Uno Plan

    Pennsylvania's Department of Revenue is objecting to famed pizza chain Uno Restaurant Holdings Corp.'s bankruptcy reorganization plan because it does not provide for statutory interest on the state's tax claims and does not ensure that tax debts won't be discharged until they are paid in full.