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Tax

  • 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.

  • May 21, 2013

    Tea Party Groups Hit IRS With 1st Suits In Bias Scandal

    A pair of tea party groups mounted the first lawsuits against the Internal Revenue Service over the agency’s targeting of conservative groups, claiming in a putative class action and an individual suit Monday that their tax-exempt status applications were illegally scrutinized.

  • May 20, 2013

    Fla. Tax Law Likely To Avoid Court Despite Legal Issues

    Despite claims from some lawmakers and advocacy groups that a new Florida law exempting manufacturing equipment from sales tax is unconstitutional, the measure likely won't be challenged in court because local governments that can sue over lost revenue stand to gain from the measure, experts said Monday.

  • May 20, 2013

    Lew Likely To Face Flak Over IRS, Not Financial Rules

    Treasury Secretary Jack Lew is scheduled to address potential risks to the financial system when he appears before Congress this week, but the growing scandal over the Internal Revenue Service's targeting of conservative groups threatens to overshadow his eagerly anticipated faceoff with lawmakers over everything from systemically important financial institutions to money market fund reform.

  • May 20, 2013

    Baker Botts Lands Employee Benefits, Tax Pro In Dallas

    Baker Botts LLP has landed an employee benefits and executive compensation veteran from Gibson Dunn & Crutcher LLP to join its Dallas office as a partner in its tax department, the firm announced Monday.

  • May 20, 2013

    Fannie, Freddie Exempt From Transfer Tax, 6th Circ. Says

    The Sixth Circuit on Monday ruled Fannie Mae and Freddie Mac are federal agencies exempt from real estate transfer taxes, overturning a lower court that said two Michigan counties could collect such taxes and dealing a blow to similar suits across the country.

  • May 20, 2013

    3 Ex-Saab Execs Arrested In Sweden For Tax Evasion

    Swedish authorities on Monday reportedly arrested three former executives of recently bankrupt Saab Automobile AB, including the carmaker's ex-general counsel, on charges of accounting fraud stemming from purported tax evasion.

  • May 20, 2013

    Supreme Court Says PPL Due $39M IRS Credit Over UK Tax

    The U.S. Supreme Court unanimously ruled Monday that PPL Corp. is entitled to $39 million in U.S. Internal Revenue Service foreign tax credits because a U.K. windfall tax paid by a PPL British subsidiary reached the utility's net income, qualifying as an income tax. 

  • May 20, 2013

    FDIC Loses Fight Over $30M In Imperial Capital Bankruptcy

    A California judge on Thursday rejected a bid by the Federal Deposit Insurance Corp. to claim $30 million in tax refunds as the receiver of the failed Imperial Capital Bank, saying the funds belong instead to the bank's parent under the terms of a prebankruptcy contract.

  • May 17, 2013

    Fla. Gov. Signs Sales Tax Break To Bolster Manufacturing

    Florida Gov. Rick Scott on Friday signed into law a bill eliminating the sales tax on manufacturing equipment, a move the governor hopes will boost the manufacturing sector in the state.

  • May 17, 2013

    Reps. Call For More Heads In Wake Of IRS Targeting Scandal

    More Internal Revenue Service personnel should be ousted for their roles in the tax agency's conspiracy to single out conservative political groups for extra scrutiny, House lawmakers said Friday during a Capitol Hill hearing on the brewing scandal.