Tax

  • July 5, 2017

    Ill. Gov. Nixes Budget, But Senate Delivers Quick Override Vote

    The Democratically controlled Illinois Legislature has moved one vote away from overriding Republican Gov. Bruce Rauner's Tuesday veto of a budget package consisting of a permanent income tax increase, a $36 billion spending plan and $6 billion in borrowing authority to pay off a chunk of the state's massive $15 billion backlog of bills.

  • July 5, 2017

    Pa. Justices Bar Selective Tax Assessment Appeals

    The Pennsylvania Supreme Court ruled on Wednesday that a suburban Philadelphia school district’s alleged efforts to selectively target high-value commercial properties for tax assessment appeals violated a provision of the state’s constitution requiring uniform taxation.

  • July 5, 2017

    Real Estate Regs, Legislation To Watch In The Second Half

    Political uncertainty in Washington means real estate lawyers will be keeping close watch on several programs and regulations that could face changes. Here, Law360 looks at regulation and legislation real estate lawyers will be monitoring in the second half.

  • July 5, 2017

    Top 4 Tax Cases To Watch In The Second Half Of 2017

    The remainder of this year will see two major tax battles at the U.S. Supreme Court, litigation over President Donald Trump’s war on regulations, and Caterpillar’s tax strategies being scrutinized.

  • July 5, 2017

    Partnership Loses Out On $33M Donation Tax Deduction Claim

    A real estate partnership has lost out on a $33 million claimed property interest donation to the University of Michigan after a U.S. Tax Court ruling that the partnership overstated the value of the donated property by more than $30 million.

  • July 4, 2017

    EU Lawmakers Back Country-By-Country Tax Reporting Law

    European lawmakers on Tuesday voted to force multinational companies to disclose how much tax they pay in each country, in a bid to cut corporate tax avoidance which costs the bloc tens of billions of dollars.

  • July 3, 2017

    Ill. House Votes To Borrow $6B To Pay Off Bills

    The Illinois House of Representatives on Monday confirmed a bill that would allow the state to borrow $6 billion in order to pay down some of its massive backlog of bills, which currently amount to $15 billion.

  • July 3, 2017

    Justice Stevens On Playing Politics With The High Court

    Justice John Paul Stevens discusses Merrick Garland, President Donald Trump, and how the Supreme Court has changed over the past few decades, in the first of two articles based on Law360’s interview with the 97-year-old retiree. This is part of an ongoing series of exclusive Law360 interviews with current and former Supreme Court justices.

  • July 3, 2017

    Taxpayers Drop $34.5M Detroit Arena Funding Row

    Michigan residents challenging the right of downtown development organizations in Detroit to use $34.5 million in taxpayer funds for the NBA team Detroit Pistons' relocation to a new arena have agreed to drop their suit, according to documents filed in Michigan federal court Saturday.

  • July 3, 2017

    Pa. Gov. Rejects Bill Prohibiting Plastic Bag Bans

    Pennsylvania Gov. Tom Wolfe has vetoed a bill that would prevent cities from placing bans or taxes on single-use plastic bags, citing state constitutional concerns.

  • July 3, 2017

    EU Top Court Is Asked To Weigh Tax Rule For Bank Branches

    France’s highest administrative court has asked the European Union to decide how and when finance giant Morgan Stanley can deduct value-added tax for its United Kingdom headquarters, a move that follows a legal dispute that could keep the firm’s French branch from deducting the levy.

  • July 3, 2017

    ID Theft Tax Fraudsters Sentenced For $1.8M Scheme

    Two Lone Star State men are facing years in prison for their admitted efforts to claim more than $1.8 million in tax refunds using stolen identities, the U.S. Department of Justice said last week in announcing their sentencing in Texas federal court.

  • July 3, 2017

    Mich. Tribe Loses Some Claims In Tobacco Tax Challenge

    The Keweenaw Bay Indian Community has lost out on some of its claims against Michigan tax authorities after a federal judge ruled that the state’s seizures of and tax levies on tobacco products fell in line with prior court rulings.

  • July 3, 2017

    The Top Tax Cases Of 2017: Midyear Report

    The first half of 2016 saw the Internal Revenue Service take a stinging loss in its $1.5 billion transfer pricing case against Amazon while federal and state governments reached settlements in high-profile cases including a tax avoidance dispute against Deutsche Bank. Here, Law360 takes a look back at the biggest court decisions so far this year.

  • July 3, 2017

    Orrick Seals Tricky San Francisco Airport Hyatt Deal

    Orrick Herrington & Sutcliffe LLP has helped the city and county of San Francisco get to groundbreaking for a major public hotel project at the San Francisco International Airport and has done the heavy lifting of drafting and negotiating numerous agreements with Hyatt along the way.

  • June 30, 2017

    Chicago-Area Soda Tax Stayed On Eve Of Scheduled Start

    Cook County, Illinois' penny-per-ounce tax on sugar-sweetened beverages will not be implemented as scheduled on July 1, per a circuit court judge's Friday ruling granting opponents a temporary restraining order on the tax.

  • June 30, 2017

    The Laterals Audit: Tax Attorney Moves In June

    In this latest edition of the Laterals Audit, Allen Matkins lured back an in-house lawyer from Chevron, Jones Day acquired a former DOJ attorney who led negotiations with the Swiss government to resolve their banks’ potential criminal liabilities, and Dechert brought an alternative investment partner on board.

  • June 30, 2017

    CBO Narrows Debt Limit Date, Warns of Deficit Increases

    The Congressional Budget Office released a pair of reports Thursday narrowing down the date by which lawmakers must raise the debt limit before the government runs out of cash and projecting an even greater budget shortfall thanks to “weaker than expected” tax collection.

  • June 30, 2017

    Taxation With Representation: Kirkland, WilmerHale, Latham

    In this week’s Taxation With Representation, Sycamore Partners buys Staples for $6.9 billion, a Russian billionaire picks up Britain’s largest health and wellness chain for $2.26 billion, and Spectranetics inks a $2.16 billion deal with Royal Philips.

  • June 30, 2017

    NY Judge Won't Reconsider Tossing Of Pfizer's $8.3M Suit

    Pharmaceutical giant Pfizer Inc. lost out on its latest attempt to revive an $8.3 million tax refund suit, as a New York federal judge ruled that the company can’t argue for a longer time to file the suit after it had been dismissed.

Expert Analysis

  • Series

    The Return Of Attorney-Conducted Voir Dire

    Stephen Susman

    If we truly believe in providing litigants with a jury of one’s peers, we must adopt strategies to ensure that parties and their representatives have a say in selecting their jury. When only judges participate, the result is a less representative and less fair cross section of the community, say Stephen Susman, Richard Jolly and Roy Futterman of NYU School of Law's Civil Jury Project.

  • Monthly Column

    Gray Matters: Identities Are Us

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    Lawyers faced with clients who can’t or won’t listen to their advice must consider that the core of this risky decision may be a person's inability or refusal to relinquish a prime identity in times of uncertainty, say dispute resolution experts Robert Creo and Selina Shultz.

  • My Milkshake Is Better Than Yours: Part 2

    Jill Dessalines

    In the second installment of this two-part series on disruptive innovation among mid-size law firms, Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former senior vice president at McKesson Corp., explores a number of ideas for keeping clients and maintaining market position.

  • The IRS Brings Partial Clarity To North-South Scenarios

    Aaron Pinegar

    When a shareholder transfers property to a distributing corporation shortly before or after a spinoff, will the transfer to the distributing corporation be respected as a separate transaction from the distribution for tax purposes? The IRS' recent ruling on such "north-south" transactions provides helpful guidance for some situations, but leaves other questions unanswered, says Aaron Pinegar of Baker Botts LLP.

  • Questions Following Prevezon Money Laundering Settlement

    Elizabeth Prewitt

    The Prevezon case stands out as an example of the extraordinary lengths the U.S. government can and will go to assert jurisdiction over matters involving foreign entities and persons who commit crimes abroad to the detriment of foreign countries and citizens. However, since the matter settled, the government’s case was not tested at trial, say attorneys with Hughes Hubbard & Reed LLP.

  • My Milkshake Is Better Than Yours: Part 1

    Jill Dessalines

    As I sat there listening, incredulous to learn that "Milkshake" was not only a real song but also a chart-topper, it reminded me of Harvard Business School Professor Clayton Christensen’s work on disruptive innovation — and how it pertains to mid-size law firms, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant general counsel of McKesson Corp.

  • The 1st Amendment Right To Pass Through Fees — And Taxes

    Eric Tresh

    The U.S. Supreme Court recently ruled that a New York statute that prohibits identifying a surcharge for credit card users regulates speech and is therefore subject to heightened scrutiny. The impact on how businesses collect or seek reimbursement for the costs of state and local taxes from their customers could be significant, say Eric Tresh and Alla Raykin of Eversheds Sutherland.

  • Pretax Premiums May Have Employees Singing Post-Tax Blues

    Matt Gerard

    A recent IRS memo states that payments made to participants under certain fixed indemnity health plans must be included in employees’ gross income, unless the premiums for such plans are paid on an after-tax basis. However, the memo does not address how employers should administer these taxable fixed indemnity payments, says Matt Gerard, in-house legal counsel at National Benefits Services.

  • Attorneys, Your Input Is Needed On Deposition Rule

    Frank Silvestri, Jr.

    Every lawyer who’s handled a civil case in federal court knows about Rule 30(b)(6), governing deposition procedures. But for many real-world deposition dilemmas, the rule offers little guidance. Last year, an Advisory Committee on Civil Rules subcommittee began considering whether the rule should be amended. Now attorneys must advise the subcommittee how to proceed, says Frank Silvestri Jr. of Verrill Dana LLP.

  • In Congress: Budget, Health Care, Comey

    Richard Hertling

    As we approach the Memorial Day recess, President Trump’s firing of FBI Director James Comey and allegations that the president sought to stop the FBI from investigating former National Security Advisor Michael Flynn’s potential ties to Russia remain at the top of the news cycle and threaten to derail Republican efforts to pursue health care and tax reform, among other priorities, say Richard Hertling and Kaitlyn McClure of Covingt... (continued)