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Tax

  • November 21, 2018

    Justices’ Lean Toward States’ Rights Boosts Taxing Powers

    The U.S. Supreme Court’s recent leaning toward states’ rights and skepticism of dormant commerce clause power have resulted in an environment more sympathetic toward state taxing powers.

  • November 20, 2018

    Revised Puerto Rico Sales Tax Plan Cleared For Creditor Vote

    A plan to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, will go to a creditor vote, the judge presiding over the U.S. territory’s bankruptcy-like proceedings ruled Tuesday, putting the agency on track to confirm its debt adjustment scheme by mid-January.

  • November 20, 2018

    Investment Adviser Gets Prison For Fraud, Sham Atty Letter

    An investment adviser was slapped with a more than eight-year prison sentence Tuesday in New Jersey federal court for bilking investors out of millions of dollars, forging his former attorney's signature as part of the scheme after he was arrested and released on bail, and preparing false tax returns for clients.

  • November 20, 2018

    IRS Floats Regs Protecting Larger Estate Exemption For Gifts

    Individuals concerned about losing the benefits of a temporarily increased exemption for the estate tax by making large gifts may not have to worry about paying an additional tax after the exemption decreases, under regulations the IRS proposed Tuesday.

  • November 20, 2018

    Palmolive Building Owners' $10M Penalty Must Stand: IRS

    The U.S. Tax Court should not dismiss more than $10 million in accuracy-related penalties against the owners of the historic Palmolive Building in Chicago for misstating the value of the skyscraper's donated easement, and the court must examine the company's intent, the IRS said in a recent filing.

  • November 20, 2018

    NJ Atty Makes Coy Push For Lead In Danish Tax Fraud MDL

    Cryptic concerns about international criminal investigations were not enough Tuesday to secure New Jersey attorney John M. Hanamirian a leadership role defending hundreds of American pension plans against multidistrict litigation accusing them of cheating Danish tax authorities, a Manhattan federal judge said in court.

  • November 20, 2018

    6 Things Tax Attys Are Grateful For This Thanksgiving

    From the downfall of the physical presence test to proposed regulations to limit income inclusions for corporate U.S. shareholders of controlled foreign corporations, family, friends and turkey are not the only things tax attorneys have to be thankful for this holiday season. Here, Law360 looks at six tax developments practitioners appreciate and hope for this year.

  • November 20, 2018

    7th Circ. Rejects Atty’s Claim For Innocent Spouse Relief

    The Internal Revenue Service was not required to inform an attorney and school administrator of her right to request innocent spouse relief, the Seventh Circuit has ruled, backing a U.S. Tax Court decision to deny her relief from her tax attorney-husband’s liabilities.

  • November 20, 2018

    UK Lawyer Gets 20 Months For Decade Of Dodging US Taxes

    A Manhattan federal judge sentenced English lawyer Michael Little to 20 months in prison Tuesday for helping the children of a deceased investor dodge taxes on their $14 million inheritance over a decade and for failing to pay his own taxes, ruling also that the former Royal Marine lied as he testified in his own defense.

  • November 20, 2018

    Ex-NFL Security Personnel Shorted On OT, Benefits, Suit Says

    A group of former National Football League security personnel filed suit in a New York federal court Tuesday claiming the league misclassified them as independent contractors as a way to deny them overtime and benefits.

  • November 20, 2018

    Ex-Atty Can't Avoid Prison Time For Bilking Foreign Nation

    A New Jersey federal judge on Tuesday nixed a former attorney’s bid to set aside his six-year prison sentence for using a bogus law and accounting firm to defraud a foreign nation of more than $3.5 million, rejecting claims that he received ineffective legal assistance.

  • November 20, 2018

    Michael Cohen-Linked Atty Found Guilty Of Asylum Fraud

    An immigration lawyer linked to President Donald Trump's former attorney Michael Cohen was found guilty of lying on more than 100 asylum applications to immigration authorities and aggravated identity theft following a two-week trial, the U.S. Attorney's Office for the Southern District of New York said Monday.

  • November 20, 2018

    Texas Investor Pays $4.9M To Exit IRS' Oil Biz Suit

    An investor has settled his $4.9 million tax bill with the IRS in a Texas federal court using the proceeds of a legal settlement to drop out of a $21 million suit involving an oil business. 

  • November 19, 2018

    Mich. Says Tribe Doesn’t Deserve Win In Tax Authority Suit

    Michigan state officials have slammed a Native American community’s quick win bid in a suit over the state’s tax authority, saying the community had provided information that was inaccurate or unsupported and federal law did not preempt the state’s imposition of sales or tobacco tax.

  • November 19, 2018

    Sovereign Immunity Bars $13M Award Suit, Uzbekistan Says

    The Republic of Uzbekistan on Friday urged a D.C. federal court to toss a lawsuit filed by a Guernsey-based arbitration funder to confirm a $13 million arbitral award stemming from a mining and tax dispute, saying the suit is barred under sovereign immunity.

  • November 19, 2018

    IRS Simplifies Accounting Method For Cost Allocation

    The U.S. Department of the Treasury released final regulations Monday with a simplified accounting method for those who produce or acquire property for resale and are required to capitalize costs to the property.

  • November 19, 2018

    Amended Suit Doesn't Reset Dismissal Deadline: Texas Panel

    A sales tax refund company that knew a competing company was suing it for trade secret misappropriation missed a 60-day deadline to try to toss the claims under a state free speech law, a Texas appellate court has held, rejecting the argument that an amended petition reset the clock.

  • November 19, 2018

    Nissan Chairman Arrested In Japan Amid Misconduct Claims

    Carlos Ghosn, the CEO and chairman of the Nissan-Renault-Mitsubishi Alliance and one of the world’s best-known businessmen, was arrested by Japanese authorities early Monday morning after an investigation sparked by a whistleblower revealed he underreported his income and misused Nissan company funds for years.

  • November 19, 2018

    EU Digital Tax Should Be Higher, Broader, Lawmakers Say

    A proposed European Union digital tax should be set at 5 percent rather than 3 percent and should include revenue from sites such as Netflix Inc. and Amazon.com Inc., European Parliament lawmakers said Monday.

  • November 19, 2018

    Allen Matkins Nabs Ex-CliftonLarsonAllen Tax Atty In LA

    Allen Matkins Leck Gamble Mallory & Natsis LLP has announced a former CliftonLarsonAllen attorney experienced in tax planning and structuring has joined the firm’s Los Angeles office as a partner.

Expert Analysis

  • 5 Key Takeaways From Portland's New Large Retailer Tax

    John Gadon

    John Gadon and Eric Kodesch of Lane Powell PC discuss who and what is included under the new 1 percent gross receipts tax on large retailers passed by Portland, Oregon, voters via ballot measure last week.

  • New Regs May Substantially Impact Multinational Financing

    David Goett

    If the proposed Internal Revenue Code Section 956 regulations are finalized as written, both actual and deemed repatriations would be tax-free in the United States to 10 percent corporate shareholders without associated foreign tax credits brought up to the shareholder, say attorneys at Mayer Brown LLP.

  • Q&A

    Back To School: Yale's Linda Greenhouse Talks Journalism

    Linda Greenhouse

    In this series featuring law school luminaries, Yale Law School lecturer and Pulitzer Prize-winning reporter Linda Greenhouse discusses her coverage of the U.S. Supreme Court, the conservatives' long game and trends in journalism.

  • Tax Delayed Is Tax Avoided: More Opportunity Zone Benefits

    Lewis Horowitz

    Although the opportunity zone program is designed to stimulate investment in low-income areas, in many cases, taxpayers can benefit from investments in neighborhoods — such as those in Washington and Oregon — that are growing despite this incentive, say Eric Kodesch and Lewis Horowitz of Lane Powell PC.

  • Opinion

    Celebrate Veterans By Improving Their Access To Justice

    Linda Klein

    Attorneys should think beyond the Veterans Day parades and use their time and talents to help the many veterans facing urgent legal issues, says Linda Klein of Baker Donelson Bearman Caldwell & Berkowitz PC.

  • Can TCJA Save The Corporate Income Tax?

    Joyce Beebe

    Federal government revenue from corporate income tax has steadily declined since the start of the postwar era. Joyce Beebe and Jorge Barro at the Baker Institute for Public Policy consider how recent tax reforms may shift this trend.

  • REITs With International Operations Get Welcome IRS Ruling

    David Miller

    A revenue procedure released by the IRS in September provides important, albeit limited, relief to real estate investment trusts with international operations on certain unanswered questions, say David Miller and Christian Brause of Sidley Austin LLP.

  • Opinion

    Time To Reclaim Wellness For All Lawyers

    Leesa Klepper

    The decision last month by Baker McKenzie’s global chairman to step down due to exhaustion indicates that the legal profession needs to mount a broader wellness effort to address long hours, high stress, frequent travel and the daily demands of practice, says Leesa Klepper, director of Thrivewell Coaching.

  • A Look At Tax Code Section 199's Last Stand

    Kevin Spencer

    The IRS has increased scrutiny for Internal Revenue Code Section 199 deductions taken against profits from film, computer software, electricity, natural gas, potable water, tangible personal property and certain sound recordings. Though 199 was repealed by tax reform, battles over this contentious deduction are sure to continue for some time, say attorneys at McDermott Will & Emery LLP.

  • 2 Possible High Court Approaches To Tribe Tax Dispute

    Catherine Munson

    Based on last week's oral arguments in Washington v. Cougar Den, it's likely that the outcome will turn on whether the U.S. Supreme Court considers Washington's fuel tax to be on the possession of fuel, or on the Yakama Nation's importation of fuel, say Catherine Munson and Rachel Saimons of Kilpatrick Townsend & Stockton LLP.