Tax

  • May 2, 2018

    Pass-Through Law May Cramp Savings, Report Says

    The tax break for pass-through businesses in the new federal tax law is so complex that any savings for small businesses may need to be spent on lawyers and accountants to understand the law, a coalition pushing for tax benefits for small businesses said Tuesday.

  • May 2, 2018

    Art Consultant Looks Set To Plead Out In NY Tax-Dodge Case

    A Long Island art consultant charged with dodging taxes on a $4 million inheritance by parking the money in Swiss banks looked ready Wednesday to admit to charges and avoid trial, according to case filings.

  • May 2, 2018

    British Tax Take On Pension Withdrawals Up By 1,000%

    The U.K. government has increased by 1,000 percent in a decade the revenue that it collects from wealthy savers who exceed the limit for dipping into their pensions without having to pay additional taxes, new data revealed on Wednesday.

  • May 1, 2018

    Manafort Wants Hearing On Leaking, Evidence Tossed

    Paul Manafort urged a Virginia federal court Monday to conduct a hearing about who leaked information related to his pending case for bank fraud, also asking the judge to suppress evidence collected from his home and a storage unit because he said the warrants were overbroad.

  • May 1, 2018

    Increased Gov’t Borrowing For Tax Cuts May Be Precarious

    The government's first official gross domestic product estimates in the wake of extensive tax cuts indicate a healthy economy, but the Treasury Department's record borrowing of $488 billion this year could result in long-term pain for Americans as they come down from the sugar high of a one-time tax boost.

  • May 1, 2018

    Arizona Group Seeks Tax On Wealthy To Fund Education

    As angry Arizona teachers skipped school to march on the state capital for a fourth day Tuesday, their allies and advocates were busy gathering signatures on the sidelines in support of a plan that would raise taxes on the state's top earners to increase funding for education.

  • May 1, 2018

    Medical Firm ResMed Disputes $190M Tax Bill In Australia

    Medical device maker ResMed Inc. has announced its plans to challenge a $190 million tax bill that Australian authorities issued after an audit of the company’s transfer pricing.

  • May 1, 2018

    Facebook Must Explain Privilege Claims In Transfer Pricing Suit

    A California federal court on Monday gave Facebook 14 days to explain why three of the 15 documents the social media giant submitted in its transfer pricing dispute with the Internal Revenue Service were entitled to continued privilege.

  • May 1, 2018

    Exxon Mobil Hit With Tax Claim Over Loans To Aussie Unit

    Exxon Mobil Corp. is defending interest rates charged on loans to its subsidiary in Australia after local tax authorities claimed the U.S.-based oil and gas giant paid too little in income tax in 2010 and 2011 and indicated recalculations covering six more years might be coming.

  • May 1, 2018

    Minn. GOP Moves Toward Tax Plans To Bring To Gov.

    Minnesota Republicans are getting closer to forming a tax plan they can use to negotiate with Democratic Gov. Mark Dayton, with the Senate releasing its plan Tuesday and the House passing one Monday.

  • May 1, 2018

    Soda Tax Preemption Bill Clears Pa. House Committee

    A Pennsylvania legislative committee signed off on a measure Tuesday that would invalidate the city of Philadelphia’s controversial tax on sweetened beverages and preempt other municipalities in the state from enacting similar measures.

  • May 1, 2018

    IRS Penalties From Listed Transactions Final, Court Rules

    The U.S. Court of Federal Claims Monday let stand an Internal Revenue Service penalty against a taxpayer for participation in a listed transaction, granting the government's motion to dismiss his case.

  • May 1, 2018

    Del. To Test Mileage User Fee To Replace Fuel Tax

    The Delaware Department of Transportation announced on Tuesday the launch of a three-month pilot study to explore the feasibility of replacing the state's current fuel tax with a mileage-based user fee.

  • May 1, 2018

    IRS, Labor Dept. Keep Rules On Health Insurers' ACA Burden

    There will be no change to the rules by which health insurers cover medical costs associated with out-of-network emergency services for nongrandfathered Affordable Care Act plans, the Internal Revenue Service and other federal agencies said in guidance released Tuesday.

  • April 30, 2018

    Pa. Gov. Pushes For Bipartisan Natural Gas Tax

    The governor of Pennsylvania revealed Monday that he is partnering with at least one Republican legislator to push for a severance tax on natural gas to generate some $250 million in new revenue for state coffers.

  • April 30, 2018

    Calif. Leads In Eligible Opportunity Zones, Research Says

    A report from the Congressional Research Service, the main research arm of Congress, shows that California nominated the highest number of census tracts eligible for the new opportunity zone program, which encourages investment in low-income areas.

  • April 30, 2018

    Tribe Claims Casino Expansion Exempt From SD Excise Taxes

    Federal law preempts South Dakota from enforcing an excise tax on a contractor expanding an American Indian casino, a Native American tribe argued in a brief filed Friday in federal district court, opposing the state’s motion for summary judgment.

  • April 30, 2018

    US Economic Growth Slowed In Q1, Commerce Dept. Says

    U.S. economic growth and consumer spending slowed down in the first quarter while private domestic investments posted an uptick, according to the Bureau of Economic Analysis’ early estimates on Friday that indicate economic performance in the months immediately following the passage of $1.5 trillion in tax cuts.

  • April 30, 2018

    The Lateral Audit: Tax Attorney Moves in April

    In the latest edition of The Lateral Audit, McDermott, Will & Emery boost their D.C. tax office, Michael Jaffe joins Baker McKenzie’s North America tax practice and Wendy Moore joins Perkins Coie's corporate practice.

  • April 30, 2018

    Spring Water Bottlers Expected To Fight A Move To Tax Them

    A Michigan lawmaker seeks to levy a first-in-the-nation excise tax on spring water bottlers, saying it is "ridiculous" that private companies can use the state's natural resources for free, a move that experts predict will be met with a vigorous fight from big water businesses.

Expert Analysis

  • New Remedial Actions For Tax-Advantaged Bonds And P3s

    Travis Gibbs

    Under an IRS revenue procedure issued on April 11, 2018, issuers of tax-advantaged bonds have new remedial actions available to them to cure unqualified uses that previously would result in loss of tax-advantaged status. Attorneys at Nixon Peabody LLP explain the new procedures.

  • Investing In US Real Estate On A (Possibly) Tax-Free Basis

    Galia Antebi

    Under certain facts, some foreign investors can invest in a real estate investment trust on a completely tax-free basis, both with respect to distributions received from the REIT and with respect to the disposition of the REIT stock, say Galia Antebi and Neha Rastogi of Ruchelman PLLC.

  • Tax Reform Creates New Opportunities For REITs

    James Godman

    While many analysts expected that federal tax reform would dampen enthusiasm around real estate investment trusts, those concerns have proven to be unfounded. In fact, REITs and their investors should see a net gain overall from the recently adopted tax changes, say attorneys with Kramer Levin Naftalis & Frankel LLP.

  • In Ohio, Tax Pendulum Swings In Favor Of Freelancers

    Thomas Ubbing

    New tax provisions added as part of the 2017 Tax Cut and Jobs Act substantially favor independent contractors over W-2 employees. This, coupled with the 100 percent Ohio income tax exclusion for business income, means many Ohio independent contractors will pay far less taxes than W-2 employees at the same pay levels, says Thomas Ubbing of Brouse McDowell LPA.

  • Best Practices For Building A Better Meeting

    Nicholas Cheolas

    How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.

  • At Wayfair Args, Justices Seem Hesitant To Overturn Quill

    Clark Calhoun

    While the justices' comments during oral argument in South Dakota v. Wayfair Tuesday indicate that the U.S. Supreme Court is divided about the appropriate response to the South Dakota law at the heart of this matter, a ruling to affirm the status quo and hold for the taxpayers would not be surprising, say attorneys with Alston & Bird LLP.

  • 5 Ways Law Firms Are Becoming More Like Hotels

    Bella Schiro

    One way law firms differentiate themselves from the competition to attract and retain top talent is through their real estate and workplace strategies. Taking a lead from the hospitality industry can help create a more inviting, welcoming and collaborative workspace environment, says Bella Schiro of Jones Lang LaSalle Inc.

  • The Impact Of Tax Reform On Film, TV And Print Media: Part 2

    Michele Alexander

    The Tax Cuts and Jobs Act has imposed new limitations on a corporation’s ability to take advantage of net operating losses. Certain changes will disproportionately affect media companies, impacting their debt restructuring, acquisition and disposition strategies, say Michele Alexander and Ryan Davis of Bracewell LLP in New York.

  • Deductions Under Revised IRC §162(f): The Interim Guidance

    Ellen McElroy

    Recent changes to Internal Revenue Code section 162(f) and the addition of section 6050X are expected to significantly impact the resolution of fines and penalty issues in an IRS exam context. As a threshold matter, taxpayers in a settlement posture will now be required to consider the tax treatment of settlement payments, say attorneys at Eversheds Sutherland LLP.

  • Opinion

    Gorsuch's 1st Year Shows He Is A Conservative Activist

    Elliot Mincberg

    In his first year on the U.S. Supreme Court, Justice Neil Gorsuch has proven to be a narrow-minded elitist who consistently votes in favor of corporations and the powerful, acting to roll back protections for workers, consumers, LGBTQ individuals and other marginalized communities, says Elliot Mincberg of People for the American Way.