A three-judge Tenth Circuit panel on Tuesday reversed and vacated an arbitration decision that had exempted Oklahoma tribe Citizen Potawatomi Nation from $27 million in alcohol sales taxes, saying a tribal-state gaming compact was unenforceable.
Justices on Massachusetts' high court pushed back on Tuesday against the proponents of a ballot initiative that would increase income taxes on the state's highest earners and send the money to education and transportation programs, at times echoing a cohort of businesses arguing against its constitutionality.
Pennsylvania Gov. Tom Wolf unveiled his 2019 budget plan Tuesday, calling for increased spending on education that would be partially offset by a new tax on natural gas.
Sunoco urged a Federal Circuit panel in oral arguments Tuesday to revive its bid for a $306 million tax refund, arguing the government has “drastically overstated” the harm Sunoco's calculation of an alcohol-fuel subsidy into its final tax bill would impose on federal tax collections.
The Second Circuit ordered U.S. District Judge Analisa Torres on Tuesday to further detail her thinking in slapping Morris E. Zukerman with a $10 million fine for decades of tax evasion, after counsel for the incarcerated financier argued the penalty was orders of magnitude higher than any other.
Mayer Brown LLP’s tax practice — a global heavyweight in the transactional and litigation spheres — was a shoo-in for Law360’s 2017 Practice Groups of the Year after having successfully defended Eaton Corp. against the IRS’ cancellation of two agreements and guided several multibillion-dollar transactions such as a major Canadian bank’s expansion in the U.S. and one of last year’s largest IPOs.
A Pennsylvania appeals court said on Tuesday that a trial judge had failed to properly analyze what portions of an 85-acre railroad transfer depot owned by Lehigh Valley Rail Management LLC could be declared exempt from state utility taxes as an essential part of its operations at the site.
A Texas federal court on Friday sentenced a former Dell Inc. employee to more than three years in federal prison and $10.8 million in restitution and his accomplice to 26 months in prison and $849,000 in restitution after they pled guilty to defrauding the company.
The House Committee on Oversight and Government Reform asked Friday for information on the Internal Revenue Service’s pledge to reform its hiring practices to ensure that past employees with documented performance issues are not rehired, saying it’s unclear if the agency’s vow has been carried out.
The IRS has said little about how it will carry out President Donald Trump’s executive order requiring government agencies to eliminate two regulations for every new one created, but complying with the order appears daunting for a resource-strapped agency already strained to its limits.
Amazon has reached a deal with France over €196 million ($244 million) in taxes the tech giant allegedly owed in the country, according to a recent filing with the U.S. Securities and Exchange Commission, which did not disclose the settlement amount.
A Minnesota federal judge on Monday denied Wells Fargo & Co.’s request for a new trial in a case over a $1.25 billion transaction deemed a tax "sham" by the Internal Revenue Service, saying it could not consider new arguments by the financial institution.
The wife of an attorney who helped set up illegal tax shelters sought Monday to convince a Second Circuit panel to overturn a lower judge’s ruling that allowed the feds to seize funds he gave to her, but the judges gave little hint as to how they might rule.
The Florida Supreme Court declined Friday to take up the appeal of a decision allowing the city of Key West to impose a stormwater utility fee on three properties that are on another island and benefit minimally from the stormwater system.
The IRS on Friday defended its authority to deny tax credits to drug traffickers and urged the U.S. Supreme Court to deny an appeal by a Colorado marijuana company that argued the IRS lacks the power to investigate drug cases.
This past year saw Davis Polk & Wardwell LLP's tax team mop up a $2.4 billion victory for Citigroup Inc. and advise Baker Hughes Inc. on its $32 billion combination with General Electric’s oil and gas business, earning the firm a place among Law360’s Tax Practice Groups of the Year.
Recent efforts by 20 finalist cities to entice Amazon to build its new headquarters in their community and by Wisconsin to lure Foxconn have sparked a trend of heightened awareness and scrutiny over using tax dollars to woo and keep businesses and to create jobs.
A researcher for Iran's mission to the United Nations who copped to tax evasion and sanctions violations was sentenced by a Brooklyn federal judge to three months in prison on Friday after he testified at length to rebut prosecutors' insinuations that he worked for Iranian intelligence.
Locke Lord LLP’s tax practice received a boost with the addition of a partner in its Dallas office, as the firm announced Thursday the addition of a former Andrews Kurth Kenyon LLP attorney with significant experience navigating the tax complexities of various transactional, real estate and capital markets matters.
The new federal tax reform law has thrown states for a loop, and Vermont on Friday showed exactly why when it joined other states to switch to federal adjusted gross income from federal taxable income.
The new tax bill changes the calculus for cross-border services outsourcing and cloud agreements. For a U.S.-parented provider deciding whether to increase its U.S. operations relative to non-U.S. operations, several provisions must be considered, including the deduction for foreign-derived intangible income, the tax on global intangible low-taxed income and the base erosion and anti-abuse tax, say attorneys at Mayer Brown LLP.
The 40 percent reduction in the statutory corporate rate stands to yield major benefits for the finance sector. But other provisions in the Tax Cuts and Jobs Act, including international anti-abuse laws, may unintentionally burden banks, say Michele Alexander and Ryan Davis of Bracewell LLP.
Although Attorney General Jeff Sessions' rescission of the Cole memo does not change federal law, negative response to the rescission across the cannabis sector and political landscape was strong, swift and bipartisan, which may lead to congressional action in the future, say Jonathan Robbins and Joshua Mandell of Akerman LLP.
The Tax Cut and Jobs Act made significant changes to the taxation of foreign income of U.S. persons, including the introduction of a new type of income. Attorneys with K&L Gates LLP look at how the new global intangible low-taxed income could affect investment funds.
Little attention has been paid to a provision of the new tax law that requires federal agencies to specify, at the time of settlement of government claims, the portion of the settlement that may be deductible as a business expense. This is sure to impact False Claims Act and other settlements involving the government going forward, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
The passage of the tax bill brought an end to a nearly two-month rollercoaster ride that had the public finance industry white-knuckled and a little green in the face. The final bill belied initial assurances that tax reform “won’t touch tax-exempt bonds,” but the end result could have been a lot worse, say Victoria Ozimek and Brian Teaff of Bracewell LLP.
Taxpayers required to include the value of their 457A plan benefit in income before receiving a distribution may find they have an unexpected tax hit without a plan distribution to cover the tax liability. But a notice recently issued by the IRS allows for distribution of funds from 457A plans without incurring additional penalties under Section 409A of the Internal Revenue Code, say Marc Fosse and Yatindra Pandya of Trucker Huss APC.
Erich Potter, discovery counsel with Oles Morrison Rinker & Baker LLP, discusses six ways e-discovery will continue to excite and confound in 2018.
Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.
Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.