Tax

  • March 9, 2017

    EU Court Upholds Withholding Tax On Foreign Parent Payments

    A European Union court sided with the Belgian government Wednesday in a preliminary decision that found withholding taxes were allowed on payments Belgian companies make to EU-based foreign parents who are immune from corporate taxation in their own country.

  • March 9, 2017

    New York Atty Charged In $3.3M Tax Evasion Scheme

    Federal prosecutors on Wednesday unsealed an indictment against a New York personal injury and medical malpractice attorney, alleging that he owes $3.3 million to the Internal Revenue Service for orchestrating a tax evasion scheme spanning nearly two decades.

  • March 9, 2017

    Convicted Ex-Fla. Rep. Granted Curfew To Work News Job

    A federal judge has granted a former Florida lawmaker’s uncontested request to convert a 180-day home detention to curfew confinement to allow him to work at a newspaper job as he serves his sentence for misusing campaign funds and failing to file income taxes.

  • March 9, 2017

    India Releases $51M For Cairn In $4.4B Tax Arbitration

    Cairn Energy PLC said Wednesday that the Indian government, through international arbitration, has confirmed that $51 million tied to the British oil and gas exploration giant's remaining stake in a former subsidiary is no longer restricted as Cairn challenges its $4.4 billion tax bill in the country.

  • March 8, 2017

    4 Takeaways As ACA Repeal Debate Kicks Off

    Republican efforts to repeal and replace the Affordable Care Act took center stage Wednesday on Capitol Hill as key committees started debate on controversial new legislation.

  • March 8, 2017

    US Had Top Statutory Biz Tax From G20 Members: Report

    A new report from the Congressional Budget Office released Wednesday shows that the U.S. had the highest statutory corporate tax rate among G20 countries in 2012, while it came in fourth for the highest effective rate on returns from marginal investment.

  • March 8, 2017

    Mich. Health Care Provider Wins Charity Tax Exemption

    The Michigan Tax Tribunal has upheld the tax-exempt status of a health care provider that the local tax authority claims employs business practices more in keeping with those of a private, for-profit provider than a charity, according to a decision made public Wednesday.

  • March 8, 2017

    US Emerging As Major Tax Haven, EU Report Says

    The U.S. is emerging as a major tax haven for wealthy foreigners due to its reluctance to adopt new global disclosure standards and its tolerance for highly secretive and anonymous shell companies, according to a European Parliament report released Tuesday.

  • March 8, 2017

    EU Law Precludes French Tax Statute On Mergers, Court Says

    A French law requiring companies to obtain prior approval for favorable tax treatment on capital gains from cross-border mergers is precluded by a European Union directive preventing member countries from imposing taxes that would restrict such transactions, according to a court ruling on Wednesday.

  • March 8, 2017

    Wyly Children Seek To Shield Trust From $1B IRS Claim

    Two of Texas tycoon Sam Wyly’s children on Tuesday sought to intervene in his bankruptcy proceeding, arguing in an adversary suit that the Internal Revenue Service is wrongly trying to claim money held in a trust they oversee.

  • March 8, 2017

    CPA Group Backs New Push To Harmonize State Income Tax

    The American Institute of CPAs on Wednesday threw its weight behind a renewed legislative push to streamline income tax payments for taxpayers who occasionally work outside their home states, calling a reintroduced bill that previously cleared the House of Representatives a balanced measure that would simplify tax compliance.

  • March 8, 2017

    E-Books Ineligible For Lower VAT, European Court Says

    The European Court of Justice ruled Tuesday that European Union members cannot apply lower value-added taxes to electronically submitted books, holding that only physically shared materials such as CDs are eligible for a reduced tax and that the disparate treatment is not discriminatory.

  • March 8, 2017

    Doc Can't Nix Settlement To Dodge Creditors, Calif. Court Says

    A California doctor and business owner cannot invalidate a settlement in a dispute with his financial advisers in order to prevent the proceeds from going to one of his creditors, a California appeals court ruled Tuesday.

  • March 7, 2017

    New Model Regs For Taxing Services May Lead To Lawsuits

    The Multistate Tax Commission’s new model regulations for determining how businesses should apportion their income to different states has raised constitutional concerns among tax practitioners who say the recommendations, if adopted, could lead to conflicts between states and service providers.

  • March 7, 2017

    Epic Backlash Greets ACA Repeal Plan

    House Republicans on Tuesday encountered swift and sweeping resistance to their Affordable Care Act repeal plan, with powerful industry groups and diverse conservative voices expressing opposition.

  • March 7, 2017

    Fla. Tax Preparer To Pay $950K In Sweeping Fraud Suit

    A Florida federal judge on Monday ordered a tax preparer to pay nearly $1 million for overseeing falsely prepared tax returns at his franchise business that decreased clients' tax burden and allowed him to recoup portions of inflated refunds, and also barred him from preparing future returns.

  • March 7, 2017

    Ill. Revenues In 'Freefall,' Says Budget Watchdog

    Illinois' revenue continues to come up short and could even be considered in a state of "freefall," according to a pair of reports released Tuesday by the Commission on Government Forecasting and Accountability.

  • March 7, 2017

    Judge Spared Removal For Same-Sex Marriage Stance

    A Wyoming municipal court judge and part-time circuit court magistrate who refused to perform gay marriages in her official capacity will not be removed from the bench, but should receive a public censure for her actions, a divided Wyoming Supreme Court ruled on Tuesday.

  • March 7, 2017

    Williams Seeks Chancery Tax Doc Order In ETE Merger Fight

    The Williams Cos. Inc. asked a Delaware vice chancellor late Monday to order Energy Transfer Equity LP’s delivery of records involving a crucial tax opinion blamed for sinking an estimated $38 billion merger of the two companies, claiming that ETE had wrongly demurred.

  • March 7, 2017

    GOP Leaders Defend ACA Repeal Bill Amid Backlash

    Amid criticism from both within their party and across the aisle, Republican leaders defended their plans to repeal the Affordable Care Act Tuesday, a day after revealing a plan backed by President Donald Trump.

Expert Analysis

  • What Potential M&A Buyers Must Know About R&W Tax Risks

    Michael Q. Cannon

    It is possible for representation and warranty insurance policies to provide no or inadequate coverage against certain tax risks. Buyers contemplating R&W insurance deals must have a basic understanding of existing tax risks and consult with tax counsel sufficiently early on in the negotiating process, says Michael Q. Cannon of Gibson Dunn & Crutcher LLP.

  • What To Look For In Trump And May's 1st Meeting

    James K. Kearney

    Among the goals of Prime Minister Theresa May and President Donald Trump in Friday's meeting at the White House will be setting a course for a future U.K.-U.S. trade deal. The policies of both leaders will be on the line, say Jim Kearney of Womble Carlyle Sandridge & Rice LLP and Peter Snaith of Bond Dickinson LLP.

  • 6 Ways To Get More From A Limited Budget For Trial Graphics

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    With so many possibilities and variables, it can be difficult to adhere to a strict graphics budget when preparing effective visuals for trial. There are several things you can do to limit the cost of your visuals without sacrificing quality, says Marti Martin Robinson of Litigation Insights Inc.

  • Disregarded Entity Regs Confirm Global Transparency Push

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    In December, the U.S. Treasury Department issued final regulations greatly expanding the scope of Internal Revenue Code Section 6038A, and establishing new reporting requirements for domestic disregarded entities with one foreign owner. The rules expand the agency's ability to collect information about taxpayers, which it can then share with foreign governments, and use to enforce U.S. tax laws and prevent money laundering, say att... (continued)

  • A Note On Mortgage Assignments In New York

    Allan L. Hill

    In the bankruptcy case of Cornerstone Homes, a New York federal court recently held that transferring a note and mortgage in New York does not require delivery and indorsement. Nonetheless, ensuring that your lender client receives proper indorsement of an instrument remains the best method for guaranteeing its enforceability, say Allan Hill and Nickolas Karavolas of Phillips Lytle LLP.

  • Taxing Marijuana: A Hazy Issue For Municipal Bankruptcy

    Katherine Lewis

    Recent court holdings that marijuana businesses are barred from federal bankruptcy protection may pose a serious problem for fiscally distressed municipalities looking for Chapter 9 relief — specifically those that tax marijuana sales, says Katherine Lewis of Weil Gotshal & Manges LLP.

  • An Inconvenient Forum: Circuit Split Remains

    Igor Timofeyev

    The U.S. Supreme Court’s decision to decline consideration of the question in Belize’s recent petitions leaves in place divergent applications of the forum non conveniens doctrine by U.S. federal courts in foreign arbitral award enforcement actions. For now, parties seeking to enforce foreign arbitral awards in the United States still have an important strategic decision to make, say attorneys with Paul Hastings LLP.

  • IRS Offers Clarity On Production Tax Credit Safe Harbors

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    Last month the Internal Revenue Service issued a notice clarifying safe harbors for determining when construction of a facility has begun for which a taxpayer is eligible for the renewable electricity production tax credit or the investment tax credit. The notice permits some use of different safe harbors in alternate years, clarifies treatment of retrofitted facilities, and provides other guidance, say attorneys from Baker Botts LLP.

  • How Litigation Funding Is Bringing Champerty Back To Life

    John H. Beisner

    While some courts have declined to apply the common-law doctrine of champerty to invalidate third-party litigation funding agreements, two recent rulings by appellate courts in New York and Pennsylvania have brought renewed attention to champerty principles, casting doubts on the legality of certain forms of third-party litigation funding, say John Beisner and Jordan Schwartz of Skadden Arps Slate Meagher & Flom LLP.

  • A Federal Crackdown On Tax Zapper Software

    Matthew Lee

    Revenue suppression or “tax zapper” programs delete some or all of a restaurant’s cash transactions and then reconcile the books of the business, lowering the firm's tax bill. States have battled zappers for years, but the case of United States v. John Yin, filed last month in the Western District of Washington, shows federal authorities are now joining the fight, says Matthew Lee of Fox Rothschild LLP.