Tax

  • February 3, 2017

    Tax-Prep Owner, 1 Other Sentenced In $2M Ponzi Scheme

    The owner of a Texas tax preparation business who was convicted in November of running a $2 million Ponzi scheme based on solar energy investments was sentenced on Thursday along with a co-conspirator to serve federal prison terms, federal prosecutors announced.

  • February 3, 2017

    Tax Group Of The Year: Baker McKenzie

    Baker McKenzie LLP’s tax group scored significant victories against the IRS when it successfully challenged a cost-sharing rule on behalf of chipmaker Altera Corp. and convinced the U.S. Tax Court to reject Medtronic Inc.’s $1.36 billion deficiency calculation, landing it a spot among Law360’s 2016 Practice Groups of the Year.

  • February 3, 2017

    Prez’s Ability To Remove Tax Judges Found Constitutional

    A U.S. Tax Court judge on Thursday found no unconstitutional breach of the separation of powers and rejected an expansive recusal bid arguing that the president's ability to remove Tax Court judges reaches too far into a body forcibly separated from the executive branch by Congress.

  • February 3, 2017

    Taxation With Representation: Cleary, Cooley, Skadden

    In this week's Taxation With Representation, Snap Inc. filed its long-awaited initial public offering, an Oklahoma natural gas company made plans to buy out the rest of its master limited partnership, and Keysight Technologies agreed to pay about $1.6 billion for data technology firm Ixia.

  • February 2, 2017

    Gorsuch May Bring Change To Tax On Out-Of-State Sales

    President Donald Trump’s nomination of Tenth Circuit Judge Neil Gorsuch to the U.S. Supreme Court could usher in a new era of state taxation of remote business transactions as his writings indicate opposition to the current standard preventing retailers from being taxed if they are not physically present in a state.

  • February 2, 2017

    Tax Court Says Ambiguous Deficiency Notice Was Still Valid

    The U.S. Tax Court on Thursday found that an ambiguous tax deficiency notice was valid even though a clerical error stated the taxpayer owed nothing, but several dissenting judges said that the zero dollar amount on the notice rendered it misleading and invalid.

  • February 2, 2017

    Rival Interest Groups Square Off Over GOP Tax Plan

    Businesses are splitting into camps over a proposed GOP tax overhaul that would dramatically change how corporations are taxed in the U.S., with advocacy groups claiming dozens of members have rallied in support and in opposition to the plan in the past two days.

  • February 2, 2017

    Hogan Lovells Adds Tax Partner From Linklaters

    Hogan Lovells has beefed up its corporate tax practice with the announced hire on Thursday of a former Linklaters LLP partner who is a mergers and acquisitions tax planning expert and spent some of the early days of his career working on tax guidance and regulations for the Internal Revenue Service.

  • February 2, 2017

    Trump Targets Law Blocking Churches From Political Activity

    President Donald Trump pledged Thursday to eliminate an Internal Revenue Code provision that prevents certain tax-exempt groups such as churches from political activity, saying that the law undermines religious freedom.

  • February 2, 2017

    IRS Moves To End $377M Tax Row Over Merrill Lynch Loans

    The IRS on Thursday urged U.S. Tax Court to uphold a $377 million increase to the taxable income of an affiliate of commodities trader Susquehanna International Group LLP stemming from a mega-loan from Bank of America brokerage Merrill Lynch.

  • February 2, 2017

    Mylan Slams IRS' 'Misleading' Discovery Motion In Tax Row

    Mylan Inc. has urged the U.S. Tax Court to deny the IRS’ bid to compel emails and other correspondence related to its major patent deal with Forest Laboratories in a $100 million tax bill fight, accusing the agency of promoting an “inaccurate and misleading account of the discovery process.”

  • February 2, 2017

    CPAs Want IRS Guidance On Startup Research Credits

    The American Institute of CPAs asked the Internal Revenue Service for new regulations Wednesday to provide clarity on research credit benefits recently expanded by Congress for small startups, with a wish list that includes a clear definition of gross receipts and better-defined eligibility criteria.

  • February 1, 2017

    Agent, Trainer Deny Smuggling Cuban Ballplayers At Trial

    A sports agent and a trainer denied carrying out a $16 million human smuggling scheme to help Cuban players get a shot at Major League Baseball, insisting as their trial opened Wednesday in Miami federal court that any aid they rendered was legal.

  • February 1, 2017

    The 4 Wittiest Dissents By Gorsuch

    During his tenure on the Tenth Circuit, Judge Neil Gorsuch wrote more than 30 playful, witty dissents that both entertain the reader and give clear insight to his legal thinking. Here, Law360 looks at the best of the bunch and what they say about his thoughts on legislating from the bench, prepositional phrases and everything in between.

  • February 1, 2017

    Gorsuch's Opening Words Speak Volumes About His Style

    Never one to pass up the chance to spin a good yarn, U.S. Supreme Court nominee Neil Gorsuch’s body of rulings during a decade at the Tenth Circuit casts him as a fervent storyteller. A look at some of his best opening passages reveals a narrative writing style that’s light on legalese and heavy on plot, setting and characters.

  • February 1, 2017

    Senators Flirt With Nuclear Option Over High Court Pick

    The Senate fight over Tenth Circuit Judge Neil Gorsuch’s nomination to the U.S. Supreme Court could soon “go nuclear,” as less than a day after President Donald Trump put Gorsuch up for the court, political discussion has already turned to breaking a likely Democratic filibuster and pushing him through without any bipartisan support.

  • February 1, 2017

    IRS Update On Large-Business Audits Too Vague, Critics Say

    Tax practitioners who were eagerly awaiting news on how the IRS would change its approach to auditing large corporations with assets of more than $10 million were disappointed Tuesday, when the agency released an update that is being criticized as vague and lacking in substantive guidance.

  • February 1, 2017

    Similar On The Law, Gorsuch Differs From Scalia In Style

    If confirmed by the Senate, U.S. Supreme Court nominee Neil Gorsuch would bring to the bench a strikingly similar judicial philosophy to that of the late Justice Antonin Scalia, but former clerks and colleagues say the Tenth Circuit judge and Colorado native’s congenial temperament couldn’t be more different from the fiery Scalia's.

  • February 1, 2017

    Tax Court Upholds $10.7M Liability Against Engineering Co.

    The U.S. Tax Court on Wednesday upheld more than $10.7 million in tax deficiencies and penalties leveled against a Texas company that engineers crude oil processing and refining systems, finding that the company could not justify the accounting method it used for long-term contracts.

  • February 1, 2017

    IRS Atty ‘Broke Bad,’ Sold Meth In The Mail, Say Prosecutors

    An attorney for the Internal Revenue Service had “better call Saul” after prosecutors on Wednesday arrested and charged the former Debevoise & Plimpton LLP associate and Georgetown Law ethics teacher with conspiring to ship distribution levels of methamphetamine to Long Island from his apartment in Washington, D.C.

Expert Analysis

  • The Panama Papers: The Story So Far, And What Comes Next

    Jeremy Maltby

    The offshore banking industry attracted global attention earlier this year with the publication of 11.5 million leaked documents detailing decades of information about over 200,000 bank accounts and shell companies. Jeremy Maltby and Grant Damon-Feng of O'Melveny & Myers LLP examine government responses to the Panama Papers and offer tips for companies to minimize their risk of exposure to unlawful shell company activity and its consequences.

  • Are Courts In The Discovery Driver’s Seat?

    Cristin K. Traylor

    I recently asked a panel of four federal court judges whether they expect courts to start taking a more active role in e-discovery. They answered with a resounding yes. However, their responses left me wondering whether courts are actually taking a more active role in discovery since the Federal Rules of Civil Procedure amendments took effect in December 2015, says Cristin Traylor of McGuireWoods LLP.

  • IRS And Treasury Look To Ease Burden Of Fractions Rule

    Jonathan Talansky

    On Nov. 22, the Internal Revenue Service and the Treasury Department issued proposed regulations under the “fractions rule” of Section 514(c)(9)(E) of the Internal Revenue Code of 1986. The proposed regulations address many of the problems that have dogged the fractions rule since its enactment, and should remove some of the uncertainties surrounding common, legitimate business arrangements, says Jonathan Talansky of King & Spalding LLP.

  • The President’s Long-Forgotten Power To Raise Tariffs

    John Veroneau

    President-elect Trump’s statements have sent a generation of trade lawyers scurrying to grasp the contours of presidential power to raise tariffs. In the course of our own efforts to determine the metes and bounds of such authority, we discovered a long-forgotten but still intact statute that provides the president with broad tariff-setting authority, say John Veroneau and Catherine Gibson of Covington & Burling LLP.

  • Rules Of Civil Procedure Updates Affect E-Discovery

    Patrick Reilly

    On Dec. 1, 2016, the annual updates to the Federal Rules of Civil Procedure went into effect. Revisions include the end of the three-day “mail rule” extension for electronically served discovery, an amendment regarding service of internationally based corporate defendants, and a technical change regarding venues in maritime law actions, say Patrick Reilly and Eldin Hasic of Faegre Baker Daniels LLP.

  • The Path To The California Bench

    Judge George F. Bird

    Ever consider applying for a judicial appointment in California? Get the lay of the land from Judge George Bird of the Los Angeles Superior Court and Kimberly Knill, a senior appellate court attorney for the California Court of Appeal. Additionally, hear what several recent appointees to the LA Superior Court thought of the judicial selection process.

  • 3 Tips To Avoid Being On The Outs With In-House Counsel

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    When trial lawyers fail to recognize the unique challenges faced by in-house counsel, it jeopardizes not only the outcome of the case, but also the opportunities for future representation. These few simple strategies are hardly rocket science, but they are too often neglected, says Matthew Whitley
 of Beck Redden LLP.

  • Estate And Gift Taxes Under Donald Trump: A Preview

    Michael Goode

    Many aspects of President-elect Donald Trump’s tax plans are still unclear. But proper estate planning will still be important. Michael Goode of Stites & Harbison PLLC considers what lies ahead with regard to estate and gift taxation, including a prohibition on some transfers to closely held family charities, incentives to keep taxable estates within the family, and whether or not the gift tax will be repealed.

  • The Horrible Conflict Between Biology And Women Attorneys

    Anusia Gillespie

    Women leave law firms for many of the same reasons men do, but also face challenges including headwinds with respect to assignment delegation and social outings, as well as potential disruptions if they choose to have children. Firms can increase investment in talent management and improve retention and engagement of women attorneys, says Anusia Gillespie of Banava Consulting.

  • Lawyer EQ: Finding Success In Every Interaction

    Judith Gordon

    American legal education relies almost exclusively on analytical thinking. But success in legal practice depends in large part upon an accurate emotional understanding of oneself and the human seated opposite us. Honing emotional intelligence skills can lead to greater success, and Judith Gordon of LeaderEsQ offers a few tools that can be implemented immediately to raise one’s emotional intelligence quotient.