Tax

  • April 7, 2017

    Billionaire's Ex-Helper Cops To Tax Count In UN Bribe Case

    A California man accused of assisting real estate billionaire Ng Lap Seng in a scheme to bribe United Nations officials pled guilty Friday to a tax-evasion conspiracy charge, leaving the wealthy Chinese developer as the last defendant in the high-profile prosecution.

  • April 7, 2017

    Pa. E-Cig Tax Battle Belongs In State Court, Vape Shop Says

    A Pennsylvania vape shop challenging a state tax on “unsavory inventory,” including e-cigarettes and their components, argued Friday that the case should be moved from federal court back to state court, arguing that its questions regarding the U.S. Constitution should not be considered before questions of state law.

  • April 7, 2017

    'Jersey Shore' Star, Brother Face Even Bigger Tax Situation

    The federal government on Friday piled on more charges to the criminal tax case against “Jersey Shore” star Michael Sorrentino and his brother, Marc Sorrentino, including tax evasion and falsifying records relating to companies the brothers ran to bank on the MTV actor's celebrity status. 

  • April 7, 2017

    Investors Sue AbbVie Over $1.6B Fee, Say More Loss Looms

    Investors in AbbVie Inc. sued the pharamceutical company’s directors in Illinois federal court Thursday in a bid to recover the $1.6 billion breakup free the firm paid Shire PLC after new tax rules scuttled their merger, saying a class action over the same issue that recently survived dismissal puts the company at risk for even more losses.

  • April 7, 2017

    NY Court Denies NRG's Bid For $5.8M Property Tax Refund

    New York’s Division of Tax Appeals has rejected NRG Energy Inc.’s challenge to a denied property tax refund of over $5.8 million, holding in a decision released Thursday that the power giant misapplied a state court case regarding the benefits program under which NRG claimed the money.

  • April 7, 2017

    DLA Piper Picks Up Baker McKenzie Tax Partner In Austin

    DLA Piper has added a former Baker McKenzie LLP partner to its Austin office who advises U.S. multinational clients and foreign clients on tax planning often tied to complex cross-border transactions, the firm announced.

  • April 6, 2017

    Calif. Cap-And-Trade Program Upheld By Split Appeals Court

    A split California appellate panel on Thursday upheld the state’s cap-and-trade program against a closely watched challenge from businesses and advocacy groups, finding the state’s auction revenues from greenhouse gas emission allowances do not equate to a tax.

  • April 6, 2017

    Law Firm Must Face Ex-Partner’s Tax Fraud Claims In Ill.

    A Texas federal judge on Thursday declined to toss a suit against an Illinois law firm accused of altering the compensation of a former junior partner on a 1099 form to harass and harm him, instead granting a bid to send the suit to Illinois, finding a related action there warrants transfer.

  • April 6, 2017

    Resurgence Of Tax On Receipts May Hurt State Economies

    The revival of a tax on business receipts that was largely repealed in the early 20th century is likely to hurt the economies of states that are now considering it to plug budget shortfalls, since it could lead to job losses and higher consumer prices.

  • April 6, 2017

    ACA Watch: GOP Claims 'Real Progress' On Repeal Bid

    House Republicans on Thursday claimed “real progress” in their on-again, off-again effort to repeal and replace the Affordable Care Act, advancing $15 billion in new subsidies that Democrats derided as a meaningless publicity stunt.

  • April 6, 2017

    OECD Clarifies 'Revenue' Definition For Tax Reports

    The Organization for Economic Cooperation and Development on Thursday offered additional guidance on its plan to crack down on corporate tax-avoidance schemes, clarifying when certain related companies count as a single multinational enterprise and how companies should report “extraordinary income.”

  • April 6, 2017

    UK Supreme Court Sends Volkswagen VAT Dispute To EU

    The U.K. Supreme Court referred the crux of a value-added tax dispute between tax authorities and Volkswagen to the European courts Wednesday and shut down an alternative avenue for the government to appeal an aspect of the case in the U.K.

  • April 6, 2017

    IRS Must Give Tribe Tax Records For Reclassified Workers

    The U.S. Tax Court ruled Wednesday that the Internal Revenue Service must hand over records to the Mescalero Apache Tribe about some of its workers, saying an employer is entitled to review taxpayer information that’s otherwise confidential if it might clear the employer of having to cough up taxes on those workers’ income.

  • April 6, 2017

    IRS Head Says He'll Stay Despite GOP Bid To Have Him Fired

    IRS Commissioner John Koskinen told a Senate panel Thursday that he would not step down from his position despite pressure from Republican lawmakers to see him fired for purportedly suppressing evidence of the agency’s political bias against conservative groups.

  • April 6, 2017

    Sens. Introduce Bill To Help Finance Carbon Capture

    Sens. Rob Portman, R-Ohio, and Michael Bennet, D-Colo., on Wednesday floated legislation that would help power plants and industrial facilities finance the purchase and use of carbon capture and storage equipment through tax-exempt bonds, a bill that's drawing support from both industry and environmental groups.

  • April 5, 2017

    Ill. Restaurants Sue State Over Gambling Profit Split Law

    A trio of Illinois restaurant chains sued the state's Gaming Board on Tuesday over a state law mandating that bars and restaurants share half of their profits made from gambling at video terminals with third-party operators.

  • April 5, 2017

    School Districts Sue Ill. Gov. Over Funding For Mandates

    Seventeen school districts in downstate Illinois sued Republican Gov. Bruce Rauner on Wednesday, alleging the state has not funded the educational mandates it has placed on schools both in the midst of Illinois' historic budget impasse and prior to it.

  • April 5, 2017

    Ex-CFO Already Won Tax-Liability Case, Ohio Justices Told

    Ohio’s tax commissioner urged the state Supreme Court in a brief Tuesday to reject the appeal of a chief financial officer who was held personally liable for use taxes allegedly owed by the patio construction company he worked for, saying he’s introducing new issues to a case he already won.

  • April 5, 2017

    Sabine Let Out Of Louisiana Tax Fight Over $6B LNG Plant

    A Louisiana federal judge on Wednesday dismissed Sabine Pass Liquefaction LLC from a putative class action brought by Cameron Parish taxpayers that seeks to nullify a state-granted exemption of Sabine’s $6 billion liquefied natural gas plant from property taxes, after the taxpayers agreed to drop the company from the suit.

  • April 5, 2017

    Medical Co. Founder's Widow Accuses NJ Atty Of Malpractice

    The widow of a medical research company founder has hit the couple's former attorney with a legal malpractice action in New Jersey state court over claims the lawyer exposed her to unnecessary taxes and refused to give her money from the sale of her deceased husband's interest in the business.

Expert Analysis

  • A Lesson From 6th Circ. On 'Applicable Nonbankruptcy Law'

    Elliot M. Smith

    As the Sixth Circuit explained in Hildebrand, it is incorrect to assume that “applicable nonbankruptcy law” means any applicable law outside of the Bankruptcy Code. State laws can still be considered “bankruptcy” laws depending on their content — an important distinction to be leveraged when faced with an otherwise unfavorable “applicable law,” says Elliot Smith of Squire Patton Boggs LLP.

  • Don’t Underestimate The Value Of An Internal Audit

    Justin Gwin

    Most legal and business leaders know that internal culture — including tone, operating style, standard of behavior and shared values that guide employee decisions — can make or break a firm. An internal audit can assess a firm's culture and identify potential issues within the organization, says Justin Gwin of Kaufman Rossin PA.

  • John Doe Summonses: A Key IRS Tool Against Tax Evasion

    Matthew Lee

    A John Doe summons may be used to obtain information and records about a class of unidentified taxpayers if the IRS has a reasonable belief that they are engaged in conduct violating U.S. laws. Taxpayers with undisclosed offshore assets are advised to take advantage of IRS voluntary disclosure options, as the agency continues to crack down on tax evaders, says Matthew Lee of Fox Rothschild LLP.

  • New Business Opportunities In Shared Workspaces

    Philippe Houdard

    For decades, law firms have taken on considerable expense to acquire or rent opulent office space, often with the intention of signaling seriousness and reliability to their clients. But more recently, solo practitioners and established firms alike have started breaking tradition, says Philippe Houdard, co-founder of Pipeline Workspaces.

  • Why Puerto Rico Will Likely Rely On PROMESA Title III

    Richard J. Cooper

    Both the Puerto Rico oversight board and the new commonwealth administration have expressed a strong preference for restructuring the commonwealth’s debt through the use of Title VI of the Puerto Rico Oversight, Management and Economic Stability Act. However, Title VI is unlikely to provide a realistic path to restructure tax-supported debt, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • How 401(k) Benefits Can Attract Millennial Legal Talent

    Nathan Fisher

    If today’s law firms are willing to rethink their perceptions of millennials, they may see greater success in attracting and retaining new talent by giving the younger generation the kind of retirement planning benefits they want and need, says Nathan Fisher of Fisher Investments.

  • How The Courts Review Executive Orders

    Steven D. Gordon

    The cases challenging President Donald Trump’s executive orders fit within the established legal framework that limits, but does not preclude, judicial review of such orders, says Steven Gordon of Holland & Knight LLP.

  • How Chicago's Rental Car Tax Crossed The Line

    Catherine Battin

    The Illinois Supreme Court's recent Hertz ruling held that Chicago's requirement that rental car companies located within three miles of the city collect and remit tax on rentals violates the state constitution. The ruling invites further challenges to the city’s expansive imposition of the lease tax, say Catherine Battin and Lauren Ferrante of McDermott Will & Emery LLP.

  • What Lawyers Can Learn From Kellyanne Conway

    Michelle Samuels

    Presidential adviser Kellyanne Conway's TV appearances provide some examples of what lawyers should and shouldn't do when speaking to the media, says Michelle Samuels, a vice president of public relations at Jaffe.

  • Understanding Connecticut's Income Tax On Stock Options

    Marc Finer

    The Connecticut Supreme Court's recent holding in Allen v. Commissioner of Revenue Services shows how state tax considerations can play a significant role in executive compensation planning. The ruling particularly highlights the importance of analyzing the varying rules applied by each state to taxing stock options and other equity-based deferred income, say Marc Finer and James Brockway of Withers Bergman LLP.