Tax

  • August 31, 2017

    Va. Top Court Reverses Tax Decision Against Kohl's

    A divided Virginia Supreme Court on Thursday reversed a decision against Kohl’s Department Stores, instructing the lower court to reconsider its holding about the company’s tax liability for income from intellectual property held by an out-of-state subsidiary.

  • August 31, 2017

    In Bipartisan Push, 8 Governors Float ACA Fixes

    A bipartisan group of governors unveiled a blueprint Thursday for stabilizing Affordable Care Act insurance marketplaces and warned that Congress and the White House must quickly send a “strong signal” of support for the law.

  • August 31, 2017

    Anadarko Sues IRS Over Refused $15.6M Loss

    Oil and gas producer Anadarko sued the IRS in Texas federal court Wednesday for refusing to recognize a $15.6 million capital loss, with the company contending the agency even changed its rules that cover the deferral of such claims to block such refund requests.

  • August 31, 2017

    BDO Exec Says Tax Changes Could Give REITs Dealer Issue

    Real estate investment trusts are closely monitoring potential tax reform in Washington, and certain changes in tax law could make it more difficult for REITs to avoid taxes the IRS assesses on “dealers,” Julie Robins, a tax managing director at accounting firm BDO, told Law360 in a recent wide-ranging interview.

  • August 31, 2017

    Tax Extensions Count For Return Deadlines, Tax Court Says

    A Connecticut woman can’t reclaim her overpayment to the Internal Revenue Service, a Tax Court judge said Wednesday, ruling that because the agency sent her a notice within two years of her missed filing deadline, she couldn't pursue a refund.

  • August 30, 2017

    Trump Tax Talk's Few Details Let M&A Uncertainty Persist

    President Donald Trump’s Wednesday speech calling for an overhaul of the tax code was light on details and offered little new information, leaving in place uncertainty in the merger and acquisitions market about exactly what changes may be coming for corporations and when they might be enacted.

  • August 30, 2017

    2nd Circ. Nixes German Billionaire's IRS Summons Appeal

    The Second Circuit on Tuesday threw out an appeal from German billionaire Georg Schaeffler for a ruling that the IRS can’t pursue his outside accounting firm, Ernst & Young, for documents related to an examination of his income tax liabilities.

  • August 30, 2017

    Calif. High Court Affirms Taxing Powers Of Voter Initiatives

    The California Supreme Court has ruled that taxes proposed by voter initiatives require only a simple majority vote at special elections under the state’s constitution.

  • August 30, 2017

    Trump Promises Lower, Simpler Tax Rates In New Reforms

    President Donald Trump laid out broad strokes of his upcoming tax reform push during a speech Wednesday in Missouri, promising lower rates and less complicated taxes intended to increase domestic investment and raise wages.

  • August 30, 2017

    Ex-US Tax Judge Disbarred In Minn. Over Tax Cheat Scheme

    A former U.S. Tax Court judge who is serving a prison term for conspiring with her husband to cheat on their taxes during a 10-year stretch — including understating their taxable income by $1 million — has been disbarred by the Minnesota Supreme Court.

  • August 30, 2017

    Chip Inventor Wins 24-Year Tax Row With Calif.

    Computer chip inventor Gilbert Hyatt has emerged largely victorious in his 24-year tax battle with California over patent licensing income from the early 1990s following a marathon hearing Tuesday before a state tax board, which agreed that he was a Nevada resident for most of that period.

  • August 30, 2017

    IRS Collection Should Block $7.7M Tax Suit, 4th Circ. Told

    The IRS’ collection of roughly $614,000 from a taxpayer facing a more than $7.7 million tax liability means the 10-year statute of limitations should have still been running, blocking the larger collection action, the taxpayer told the Fourth Circuit on Tuesday.

  • August 30, 2017

    NY Says Paid Family Leave Deductions Will Be Post-Tax

    New York state's tax officials have pushed out their first set of guidance on the Empire State's new paid family leave program, stating that employees' benefits will be deducted post-tax, among other provisions.

  • August 30, 2017

    Fla. Tax Preparers Can’t Escape Feds’ False Returns Suit

    A trio of Florida tax preparers lost their bid for a quick win Wednesday in a government suit alleging that they “willfully filed false tax returns,” as a Florida federal judge found enough in the allegations to let the suit survive.

  • August 30, 2017

    Brexit Threatens EU Bid To Adopt Universal Tax Rates

    The possibility that post-Brexit Britain could become a tax haven on the European Union's doorstep may finally kill off the bloc's long-standing bid to stop tax avoidance with a single set of EU corporate tax rates, lawmakers heard Wednesday.

  • August 30, 2017

    WTO Strikes Down Brazilian Tax Breaks On Cars, Tech Goods

    A World Trade Organization panel on Wednesday faulted a series of Brazilian tax breaks and subsidies for cars and information technology products, ruling that those measures provided an unfair advantage to domestic producers and handing a win to the European Union and Japan.

  • August 29, 2017

    Tishman, Lehman Pull Out Win In 10-Year Archstone Slog

    A Colorado federal court has given wins to Tishman Speyer, Lehman Brothers and slew of other defendants involved in the $22 billion leveraged buyout of the Archstone-Smith real estate investment trust, ending a 10-year-long investor suit over one of the biggest real estate deals to come out of the mid-2000s property bubble.

  • August 29, 2017

    Puerto Rico Board Says Fiscal Plan Gripes Aren't Actionable

    The oversight board tasked with steering Puerto Rico through its bankruptcy-like process hit back on Monday against two bond insurers seeking to overturn the island’s proposed fiscal plan, telling the federal court overseeing the restructuring that the insurers have no standing and their suit must be dismissed.

  • August 29, 2017

    Jurisdiction Up First In $2.78B Shell, Philippines Tax Row

    A World Bank tribunal will first consider whether it has jurisdiction over a $2.78 billion tax recalculation claim kicked off by a Royal Dutch Shell PLC unit against the Philippines over a gas-to-power project before deciding on whether the claim has merit, according to a Monday notice.

  • August 29, 2017

    Tribe Immune From Counterclaims In $90M Tax Row: 9th Circ.

    A Ninth Circuit panel Tuesday tossed counterclaims against the Quinault Indian Nation brought by the estate of a deceased tribal member in response to the tribe’s now-dismissed $90 million lawsuit over unpaid cigarette taxes, ruling that the counterclaims are barred by the tribe’s sovereign immunity.

Expert Analysis

  • 5 Questions Firms Should Ask When Evaluating Litigation AFA

    Gregory Lantier

    Law firm management should understand the client’s reasons for requesting an alternative fee arrangement, and whether approving the fee will help grow the relationship with the client, say attorneys with WilmerHale.

  • For Law Firm Offices, Business Savvy Is The New Cool

    Craig Braham

    Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.

  • Planning A Legal Career With A Future Relocation In Mind

    Jacqueline Bokser LeFebvre

    Lawyers move to New York City to work on some of the most sophisticated work the legal market has to offer. This exposure and experience is an amazing asset and many of the skills developed will make associates very marketable in the event they consider relocating to another market. However, this isn’t always the case, says Jacqueline Bokser LeFebvre of Major Lindsey & Africa.

  • How Section 1332 Waivers Could Impact Health Care Reform

    Maura Monaghan

    Although Alaska’s Section 1332 “State Innovation Waiver" was the first to be approved by the Trump administration, it almost certainly will not be the last. In the absence of comprehensive health care reform, the administration is likely to promote these waivers as a means of devolving certain health care regulations to the state level, say attorneys with Debevoise & Plimpton LLP.

  • 4 Female Perspectives On BigLaw Leadership

    Regina Pisa

    Only a handful of the largest U.S. law firms are led by women. Here, in their own words, are perspectives from Shook Hardy & Bacon Chair Madeleine McDonough, Crowell & Moring Chair Angela Styles, Morgan Lewis & Bockius Chair Jami Wintz McKeon and Goodwin Procter Chair Emeritus Regina Pisa.

  • The Elephant In The Room: Advancing Women To Partnership

    Anusia Gillespie

    Despite more focus and investment, the numbers continue to show little progress in advancing women to the top tiers of firm leadership. Considering the irreversible nature of the transformation of the market for top talent, it is time to start experimenting and innovating from the core, rather than from the periphery, say Anusia Gillespie and Scott Westfahl of Harvard Law School.

  • How Midsize Law Firms Can Minimize Cybersecurity Threats

    K. Stefan Chin

    It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.

  • Equity And Incentive Compensation Plans For Startups

    Excerpt from Lexis Practice Advisor
    Jotham Stein

    To effectively advise startups, and the investors that frequently finance them, it is imperative to understand startup equity and incentive compensation structures. Jotham Stein of the Law Offices of Jotham S. Stein PC discusses common compensation practices of investor-backed, Kickstarter-funded and bootstrapped startup enterprises.

  • Weekly Column

    Innovating For Wise Juries: Matching Experts

    Stephen Susman

    In the penultimate installment of this series, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project answer a question on many legal analysts’ minds: What if both sides’ expert witnesses sat in a hot tub discussing the case while a jury watched?

  • Key Factors In Selling Wind Farm Tax Equity Investments

    Jai Khanna

    Recently, a vibrant market has developed for secondary sales of tax equity partnerships that own wind farms in the U.S. However, sellers and purchasers of such membership interests should consider several important points in connection with any sale, say Jai Khanna and Maher Haddad of Baker McKenzie and Paul Vercruyssen, assistant deputy general counsel at Hannon Armstrong.