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  • September 21, 2018

    Easing Of Debt-Equity Regs Won’t End Need For Documentation

    The U.S. Department of the Treasury plans to do away with rules forcing multinational corporations to prove related-party transactions are debt as opposed to equity, but thorough documentation still could prove beneficial in case of an audit.

  • September 21, 2018

    IRS' Decision To Delay New W-4 Form Necessary, Tax Pros Say

    The Internal Revenue Service’s decision to delay carrying out a new W-4 form was both necessary and positive, tax and payroll professionals told Law360 Friday.

  • September 21, 2018

    Co. Still Liable If Worker Lies That Taxes Paid: 8th Circ.

    A company misled by an errant employee into thinking he paid its taxes is still liable for interest and penalties when he didn’t, the Eighth Circuit said in an opinion Friday upholding a lower-court dismissal.

  • September 21, 2018

    Atlantic City's Woes Stem From Relying On Casino Tax: Report

    A report by the state of New Jersey has outlined the history and causes of Atlantic City's financial woes, linking its problems to the city's reliance on casino tax revenues, and recommended imbuing the tax assessor with more power.

  • September 21, 2018

    In 3 Years Since BEPS, Most IP Regimes In Compliance

    Three years after the Organization for Economic Cooperation and Development came out with its base erosion and profit shifting plan, most tax incentives regimes for intellectual property development are now compliant, signifying that, as one OECD official said, “everybody is moving in the right direction.”

  • September 21, 2018

    Houston Atty Charged In $18M Offshore Tax Evasion Scheme

    A Houston attorney has been indicted in a Texas federal court on charges of conspiracy and tax evasion for his role in a scheme to repatriate more than $18 million in untaxed earnings from the Isle of Man, according to the U.S. Department of Justice.

  • September 21, 2018

    Taxation With Representation: Gibson, Hogan Lovells, Mayer

    In this week’s Taxation with Representation, Enbridge simplified its corporate structure with $7.1 billion in deals, Adobe bought Marketo for $4.75 billion, Univar snapped up Nexeo for $2 billion, and Western & Southern Financial Group acquired Gerber Life Insurance for $1.6 billion.

  • September 21, 2018

    Treasury Proposes Axing Debt-Equity Documentation Rules

    The U.S. Department of the Treasury on Friday proposed eliminating documentation requirements established under Obama-era regulations to discourage corporate inversions, despite calls from more than 500 public interest groups and 60,000 individuals to strengthen them.

  • September 20, 2018

    Ill. Firm Can't Collect Fees For Work On Its Qui Tam Suit

    The Illinois Supreme Court on Thursday sided with an appellate panel's ruling rejecting fee awards for lawyers of a firm that brought whistleblower claims accusing My Pillow Inc. of failing to collect taxes on certain sales to Illinois customers, citing 150-year-old precedent that the court said puts the issue to bed.

  • September 20, 2018

    Draft EU Digital Tax Law Leaves Percentage Up To Countries

    A draft resolution recently released by European Union lawmakers contains an amendment that would let individual countries decide the percentage of a tax to be imposed on large digital companies.

  • September 20, 2018

    Bank Of Montreal’s US Loan Scheme Legal: Canada Tax Court

    The Bank of Montreal didn’t breach the Canadian tax system’s general anti-avoidance rule when it formed a shell company to conduct currency hedge transactions on $1.4 billion in loans to its U.S. subsidiaries, the Tax Court of Canada has found.

  • September 20, 2018

    2nd Circ. Upholds Tossing NY Couple's $5M Tax Dispute

    The Tax Injunction Act stops federal courts from deciding state tax law issues, the Second Circuit has ruled in a New York couple’s $5 million tax dispute with the state, saying their attempt to use a constitutional right to gay marriage was too broad for a property sales tax matter.

  • September 20, 2018

    Student Loan 401(k) Matches Could Still Trigger IRS Ire

    The Internal Revenue Service made waves recently by clarifying that a 401(k) plan sponsor may provide matching employer contributions based on employees' student loan repayments, but such programs could still run afoul of regulations if they discriminate in favor of highly compensated employees.

  • September 20, 2018

    Energy Storage Must Fully Reap Tax Credit, Sens. Say

    Sens. Michael Bennet, D-Colo., and Tim Scott, R-S.C., on Thursday pressed Secretary of Treasury Steve Mnuchin to confirm that energy storage technologies qualify for the federal investment tax credit when used to retrofit existing solar projects and other technologies receiving the ITC.

  • September 20, 2018

    DC Bill Bets On Sports Gambling To Fund Child Care, Arts

    A Washington, D.C., council member has introduced a bill to legalize sports betting in the nation’s capital, wagering that an influx of gambling tax revenue would help fund early-childhood care and humanities initiatives throughout the district.

  • September 19, 2018

    Foreign Wage Exclusion Not For Gov't Worker, Tax Court Says

    The U.S. Tax Court held Wednesday that an individual was not entitled to a foreign earned income exclusion for certain wages because he was considered an employee of the U.S. government.

  • September 19, 2018

    SC Senators Adopt Fed. Tax Conformity Compromise

    A South Carolina Senate subcommittee charged with finding common ground on the adoption of state tax conformity with last year's federal tax overhaul pushed forward on Tuesday a compromise bill that offers up to $8,220 in exemptions for dependents.

  • September 19, 2018

    Jones Day Gets Back M&A Pro In Detroit From Cardinal Health

    Jones Day has added back to its ranks a former in-house attorney at Cardinal Health Inc. as a partner in Detroit, saying he is bringing with him years of experience in the mergers and acquisitions field.

  • September 19, 2018

    CPAs Ask IRS For Penalty Relief Under Transition Tax Rules

    IRS guidance on the new transition tax on foreign earnings hasn’t yet answered questions that individuals, trusts and estates have about their tax liabilities, according to an accounting trade body’s letter to the government urging relief from penalties for these groups.

  • September 19, 2018

    Lawyer Group Tells Justices Taxing Lost Rail Wages Unfair

    The American Association for Justice told the U.S. Supreme Court that damages given for lost wages cannot be taxed under a railroad statute because they do not fall under its definition of taxable income, and that ruling otherwise would not be fair because it would impede fair settlement offers when workers are injured in the future.

Expert Analysis

  • Unpacking The New Temporary Rules For Bonus Depreciation

    Ellen McElroy

    Last year’s business-friendly amendment of Internal Revenue Code Section 168(k), which allows immediate expensing for certain business assets, left many questions. In August, the Department of Treasury proposed rules clarifying requirements for depreciable property, but not all solutions are permanent and many issues remain unresolved, say attorneys at Eversheds Sutherland LLP.

  • A Look At New IRS Guidance For Nonprofits Calculating UBTI

    Shira Helstrom

    The Tax Cuts and Jobs Act imposed an additional administrative burden on tax-exempt organizations by eliminating their ability to aggregate unrelated trade and business income activity. Since the IRS issued guidance and interim rules in August, organizations should find compliance easier and also consider whether additional efficiencies might be possible, says Shira Helstrom of Morgan Lewis Bockius LLP.

  • Fundamental Valuation Principles Prevail In Minn. Tax Court

    Mark Lansing

    In Enbridge Energy v. Commissioner of Revenue, the Minnesota Tax Court recently rejected the state revenue commissioner’s attempt to artificially increase an interstate pipeline’s value to exceed market value. Whether by the misuse of unit valuation or asset valuation, taxing jurisdictions continue to find ways to overstate the value of energy-related property, says Mark Lansing of Dickinson Wright PLLC.

  • M&A Structuring And Due Diligence After Tax Reform

    Taylor Kiessig

    While the Tax Cuts and Jobs Act did not change what constitutes a tax-free reorganization, it is having a significant impact on domestic and cross-border mergers and acquisitions. Attorneys at Eversheds Sutherland LLP consider how the changes affect transaction structuring, diligence and tax risk allocation in M&A transactions.

  • Canadian Holding Structure Saves On Tax, For Now

    Greg Johnson

    The Tax Court of Canada, taking a commercially realistic approach, held in Alta Energy Luxembourg v. The Queen that a limited liability company was entitled to treaty benefits on capital gains and that the general anti-avoidance rule did not apply to the disposition of shares of a Canadian resource company. However, it is expected that the multilateral instrument and principal purpose test could curtail the use of these types of structures, say Greg Johnson and Wade Ritchie of Bennett Jones LLP.

  • Grandfathering Executive Compensation Plans Under TCJA

    Eric Winwood

    While the Tax Cuts and Jobs Act fundamentally changed rules governing the deduction under IRC Section 162(m) of executive compensation by publicly held corporations, it also included grandfather relief for some existing arrangements. Eric Winwood of Baker Botts LLP discusses the recent grandfather relief guidance and its effects.

  • 10 Questions For Upcoming Opportunity Zone Guidance

    Marc Schultz

    Last year's tax overhaul created an incentive program to encourage the investment of private capital in certain "opportunity zones" throughout the United States. The IRS is expected to issue guidance for interpreting many of the opportunity zone provisions in short order. However, the success of this program could depend upon the IRS' answers to these 10 questions, says Marc Schultz of Snell & Wilmer LLP.

  • Good Fortune Shipping And The Withdrawn Altera Opinion

    Patrick Smith

    In the weeks since the Ninth Circuit and D.C. Circuit issued conflicting opinions in challenges to the validity of tax regulations, other developments have undercut the impact of the Ninth Circuit's Altera opinion. Meanwhile, the Good Fortune Shipping opinion's application of the reasoned decision-making standard provides a welcome addition to the body of case law, says Patrick Smith of Ivins Phillips & Barker Chtd.

  • How New Treaties Will Affect Corporate Taxes In Japan

    Shinichi Kobayachi

    There were a number of tax developments in 2018 that could affect companies operating in Japan, including ratification of the Multilateral Convention to Prevent Base Erosion and Profit Shifting, as well as some notable changes to the country's corporate, individual and inheritance tax rules, say attorneys at Baker McKenzie.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.