The U.S. Supreme Court’s recent leaning toward states’ rights and skepticism of dormant commerce clause power have resulted in an environment more sympathetic toward state taxing powers.
A plan to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, will go to a creditor vote, the judge presiding over the U.S. territory’s bankruptcy-like proceedings ruled Tuesday, putting the agency on track to confirm its debt adjustment scheme by mid-January.
An investment adviser was slapped with a more than eight-year prison sentence Tuesday in New Jersey federal court for bilking investors out of millions of dollars, forging his former attorney's signature as part of the scheme after he was arrested and released on bail, and preparing false tax returns for clients.
Individuals concerned about losing the benefits of a temporarily increased exemption for the estate tax by making large gifts may not have to worry about paying an additional tax after the exemption decreases, under regulations the IRS proposed Tuesday.
The U.S. Tax Court should not dismiss more than $10 million in accuracy-related penalties against the owners of the historic Palmolive Building in Chicago for misstating the value of the skyscraper's donated easement, and the court must examine the company's intent, the IRS said in a recent filing.
Cryptic concerns about international criminal investigations were not enough Tuesday to secure New Jersey attorney John M. Hanamirian a leadership role defending hundreds of American pension plans against multidistrict litigation accusing them of cheating Danish tax authorities, a Manhattan federal judge said in court.
From the downfall of the physical presence test to proposed regulations to limit income inclusions for corporate U.S. shareholders of controlled foreign corporations, family, friends and turkey are not the only things tax attorneys have to be thankful for this holiday season. Here, Law360 looks at six tax developments practitioners appreciate and hope for this year.
The Internal Revenue Service was not required to inform an attorney and school administrator of her right to request innocent spouse relief, the Seventh Circuit has ruled, backing a U.S. Tax Court decision to deny her relief from her tax attorney-husband’s liabilities.
A Manhattan federal judge sentenced English lawyer Michael Little to 20 months in prison Tuesday for helping the children of a deceased investor dodge taxes on their $14 million inheritance over a decade and for failing to pay his own taxes, ruling also that the former Royal Marine lied as he testified in his own defense.
A group of former National Football League security personnel filed suit in a New York federal court Tuesday claiming the league misclassified them as independent contractors as a way to deny them overtime and benefits.
A New Jersey federal judge on Tuesday nixed a former attorney’s bid to set aside his six-year prison sentence for using a bogus law and accounting firm to defraud a foreign nation of more than $3.5 million, rejecting claims that he received ineffective legal assistance.
An immigration lawyer linked to President Donald Trump's former attorney Michael Cohen was found guilty of lying on more than 100 asylum applications to immigration authorities and aggravated identity theft following a two-week trial, the U.S. Attorney's Office for the Southern District of New York said Monday.
An investor has settled his $4.9 million tax bill with the IRS in a Texas federal court using the proceeds of a legal settlement to drop out of a $21 million suit involving an oil business.
Michigan state officials have slammed a Native American community’s quick win bid in a suit over the state’s tax authority, saying the community had provided information that was inaccurate or unsupported and federal law did not preempt the state’s imposition of sales or tobacco tax.
The Republic of Uzbekistan on Friday urged a D.C. federal court to toss a lawsuit filed by a Guernsey-based arbitration funder to confirm a $13 million arbitral award stemming from a mining and tax dispute, saying the suit is barred under sovereign immunity.
The U.S. Department of the Treasury released final regulations Monday with a simplified accounting method for those who produce or acquire property for resale and are required to capitalize costs to the property.
A sales tax refund company that knew a competing company was suing it for trade secret misappropriation missed a 60-day deadline to try to toss the claims under a state free speech law, a Texas appellate court has held, rejecting the argument that an amended petition reset the clock.
Carlos Ghosn, the CEO and chairman of the Nissan-Renault-Mitsubishi Alliance and one of the world’s best-known businessmen, was arrested by Japanese authorities early Monday morning after an investigation sparked by a whistleblower revealed he underreported his income and misused Nissan company funds for years.
A proposed European Union digital tax should be set at 5 percent rather than 3 percent and should include revenue from sites such as Netflix Inc. and Amazon.com Inc., European Parliament lawmakers said Monday.
Allen Matkins Leck Gamble Mallory & Natsis LLP has announced a former CliftonLarsonAllen attorney experienced in tax planning and structuring has joined the firm’s Los Angeles office as a partner.
The new federal tax law was expected to change how deals get structured, and four months after its enactment, it is becoming clear how the legislation is having an impact on negotiations and tax planning strategies.
John Gadon and Eric Kodesch of Lane Powell PC discuss who and what is included under the new 1 percent gross receipts tax on large retailers passed by Portland, Oregon, voters via ballot measure last week.
If the proposed Internal Revenue Code Section 956 regulations are finalized as written, both actual and deemed repatriations would be tax-free in the United States to 10 percent corporate shareholders without associated foreign tax credits brought up to the shareholder, say attorneys at Mayer Brown LLP.
In this series featuring law school luminaries, Yale Law School lecturer and Pulitzer Prize-winning reporter Linda Greenhouse discusses her coverage of the U.S. Supreme Court, the conservatives' long game and trends in journalism.
Although the opportunity zone program is designed to stimulate investment in low-income areas, in many cases, taxpayers can benefit from investments in neighborhoods — such as those in Washington and Oregon — that are growing despite this incentive, say Eric Kodesch and Lewis Horowitz of Lane Powell PC.
Attorneys should think beyond the Veterans Day parades and use their time and talents to help the many veterans facing urgent legal issues, says Linda Klein of Baker Donelson Bearman Caldwell & Berkowitz PC.
Federal government revenue from corporate income tax has steadily declined since the start of the postwar era. Joyce Beebe and Jorge Barro at the Baker Institute for Public Policy consider how recent tax reforms may shift this trend.
A revenue procedure released by the IRS in September provides important, albeit limited, relief to real estate investment trusts with international operations on certain unanswered questions, say David Miller and Christian Brause of Sidley Austin LLP.
The decision last month by Baker McKenzie’s global chairman to step down due to exhaustion indicates that the legal profession needs to mount a broader wellness effort to address long hours, high stress, frequent travel and the daily demands of practice, says Leesa Klepper, director of Thrivewell Coaching.
The IRS has increased scrutiny for Internal Revenue Code Section 199 deductions taken against profits from film, computer software, electricity, natural gas, potable water, tangible personal property and certain sound recordings. Though 199 was repealed by tax reform, battles over this contentious deduction are sure to continue for some time, say attorneys at McDermott Will & Emery LLP.
Based on last week's oral arguments in Washington v. Cougar Den, it's likely that the outcome will turn on whether the U.S. Supreme Court considers Washington's fuel tax to be on the possession of fuel, or on the Yakama Nation's importation of fuel, say Catherine Munson and Rachel Saimons of Kilpatrick Townsend & Stockton LLP.