Britain’s role in an international raid on the offices of Credit Suisse SA should serve as a cautionary tale to firms that U.K. enforcement officials are not waiting for new tax evasion laws to kick in before pursuing an increasingly aggressive approach.
A New Jersey biofuel company owner was sentenced Friday in Ohio federal court to 60 months in prison for participating in a fraudulent scheme that reaped more than $7 million in tax and renewable fuels credits connected to the purported production of biodiesel fuel, the U.S. Department of Justice said.
An art consultant charged with dodging taxes on a $3.5 million inheritance, who also is in a prolonged struggle over grand jury subpoenas requiring her to produce Swiss bank records, picked up new defense counsel Friday to handle her criminal case.
The Washington, D.C., government has withdrawn its challenge to a D.C. Superior Court decision that the government can’t tax a limousine company’s trips across state lines, leaving intact the court’s finding that an exception under federal law regarding transportation to airports doesn’t apply.
A California appeals court ruling upholding the state’s greenhouse gas cap-and-trade program put the initiative on firmer ground, but a possible appeal to the state Supreme Court and potential actions by the Legislature and regulatory agencies still obscure its future.
Bank of America lost $11 million when it sold off debt held by Dewey & LeBoeuf LLP before the megafirm crashed, a bank representative testified on Friday at the retrial of two former executives accused of defrauding the bank and others.
Illinois' revenues grew modestly in March, according to a new report from the state's in-house fiscal watchdog, but the state is still far behind in tax receipts as it approaches the end of its fiscal year.
In this week’s Taxation With Representation, British American Tobacco and Qualcomm Inc. cleared regulatory hurdles for acquisitions valued at $49 billion and $37.7 billion, respectively, and 7-Eleven inked a deal to pick up a portfolio of stores from Sunoco LP for $3.3 billion.
Engineering and defense contractor QinetiQ US Holdings Inc. has asked the U.S. Supreme Court to take up its challenge to a Fourth Circuit ruling that the IRS does not have to provide an explanation for issuing a notice of tax deficiency.
Affordable Care Act marketplaces are likely to steadily improve in the coming year and be increasingly profitable for insurers, assuming that no major changes are made by regulators or Congress, according to a report Friday from S&P Global.
Two separate court rulings in which the IRS suffered a defeat over tax breaks and an accounting method used by real estate developers and a retailer will not be applied to most other taxpayers in similar situations, the revenue agency said Friday.
Senate Majority Leader Mitch McConnell, R-Ky., dismissed the idea of a bipartisan approach to revamping tax laws Friday while chastising Democrats for supposedly being uninterested in economic growth.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
We all recognize that cutting or copying text from earlier works and pasting it into new documents saves attorneys time. However, with this increase in speed comes an increased risk of making, or not catching, errors, says Robert Lang of D’Amato & Lynch LLP.
Because the Affordable Care Act was upheld by the U.S. Supreme Court as a tax law, its repeal would entail a $1.1 trillion tax revenue loss over 10 years. Based on the direction that the Republicans take in crafting their replacement bill and what portions of the ACA will be repealed, individuals and corporations could be looking at drastic tax changes, say Michael White and Eddie Geraghty of M. White & Associates LLC.
Detractors of litigation funding have strained to characterize a recent decision from a California federal court as significant headway in their crusade against the litigation funding industry. However, in truth, this is a victory for both the industry and those in need of capital to bring meritorious claims against wrongdoers in an often prohibitively expensive legal system, say Matthew Harrison and Priya G. Pai of Bentham IMF.
Fred Korematsu’s U.S. Supreme Court case challenging President Franklin Roosevelt’s executive order that led to the incarceration of approximately 120,000 people of Japanese ancestry may sound like ancient history. However, Feb. 19 marks the 75th anniversary of the order's signing, and that it’s celebrating its diamond anniversary now is breathtaking timing, says Randy Maniloff of White and Williams LLP.
General counsels face the challenging task of understanding how companies can navigate the rules surrounding uses of artificial intelligence. To get smart on AI, general counsels must ask the right questions about areas such as human resources, intellectual property, liability and insurance, say Bruce Heiman and Elana Reman of K&L Gates LLP.