The Texas Supreme Court on Friday denied a bid by the Harris County Appraisal District to toss its $929 million tax appraisal dispute with United Airlines Inc., leaving in place a lower appellate court's decision reviving the airline's appeal.
In this week’s Taxation With Representation, four firms guided a $70 billion all-stock merger between Linde AG and Praxair Inc., Deere & Co. picked up Wirtgen Group in a $5.2 billion deal, and First Data acquired CardConnect for about $750 million.
The government has again hammered Sunoco’s bid for a $306 million tax refund, arguing in a brief that the Federal Circuit should affirm a prior ruling that the oil company was trying to double dip on tax credits for alcohol-mixed fuel by claiming deductions for tax expenses it didn’t pay.
Complex offshore pension schemes are emerging as part of a new wave of tax dodges, putting British banks that ignore warning signs at risk of heavy criminal sanctions, experts told a conference in London on Friday.
The cash-strapped IRS' decision to reduce the number of in-person meetings it grants taxpayers during appeals may defeat the agency's goal to save resources if it is forced into litigation as a result of less effective communication by mail, telephone or videoconferencing.
A group of investors trying to force Deutsche Bank Securities Inc. into FINRA arbitration over loan-based tax shelters that the IRS rejected was met Thursday with a fair bit of skepticism, if not hostility, getting branded as scammers while asking the Second Circuit to revive its case.
A doctor who paid insufficient taxes on profits from a stock sale a year early is not liable for an accuracy penalty because she acted in good faith on her accountant’s faulty advice, according to a Tax Court ruling filed Thursday.
New Jersey's Senate Budget and Appropriations Committee on Thursday advanced legislation to permit taxes and fees on online short-term rental marketplaces like Airbnb and FlipKey, a measure expected to pump millions of dollars into state and municipal coffers.
The U.S. Court of Federal Claims has denied Ford’s bid to balance interest rates on a sales unit’s underpaid taxes and its own overpayments, which would have netted the auto giant more than $20 million, finding that Ford and the sales unit weren’t the same taxpayer.
The solicitor general is opposing a criminally convicted tax dodger's U.S. Supreme Court challenge to the tax code's "omnibus clause," which makes obstructing enforcement of the code a criminal offense, arguing that the high court has declined to hear similar cases looking to narrow the clause's scope.
The day after Illinois lawmakers left town, blowing past their spring legislative deadline to pass a budget, credit rating agencies Standard & Poor’s and Moody’s Investors Service downgraded the state’s bond rating to one notch above junk status, with S&P going even further to plunge the state’s appropriations debt into junk territory.
An original Alaska Native regional corporation is contesting a roughly $2.4 million IRS tax bill stemming from denied research and development deductions, with a recent Tax Court petition contending it properly claimed those deductions for trying to extract otherwise inaccessible coal.
Now-defunct Ecotec Coal LLC has agreed to drop its U.S. Tax Court challenge over well north of $100 million in renewable energy tax credits denied by the IRS in exchange for the government dropping all negligence penalties against the coal company and its members.
Legislation aimed at regulating fantasy sports betting and online gambling made a last-ditch effort for approval before lawmakers went home from the last regularly scheduled spring session day on Wednesday night, but only got halfway to the governor's desk after being passed by the Senate.
On the state's 700th day without a budget, the Illinois General Assembly on Wednesday indicated that it would ignore its scheduled May 31 adjournment and move into overtime in its efforts to pass a spending plan to Gov. Bruce Rauner's desk.
Two years after the Internal Revenue Service announced changes in how it would audit large corporations, practitioners say they are being left in the dark by vague guidance on how the new audits will work.
A Florida appeals court on Wednesday reversed a lower court's decision exempting three properties — a homeowners' association, a golf course and a hospital — from paying a stormwater utility fee, ruling that the properties benefit from the citywide system.
The owners and chief financial officer of a company accused of defrauding the U.S. Department of Defense in a kickback and tax evasion scheme involving a part manufactured for Humvees pled guilty in Pennsylvania federal court on Wednesday.
An Indiana federal judge issued a series of preliminary forfeiture orders Tuesday allowing prosecutors to seize up to almost $160 million in cash from convicted fraudster Joseph Furando, his companies and other conspirators who have pled guilty in a $145.5 million biofuel credit fraud scheme that netted $55 million in profits.
A pet hotel is not equivalent to a human hotel, a New Jersey Tax Court judge said in an opinion posted Tuesday, ruling in a property valuation dispute that a dog kennel does not produce real estate income for tax purposes the way a housing rental, hotel or nursing home would.
In last year's Temple-Inland v. Cook decision, a federal court held that Delaware violated a taxpayer’s due process rights with an excessive unclaimed property assessment. The Delaware Legislature later revised its unclaimed property statute. But the state's Department of Finance has now proposed audit rules that are virtually identical to those condemned by the court, say attorneys from Eversheds Sutherland (US) LLP.
Regardless of where we live and practice, regardless of whether trade deals succeed or fail, and regardless of whether the movement of people or capital is easy or difficult, our clients will still have needs or problems far away from home, says John Koski, global chief legal officer at Dentons.
Focused on my final argument notes, I nonetheless noticed a pause in the cross-examination of my client. Then I saw a flutter of activity out of the corner of my right eye, recalls James Brosnahan of Morrison & Foerster LLP.
In the third installment of a series featuring commentary from tax experts on the prospects for major reform of the federal tax system, Joy Sabino Mullane of Villanova University's Charles Widger School of Law looks at how tax reformers may approach changing or repealing the estate tax, and reviews similar attempts during past tax reform efforts.
If Time Magazine is correct in that being a lawyer is one of the five worst high-paying jobs, it may be time for the legal profession to pull one from the playbook of musicians and professional athletes and seek to enter a state of “flow,” says Jennifer Gibbs of Zelle LLP.
In the second installment of a series featuring commentary from tax experts on the prospects for major reform of the federal tax system, Matthew Cutts and colleagues at Squire Patton Boggs offer a historical perspective on the political process that made tax reform work in 1986, and consider the challenges facing would-be tax reformers in the current environment.
Family offices and other investment managers are increasingly “going direct,” whether on a solo basis, by pooling resources in networks with other similar investors, or by co-investing alongside private equity firms. While direct deals present significant opportunities for investors, they also pose specialized challenges, say Nicholas Tsafos and Jeffrey Chazen of EisnerAmper LLP.
California now has a Democratic governor and Democrats control a supermajority in both houses, but there are no split roll or other substantive property tax reform proposals. This may be because many consider Proposition 13 to be a metaphorical "third rail," potentially ending the political career of anyone who dares to touch it, says Bradley Marsh of Greenberg Traurig LLP.
In the first installment of a series featuring commentary from tax experts on the prospects for major reform of the federal tax system, Charlene Luke, editor-in-chief of the Florida Tax Review, discusses potential advantages of a system based on consumption taxes, and looks at how aspects of the House GOP tax reform blueprint could shift the tax system toward a consumption-based model.
Suffering from law firm ranking fatigue? Bewildered by the methodologies? If so, you're in good company. Alan Morrison, associate dean for public interest and public service law at George Washington University Law School, wonders just how far law firm ranking efforts may go.