Tax

  • April 10, 2017

    UK Tax Cops Fire A Warning Shot With Credit Suisse Raid

    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.

  • April 10, 2017

    NJ Feedstock Processor Gets 5 Years In Biofuel Fraud Case

    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.

  • April 10, 2017

    Long Island Art Whiz Taps New Atty For Criminal Tax Defense

    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.

  • April 10, 2017

    DC Drops Appeal To Limo Co.'s Win In Interstate Tax Row

    The Washington, D.C., government has withdrawn its challenge to a D.C. Superior Court decision that the government can’t tax a limousine company’s trips across state lines, leaving intact the court’s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.

  • April 7, 2017

    Calif. Cap-And-Trade Ruling Won't Settle Program’s Fate

    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.

  • April 7, 2017

    BofA Lost $11M In Dewey's Last Days, Jury Hears At Retrial

    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.

  • April 7, 2017

    Ill. Financial Shape Still Declining, Watchdog Group Finds

    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.

  • April 7, 2017

    Taxation With Representation: Cravath, Jones Day, Weil, Paul

    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.

  • April 7, 2017

    Justices Asked To Rule Whether IRS Must Explain Tax Claims

    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.

  • April 7, 2017

    ACA Markets Likely To Stabilize In 2017, S&P Global Says

    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.

  • April 7, 2017

    IRS Won't Apply Appeals Court Rulings To Most Taxpayers

    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.

  • April 7, 2017

    Senate Leader Brushes Off Bipartisan Approach To Tax Redo

    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.

  • April 7, 2017

    Billionaire's Ex-Helper Cops To Tax Count In UN Bribe Case

    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.

  • April 7, 2017

    Pa. E-Cig Tax Battle Belongs In State Court, Vape Shop Says

    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.

  • April 7, 2017

    'Jersey Shore' Star, Brother Face Even Bigger Tax Situation

    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. 

  • April 7, 2017

    Investors Sue AbbVie Over $1.6B Fee, Say More Loss Looms

    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.

  • April 7, 2017

    NY Court Denies NRG's Bid For $5.8M Property Tax Refund

    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.

  • April 7, 2017

    DLA Piper Picks Up Baker McKenzie Tax Partner In Austin

    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.

  • April 6, 2017

    Calif. Cap-And-Trade Program Upheld By Split Appeals Court

    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.

  • April 6, 2017

    Law Firm Must Face Ex-Partner’s Tax Fraud Claims In Ill.

    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.

Expert Analysis

  • How 401(k) Benefits Can Attract Millennial Legal Talent

    Nathan Fisher

    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.

  • How The Courts Review Executive Orders

    Steven D. Gordon

    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.

  • How Chicago's Rental Car Tax Crossed The Line

    Catherine Battin

    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.

  • What Lawyers Can Learn From Kellyanne Conway

    Michelle Samuels

    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.

  • Understanding Connecticut's Income Tax On Stock Options

    Marc Finer

    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.

  • The Mistakes Lawyers Make When Copying And Pasting

    Robert D. Lang

    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.

  • Tax Implications Of The Affordable Care Act Repeal

    Michael White

    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.

  • Opinion

    Calif. Court Gets Automatic Funding Disclosure Right

    Matthew D. Harrison

    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.

  • In Retrospect

    Relearning The Lessons Of Korematsu's Case

    Randy Maniloff

    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.

  • How A General Counsel Should Think About AI: Part 2

    Bruce J. Heiman

    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.