Tax

  • December 16, 2016

    Feds Say Man Can't Bring $160M IRS Fine Suit Before Paying

    A New York federal judge has no jurisdiction to hear a challenge to a $160 million tax penalty because the taxpayer has to pay all of the outstanding tax and penalties — about $67 million remains — before filing a tax refund suit in a federal district court, a government lawyer told that judge Friday.

  • December 16, 2016

    Taxation With Representation: Akin, Vinson, Cleary, Sidley

    This week’s Taxation With Representation sees Diamondback Energy acquiring oil and gas assets in the Delaware Basin for $2.43 billion, French asset manager Amundi shelling out €3.5 billion ($3.7 billion) for its rival, and Patterson-UTI Energy buying an onshore drilling counterpart for $1.76 billion.

  • December 16, 2016

    7th Circ. Sticks Surgical Tools Co. With Predecessor Tax Bill

    A surgical supplies company acting as the continuation of a defunct predecessor is on the hook for $400,000 in taxes owed by the former company when it went bust, the Seventh Circuit ruled Friday.

  • December 16, 2016

    US Appeals WTO Ruling Against Boeing State Tax Break

    The United States will appeal a World Trade Organization panel’s finding that a state tax cut to Boeing violated global subsidy rules, according to a notice filed Friday.

  • December 16, 2016

    France's Edenred Wins $24M In Arbitration Against Hungary

    A World Bank tribunal has ordered Hungary to pay Edenred SA, a French company that specializes in prepaid corporate services, approximately $24 million after the country changed the regulatory and tax framework relating to certain fringe benefits provided to Hungarian workers.

  • December 16, 2016

    IRS Limits Gain Recognition For Certain Stock Distributions

    The Internal Revenue Service on Friday adopted regulations it had initially proposed in 2004 to limit the recognition of gain in stock distributions involving a predecessor corporation, with significant modifications to the definition of the predecessor in response to comments from the public.

  • December 16, 2016

    VA High Court Upholds Tax Value Of Scrapped Refinery

    The Supreme Court of Virginia Thursday tossed an energy company’s challenge to tax evaluations on a shuttered refinery, rejecting the company’s claim that a county tax assessor overvalued refining machinery that was eventually sold for scrap.

  • December 16, 2016

    Fed. Circ. Won't Let Couple Claw Back $100K IRS Overpay

    The Federal Circuit on Thursday nixed a couple’s attempt to win back $100,000 in tax overpayments to the IRS the couple said were intended not as payments but as deposits for contested tax bills, ruling the pair waived their right to contest the assessments.

  • December 16, 2016

    Investment Adviser Charged In $19M Fraud Scheme

    A federal grand jury has charged a North Carolina man with fraud and tax evasion over an alleged scheme to defraud 100 people, including some professional athletes, of $19 million, prosecutors said Thursday.

  • December 15, 2016

    9th Circ. Upholds Contractor's 4-Year Tax Evasion Sentence

    The Ninth Circuit in an unpublished opinion Thursday affirmed a military contractor’s four-year prison sentence for tax evasion after rejecting his argument on appeal that the district judge didn’t credit unclaimed business expenses that would have lowered the sentencing range.

  • December 15, 2016

    Barnes & Thornburg Nabs Public Finance Pro From Squire

    A former Squire Patton Boggs partner and experienced public finance lawyer with expertise in public-private partnerships and infrastructure finance has joined Barnes & Thornburg LLP as a partner in its Columbus, Ohio, office, the firm announced Wednesday.

  • December 15, 2016

    Starbucks Launches Fight Against €30M EU Tax Ruling

    Starbucks has officially appealed a European Commission decision holding it liable for about €30 million in back taxes in the Netherlands, arguing that the commission made several legal and factual errors, according to the Official Journal of the European Union.

  • December 15, 2016

    IRS Axes Favorable Treatment Of Offshore Goodwill Transfers

    Americans making offshore transfers of the residual value of a business after all its tangible and intangible assets have been valued will no longer be able to receive a favorable tax treatment on these transfers, the Internal Revenue Service said Thursday.

  • December 15, 2016

    IRS Finalizes Some Insurance Tax Credit Rules Under ACA

    The Internal Revenue Service announced on Wednesday that it had partially adopted proposed rules to govern how state health insurance exchanges submit consumer information to federal tax authorities as part of its effort to track tax credits to help low-income families buy health insurance under the Affordable Care Act.

  • December 14, 2016

    Comcast Wins Again On $2.8M Franchise Tax Refund

    A California appeals court on Wednesday upheld a lower court’s judgment that a Comcast Corp. subsidiary is entitled to a refund of $2.8 million in corporate franchise taxes based on the extent to which it controlled its own subsidiary, but that a $1.5 billion termination fee following a failed merger was properly subject to California tax.

  • December 14, 2016

    Manufacturers, Retailers Blast Border Adjusting In Tax Plan

    More than 50 retail and manufacturing associations urged Congress to abandon a crucial piece of the GOP tax overhaul plan in a letter Tuesday, saying the proposal to increase taxes on all imports could hurt domestic industry.

  • December 14, 2016

    Tax Court Nixes IRS Expert But Leaves Agency’s Win In Place

    The U.S. Tax Court on Wednesday again ruled against a pair of partnerships challenging an IRS decision that they had underpaid taxes through a tax shelter transaction, finding that even when disregarding an expert's testimony upon reconsideration, the ruling for the agency stood.

  • December 14, 2016

    Scarinci Hollenbeck Nabs Three Starr Gern Tax Attys

    New Jersey-based Scarinci Hollenbeck has expanded its Tax Trust and Estates practice with three attorneys from Starr Gern Davison & Rubin in Roseland, the former firm announced Wednesday.

  • December 14, 2016

    NJ Must Refund $13M Tax To Lottery Winners Within 30 Days

    The New Jersey tax division has 30 days to refund nearly $13 million, plus interest, to seven lottery winners challenging the retroactive taxation of their $216 million jackpot, as the New Jersey Tax Court ruled Tuesday that the lottery winners’ partial victory in the case thus far is sufficient to warrant a refund.

  • December 14, 2016

    Court Asked to Block IRS From Digital Currency Users' Info

    A Berns Weiss LLP attorney and customer of the virtual currency exchanger Coinbase Inc. asked a California federal judge Tuesday to quash a John Doe summons by the Internal Revenue Service to obtain customer information from Coinbase, arguing that the summons was issued in bad faith.

Expert Analysis

  • Employment Law Possibilities Under President Trump

    Michael H. LeRoy

    President-Elect Donald Trump offered little specifics about employment law policies on the campaign trail, but he painted enough broad brush strokes to offer some possibilities. He also energized whites, a demographic group not emphasized since George Wallace’s failed candidacy. That reality points all of us in a starkly new direction for employment law, says Michael LeRoy, a professor of law at the University of Illinois at Urbana-Champaign.

  • Candid Advice From The Bench: Judges Are People Too

    Alison Wong

    While it’s true that judges are more capable than juries of rendering decisions based on a subtler understanding of the law, trial lawyers shouldn’t assume that judges are immune to the unfolding drama and underlying context of the case. In fact, the most important lesson we’ve learned from interviewing retired judges is that they process information the same way jurors do, says Alison Wong of Salmons Consulting.

  • 7 Steps For Managing An Associate Who May Be Impaired

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    According to a recent study on the prevalence of attorney addiction and mental health concerns, more than one-third of practicing attorneys in the U.S. qualify as problem drinkers and 28 percent struggle with depression. While change in large law firms can be slow, there is a lot firms can do to navigate situations where an associate’s performance may be impaired, says Stacey Saada Schwartz, a former litigator and Los Angeles-based... (continued)

  • QinetiQ Tests APA's Application To Tax Deficiency Notices

    Roger Jones

    The outcome of QinetiQ U.S. Holdings Inc. v. Commissioner could have far-reaching implications if the Fourth Circuit accepts the taxpayer’s Administrative Procedure Act argument. A holding that the APA requires that notices of tax deficiency contain more explanation could add to the workload of an already log-jammed and thin-staffed IRS, say members of McDermott Will & Emery.

  • The Role Of Litigation Analytics In Your Case

    Thomas C. Gricks III

    Lawyers often use analytics in the course of an e-discovery review for production, where these tools help them assign documents into buckets such as “relevant” or “privileged.” Increasingly, lawyers are using analytics to see if there is anything unusual within the collection and if there are stories the documents can tell, say Thomas Gricks, Bayu Hardi and Mark Noel of Catalyst Repository Systems.

  • Adapt Or Die: Law Firms In Tomorrow's Economy — Part 5

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    The clarion call from the top of Corporate America over the past several years to its workers to do more with less, eliminate redundancy, and work cooperatively across disciplines toward the goal of corporate profitability is reaching BigLaw, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant general counsel of McKesson Corp.

  • When Brain Cancer Is Not Reasonable Cause For Late Filing

    Stephen Olsen

    In Specht v. United States, the Sixth Circuit upheld penalties for failure to timely file and pay estate tax. This case presented a terrible set of circumstances for the executor, but is a good example of how difficult arguing the reasonable cause exception to delinquency penalties can be, if the delinquency was based on relying on an attorney to file, says Stephen Olsen of Gawthrop Greenwood PC.

  • 4 Ways To Get Associates Trial-Ready

    Stephen B. Crain

    For young trial associates who want to evolve into young trial lawyers, getting the necessary experience is increasingly challenging. The only surefire way associates can become first chair advocates is through effective mentoring, and the best way to achieve effective mentoring is to incorporate it in your approach to cases, say Stephen Crain and Drew Taggart of Bracewell LLP.

  • Adapt Or Die: Law Firms In Tomorrow's Economy — Part 4

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    Compensation isn't what it used to be — and never will be again, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant general counsel of McKesson Corp.

  • Adapt Or Die: Law Firms In Tomorrow's Economy — Part 3

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    In part 3 of this series on law firm evolution, Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant general counsel of McKesson Corp., addresses the problem of ad hoc client development and the challenge of associate training.