An Ohio federal judge preliminarily approved on Wednesday a $3.5 million settlement in a class action alleging the Internal Revenue Service had illegally targeted conservative and tea party-affiliated groups applying for nonprofit status.
The new federal tax law alters the tax treatment of executive compensation, and companies could find themselves in hot water if they don’t adjust their payment plans and are later audited by the Internal Revenue Service. Here, Law360 shares tips for tax practitioners, employment benefit lawyers and their clients to comply with the changes.
Switzerland's Ministry of Justice on Thursday said it has formally asked Spain for the extradition of Herve Falciani, a former HSBC Holdings PLC employee who was arrested a day earlier by Spanish police acting on an international warrant.
The Pennsylvania Supreme Court on Tuesday temporarily suspended an Allentown attorney from practicing in the state after he pled guilty to failing to pay federal taxes on behalf of his firm.
The Florida Supreme Court declined Wednesday to take up Escambia County’s appeal of a ruling that said owners of condominium units in a Santa Rosa Island complex do not have to pay property taxes on the county-owned land underneath the condos that is leased to the association.
The federal government on Wednesday urged a D.C. federal judge to toss a civil suit accusing Deputy Attorney General Rod Rosenstein of violating the Administrative Procedure Act when he appointed special counsel Robert Mueller to investigate links between the Trump campaign and the Russian government.
While the tariff war threatening international commerce between the U.S. and China commands increasing worldwide attention, China has more quietly been implementing tax policies that weaken the new U.S. tax law’s intended goal to boost domestic manufacturing and attract foreign investment.
Labor unions representing potato chip delivery drivers, airline agents and cable installers said Wednesday they’re pressing businesses they’re bargaining with, including AT&T, American Airlines subsidiaries and Frito-Lay/PepsiCo, to say how they’re using their savings under last year’s tax overhaul.
An open-government activist on Tuesday blasted Newark, New Jersey's attempt to avoid publicly releasing its bid to land Amazon’s second U.S. headquarters, rejecting its claims the disclosure would put the city at a competitive disadvantage when it has already provided some of the information to the media.
In the wake of New York lawmakers passing a budget that includes a major provision allowing employers to levy a payroll tax in lieu of income taxes, experts question whether employers will actually adopt it because of the complexity of the program.
The chairman of the U.S. House Judiciary Committee told the Supreme Court on Wednesday that Congress, and not the high court, should decide how and when states may compel remote sellers to collect and remit tax.
The American Institute of Certified Public Accountants on Wednesday asked the Internal Revenue Service to clarify what taxpayers can do when they accidentally pay the wrong initial amount of tax on overseas earnings they bring back to the U.S., saying more information is needed.
A woman who helped bribe a former top international diplomat with ties to convicted Chinese real estate billionaire Ng Lap Seng admitted in Manhattan federal court Wednesday to violating the Foreign Corrupt Practices Act and filing false tax returns.
Public interest groups fighting President Donald Trump’s executive order to repeal two federal regulations for each new one issued have asked a D.C. federal judge to revive their lawsuit challenging the action.
An Internal Revenue Service lien on an Illinois property is valid and enforceable despite a misspelling of the property owner’s name because the lien would have popped up in a reasonable database search, an Illinois federal judge said Tuesday.
Federal authorities filed a civil lawsuit Tuesday against an attorney who lives in Florida for allegedly running a nationwide charitable-giving tax scheme that has cost the U.S. more than $35 million.
Biopharmaceutical company AbbVie Inc. said Tuesday that an absence of specific claims should shut down a stockholder suit seeking damages for the company from directors in the wake of AbbVie's 2014 decision to drop a $54 billion merger with Shire Plc.
President Donald Trump has nominated Justin George Muzinich, a top aide to Treasury Secretary Steven Mnuchin and a former hedge fund manager, to become deputy secretary of the Treasury, according to a Monday announcement from the White House.
Subsidiaries of the Canadian National Railway Co. told the U.S. Supreme Court on Tuesday that transfers of $13.3 million of corporate stock options do not qualify as money remuneration that is taxable under the Railroad Retirement Tax Act because stock is not a generally accepted medium of exchange.
Despite the worldwide public attention that Amazon.com Inc. attracted when it announced that it would solicit bids for a second headquarters, the bidding process itself has been cloaked in secrecy, according to a watchdog’s report released Tuesday.
The U.S. Supreme Court has heard arguments in the most important state tax case in two and a half decades, as it decides whether states can compel online retailers beyond their borders to collect use tax on sales to their residents. Law360 takes a look at how we got here, what the parties argued and what tax professionals think the court will do.
A provision in the Tax Cuts and Jobs Act greatly expands the scope of the disallowance of deductions for fines and penalties paid to government agencies. This will make it costlier for a company to settle claims of violation of laws and regulations brought by federal, state or local agencies, or even foreign governments, says Marvin Kirsner of Greenberg Traurig LLP.
Two provisions of the Tax Cuts and Jobs Act aim to keep U.S. companies’ intangible assets from wandering the globe in search of shelter offshore. For affected taxpayers, one generally brings good news and the other brings bad, says Robert Kiggins of Culhane Meadows PLLC.
In this review of state and local tax decisions in 2017, Charles Capouet and Jessica Allen of Eversheds Sutherland LLP share observations on taxpayers’ outcomes in corporate income tax and sales and use tax cases, and look back at significant rulings such as the Pennsylvania Supreme Court’s decision in Nextel.
Increasingly, when courts impose a “legal hold” they require legal supervision of the preservation process, meaning lawyers must rely heavily on information technology professionals to execute the mechanics. John Tredennick of Catalyst Repository Systems and Alon Israely of TotalDiscovery offer insights on how legal and IT can work together to make the process more efficient and fulfill the company’s legal obligations.
Public finance tax lawyers have begun to see an indirect effect of the Tax Cuts and Jobs Act — the triggering of automatic bank rate adjustments resulting from the drop in the corporate tax rate. Though many banks have been willing to forgo or reduce interest rate increases that would otherwise occur under loan documents, obligors should know that this seeming benefit can have significant tax consequences, says Robert Eidnier of Sq... (continued)
Last December, President Donald Trump signed the Tax Cuts and Jobs Act, which included several provisions with real impacts on tribal governments and their members, including the reduction of individual tax rates and the treatment of the Kiddie Tax, say attorneys with Holland & Knight LLP.
The significance of the U.S. Supreme Court granting certiorari in South Dakota v. Wayfair cannot be understated and, frankly, it does not bode well for the continuing viability of the physical presence standard as established by the judiciary, considering that at least three of the current justices may have telegraphed their intentions in prior decisions, say John Paek and Drew Hemmings of Baker McKenzie.
New Jersey's new governor is eager to change how his state taxes individuals and businesses, though similar proposals have been criticized or even defeated during past administrations. If he succeeds, Gov. Phil Murphy will significantly change the state's tax regime, say Mitchell Newmark and Eva Niedbala of Morrison & Foerster LLP.
Multiple courts have held that discoverable material from negotiations with a litigation funder, when executed properly, can be attorney work product and immune from disclosure in the later litigation. The recent Acceleration Bay decision is indicative of what happens when difficult facts conflict with best practices, says Eric Robinson of Stevens & Lee PC.
The 2017 tax reform law casts into doubt the federal income tax deductibility of costs companies incur in connection with government settlements and court orders. This new provision applies to all settlements of any kind with any government entity, say Timothy Webster and Thomas Yancey of Sidley Austin LLP.