Tax

  • June 2, 2017

    Texas Justices Won't Hear $929M Airline Appraisal Row

    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.

  • June 2, 2017

    Taxation With Representation: Cravath, Linklaters, Wachtell

    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.

  • June 2, 2017

    IRS Hits Back At Sunoco Appeal Of Denied $306M Tax Refund

    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.

  • June 2, 2017

    Banks And Tax Officials Face Heat As New Dodges Emerge

    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.

  • June 1, 2017

    Fewer In-Person Appeals Meetings May Prove Costly For IRS

    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.

  • June 1, 2017

    2nd Circ. Skeptical Of Arbitration Bid In Deutsche Tax ‘Scam’

    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.

  • June 1, 2017

    Dr. Spared Fine Over Accountant's Stock Sale Tax Gaffes

    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.

  • June 1, 2017

    NJ Senate Committee Advances 'Airbnb' Tax Bill

    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.

  • June 1, 2017

    Ford Loses Bid For $20M In Interest On Tax Overpayments

    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.

  • June 1, 2017

    SG Asks High Court To Pass On Defining Tax Omnibus Clause

    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.

  • June 1, 2017

    With No Budget Deal, Ill. Credit Drops To Edge Of Junk Status

    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.

  • June 1, 2017

    Alaska Native Co. Challenging $2.4M In IRS Deficiencies

    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.

  • June 1, 2017

    Former Coal Co. Settles $100M Denied Tax Credits Challenge

    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.

  • May 31, 2017

    Fantasy Sports Legalization Bill Passes Ill. Senate, Not House

    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.

  • May 31, 2017

    No Deal For Ill. Lawmakers After 700 Days Without A Budget

    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.

  • May 31, 2017

    IRS Still Vague On Large Business Audit Details

    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.

  • May 31, 2017

    Key West Properties Can't Avoid Paying Utility Fee, Court Says

    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.

  • May 31, 2017

    Owners, CFO Plead Guilty In DOD Fraud, Tax Evasion Scheme

    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.

  • May 31, 2017

    Feds Can Take $160M From Convicted Biofuel Fraudsters

    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.

  • May 31, 2017

    'Hotel For Pets' Not An Actual Hotel, NJ Tax Court Says

    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.

Expert Analysis

  • Delaware Re-Ups Dubious Unclaimed Property Audit Rules

    Mary Jane Wilson-Bilik

    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.

  • Series

    Counsel To Counsel: 5 Challenges For A Law Firm GC

    John Koski

    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.

  • Series

    My Strangest Day In Court: When The Witness Attacked

    James J. Brosnahan

    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.

  • Series

    Tax Reform Perspectives: Death, Taxes And Uncertainty

    Joy Sabino Mullane

    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.

  • Lawyers In Flow: Get Out Of Your Head And Into Your Case

    Jennifer Gibbs

    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.

  • Series

    Tax Reform Perspectives: The Challenge Of Politics

    Matthew Cutts

    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.

  • Avoiding Due Diligence Pitfalls In Direct Deals

    Nicholas Tsafos

    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's '3rd Rail': Property Tax And The Split Roll

    Bradley R. Marsh

    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.

  • Series

    Tax Reform Perspectives: The Case For A Consumption Tax

    Charlene Luke

    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.

  • Satire

    A Law Firm Ranking Model By 'Fake News & Distorted Reports'

    Alan B. Morrison

    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.