Tax

  • April 4, 2017

    Gov't Doc Delay Stirs Controversy In Dallas Bribery Trial

    A Texas federal judge on Tuesday said she considered striking the testimony of two key witnesses in the public corruption trial of Dallas County Commissioner John Wiley Price but ultimately decided to let the defense re-question them, after prosecutors admitted they waited too long to turn over some evidence.

  • April 4, 2017

    Tax Practitioners Want More Congressional Oversight Of IRS

    Nine groups of accountants and tax professionals on Monday called on leading Congress members to institute a new governance and oversight structure for the Internal Revenue Service, saying that the agency’s “current degradation” of taxpayer services is unacceptable.

  • April 4, 2017

    Miami-Dade OKs Airbnb Tax Deal, Eyes Further Regulation

    Miami-Dade County commissioners on Tuesday voted 10-3 to approve a deal with Airbnb Inc. to collect the county's 6 percent resort tax from hosts, with the board expressing a desire for more substantial regulation of the rapidly growing home-sharing businesses, in response to residents' complaints and other concerns.

  • April 4, 2017

    Calif. Fiscal Officer Asks Gov. To Strip Tax Board Powers

    California’s chief fiscal officer has urged the state legislature and Gov. Jerry Brown to strip the California State Board of Equalization of its tax administration duties after a scathing review found operational inconsistencies and questionable practices by board members.

  • April 4, 2017

    Senators Seek To Close Tax Code's 'Settlement Loophole'

    U.S. Sens. Jack Reed, D-R.I., and Chuck Grassley, R-Iowa, introduced a bipartisan bill Monday taking aim at the so-called “settlement loophole” that allows corporations to declare tax exemptions on out-of-court settlements with the government over allegations of illegal activity.

  • April 4, 2017

    Vape Shop’s Tax Case Should Be Tossed, Pa. Tells Court

    The state of Pennsylvania on Monday pressed a federal court judge to toss a Harrisburg vape shop’s suit over a newly implemented state tax on “unsavory inventory,” including e-cigarettes, contending that the store hasn’t shown it has suffered damages and should use an administrative process to lodge its objection, rather than the court.

  • April 4, 2017

    County Asks Texas Justices To Hear United Tax Appraisal Row

    The Harris County Appraisal District took its $929 million tax appraisal dispute with United Airlines Inc. to the Texas Supreme Court, arguing a lower appellate court wrongly revived the airline's challenge of the valuation by mischaracterizing basic pleading requirements as “hypertechnical requirements.”

  • April 4, 2017

    JCI Looks To Toss Shareholder Tax Suit Over $17B Inversion

    Johnson Controls Inc. asked a Wisconsin federal judge Monday to toss a suit by a putative class of shareholders who claim the company bamboozled them into shouldering tax costs related to the company’s $16.6 billion merger with Tyco International PLC, saying the shareholders have failed to state a claim.

  • April 4, 2017

    Swiss Re Says GE Owes It $80M In Taxes From 2006 Deal

    Swiss Reinsurance Co. Ltd. says it's out more than $80 million in tax liabilities that General Electric Co. was obligated to cover from the 2006 sale of GE's reinsurance business but has yet to reimburse, according to a lawsuit filed Monday in New York state court.

  • April 3, 2017

    Del.'s New Escheat Rules Keep Troubling Estimation Methods

    Delaware proposed regulations Saturday to comport with newly revamped unclaimed property laws that were a response to a federal judge’s constitutional concerns, but experts say the new rules continue the same audit practices that the judge had found troubling.

  • April 3, 2017

    IRS Beats Medical Marijuana Co.'s Bid To Quash Summonses

    The IRS convinced a New Mexico federal judge Friday to enforce summonses regarding a medical marijuana company as the agency seeks to determine whether it wrongfully deducted business expenses tied to trafficking a controlled substance.

  • April 3, 2017

    Del. Issues Reworked Unclaimed Property Audit Regs

    Delaware moved ahead with a proposed rewrite of regulations for audits and collections of long-idle or unclaimed assets, with a broader, multistate U.S. Supreme Court review of the state’s collection authority looming in the background.

  • April 3, 2017

    New Mexico, Tribe Settle Property Tax Row

    A New Mexico federal judge on Friday dismissed a suit between a Native American tribe and the state of New Mexico after hearing from the parties that they’ve settled their dispute over assessing property taxes on tribal land, according to court documents.

  • April 3, 2017

    Warranty Service Means Ga. Tire Co. Must Pay Ore. Tax

    An Oregon Tax Court magistrate judge on Friday granted tax authorities a quick win by finding an out-of-state wholesale tire distributor not exempt from Oregon corporate income tax because a retail company acts on the behalf of the distributor when servicing warranties.

  • April 3, 2017

    Art Whiz Gets More Time To Cough Up Credit Suisse Records

    A Manhattan federal judge on Monday ordered an art consultant charged with tax evasion to produce Credit Suisse bank records to prosecutors, but extended the deadline for her to comply before facing sanctions of $1,000 per day for contempt of a grand jury subpoena.

  • April 3, 2017

    Feds Slam Prevezon's Arguments Ahead Of Seizure Trial

    Federal prosecutors on Monday hit back against holding company Prevezon Holdings Ltd.’s bid to escape ahead of trial allegations that it benefited from a huge Russian tax fraud scheme, telling a Manhattan federal judge that it’s too late for the company to reconfigure an argument regarding the legal standards for tracing funds.

  • April 3, 2017

    Trade Groups Sue Over Tenn. Out-Of-State Sales Tax Law

    Online and catalogue retailers have hit the Tennessee Department of Revenue with a suit over its tax law requiring out-of-state retailers to collect sales tax on purchases from inside the state, in defiance of a 1992 Supreme Court ruling that states cannot levy sales tax on businesses that do not have a physical presence within their borders.

  • April 3, 2017

    Winston & Strawn Adds Former Covington Tax M&A Partner

    Winston & Strawn LLP recently bolstered its tax practice capabilities with the hire of a new partner from Covington & Burlington LLP for its New York office, who is experienced in working mergers and acquisitions both in the United States and across international borders.

  • March 31, 2017

    Nixing Of Mich. Tax Accord Merits Review, Justices Told

    Gillette, Goodyear and DirecTV urged the U.S. Supreme Court to settle their due process concerns by reviewing a Michigan appeals court ruling that backed Michigan’s decision to retroactively withdraw from a multistate tax agreement used to calculate corporate franchise taxes.

  • March 31, 2017

    Credit Suisse At Heart Of NY Grand Jury Sanctions Scrap

    Counsel for a woman facing a U.S. criminal tax evasion charges tangled with prosecutors Friday before a Manhattan federal judge over whether she will face contempt sanctions of $1,000 per day starting Monday for failing to produce Credit Suisse bank records from 2005 and 2006. 

Expert Analysis

  • Demystifying International Extradition

    Amy Jeffress

    There were many high-profile news stories in 2016 about individuals fighting extradition to or from the United States. Given the complexity and sensitivity of the issues involved, extradition is time-consuming, often taking years. The process by which the U.S. evaluates hundreds of extradition requests each year may be unfamiliar to many practitioners, say attorneys with Arnold & Porter Kaye Scholer LLP.

  • Implications Of Closing The 'Carried-Interest Loophole'

    Excerpt from Lexis Practice Advisor
    Robert D. Starin

    Politicians from both major political parties tout closing the “carried-interest loophole” as a primary aspect of their tax reform agendas. Carried-interest legislation, if enacted, would impose questions and challenges not only on private equity firms and their advisers, but on a wide array of businesses, says Robert Starin of K&L Gates LLP.

  • Uniformity Vs. Autonomy In Insurance Regulation: Part 2

    Nicole M. Zayac

    In light of significant developments in the EU such as Brexit, it appears likely that the pendulum is shifting away from expanding the role of the federal government in insurance regulation. This could mean either a return to state autonomy, or increased uniformity fostered by federal deregulation, say Nicole Zayac and David Hauge of Michelman & Robinson LLP.

  • Law Firm Margin Improvement: The Long Game

    Jack Diggle

    For all the lessons learned since 2008, it's surprising that margin management remains so tactical, rather than an ongoing strategic endeavor, for law firms. The firms that will survive and thrive must invest in ongoing margin-improvement capability, which will combine enhanced business- and change-management skills and take a long-term view to drive out the more difficult changes, says Jack Diggle of Elevate Services Inc.

  • Considerations For PE Funds Eyeing Foreign Portfolio Cos.

    Christopher Kula

    The viability of pursuing foreign opportunities depends upon the composition of a private equity fund’s investor base, whether the fund’s strategy allows such investments, and whether the fund documents provide the requisite flexibility to make foreign investments on a tax-efficient basis, says Christopher Kula of Cole Schotz PC.

  • 2017 Check-Up: Is Your Law Firm Positioned For Success?

    William G. Johnston

    Over the next few weeks, a slow trickle of news about one measure of law firm success — law firm financial results — will gradually become a flood as more firms open up about their performance in 2016. Law firm leaders would be wise to focus on nine factors that determine success, says law firm management consultant William Johnston.

  • The Missing Key To 3rd-Party Litigation Funding

    Tripp Haston

    Unlike other forms of commerce and unlike in other nations, litigation investment and funding in the U.S. is largely unregulated with few disclosure requirements. Where darkness exists, ignorance and mistrust breed. Disclosure and transparency in litigation investment and funding is the first and proper step to better understand this opaque dynamic in the U.S. civil justice system, says Tripp Haston of Bradley Arant Boult Cummings LLP.

  • The 5th Amendment's Essential Role In Offshore Audits

    Michael DeBlis III

    The Fifth Amendment is normally associated with criminal proceedings and the prohibition against self-incriminating testimony. However, its protections also apply in some other matters, such as contempt of Congress. More importantly for tax law purposes, there is a documentary production privilege, and there is a trio of cases that flesh out this concept, says Michael DeBlis III of DeBlis Law.

  • In Congress: Cabinet Approvals, Disapproval Resolutions

    Richard Hertling

    Congress this week will continue to move forward on approving President Trump’s cabinet nominees and disapproving federal regulations issued in the final months of the Obama administration, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • The Up-C: An Alternative Exit For PE-Backed Energy Cos.

    Jeff Malonson

    As initial public offering markets reopen for oil and gas businesses, and the market remains skeptical over the viability of the upstream master limited partnership as an acceptable alternative, private equity sponsors should spend time analyzing the Up-C structure as a means to optimize valuation and liquidity, say Jeff Malonson and Archie Fallon of King & Spalding LLP.