We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Tax

  • December 13, 2018

    2018 International Tax Policy: Year In Review

    The U.S. Department of Treasury has spent the past year attempting to interpret the federal tax overhaul’s complex international measures while a global debate over how to tax digital revenue simmered overseas. Here is a look back at six major tax policy developments in the U.S. and around the world.

  • December 13, 2018

    2018 State And Local Tax Policy: Year-In-Review

    This year may have been dominated by federal tax reform, but state and local policy practitioners were plenty busy, too, with issues such as the continued growth of the regulated marijuana industry and the uptake of local opportunity zones. Here, Law360 highlights some of the biggest state and local tax policy moves of 2018.

  • December 21, 2018

    2018 Federal Tax Legislation: Year In Review

    The past year bore witness to the U.S. Congress appointing a new IRS commissioner and extending nearly 30 expired targeted tax incentives and saw lawmakers stake out opposing tax policy positions in a highly contentious election year. Here, Law360 reviews the biggest federal tax legislation stories of 2018.

  • December 12, 2018

    Senate OKs Resolution Overturning Donor Disclosure Rule

    The U.S. Senate passed a resolution on Wednesday that would overturn guidance released by the U.S. Department of the Treasury that limits the disclosure requirements of certain nonprofits.

  • December 12, 2018

    Calif. To Vote On Controversial Text Message Tax Proposal

    The California Public Utilities Commission is gearing up to vote next month on a controversial proposal that would impose a tax on text messages as part of the commission’s effort to kick-start a waning revenue stream coming out of the telecommunications industry.

  • December 12, 2018

    Feds Call For CPA To Be Imprisoned For Role In $18M Fraud

    Federal prosecutors urged a California district court to reject an accountant’s plea for leniency following his guilty conviction in a client’s $18.2 million fraud, calling instead for a “significant” prison sentence on Wednesday to deter other tax return preparers.

  • December 12, 2018

    Cayuga Nation Secures Win In NY Property Tax Row

    A New York federal court judge has sided with the Cayuga Indian Nation in a long-running dispute with Seneca County over the collection of property taxes on land owned by the tribe, finding that the tribe’s sovereign immunity protects it from the suit.

  • December 12, 2018

    Puerto Rico Tax Overhaul Expected To Provide $2B In Relief

    Puerto Rico will have a lower corporate tax rate and a new tax credit aimed at creating a more attractive tax climate under a bill its governor recently signed that is expected to provide about $2 billion in tax relief. 

  • December 12, 2018

    UK's May Survives But Weakened After Brexit Revolt In Party

    Prime Minister Theresa May survived a coup attempt by rebel lawmakers within her Conservative Party late Wednesday, winning a no-confidence vote by a sufficiently large margin to allow her to continue pushing to get a draft Brexit withdrawal agreement through a hostile Parliament.

  • December 12, 2018

    EU Seeks Banks' Credit Card Data To Fight Online VAT Fraud

    Banks would have to share credit card data with European tax authorities under a draft law proposed by the European Commission on Wednesday, in a bid to cut value-added tax fraud using bogus online stores by €1.2 billion ($1.4 billion).

  • December 12, 2018

    Cohen Gets 3 Years For Russia Lies, Paying Trump Women

    A Manhattan federal judge sentenced Michael Cohen, President Donald Trump's former lawyer, to three years in prison Wednesday for a “smorgasbord” of crimes, including paying off two women who said they had affairs with the president, lying to Congress about Russia, and dodging taxes on $4.1 million of income.

  • December 12, 2018

    UK's May Faces No-Confidence Vote Over Brexit Plans

    Prime Minister Theresa May will face a vote of no-confidence from her own Conservative Party MPs on Wednesday evening as opposition to her plan to exit the European Union escalates, raising the prospect of a no-deal departure or no Brexit at all.

  • December 11, 2018

    NJ, Jersey City Sued Over 'Unconstitutional' Payroll Tax

    The state of New Jersey and Jersey City officials have been slapped with a lawsuit by Mack-Cali Realty Corp. and others claiming the town’s new measure imposing a payroll tax on non-resident employees in order to help offset public education costs is illegal “special legislation” that violates the state constitution.

  • December 11, 2018

    Calif. Adopts $100K Threshold For Tax On Remote Sellers

    California will require out-of-state retailers to collect and remit use tax to the nation’s most populous state if they have $100,000 in sales or 200 transactions, the taxing agency handling sales and use tax announced Tuesday.

  • December 11, 2018

    2nd Circ. Won’t Rehear Monster.com CEO's $41M Tax Row

    The Second Circuit won’t rethink its reversal of a U.S. Tax Court decision that had allowed the estate of the deceased founder of Monster.com to escape a $41 million tax deficiency over his contracts with two investment banks.

  • December 11, 2018

    Accountant Seeks No Prison Time For $18M Tax Return Fraud

    An accountant found guilty of helping a venture capitalist siphon $18 million from a fund through false tax returns has told a California federal court he should serve no time behind bars despite prosecutors' request for a "significant" prison sentence.

  • December 11, 2018

    Liberty Tax Franchisee Asks Justices To Revive $2.7M Award

    A former Liberty Tax franchise owner has asked the U.S. Supreme Court to review a Fourth Circuit decision partially vacating a $2.7 million award in his favor, saying the ruling contradicts Virginia law and contract terms.

  • December 11, 2018

    CFC Stock Rules Disarm Some Tax Traps But Pitfalls Remain

    Proposed regulations that exempt from taxation some investment earnings of a U.S. parent’s controlled foreign companies have closed some tax traps related to corporate borrowing, but companies must parse the rules carefully to ensure they meet their requirements.

  • December 11, 2018

    Contractor Admits Role In Sending Unqualified Guards To IRS

    A manager for a company that provided armed guards to the IRS has pled guilty to conspiracy to defraud the government in a scheme involving the falsification of firearm shooting scores, prosecutors said Monday.

  • December 10, 2018

    Judge Mulls Several Outcomes For NY Opioid Surcharge Law

    A Manhattan judge probed the pharmaceutical industry's attack on New York’s $600 million levy on the opioid industry and the state's defense of the law at a Monday hearing, asking questions that suggested a range of outcomes were on the table between letting the law be and striking it down.

Expert Analysis

  • 2nd Circ. Opines On Variable Prepaid Forward Contract Gains

    Lawrence Hill

    Reversing the U.S. Tax Court, the Second Circuit recently found that the late Monster.com founder’s estate potentially owed $41 million in taxes for variable prepaid forward contract extensions and remanded calculation to the Tax Court. Lawrence Hill and Kevin Platt of Winston & Strawn LLP discuss Estate of McKelvey v. Commissioner.

  • State Net

    State Lawmakers Face Familiar Challenges In 2019

    Korey Clark

    Many of the issues that are most likely to draw the attention of state lawmakers next year — including cybersecurity, internet and data privacy, blockchain and cryptocurrencies, sales taxes on remote sellers, transportation and telecommunications infrastructure, and marijuana — are already familiar, says Korey Clark of State Net Capitol Journal.

  • Understanding Treasury's New Hardship Distribution Rules

    Jorge Leon

    In November, the Treasury Department issued proposed regulations expanding the safe harbor for hardship distributions from qualified retirement plans. Now plan sponsors need to consider whether, when and how they will adapt, say attorneys at Michael Best & Friedrich LLP.

  • Congressional Forecast: December

    Layth Elhassani

    During its current lame duck session, Congress must compromise on government funding legislation or face a shutdown. It may also endeavor to move additional legislation and continue to confirm Trump administration nominees before the close of the 115th Congress later this month, says Layth Elhassani of Covington & Burling LLP.

  • NY Tax Minutes: November

    Timothy Noonan

    This month in NY Tax Minutes, Timothy Noonan and K. Craig Reilly of Hodgson Russ LLP discuss New York’s Amazon tax package, check in with the SALT deduction cap suit, brief the Apple sales tax matter and focus on statutory residency cases in New York state courts.

  • Tangible Property Sales Taxes Don't Apply To Intangibles

    Craig Fields

    Recent tax decisions in Pennsylvania and Michigan highlight taxing authorities' unsuccessful attempts to assert sales and use tax on products and services that use new technologies not contemplated by old taxing statutes, say Craig Fields and Rebecca Balinskas of Morrison & Foerster LLP.

  • Lame Ducks Could Fix TCJA's Bonus Depreciation Problem

    Dustin Stamper

    Earlier this year, the Treasury Department found it couldn't fix an error that excludes qualified improvement property from the Tax Cuts and Jobs Act's bonus depreciation provisions. Relief might come from Congress if it passes a limited technical corrections bill during the lame duck session, say Dustin Stamper and Omair Taher of Grant Thornton LLP.

  • Illinois Tax Talk: Apportioning Insurance Company Income

    Christopher Lutz

    While most corporations are required to follow the standard statutory formula for corporate income tax apportionment, insurance companies have to apportion their income to Illinois according to special rules, says Christopher Lutz of Horwood Marcus & Berk Chtd.

  • Does A Civil Penalty Time Bar Apply In The Tax Context?

    Armando Gomez

    Next month the Seventh Circuit will hear arguments addressing whether the IRS has an unlimited period of time to assess penalties against alleged promoters of abusive tax shelters. Skadden attorneys, who filed an amicus brief on behalf of the American College of Tax Counsel, review the arguments on both sides of this pivotal case.

  • Jurors Should Ask More Questions During Trials

    Matthew Wright

    Permitting jurors to submit written questions, or even to pose questions orally to witnesses on the stand, advances several important goals and promotes both fairness and efficiency, says Matthew Wright of McCarter & English LLP.