Tax

  • September 1, 2017

    Film Investors Sue Advisers Over 'Missold' Tax Scheme

    A group of 122 investors, including 45 former Premier League footballers, is suing financial advisers and certain banks linked to a £700 million ($908 million) film investment tax-break scheme operated by Ingenious Media, the plaintiffs' counsel said Friday.

  • September 1, 2017

    Exxon Sues IRS For FOIA Foot-Dragging On $1.35B Refund

    ExxonMobil has hit the Internal Revenue Service with a Freedom of Information Act lawsuit in Texas federal court accusing the agency of dragging its feet for more than a year on document requests aimed at bolstering the oil giant’s $1.35 billion tax refund suit.

  • August 31, 2017

    IRS Isn't Shielded From $13M Ponzi Clawback, 9th Circ. Says

    The Ninth Circuit on Thursday affirmed a roughly $13 million victory for the bankruptcy trustee of collapsed real estate firm and Ponzi vehicle DBSI Inc. over the IRS in a suit brought to claw back fraudulent tax payments, finding Congress has unequivocally waived the government’s sovereign immunity defense against the claims.

  • August 31, 2017

    Trump Slashes Spending On ACA Promos, Assistance

    The Trump administration on Thursday drastically cut spending on promotional efforts and consumer assistance for the Affordable Care Act’s insurance marketplaces, despite having previously recognized the importance of such activities.

  • August 31, 2017

    Okla. High Court Upholds Revocation Of Auto Tax Exemption

    When the Oklahoma Legislature partially lifted an 8-decade-old exemption protecting automobiles from the state sales tax to try to raise revenue for the cash-strapped state, it was not instituting a new tax subject to much stricter requirements for passage, a narrowly divided state Supreme Court ruled Thursday.

  • August 31, 2017

    DirecTV Can’t Omit Customer Subscriptions From SC Income

    A South Carolina appeals court has ruled against DirecTV on the $14 million question of whether the satellite television provider can exclude customer subscription sales from its state taxable corporate income, agreeing with the South Carolina Department of Revenue that the subscription income comes from activity in the state.

  • August 31, 2017

    UK To Reveal Decision On Secretive Economic Crime Review

    Britain’s government is to make a decision about the future of U.K. agencies involved in investigating and prosecuting economic crime in the next few weeks, following a secretive review of their effectiveness, it was revealed on Friday.

  • August 31, 2017

    Tax Group Slams DC's 'Chainbridge' Transfer Pricing Tool

    The so-called Chainbridge methodology that the District of Columbia government has used to adjust business’ tax liabilities is “a distorted and erroneous” scheme that “produces absurd results,” a trade group representing corporate tax interests said Wednesday in support of Hess, Exxon Mobil and Shell in transfer pricing litigation against the district.

  • August 31, 2017

    FBOP Can't Pause $276M Tax Refund Row For Pension Fight

    An Illinois federal judge denied an attempt by defunct banking company FBOP Corp. and other parties to pause discovery in a suit over a $276 million tax refund Thursday, although FBOP may take further steps to ditch the Pension Benefit Guaranty Corp.’s claim for $30 million.

  • August 31, 2017

    Va. Top Court Reverses Tax Decision Against Kohl's

    A divided Virginia Supreme Court on Thursday reversed a decision against Kohl’s Department Stores, instructing the lower court to reconsider its holding about the company’s tax liability for income from intellectual property held by an out-of-state subsidiary.

  • August 31, 2017

    In Bipartisan Push, 8 Governors Float ACA Fixes

    A bipartisan group of governors unveiled a blueprint Thursday for stabilizing Affordable Care Act insurance marketplaces and warned that Congress and the White House must quickly send a “strong signal” of support for the law.

  • August 31, 2017

    Anadarko Sues IRS Over Refused $15.6M Loss

    Oil and gas producer Anadarko sued the IRS in Texas federal court Wednesday for refusing to recognize a $15.6 million capital loss, with the company contending the agency even changed its rules that cover the deferral of such claims to block such refund requests.

  • August 31, 2017

    BDO Exec Says Tax Changes Could Give REITs Dealer Issue

    Real estate investment trusts are closely monitoring potential tax reform in Washington, and certain changes in tax law could make it more difficult for REITs to avoid taxes the IRS assesses on “dealers,” Julie Robins, a tax managing director at accounting firm BDO, told Law360 in a recent wide-ranging interview.

  • August 31, 2017

    Tax Extensions Count For Return Deadlines, Tax Court Says

    A Connecticut woman can’t reclaim her overpayment to the Internal Revenue Service, a Tax Court judge said Wednesday, ruling that because the agency sent her a notice within two years of her missed filing deadline, she couldn't pursue a refund.

  • August 30, 2017

    Trump Tax Talk's Few Details Let M&A Uncertainty Persist

    President Donald Trump’s Wednesday speech calling for an overhaul of the tax code was light on details and offered little new information, leaving in place uncertainty in the merger and acquisitions market about exactly what changes may be coming for corporations and when they might be enacted.

  • August 30, 2017

    2nd Circ. Nixes German Billionaire's IRS Summons Appeal

    The Second Circuit on Tuesday threw out an appeal from German billionaire Georg Schaeffler for a ruling that the IRS can’t pursue his outside accounting firm, Ernst & Young, for documents related to an examination of his income tax liabilities.

  • August 30, 2017

    Calif. High Court Affirms Taxing Powers Of Voter Initiatives

    The California Supreme Court has ruled that taxes proposed by voter initiatives require only a simple majority vote at special elections under the state’s constitution.

  • August 30, 2017

    Trump Promises Lower, Simpler Tax Rates In New Reforms

    President Donald Trump laid out broad strokes of his upcoming tax reform push during a speech Wednesday in Missouri, promising lower rates and less complicated taxes intended to increase domestic investment and raise wages.

  • August 30, 2017

    Ex-US Tax Judge Disbarred In Minn. Over Tax Cheat Scheme

    A former U.S. Tax Court judge who is serving a prison term for conspiring with her husband to cheat on their taxes during a 10-year stretch — including understating their taxable income by $1 million — has been disbarred by the Minnesota Supreme Court.

  • August 30, 2017

    Chip Inventor Wins 24-Year Tax Row With Calif.

    Computer chip inventor Gilbert Hyatt has emerged largely victorious in his 24-year tax battle with California over patent licensing income from the early 1990s following a marathon hearing Tuesday before a state tax board, which agreed that he was a Nevada resident for most of that period.

Expert Analysis

  • Why Conn.’s Renewable Program Survived A Legal Challenge

    Jennifer Mersing

    Last month, the Second Circuit rejected challenges to Connecticut’s renewable energy procurement process and credit program. While the decision raises some questions about the boundaries of states' renewable energy programs, its narrow reading of the U.S. Supreme Court’s ruling in Hughes v. Talen Energy supports a wide range of state incentives in this area, says Jennifer Mersing of Stoel Rives LLP.

  • Where AI Meets Cybersecurity And The Legal Profession

    Randy Sabett

    Artificial intelligence and machine learning will continue to be a major focus for the legal community, whether as an isolated topic, as it intersects with cybersecurity, or within the legal profession itself. Each of these raises unique concerns for attorneys, says Randy Sabett, vice chair of Cooley LLP's privacy and data protection practice group.

  • Mortgage Servicers Should Review Escheat Compliance

    Kendall Houghton

    Several significant developments have transpired in the world of unclaimed property law that could have a significant impact on mortgage servicers’ compliance efforts. Fortunately, there are several defenses to escheatment that a mortgage servicer could potentially rely on, at least in certain states, say attorneys with Alston & Bird LLP.

  • Weekly Column

    Innovating For Wise Juries: Interim Arguments

    Roy Futterman

    By allowing attorneys to summarize what has just occurred in testimony and how it fits into the wider case narrative, courts can substantially improve juror comprehension through every step of a trial. Yet interim arguments are not practiced regularly, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • Unstructured Data Is Just The Tip Of The Iceberg

    David Turner

    Recent amendments to the Rules of Civil Procedure mean issues like spoliation, sanctions and adverse impacts are focus areas for many attorneys, providers and clients. David Turner of FTI Consulting Inc. discusses the technological best practices regarding preservation and proportionality, as well as the challenges associated with clients' structured data.

  • 5 Questions To Ask Firm Before Accepting A Litigation AFA

    Gregory Lantier

    Outside counsel experienced with alternative fee arrangements will have many war stories regarding successful — and less successful — fee arrangements. Asking outside counsel to share these experiences can provide useful insight into the strength of a proposed AFA, say attorneys with WilmerHale.

  • Opinion

    Why You Should Argue Your Appeal

    Stewart Milch

    Conventional wisdom says that oral argument is a mere formality; that in courts where judges read briefs in advance, their minds are made up and will rarely — if ever — change. But conventional wisdom notwithstanding, oral argument can be critical, says Stewart Milch of Goldberg Segalla LLP.

  • 6 Ways Teaching A Law School Class Can Benefit Lawyers

    Steven Allison

    Though teaching a law school class may be one of the last things on a busy practitioner's to-do list, it's a misconception that teaching will benefit only those who are looking to leave the practice of law and enter academia. It also offers several practical benefits, especially for more junior lawyers looking for stand-up experience, say Steven Allison and Samrah Mahmoud of Crowell & Moring LLP.

  • Monthly Column

    Congressional Forecast: July

    Richard Hertling

    July is looking increasingly important to the Republican agenda. And Democrats are likely to double down on their heretofore unwavering opposition, especially in the Senate, to that agenda in the hope of sending Republicans home without any significant accomplishments — aside from the confirmation of Justice Neil Gorsuch — for the August recess, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • Imposing Documentary Transfer Taxes In Calif. After Ardmore

    Eric Coffill

    Following the California Supreme Court's recent decision in North Ardmore v. County of Los Angeles, one can reasonably expect that more California cities and counties will amend their ordinances to specifically apply the change of ownership rules for Documentary Transfer Tax Act purposes, say attorneys with Eversheds Sutherland LLP.