Tax

  • April 30, 2018

    Supreme Court Won’t Take Up Pa. Oil And Gas Rights Row

    The U.S. Supreme Court on Monday said it will not review a Pennsylvania appeals court decision finding that a 1932 tax sale of subsurface mineral rights encompassed the sale of oil and gas rights, keeping in place a win for the exploration company Range Resources.

  • April 27, 2018

    Tax Pros Excited About Opportunity Zones But Want Clarity

    While a new program created under the federal tax overhaul that aims to provide tax benefits to investors for building and creating jobs in low-income areas is expected to succeed, many tax experts want more guidance from the IRS before projects are planned and executed.

  • April 27, 2018

    Three Things States Will Keep Doing If Quill Remains

    States have gone too far to get around physical presence requirements for making retailers collect and remit use tax to give up now, and that will be true even if the U.S. Supreme Court upholds Quill Corp. v. North Dakota. Here are three things states will keep doing to bring in sales and use tax revenue, even if Quill stays.

  • April 27, 2018

    Taxation With Representation: Wachtell, Gibson, Baker

    In this week’s Taxation With Representation, Quality Care Properties, Welltower and Promedica cooperated on a $2 billion deal, EQT Midstream Partners and Rice Midstream Partners agreed on a $2.4 billion merger, Searchlight Capital Partners LP paid $2 billion to take Mitel private and CenterPoint Energy acquired Vectren for $6 billion.

  • April 27, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen Merrill Lynch file new actions against Venice, Swiss Re lodge a claim against Maersk, and Raiffeisen Bank sue an Argyle Street unit the Austrian bank already claims owes $70 million linked to a 2015 takeover battle. Here, Law360 looks at those and other new claims in the U.K.

  • April 27, 2018

    3rd Circ. Upholds Enviro Co. Founder’s Tax Fraud Sentence

    Denying a sixth consecutive continuance did not deprive the founder of an environmental services company of due process rights, especially when he engaged in dishonest behavior and failed to follow his plea agreement during the five previous extensions, a Third Circuit panel ruled Thursday.

  • April 27, 2018

    House Votes To Extend Airplane Fuel Tax Until 2023

    The U.S. House of Representatives voted on Friday to extend the aircraft fuel tax until 2023 as part of a bill to reauthorize and fund the Federal Aviation Administration.

  • April 27, 2018

    Manafort Loses Civil Challenge To Mueller Probe

    A D.C. federal judge on Friday tossed Paul J. Manafort Jr.’s civil suit challenging the special counsel criminal charges against him, ruling the former Trump campaign manager’s only chance of ducking the money laundering and other accusations is in the criminal proceedings themselves.

  • April 27, 2018

    Pa. Court Flubbed 'Willfulness' In Tax Case, 3rd Circ. Told

    The U.S. government has urged the Third Circuit to reverse a Pennsylvania federal judge’s decision to let a pharmaceutical CEO duck a nearly $1 million tax penalty over an undisclosed Swiss bank account, arguing the lower court wrongly raised the bar for showing willful conduct.   

  • April 27, 2018

    Seafood Refiner Co-Owner Gets 2 Years For $1M Tax Evasion

    The co-owner of a major Gloucester, Massachusetts, seafood processing plant will spend two years in federal prison after being sentenced for evading more than $1 million in taxes at an emotional hearing Friday in a Boston courthouse.

  • April 26, 2018

    DC Circ. Questions Foreign Tax Treatment Of Bearer Shares

    An international shipping company urged a D.C. Circuit panel Thursday to grant it the chance to prove it is owned predominantly by residents of other countries, despite the fact its stock is issued in hard-to-trace bearer shares.

  • April 26, 2018

    BEAT May Flout Global Trade, Treaty Rules, Specialists Say

    The federal tax overhaul's base erosion and anti-abuse measure likely violates international treaty and trade rules aimed against preferential treatment for domestic businesses, practitioners said Wednesday at a conference in New York.

  • April 26, 2018

    Fla. Hospital Denied In Bid To Expand Beyond Tax District

    For the second time in eight days, a Florida state court has ruled that Halifax Health lacks authority to build a hospital outside of a special taxing district's geographical bounds, granting a judgment Wednesday to a district resident who challenged a partially completed project in the city of Deltona.

  • April 26, 2018

    Newark Discloses Amazon HQ Bid Amid Public Records Suit

    Newark released a redacted version Wednesday of its bid to land Amazon’s second U.S. headquarters amid a lawsuit from an open-government activist over the efforts of New Jersey's largest city to shield the document from public view, according to the man's attorney.

  • April 26, 2018

    11th Circ. Narrows Rail Co.'s Sales Tax Win Against Alabama

    The Eleventh Circuit clarified its month-old opinion that Alabama taxes discriminate against rail carriers with a limiting revision Wednesday, specifying that the opinion applies to the transportation of interstate freight.

  • April 26, 2018

    5th Circ. Affirms Convictions In Tax Co.'s $2M Ponzi Scheme

    The Fifth Circuit on Wednesday affirmed the November 2016 convictions of two tax preparers accused of running a $2.1 million Ponzi scheme, saying jurors in the case had not been misled by the indictment's use of the word “victim.”

  • April 26, 2018

    Multistate Tax Commission Seeks Input On Remote Sellers Tax

    The Multistate Tax Commission voted Thursday to move forward with public hearings on a proposed statute that would standardize how remote retailers report customer purchasing data and tax liabilities to states.

  • April 26, 2018

    KPMG Negligence Row Over $1B Fraud Pegged For Chancery

    A Delaware judge found Wednesday he lacked jurisdiction to hear negligent misrepresentation claims from bondholders, a bank and shipping companies alleging KPMG entities failed to realize an offshore oil services company was running a $1.1 billion invoicing fraud, saying the case belongs in state Chancery Court.

  • April 26, 2018

    Fraudster's $62M IRS Penalty Challenge Tossed By 2nd Circ.

    A convicted tax shelter promoter saw his challenge to a $62 million Internal Revenue Service penalty tossed by a Second Circuit summary order on Wednesday after a panel affirmed a lower court's judgment in favor of the agency.

  • April 26, 2018

    Jones Day Adds Compensation, Benefits Atty From Kirkland

    Jones Day has brought on a former Kirkland & Ellis LLP attorney who has years of experience advising clients on executive compensation and benefits matters, announcing he has joined the firm as a partner in Chicago.

Expert Analysis

  • Finance-Savvy Millennials Are Shifting Business Of Law

    Michael Perlich

    The impact of millennials has already been felt within the legal community by our eagerness to embrace new technologies. One way that we will have potentially even more impact lies in our willingness to embrace new ways of developing business and financing law, says Michael Perich of Burford Capital LLC.

  • Turning Tides: Limiting The Outsourcing Of Tax Audits

    Nelson Yates

    Four years ago, a temporary Treasury regulation went into effect allowing the IRS to hire outside contractors in taxpayer examinations. It appears this will soon change as multiple measures are under consideration that would nullify or restrict what many view as an impermissible outsourcing of the IRS' audit function, says Nelson Yates, counsel at Morgan Lewis LLP.

  • Opinion

    Attorney-Client Privilege Is Alive And Well

    Genie Harrison

    The FBI raid of the office of President Donald Trump’s personal lawyer set off a firestorm of controversy about the sanctity of the attorney-client privilege, epitomized by Trump's tweet that the "privilege is dead." But attorney-client privilege is never taken lightly — I have battle scars from the times I have sought crime-fraud exceptions, says Genie Harrison of the Genie Harrison Law Firm.

  • Roundup

    Dissolving Practice

    Dissolving Practice

    In this series, experts discuss the unique aspects of closing a law firm, and some common symptoms of dysfunctionality in a firm that can be repaired before it's too late.

  • Series

    Dissolving Practice: How To Fix A Dysfunctional Law Firm

    Larry Richard

    I am often asked, “When there are one or more partner departures, what can a firm do to prevent this from escalating to a catastrophic level?” The short answer is “nothing.” Law firms need to adopt culture-strengthening lifestyles to prevent defections from occurring in the first place, says Larry Richard of LawyerBrain LLC.

  • Chicago Tax Revenue Scheme May Not Be Bankruptcy-Proof

    Raphael Janove

    Chicago has securitized its sales tax revenue to take advantage of the bankruptcy-remote mechanism and lower interest rates. However, an analysis of the transfer shows it may be classified as a financing, not a true sale, and may not be as bankruptcy-proof as hoped, says Raphael Janove of Eimer Stahl LLP.

  • Your Guide To Wayfair: The Briefs In Support

    David Fruchtman

    In this article covering South Dakota v. Wayfair, David Fruchtman of Rimon PC, analyzes all of the briefs submitted in support of petitioner or in support of neither party.

  • AMT Credit Carryovers: Which Limitations Apply?

    Todd B. Reinstein

    The Tax Cuts and Jobs Act eliminated the corporate alternative minimum tax, but taxpayers should be cognizant of the rules that could limit or eliminate the ability to refund the AMT credits. Future IRS guidance may address the issue, but there are steps taxpayers can take in the meantime to determine how best to allocate their AMT credits, says Todd Reinstein of Pepper Hamilton LLP.

  • Series

    Dissolving Practice: Partner Agreement Clauses That Can Help

    ​​​​​Leslie Corwin

    Given the competing public policies of protecting clients’ right to counsel of their choice, lawyer mobility, and the fiduciary duty partners owe to a dissolved firm, it behooves law firms to carefully review their partnership agreements to make sure they adequately spell out what happens in the unfortunate event that the law firm chooses to wind down, say ​​​​​Leslie Corwin and Rachel Sims of Blank Rome LLP.

  • Combating Employee Phishing Scams During Tax Season

    Matt Todd

    Tax season can be daunting and downright frightening without the added fear of tax scams that seek to siphon money from you and your employees. This year, the IRS and FBI are warning employers about a new surge in Form W-2 phishing scams, urging all employers not only to educate their payroll personnel but also to develop incident response plan and reporting protocols, say Matt Todd and Teri Nguyen of Polsinelli PC.