Tax

  • May 4, 2017

    Chamber Blasts IRS' Case Citation In Inversion Rule Row

    The U.S. Chamber of Commerce on Wednesday slammed the Internal Revenue Service’s effort to introduce a federal court's April ruling upholding disclosure requirements for participants in certain alleged tax shelter schemes into its suit over a controversial corporate inversion rule, saying the case is irrelevant to the instant dispute.

  • May 4, 2017

    Continental Fights Ponzi Coverage After 9th Circ. Revival

    Continental Casualty Co. and the receiver for a defunct company that ran a Ponzi-like real estate embezzlement scheme squared off in California federal court Thursday, almost a year after the Ninth Circuit revived the case, with Continental arguing that a 2004 policy doesn’t cover the losses.

  • May 4, 2017

    AEP Unit Can't Escape Pa. Tax On Electricity Sales

    A Pennsylvania appeals court on Thursday backed the state's conclusion that a wholesale electricity unit of American Electric Power Corp. couldn't claim a tax exemption for electricity sales to a public industrial development authority, sticking the company with a $340,000 tax bill.

  • May 4, 2017

    Ex-CFO Of Cay Clubs Gets 40 Years For $300M Ponzi Scheme

    A Florida real estate executive convicted of running a $300 million Ponzi scheme out of luxury resort company Cay Clubs Resorts and Marinas was sentenced to 40 years in federal prison Thursday.

  • May 4, 2017

    Google Settles Italian Tax Row For Over $330M

    Google Inc. confirmed a settlement with Italian tax authorities Thursday topping more than $330 million and resolving a tax dispute spanning a number of years.

  • May 4, 2017

    FBI To Quiz Holland & Knight Duo In Energy Tax Credit Case

    The FBI may question and audiotape a Holland & Knight LLP partner and lobbyist on a potential conflict of interest in the pair's defense of a businessman charged with wire fraud and tax evasion concerning renewable energy tax credits, a Pennsylvania federal judge said Thursday.

  • May 4, 2017

    ACLU Backs Off On Threat To Sue Over Religious Exec. Order

    The American Civil Liberties Union on Thursday retreated from its threat to sue the Trump administration for issuing an executive order easing political restrictions for tax-exempt churches, saying that the order is basically ineffectual.

  • May 4, 2017

    Tax Gap, Incorrect Payouts Roughly Equal Fed. Deficit: GAO

    Tax underpayment and erroneous government program payouts account for more than 93 percent of the 2016 federal budget deficit and exceed the 2015 deficit by more than $110 billion, U.S. Comptroller General Gene L. Dodaro told the House Committee on Budget Wednesday.

  • May 4, 2017

    Trump Orders Looser Regs For ACA Contraceptive Mandate

    President Donald Trump signed an executive order Thursday directing federal agencies to look into exempting religious employers from the Affordable Care Act’s contraceptive mandate.

  • May 4, 2017

    House Votes To Repeal Obamacare

    The U.S. House of Representatives passed its sweeping health care overhaul Thursday afternoon on a close partisan vote, with the American Health Care Act altering many of the Affordable Care Act's taxes, coverage requirements and pre-existing condition protections.

  • May 4, 2017

    Company Had One Shot To Fight Tax Penalty, 7th Circ. Says

    A Seventh Circuit panel held an Indiana company and its owner to a single IRS administrative challenge contesting a penalty for not reporting participation in a deemed “abusive tax‐shelter” Wednesday, mirroring a Tenth Circuit finding that the taxpayer’s first challenge precludes a second.

  • May 3, 2017

    Russian’s Death Off-Limits At Upcoming $230M Fraud Trial

    A New York federal judge ruled Wednesday that prosecutors can’t discuss the jailing and death of Russian investigator Sergei Magnitsky at an upcoming trial against alleged beneficiaries of a $230 million tax fraud scheme he uncovered, saying details of the man whose name has been branded on anticorruption laws around the world could prejudice a jury.

  • May 3, 2017

    House GOP To Push AHCA Vote Thursday

    House leaders plan to hold a vote Thursday to repeal the Affordable Care Act, with further tweaks to the repeal bill announced Wednesday that add $8 billion in federal support for new high-risk pools for people with pre-existing health conditions.

  • May 3, 2017

    Insurer Must Pay Tax Debt Before Policyholder: 3rd Circ.

    A Third Circuit panel on Tuesday overturned a Pennsylvania district court and determined that a Pennsylvania law requiring an insurance company to pay unpaid property taxes before remitting fire insurance proceeds to a policyholder applied even if that policyholder didn’t own the property.

  • May 3, 2017

    Widow Stuck With Tax Bill From Failed Real Estate Venture

    The widow of a former Goldman Sachs partner who invested in a failed real estate venture is liable for almost $600,000 in income taxes and fees after the Minnesota Supreme Court ruled on Wednesday that she had failed to disprove the validity of the tax assessment.

  • May 3, 2017

    3rd Time Not Charm For Texas Fight Against AMC Tax Refund

    A Texas appellate court on Wednesday rejected Texas’ third attempt to overturn a $1.2 million tax refund to American Multi-Cinema Inc., overruling the state's argument that AMC can’t deduct film exhibition costs from its taxes because it’s not selling a tangible good.

  • May 3, 2017

    Study Finds IRS Issued $17B In Improper Tax Credits

    The IRS has refused to adopt recommendations for assessing the risk of making improper refundable tax credits despite finding that nearly a quarter, or $16.8 billion, of Earned Income Tax Credits never should have been doled out, according to a report released Tuesday.

  • May 3, 2017

    NY Tribe Gets Counterclaim Tossed In Property Tax Suit

    A New York federal judge on Tuesday rejected Seneca County’s assertion that certain pieces of real estate owned by the Cayuga Indian Nation are not reservation lands and are therefore subject to property taxes, concluding that an 1838 treaty did not disestablish the tribe's reservation.

  • May 3, 2017

    Ex-Guinea Mining Minister Convicted Of Taking Bribes

    A Manhattan federal jury needed little more than five hours Wednesday to find a former Guinea mining minister guilty of taking $8.5 million in bribes in exchange for valuable mineral rights in the West African nation and then lying to banks about the money.

  • May 3, 2017

    Remaining $1.8M Also Tossed In $4.1M CSX Tax Clawback Bid

    A Florida federal judge axed what remained of a CSX Corp. effort to claw back $4.1 million in what it considered overpaid taxes, rejecting Tuesday the railroad company’s argument that the IRS owed it $1.76 million because employee relocation expenses were not taxable compensation.

Expert Analysis

  • Series

    My Strangest Day In Court: Hitting A Curveball

    Nicholas E. Chimicles

    As a trial lawyer, you make instantaneous decisions in courtrooms all the time, but that day was different. I had to balance my advocate’s concern for the class of investors I represented against the empathy I felt for a fellow human being’s tragic loss, says Nicholas Chimicles of Chimicles & Tikellis LLP.

  • Attorneys And Firms, Beware The IRS' 2017 Dirty Dozen

    Michael White

    The IRS has released its 2017 Dirty Dozen list, highlighting the most common tax scams and abuses that the agency seeks to prevent and prosecute this year. The identified items can pose risks to attorneys, financial advisers and their clients at any time of year but peak during tax filing season, say Michael White and Eddie Geraghty of M. White & Associates LLC.

  • How The Most Profitable Law Firms Structure Their C-Suites

    Anita Turner

    The most successful Am Law 200 law firms have evolved from being partner-run to being run by a group of highly skilled professionals reporting to firm shareholders. The data collected from our recent survey indicates this model is generally conducive to increased profitability, says Anita Turner, senior director at Colliers International.

  • Settlement Strategy: What Does The Client Really Want?

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    The best outside counsel think like the client. That includes understanding the client’s perspectives and goals with regard to reaching a settlement — because “good results” mean different things for different clients. Outside counsel must ask themselves the right questions, and know the answers, to shape a client-focused settlement strategy, say Kate Jackson of Cummins Inc. and Patrick Reilly of Faegre Baker Daniels LLP.

  • In The Associate Lateral Market, All Law Firms Are Not Equal

    Darin R. Morgan

    When associates contemplate a potential lateral move, there is a common misconception that all law firms are the same. It may seem that one law firm is just like the next, but if you dig deeper, you may discover unique attributes at some firms that may be more appealing and improve your professional satisfaction significantly, says Darin Morgan of Major Lindsey & Africa.

  • How GOP Health Care Bill Would Affect Coverage Reporting

    Michael Chittenden

    The House Republicans' "American Health Care Act" bill would repeal many provisions of the Affordable Care Act but retain and expand the information reporting rules. Health insurance issuers hoping for a full repeal of the ACA’s reporting provisions will be disappointed, as the ACA’s reporting regime would largely survive, at least temporarily, say Michael Chittenden and Yongo Ding of Miller and Chevalier Chartered.

  • Reflections From A Mock Trial

    Lora Brzezynski

    Nerves were high on the day of the trial. While technically client interests were not at stake, our reputations were still on the line. We were not only presenting our case in front of our newly acquainted colleagues, but also for partners at our firm, expert witnesses, federal judges and in-house counsel — potential employers and clients, say attorneys with Dentons, sharing their recent mock trial experience.

  • UK Leads Anti-Corruption Enforcement: Implications Of UWOs

    Ian Hargreaves

    As it is unlikely there will be significant opposition to the Criminal Finances Bill in the House of Lords, it is likely to become law during the mid to late part of 2017. "Unexplained wealth orders" will be a new and powerful tool available to U.K. criminal authorities to seize assets, says Ian Hargreaves of Covington & Burling LLP.

  • Estate Planning For The Cannabis Client

    Carl H. Linder

    As greater wealth is created through the cannabis industry, the cannabis client must be prepared by having an effective estate and asset protection plan in place. Such estate planning involves five common documents and enables six distinct results and benefits, says Carl Linder of Greenspoon Marder PA.

  • Public Utility, Private Investor As Solar Power Partners

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    For the first time, a regulated electric utility has obtained regulatory approval to partner with a tax equity investor to acquire and operate a utility-scale solar project. This arrangement could serve as a blueprint for other electric utilities across the country to transition to utility-owned solar generation at lower costs for their customers, say Patrick Ferguson and Carlos Gutierrez of Davis Wright Tremaine LLP.