Tax

  • January 30, 2017

    Greenberg Traurig Hires Gov't Bonds Director From IRS

    Rebecca L. Caldwell-Harrigal, former director of the IRS Office of Tax Exempt Bonds, has joined Greenberg Traurig's northern Virginia office as a shareholder working on tax-exempt bonds, tax-credit bonds and direct-pay bonds, the firm has announced.

  • January 30, 2017

    Senate Dems Win Delay In Mnuchin Committee Vote

    The Senate Finance Committee on Monday delayed a vote on President Donald Trump's treasury secretary nominee, Steven Mnuchin, amid reports that the former banker at the very least misled senators about robosigning practices at the bank he formerly led.

  • January 30, 2017

    Utah Introduces Bill To Collect Tax On Remote Sales

    With the recent introduction of a bill that would require out-of-state sellers to collect and remit sales and use taxes, Utah has become one of the latest states to defy decades-old U.S. Supreme Court precedent that limits states’ ability to collect sales and use taxes from those sellers.

  • January 30, 2017

    Clean Energy Developers Fret Over Trump Tax Reform Talk

    President Donald J. Trump's recent call to slash corporate tax rates has unnerved renewable energy developers, who fear significant cuts may stymie projects by decreasing the appetite for tax equity investments that have been their financial lifeblood, experts say.

  • January 30, 2017

    Panama Papers-Incited Tax Probe Looms For EU Banks, Attys

    A major European Parliament committee will next month investigate the role played by lawyers, accountants and bankers in the tax evasion networks revealed in last year’s Panama Papers leaks, the European Union legislative body said Monday.

  • January 30, 2017

    Trump Signs 'One In, Two Out' Order On Rulemaking

    The reach of federal regulations could soon be sharply curtailed, as President Donald Trump on Monday morning signed an executive order that requires two regulations be nixed for each new rule passed, potentially grinding future rules to a halt this year.

  • January 27, 2017

    IRS Says Betting Co. Founder Must Face $57M Suit In Pa.

    The IRS refuted claims from the former owner of one of the world’s largest foreign gambling companies that he has no purposeful contacts with Pennsylvania to justify being sued there, saying in a court filing Friday its $56.5 million lawsuit relates directly to Philadelphia bank accounts ultimately controlled by the businessman.

  • January 27, 2017

    GOP Tax Plan May Increase Transfer Pricing Scrutiny Abroad

    House Republicans’ proposal to tax imports and not exports could render transfer pricing controversies moot in the U.S., but U.S.-based multinational businesses could still face blowback from foreign governments that are likely to challenge the cost of products and services being traded over international borders.

  • January 27, 2017

    Treaty May Let Seneca Member Litigate Tax Refund Claim

    The IRS failed in its bid to throw out a lawsuit from a member of the Seneca Nation of Indians trying to recover thousands of dollars in taxes and penalties when a magistrate judge said that a tax exemption might be allowed under a treaty.

  • January 27, 2017

    Ill. Towns Ask 7th Circ. To Revive Online Travel Cos. Tax Row

    A group of 12 Illinois municipalities urged the Seventh Circuit on Thursday to revive their allegations that online booking companies such as Expedia and Hotels.com underpaid local hotel taxes, arguing that a district court wrongly defined the companies with regard to local tax laws.

  • January 27, 2017

    Pa. Court's Tax Law Reprieve May Fuel Political Maneuvering

    The Pennsylvania Supreme Court this month may have acted within a tradition of deference to the legislative branch when it gave lawmakers an extension to fix an unconstitutional tax scheme for casinos, but some attorneys fear the ruling could enable dysfunction in the General Assembly and prompt future attempts at bargaining over court orders.

  • January 27, 2017

    Taxation With Representation: Cravath, Vinson, Wachtell

    In this week’s Taxation With Representation, Johnson & Johnson nabs Swiss drug maker Actelion for $30 billion, Canada’s AltaGas buys D.C. utility WGL Holdings for $6.4 billion and a Houston-based energy company pays $1.2 billion for a crude oil pipeline system in Delaware.

  • January 27, 2017

    Trump's Wall May Disrupt Trade Before It's Even Built

    President Donald Trump’s most controversial stances on trade, immigration and tax reform collided this week as the White House’s attempt to muscle Mexico into paying for a border wall took a number of wild turns that has left the U.S.-Mexico alliance on shaky ground.

  • January 27, 2017

    Israeli Bank Tax Evasion Scam Put Investors At Risk, Says Suit

    A shareholder on Thursday hit Bank Leumi and current and former executives with a suit in a New York court, accusing them of putting the Israel-based bank’s New York subsidiary at risk by orchestrating a decades-spanning tax evasion scheme.

  • January 26, 2017

    Feds Back Religious Hospitals In High Court ERISA Case

    The federal government is siding with a group of church-affiliated hospitals in a U.S. Supreme Court fight over whether they should be exempt from the Employee Retirement Income Security Act, telling the justices on Tuesday that there is no reason to disturb an exemption long upheld by Congress and federal agencies.

  • January 26, 2017

    GOP To Push ACA Repeal, Tax Reform This Year

    Congressional leaders along with President Donald Trump said Thursday that they plan on pushing through an Affordable Care Act repeal and tax system overhaul in the next six months, delaying initial expectations for immediate repeal of the health care law.

  • January 26, 2017

    Trump Promises Border Tax, NAFTA Rewrite, More Trade Deals

    American relations with Mexico could change drastically in the coming months, with President Donald Trump promising Thursday to renegotiate the North American Free Trade Agreement and to institute an import tax as part of larger reforms.

  • January 26, 2017

    Group Of Major Business Players Backs GOP Tax Blueprint

    The GOP plan to slash the corporate tax rate to 20 percent while taxing imports will “boost our economy, foster investment in the U.S. and create good-paying American jobs,” a tax reform group whose members include Bank of America Corp., The Coca-Cola Co. and Google Inc. said Thursday.

  • January 26, 2017

    JCI Shareholders Lose Injunction Bid In $17B Inversion Suit

    A Wisconsin federal judge on Wednesday rejected a request for preliminary injunction to force Johnson Controls Inc. to cover any inversion-related tax burden incurred by shareholders from its $16.6 billion merger with Tyco International PLC, finding a tax liability does not constitute irreparable harm.

  • January 26, 2017

    Alston & Bird Adds Mars Inc. Head Lobbyist In DC

    Alston & Bird has bolstered its Washington, D.C. legislative and public policy team with the addition of the former Mars. Inc. federal government affairs director, according to an announcement.

Expert Analysis

  • The 1234A-B-Cs Of Breakup Fees

    Michael Alter

    M&A agreements often provide for the payment of a breakup fee to the jilted party if a deal falls apart. The IRS recently advised that the payment of a breakup fee should sometimes be characterized as a capital loss under Section 1234A of the Internal Revenue Code. This could increase after-tax costs to the paying party, but accord beneficial capital gain treatment to the receiving party, say attorneys from Fried Frank Harris Shriv... (continued)

  • SEC Focus On Financial Reporting: Recent Cases And Trends

    Nicholas Berg

    By targeting technical violations in subjective areas of financial reporting and accounting, the U.S. Securities and Exchange Commission has made it clear that it will target more minor accounting and disclosure issues in a manner similar to that being employed in other areas involving strict-liability offenses, say attorneys with Ropes & Gray LLP.

  • How Law Firms Are Using Analytics To Reduce Write-Offs

    Haley Altman

    It is increasingly necessary for law firms to implement strategies to improve efficiency, staffing and value to meet client needs. Haley Altman, CEO and co-founder of Doxly Inc., discusses how to successfully leverage analytical tools and emerging technology to increase profitability.

  • A Review Of Key Cases Against Executives In Q3

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    Attorneys with Miller & Chevalier Chtd. highlight the third quarter’s most significant cases and government investigations impacting corporate executives.

  • A Warning On Bitcoin Tax Compliance For The IRS

    Leslie Book

    Virtual currencies bring special challenges for tax administrators around the world, but the IRS and Congress have not focused sufficient energy on some of the issues associated with their use. That, at least, is the message in a report issued in September by the Treasury Inspector General for Tax Administration, says Leslie Book of the Villanova University School of Law.

  • In Congress: 3 Priorities

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    Three weeks remain on the schedule for the 114th Congress and three unfinished priorities remain on the to-do list, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • REVIEW: The Missing American Jury

    Judge William Young

    Face it, the American jury system is dying. The arguments Professor Suja Thomas makes in her new book deserve consideration by everyone interested in how our government actually works and how it might recapture the unifying communitarian experience of direct democracy and actual trial by one’s peers, says U.S. District Court Judge William Young of the District of Massachusetts.

  • IRS Notice Raises Questions For Pension Equity Plans

    Dominic DeMatties

    A recent Internal Revenue Service notice announced that pension equity plans are subject to the hybrid plan market rate of return rules only if they explicitly provide interest credits to participant accounts. The IRS notice resolved some issues about the treatment of interest in these plans, but raised new questions, leading to uncertainty for stakeholders, says Dominic DeMatties of Alston & Bird LLP.

  • Big Tax Grab Risks Nipping Cannabis Industry In The Bud

    Michael Chernis

    California's Proposition 64 recently legalized recreational marijuana in the state, and for many policymakers, one of its major attractions was its promise as a new revenue source for perpetually underfunded operations. But heavy-handed new taxes — which some local jurisdictions are already countenancing — could throttle the promising new cannabis industry, says Michael Chernis of the Chernis Law Group.

  • Avoiding Law Firm BYOD Risks: Tips For Securing Devices

    Everett Monroe

    Many believe that the solutions to the security problems created by using smartphones for work are primarily technological, but a much larger piece of the puzzle involves the human factor. To achieve reasonable security around mobile devices, law firms must go back to basics — clear policies, effective training and thoughtful oversight, says Everett Monroe of Hanson Bridgett LLP.