Tax

  • March 3, 2017

    Sen. Wyden Blasts GOP, Trump Tax Plans As Gifts To Wealthy

    The minority leader of the Senate Finance Committee delivered a blistering critique of House Republicans and the Trump administration Friday, saying their tax policy proposals will benefit the wealthiest corporations at the expense of lower-income Americans.

  • March 3, 2017

    Jones Day Nabs Ex-Cadwalader Tax Pro in NY

    A former Cadwalader Wickersham & Taft LLP partner with experience advising big-name clients on the tax aspects tied to corporate transactions has joined Jones Day in the firm’s New York office, where his practice will include mergers and acquisitions and bankruptcy matters.

  • March 3, 2017

    IRS Can Get At Irish Gambler's $17.4M Backgammon Winnings

    Irish businessman and racehorse owner John P. McManus’ attempt to escape a $5.2 million tax bill on gambling winnings failed in the U.S. Court of Federal Claims thanks to an Ireland Office of Revenue Commissioners letter saying his payment of the country’s domicile levy did not qualify him as an Irish resident, according to a decision made public Friday.

  • March 3, 2017

    UK Can Vary VAT Deduction And Repayment Dates, Court Told

    A European Union Court of Justice advocate general sided with the British government in an advisory opinion Thursday arguing there's nothing unfair in having different effective dates for the same limitations periods on seeking a repayment or a deduction of a value-added tax.

  • March 3, 2017

    Caterpillar Hit With Stock-Drop Suit Day After Federal Raids

    Quick-on-the-buzzer lawyers at Pomerantz LLP filed a potential class action against Caterpillar Inc. on Friday, seeking damages for investors who say the company misled them in the lead-up to Thursday raids by federal law enforcement that sought documents about its tax strategies.

  • March 3, 2017

    NJ Payroll Co. Owner Reaches Plea Deal In $5.6M Tax Scheme

    A plea agreement has been reached in the case against the owner of a New Jersey payroll processing company who has been accused of defrauding more than 50 clients, including the city of Trenton, out of more than $5.6 million, according to a court order issued Thursday.

  • March 3, 2017

    Taxation With Representation: Morrison, Choate, Orrick

    In this week’s Taxation With Representation, satellite companies OneWeb and Intelsat merge with a $1.7 billion investment, Tricon Capital Group makes a successful $1.4 billion offer for Silver Bay Realty Trust and Dusseldorf-based Henkel readies a $1.05 billion deal for a U.S. can sealants company.

  • March 3, 2017

    5 Charged In DOD Fraud, Tax Evasion Scheme

    Three Pennsylvania residents and two Michigan men were charged Friday with defrauding the U.S. Department of Defense in a kickback and tax evasion scheme involving a part manufactured for Humvees.

  • March 3, 2017

    Fla. Justices Validate Nonprofit’s Payment In Lieu Of Taxes

    The Florida Supreme Court on Thursday unanimously validated a contract between a city and a nonprofit for the payment of the equivalent property tax on tax-exempt low-income housing in exchange for the city having arranged tax-exempt bond financing to build it.

  • March 3, 2017

    Interest Deduction Loss May Lower Demand For Borrowing

    The tax treatment of imports and exports has dominated the conversation around proposals to revamp tax laws, but experts caution that financial institutions and companies that rely heavily on leveraging debt should also pay close attention to how plans to ax deductions for interest expenses could lead to reduced borrowing.

  • March 3, 2017

    Law360 Tax Editorial Advisory Board

    Law360 is pleased to announce the formation of its 2017 Tax editorial advisory board.

  • March 2, 2017

    IRS Accused Of Seizing, Selling Life Savings Over False Bill

    A defunct Texas bridal shop hit the Internal Revenue Service with a $1 million lawsuit Wednesday accusing the agency of improperly seizing its entire inventory, which amounted to the owners' life savings, based on a tax bill that wasn't even owed.

  • March 2, 2017

    NJ Tax Court Voids Pass-Through Investment Co. Rules

    A New Jersey Tax Court judge has voided a state regulation aimed at curbing tax evasion by pass-through companies, but denied a request by a car auction company contesting the regulation a quick win in its suit to recoup state corporate business taxes.

  • March 2, 2017

    Car Title Transfers Subject To Sales Tax, NY Judge Says

    An administrative services company is on the hook for New York sales taxes after a state Division of Tax Appeals decision made public Thursday held that transfers of car titles to the company were subject to the tax, even though dealerships had the actual cars. 

  • March 2, 2017

    Virginia Tax Court Gives Verizon Refund On Set-Top Boxes

    A Virginia tax commissioner must refund Verizon Online LLC more than $1 million in local taxes assessed on television set-top boxes, the state’s Supreme Court ruled Thursday, affirming in part an appeals court’s decision that the boxes are “intangible property” not subject to local taxes under Virginia law.

  • March 2, 2017

    W.Va. Becomes Latest State To Challenge Sports Betting Ban

    West Virginia became the latest of a growing number of states to consider the legalization of sports betting, as a bill introduced Wednesday calls a federal restriction prohibiting states from allowing the practice unconstitutional.

  • March 2, 2017

    FCC's O'Rielly Wants Action On States Diverting 911 Fees

    Federal Communications Commission member Michael O’Rielly penned a blog post Wednesday urging regulators to do something about states using fees collected from service providers for 911 systems on unrelated programs.

  • March 2, 2017

    US Tax Court Says Airplane Donation Deduction Won't Fly

    The U.S. Tax Court Thursday rejected a Texas man's attempt to offset a nearly $145,000 tax bill based on his claim he donated a $338,080 ownership interest in a private jet to a charitable organization, saying he failed to document the donation sufficiently.

  • March 2, 2017

    Mnuchin Says Tax Plan Keeps Mortgage Interest Deduction

    U.S. Treasury Secretary Steven Mnuchin on Wednesday said that President Donald Trump’s administration will preserve the mortgage interest deduction, a tax reform plan that aligns with the House Republicans’ blueprint.

  • March 2, 2017

    Federal Agents Search Caterpillar's Ill. Headquarters

    Federal agents from banking, tax and trade authorities searched construction equipment giant Caterpillar Inc.'s Peoria, Illinois-based offices Thursday, the apparent target of a federal search warrant seeking "documents regarding the movement of any products between the United States and Switzerland."

Expert Analysis

  • New Tax Regulations Impact Many Partnership Transactions

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    The U.S. Treasury Department recently issued several new final, temporary and proposed regulations under code sections 704, 707 and 752 which significantly affect the taxation of many partnership transactions. Prospective transactions, including joint ventures taxed as partnerships, should be carefully structured to navigate the hazards of these regulations, say Jeffrey Goldman, Steven Grob and Robert Nelson of Dykema Gossett PLLC.

  • An Unwelcome Gift From The IRS On Conservation Easements

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    Just before Christmas, the IRS issued Notice 2017-10, declaring some conservation easement donations to be “listed transactions,” and giving a chill to year-end giving plans. The agency's move was arbitrary and ham-fisted, made without opportunity for constructive comment, and endangers this vital conservation funding mechanism, say Ronald Levitt and David Wooldridge of Sirote & Permutt PC.

  • For US Citizens In Israel, Time To Face Up To FATCA

    Robert Henoch

    In accord with the U.S. Foreign Account Tax Compliance Act, Israeli financial institutions must now report their U.S. account holders’ personal and financial information to Israeli authorities, who will send that information to the IRS. Accordingly, Americans with substantial assets in Israel must either comply with the law’s obligations, or prepare for the consequences of enforcement, say Robert Henoch and Will Rosenzweig of Kobre & Kim LLP.

  • 5 Tips On Controlling Hotel Property Taxes

    Douglas John

    Not prioritizing property taxes can be a costly mistake for hotel owners, as hotels are recognized as one of the highest taxed real estate assets. Paying attention to errors and opportunities, and understanding the differences between investment market and property tax values, is crucial to minimizing taxes, says Douglas John of Buchalter Nemer PLC

  • Be Prepared For Law Firm Data Breach Litigation

    Scott Vernick

    The April 2016 leak of "Panama Papers" documents from law firm Mossack Fonseca removed any doubt that the threat of cyberattacks against the legal industry is more than hypothetical. While the case law on law firm data breach litigation has largely yet to be written, there are certain fundamental tenets worth reviewing, say Scott Vernick and Peter Buckley of Fox Rothschild LLP.

  • 7 Legal Industry Predictions For 2017

    Haley Altman

    Since 2008, the legal relationship dynamic has consistently evolved, leading clients to demand more "value" for services received. In 2017, investment in and adoption of new technology and prioritizing cybersecurity will lead to an increase in billable hours and shifts in realization rates, says Haley Altman of Doxly.

  • 6 Key Commercial Litigation Finance Trends For 2017

    Ralph J. Sutton

    With commercial litigation funding gaining acceptance throughout the U.S., law firms and corporations are investigating how they can benefit from the capital that funders provide, and which criteria they should use in selecting a funder. Ralph Sutton, chief investment officer of Bentham IMF, discusses several major trends to watch in 2017.

  • Tax Reform In 2017: Are You Ready For The Storm?

    John Harrington

    Storm clouds are gathering for major tax reform in 2017. As with any storm, it may be sorely needed, but its effects will be unpredictable, and it will come with both rewards and risks. So it's wise to be prepared before it hits, says John Harrington of Dentons.

  • 5 Ways To Fight Costlier Legal Malpractice Claims In 2017

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    There are a number of concrete, practical steps that law firms can take to address the high cost of defending legal malpractice claims, both before and after a claim is made, says Richard Simpson, a partner with Wiley Rein LLP who serves on the ABA Standing Committee on Lawyers’ Professional Liability.

  • Mediating E-Discovery Disputes Can Save Time And Money

    Daniel Garrie

    A primary driver of increasing litigation costs is the explosion of electronic discovery in recent years. Electronic data is not only increasing dramatically in volume, it is also growing in complexity. One way parties can save time and money is to use a neutral, technically skilled mediator, to ensure that e-discovery is both robust and cost-effective, says Daniel Garrie of JAMS.