Former Trump campaign chairman Paul Manafort, whose trial on a dozen charges of bank and tax fraud is scheduled to begin in Virginia federal court Wednesday, has aggressively pushed back against the Office of Special Counsel’s allegations since his indictment, and experts told Law360 they expect him to use every legal tool he can to keep evidence away from jurors and cast doubt on the evidence put before them.
An assertion that a tax consequence “may” happen is not the same as a declaration that it “will,” a Seventh Circuit panel has ruled, upholding the dismissals of two individuals' suits against debt collection firms for a perceived implication about their forgiven debt.
A California state appeals court on Thursday found that a Los Angeles County assessor can include revenue from Time Warner Cable Inc.’s broadband and telephone services in valuing the right to use the public rights-of-ways for the purposes of property taxes, partially reversing a trial court ruling over a $10 million property tax refund.
The Miccosukee Tribe of Indians of Florida has asked the Eleventh Circuit to reconsider its position that one of its members should be taxed on funds intended for her husband and children, saying that the ruling, if applied to other members, would increase the tribe’s tax withholding obligations by about $3.4 million annually.
In this week’s Taxation With Representation, Phillips Edison took over a real estate investment trust that it manages in order to create a $6.3 billion business, Linde AG offloaded parts of its business interests in North America to a joint venture between Messer Group GmbH and a CVC Capital Partners fund for $3.3 billion, and Asahi Kasei Corp. agreed to buy Sage Automotive Interiors from Clearlake Capital Group for $700 million.
Efforts to bolster tax transparency by forcing companies to publish the tax they pay in particular jurisdictions do more harm than good, the Organization for Economic Cooperation and Development’s Pascal Saint-Amans said in a recent interview with Law360.
A former investment adviser from Cape Cod, Massachusetts, stole more than $3.3 million from her clients through a variety of schemes, including forging withdrawal requests, forging wire and check requests and tricking a client into withdrawing money from a retirement account, the U.S. Securities and Exchange Commission said Thursday.
The Eleventh Circuit on Wednesday affirmed a decision refusing to quash an Internal Revenue Service summons to see a Florida law firm’s escrow and trust account records as part of an investigation into the attorney’s personal tax liabilities, ruling that Supreme Court precedent forecloses the attorney’s privacy arguments.
The Pennsylvania Supreme Court’s decision on Wednesday upholding the city of Philadelphia’s controversial tax on sweetened beverages is likely to put renewed pressure on lawmakers to enact legislation that would specifically preempt such levies across the state.
Pepper Hamilton LLP has announced that a Flaster Greenberg PC attorney experienced in tax planning, estate and trust administration, and estate litigation is joining the firm’s tax and estates practice group in Philadelphia.
The Senate Finance Committee Thursday approved Chuck Rettig to be the next commissioner of the Internal Revenue Service by one vote, which means that the full Senate may now have the opportunity to consider his nomination.
The Federal Energy Regulatory Commission late Wednesday finalized a rule directing gas pipeline operators to disclose the effect on its rates of recently enacted corporate tax cuts and removing a tax perk for pipeline master limited partnerships, while giving companies an opportunity to avoid additional FERC scrutiny.
A D.C. federal judge Wednesday denied Paul Manafort's request to suppress evidence collected from his home in Alexandria, Virginia, finding that the search warrant was not overly broad and that the feds’ search did not violate the former Trump campaign chairman’s Fourth Amendment rights.
The U.S. Treasury Department’s decision to no longer require donor information from some nonprofit groups has reignited a decades-long hyperpartisan battle for which Congress needs to find a more enduring solution balancing free speech rights against the need to rein in politically influential groups.
A federal judge in Houston on Wednesday afternoon sentenced to prison eight individuals for their roles in a multimillion-dollar call center scam that was based in India and defrauded U.S. residents out of at least $8.9 million.
New Hampshire lawmakers are close to finalizing a proposed bill they hope will blunt the effects of the U.S. Supreme Court’s landmark Wayfair decision on state businesses, after firming up the measure’s language while debating its potential enforcement issues Wednesday.
A California federal judge on Wednesday tossed a lawsuit by 20 states that attempted to block the Trump administration from cutting billions in Affordable Care Act subsidies, two days after the Democratic attorneys general who filed the suit said they no longer wished to pursue it because they had found a workaround.
A group of Cook County property owners has told an Illinois federal court they are owed more than $27 million in property tax refunds due to discriminatory assessments by the county’s treasurer and assessor.
Philadelphia can continue to tax soda and other sweetened beverages, Pennsylvania’s highest court ruled Wednesday, affirming a lower court decision that upheld the city’s 1.5 cent-per-ounce tax.
A California federal jury on Wednesday found a 67-year-old accountant formerly at one of the state’s largest accounting firms guilty of helping a biotech venture capitalist siphon $18 million from an investment fund by filing multiple false tax returns, marking an end to a weekslong trial.
The new federal tax law was expected to change how deals get structured, and four months after its enactment, it is becoming clear how the legislation is having an impact on negotiations and tax planning strategies.
The U.S. Supreme Court's ruling in South Dakota v. Wayfair Inc. will cause a massive shift of risk onto remote sellers in the form of state audits, litigation in hostile forums, and state False Claims Act and consumer fraud lawsuits, say attorneys at Jones Day.
The next round of proposed tax legislation would make permanent certain tax cuts from last year's Tax Cuts and Jobs Act. Like the TCJA itself, it would disproportionately benefit the wealthy, fail to deliver on economic promises to working families and threaten funding for vital public services, says Frank Clemente, executive director of Americans for Tax Fairness.
As a result of a tax tribunal decision, Beshear v. Bevin, the landmark tax reform legislation in Kentucky now faces a possible constitutional attack just two months after passage, says Mark Sommer of Frost Brown Todd LLC.
Last month, the Organization for Economic Cooperation and Development issued revised guidance on the application of the transactional profit split method. The guidance is particularly relevant for multinational businesses involved in highly integrated controlled transactions, transactions involving the shared assumptions of economically significant risks and transactions where both parties to the transaction make unique and valuable contributions, say Clive Jie-A-Joen and Monique van Herksen of Simmons & Simmons LLP.
As financial organizations must now be included in the same Illinois unitary return as other services providers, it is important that businesses understand their classification and the resulting differences in how receipts must be apportioned to the state, says Christopher Lutz of Horwood Marcus & Berk Chtd.
Among the many questions companies face following last year's tax reform is whether to continue seeking periodic shareholder approval for the performance criteria under executive compensation plans, despite elimination of the incentive of a corporate tax deduction. But even if it no longer results in a deduction, there may be other reasons why companies might opt to continue seeking shareholder approval, say William Woolston and Megan Woodford of Covington & Burling LLP.
While Senate hearings on the nomination of Brett Kavanaugh to the U.S. Supreme Court will draw much attention during July, Congress remains very busy with fiscal year 2019 appropriations bills. The chambers may go to conference this month on the first of several appropriations "minibuses," says Layth Elhassani of Covington & Burling LLP.
People with certain personality traits tend to use certain words. A computer analysis of Judge Brett Kavanaugh’s D.C. Circuit opinions reveals that he is highly extraverted, which means that he would be a prominent voice on the U.S. Supreme Court, says Matthew Hall, a professor at the University of Notre Dame.
An educated guess puts the number of new litigation funders launched in the past 18 months at 30 — an astonishing number, with more to come. Is this a blessing to our legal system or something more akin to tulip mania? Maybe both, says Ralph Sutton, founder and CEO of litigation funding firm Validity Finance LLC.
South Dakota v. Wayfair Inc., has undoubtedly provided various states with an additional opportunity to require remote sellers to collect and remit sales tax. The Supreme Court’s decision in that case similarly leaves no doubt that Louisiana’s complex state and local sales tax systems are presently lacking those features that would prevent undue burdens upon interstate commerce, say Andre Burvant and Matt Mantle of Jones Walker LLP.