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Tax

  • November 21, 2018

    Justices’ Lean Toward States’ Rights Boosts Taxing Powers

    The U.S. Supreme Court’s recent leaning toward states’ rights and skepticism of dormant commerce clause power have resulted in an environment more sympathetic toward state taxing powers.

  • November 20, 2018

    Revised Puerto Rico Sales Tax Plan Cleared For Creditor Vote

    A plan to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, will go to a creditor vote, the judge presiding over the U.S. territory’s bankruptcy-like proceedings ruled Tuesday, putting the agency on track to confirm its debt adjustment scheme by mid-January.

  • November 20, 2018

    Investment Adviser Gets Prison For Fraud, Sham Atty Letter

    An investment adviser was slapped with a more than eight-year prison sentence Tuesday in New Jersey federal court for bilking investors out of millions of dollars, forging his former attorney's signature as part of the scheme after he was arrested and released on bail, and preparing false tax returns for clients.

  • November 20, 2018

    IRS Floats Regs Protecting Larger Estate Exemption For Gifts

    Individuals concerned about losing the benefits of a temporarily increased exemption for the estate tax by making large gifts may not have to worry about paying an additional tax after the exemption decreases, under regulations the IRS proposed Tuesday.

  • November 20, 2018

    Palmolive Building Owners' $10M Penalty Must Stand: IRS

    The U.S. Tax Court should not dismiss more than $10 million in accuracy-related penalties against the owners of the historic Palmolive Building in Chicago for misstating the value of the skyscraper's donated easement, and the court must examine the company's intent, the IRS said in a recent filing.

  • November 20, 2018

    NJ Atty Makes Coy Push For Lead In Danish Tax Fraud MDL

    Cryptic concerns about international criminal investigations were not enough Tuesday to secure New Jersey attorney John M. Hanamirian a leadership role defending hundreds of American pension plans against multidistrict litigation accusing them of cheating Danish tax authorities, a Manhattan federal judge said in court.

  • November 20, 2018

    6 Things Tax Attys Are Grateful For This Thanksgiving

    From the downfall of the physical presence test to proposed regulations to limit income inclusions for corporate U.S. shareholders of controlled foreign corporations, family, friends and turkey are not the only things tax attorneys have to be thankful for this holiday season. Here, Law360 looks at six tax developments practitioners appreciate and hope for this year.

  • November 20, 2018

    7th Circ. Rejects Atty’s Claim For Innocent Spouse Relief

    The Internal Revenue Service was not required to inform an attorney and school administrator of her right to request innocent spouse relief, the Seventh Circuit has ruled, backing a U.S. Tax Court decision to deny her relief from her tax attorney-husband’s liabilities.

  • November 20, 2018

    UK Lawyer Gets 20 Months For Decade Of Dodging US Taxes

    A Manhattan federal judge sentenced English lawyer Michael Little to 20 months in prison Tuesday for helping the children of a deceased investor dodge taxes on their $14 million inheritance over a decade and for failing to pay his own taxes, ruling also that the former Royal Marine lied as he testified in his own defense.

  • November 20, 2018

    Ex-NFL Security Personnel Shorted On OT, Benefits, Suit Says

    A group of former National Football League security personnel filed a proposed class action in a New York federal court Tuesday claiming the league misclassified them as independent contractors as a way to deny them overtime and benefits.

  • November 20, 2018

    Ex-Atty Can't Avoid Prison Time For Bilking Foreign Nation

    A New Jersey federal judge on Tuesday nixed a former attorney’s bid to set aside his six-year prison sentence for using a bogus law and accounting firm to defraud a foreign nation of more than $3.5 million, rejecting claims that he received ineffective legal assistance.

  • November 20, 2018

    Michael Cohen-Linked Atty Found Guilty Of Asylum Fraud

    An immigration lawyer linked to President Donald Trump's former attorney Michael Cohen was found guilty of lying on more than 100 asylum applications to immigration authorities and aggravated identity theft following a two-week trial, the U.S. Attorney's Office for the Southern District of New York said Monday.

  • November 20, 2018

    Texas Investor Pays $4.9M To Exit IRS' Oil Biz Suit

    An investor has settled his $4.9 million tax bill with the IRS in a Texas federal court using the proceeds of a legal settlement to drop out of a $21 million suit involving an oil business. 

  • November 19, 2018

    Mich. Says Tribe Doesn’t Deserve Win In Tax Authority Suit

    Michigan state officials have slammed a Native American community’s quick win bid in a suit over the state’s tax authority, saying the community had provided information that was inaccurate or unsupported and federal law did not preempt the state’s imposition of sales or tobacco tax.

  • November 19, 2018

    Sovereign Immunity Bars $13M Award Suit, Uzbekistan Says

    The Republic of Uzbekistan on Friday urged a D.C. federal court to toss a lawsuit filed by a Guernsey-based arbitration funder to confirm a $13 million arbitral award stemming from a mining and tax dispute, saying the suit is barred under sovereign immunity.

  • November 19, 2018

    IRS Simplifies Accounting Method For Cost Allocation

    The U.S. Department of the Treasury released final regulations Monday with a simplified accounting method for those who produce or acquire property for resale and are required to capitalize costs to the property.

  • November 19, 2018

    Amended Suit Doesn't Reset Dismissal Deadline: Texas Panel

    A sales tax refund company that knew a competing company was suing it for trade secret misappropriation missed a 60-day deadline to try to toss the claims under a state free speech law, a Texas appellate court has held, rejecting the argument that an amended petition reset the clock.

  • November 19, 2018

    Nissan Chairman Arrested In Japan Amid Misconduct Claims

    Carlos Ghosn, the CEO and chairman of the Nissan-Renault-Mitsubishi Alliance and one of the world’s best-known businessmen, was arrested by Japanese authorities early Monday morning after an investigation sparked by a whistleblower revealed he underreported his income and misused Nissan company funds for years.

  • November 19, 2018

    EU Digital Tax Should Be Higher, Broader, Lawmakers Say

    A proposed European Union digital tax should be set at 5 percent rather than 3 percent and should include revenue from sites such as Netflix Inc. and Amazon.com Inc., European Parliament lawmakers said Monday.

  • November 19, 2018

    Allen Matkins Nabs Ex-CliftonLarsonAllen Tax Atty In LA

    Allen Matkins Leck Gamble Mallory & Natsis LLP has announced a former CliftonLarsonAllen attorney experienced in tax planning and structuring has joined the firm’s Los Angeles office as a partner.

Expert Analysis

  • A Multistate Perspective On Taxation Of Digital Products

    Christopher Lutz.jpg

    While most states have addressed the taxability of canned and custom software, these two concepts already appear antiquated. Now, with electronically delivered and remotely accessible software, the guidance among states has begun to diverge substantially, says Christopher Lutz of Horwood Marcus & Berk Chtd.

  • 5 Business Takeaways From The Midterms

    Mary Moore Hamrick

    Now that the midterms are over, business leaders have a little insight into the future of taxes, trade and other policy issues affecting the economy. Still, companies should remain agile as, come January, a new and divided Congress will begin to chart its course, says Mary Moore Hamrick of Grant Thornton LLP.

  • Proposed Section 956 Regs Benefit US Corporate Borrowers

    Anne Kim

    Per IRS guidance released last month, Section 956 should allow controlled foreign corporation subsidiaries of corporate U.S. borrowers to provide full credit support for a U.S. parent’s borrowing without suffering adverse tax consequences. However, the mechanics for applying this section to U.S. partnerships remain unclear, say attorneys at Proskauer Rose LLP.

  • Emerging Cybersecurity Threats In The Legal Industry

    Michael Hall

    Predicting how the cybersecurity landscape will develop is critical for any organization wanting to mitigate the risk of the inevitable future attack. Michael Hall of HighQ Solutions Ltd. discusses five threats to look out for in the next 12 months.

  • Unboxing The Plan To Allow HRAs To Pay Health Premiums

    Katie Amin

    On Oct. 23, the departments of Treasury, Labor and Health and Human Services released long-awaited guidance that would allow employees to use health reimbursement arrangement funds to buy their own health insurance. Attorneys at Groom Law Group examine the proposed regulations and the implications for taxpayers should they become final.

  • Understanding The Tax Effects Of Blocker Corp. Distributions

    Brad Wagner

    The decisions that are made as investments are structured, financed and executed — and later when they are sold — have a major impact on how much federal tax is paid under the Foreign Investment in Real Property Tax Act blocker investment structure, says Brad Wagner of Wagner Duys & Wood LLP.

  • Rise Of The CMOs

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    Joshua Peck, incoming marketing director of Hill Wallack LLP, traces the evolution of the chief marketing officer position at law firms and shares insights from three legal marketing pioneers.

  • State Trust Taxes Ripe For Constitutional Challenges

    Toni Ann Kruse

    Fielding v. Commissioner of Revenue is the most recent in a series of cases that have used the U.S. Constitution to curtail the ability of states to impose their income taxes on nongrantor irrevocable trusts. Toni Ann Kruse and Melissa Price of McDermott Will & Emery LLP discuss the implications of this trend.

  • Prospects For Tax Policy In The 116th Congress

    Evan Migdail

    Now that the results of the 2018 election are (mostly) in, Evan Migdail and Melissa Gierach at DLA Piper LLP consider what a Democratic House, Republican Senate and Trump administration may be able to accomplish in the way of tax policy during the lame-duck session and the upcoming 116th Congress.

  • Inbound US Tax Issues For Middle Market Companies

    Adnan Islam

    The Tax Cuts and Jobs Act provided a new framework for inbound international investors, who can anticipate greater operational efficiency in the United States. However, investors must also assess the impact of the stricter interest expense and net operating loss limitations, withholding tax liability and information reporting, says Adnan Islam of Friedman LLP.