The top-secret tax reform meetings between congressional leaders and administration officials may include proposals to integrate corporate and individual income tax laws to prevent double taxation of corporate income — an idea corporations may be ambivalent about, even if it reduces their tax burden, as it could create pressure to make more shareholder distributions.
In a last-ditch effort Tuesday, the Illinois Department of Revenue argued to the state’s Supreme Court that credit card companies should not be eligible to seek tax refunds under Illinois law, something lenders like Citibank dispute in the bank’s quest to get a $1.6 million refund from the state.
The former chief financial officer of an international marketing and public relations firm was charged Tuesday with embezzling $3.6 million from the company during his 10-year tenure, the U.S. Department of Justice said in a statement.
The White House started a public push for the latest Affordable Care Act repeal bill Tuesday as the Senate dropped bipartisan reform efforts.
The IRS asked a Missouri federal court Monday not to narrow the discovery window in a suit lodged by private equity-backed recycling companies over a $22 million tax liability, arguing that the court must look beyond the year the taxes were assessed in.
The continued use of corporate inversions and profit shifting by multinational companies will result in a 2.5 percent decrease in U.S. corporate tax receipts by 2027, the Congressional Budget Office said Monday.
Most tax practitioners and congressional leaders predict tax reform will shift toward a territorial system in which companies are taxed only on their U.S. source income, but the specifics — and their impact on multinational companies — remain a huge area of uncertainty.
The U.S. Tax Court on Monday upheld the IRS’s decision to deny a nearly $40 million deduction that a former investment firm CEO had sought based on losses from foreign currency trades, finding that the losses had been artificially generated “by gaming the tax code.”
Businesses with digital operations in the European Union could soon be liable for taxes they don't currently pay as the EU considers new rules for the virtual economy.
Criminal investigations by the IRS reached their lowest levels over the past five years last year because of a reduction in IRS resources, according to a report by the Treasury Inspector General for Tax Administration.
The U.S. Securities and Exchange Commission asked an Indiana federal court Monday to approve settlements with two men who pled guilty to a biofuel investment scam, while seeking a judgment against a gas producer's ex-CEO who was convicted over his role in the scheme.
The IRS on Friday urged the full Eighth Circuit to rethink a panel decision awarding Union Pacific a $75 million tax refund, saying the appellate panel misconstrued what qualifies as deductible employee compensation.
A resident of Nigeria was indicted Monday on federal charges that he and others filed fraudulent tax returns in hopes of defrauding the U.S. Treasury out of more than $10 million, and, in a separate scheme, possessed counterfeit credit cards, acting U.S. Attorney for the District of New Jersey William E. Fitzpatrick announced.
Despite scoring a near-total win in the European Union’s World Trade Organization challenge of subsidies and tax breaks given to aircraft titan Boeing, the U.S. government has nevertheless lodged an appeal looking to undo adverse portions of the decision, according to WTO documents circulated Monday.
A last-minute bid by Wells Fargo & Co. to deduct $150 million in foreign taxes was blocked by a Minnesota federal judge Friday, who found the complex transaction that generated the tax was a sham and the bank’s request for relief came too late.
Senate Democrats threatened Monday that the latest GOP-only push for long-term repeal and replace of the Affordable Care Act could torch bipartisan efforts to stabilize health care markets in the short term.
U.S. Trade Representative Robert Lighthizer said Monday that confronting China’s “mercantilist” policies remains a top priority for the Trump administration, along with focusing on bilateral deals and ensuring that American companies can compete without running up against unfair barriers or undue advantages for their peers.
A South Dakota federal judge ruled on Friday that the state can’t impose a use tax on money nontribal members spend at the Flandreau Santee Sioux Tribe’s casino on gaming, food and other services, but said the same tax can be imposed on nonmember purchases at a store on the tribe's reservation.
The Internal Revenue Service on Friday proposed new rules amending the definition of obligations requiring registration and attempting to clarify the types of arrangements that qualify as pass-through certificates.
The Internal Revenue Service is floating a proposed update to its existing template for advance pricing agreements, John Hughes, director of the IRS Advance Pricing and Mutual Agreement Program, said Friday.
The captive insurance industry has had little guidance from courts, the U.S. Treasury Department or the U.S. Internal Revenue Service on what an acceptable arrangement looks like. Many had hoped that the U.S. Tax Court's ruling in Avrahami v. Commissioner would provide such guidance. But the decision last month left too many questions unanswered, says Steven Miller of Alliantgroup LP.
Although the Trump administration has completed the vetting and confirmation of a cabinet and White House staff, thousands of senior positions remain unfilled throughout the executive branch. More than ever, people selected for those posts find themselves under close scrutiny, say Adam Raviv and Reginald Brown of WilmerHale.
Last week, the Internal Revenue Service provided a safe harbor for public utilities that inadvertently break the so-called normalization rules, which are used to reconcile tax treatment of investment tax credits, or accelerated depreciation of assets, with their regulatory treatment. This is undoubtedly good news for public utilities, say attorneys with Mayer Brown LLP.
Every now and then one wakes up with a thought along the lines of, "How the heck did we get to where we are?" Such a thought may easily be brought to mind by the present state of play regarding the U.S. Department of Labor's new fiduciary regulation, says Andrew Oringer of Dechert LLP.
In our recent survey of business of law professionals, nearly half of respondents said that who they collaborate with, inside their law firm, is different from five years ago, says Chris Cartrett of legal software provider Aderant.
The California Supreme Court recently held that local taxes imposed via initiative are subject to less stringent requirements than taxes imposed by local governments. But in granting great deference to California's initiative process, the court gave too little regard to Proposition 218, requiring local taxes be approved by a majority of voters, say Eric Coffill and Robert Merten III of Eversheds Sutherland LLP.
Some lawyers tend to be overly aggressive, regarding law practice as a zero-sum game in which there are only winners and losers. The best response is to act professionally — separating the matter at hand from the personalities. But it is also important to show resolve and not be vulnerable to intimidation, says Alan Hoffman of Husch Blackwell LLP.
The U.S. Department of Energy's recently published 2016 Wind Technologies Market Report showed strong growth for wind power due to low power purchase prices, decreased technology costs and improved performance. But the expiration of the production tax credit and low natural gas prices make long-term growth uncertain, say John Crossley and Brynna Krough-Deaton of Husch Blackwell LLP.
The California Supreme Court's decision in California Cannabis Coalition v. City of Upland may make local efforts to raise taxes much easier. However, the court itself inadvertently recognized the potential temporary nature of this victory, acknowledging that voters have the power to restrict the electorate's initiative power, says Bryan Wenter of Miller Starr Regalia.
With apologies to T.S. Eliot, September is looking to be the cruelest month. This work period will be a critical test for the president and Republican majority in Congress, as members return to face a daunting workload of time-sensitive legislation and only three weeks to get it all done, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.