A Texas-based software company scored a partial victory in its $7 million lawsuit over taxes and penalties sought by New Jersey when a judge ruled in a decision released Friday that it was unreasonable for the Garden State to deny deductions for software license payments the company made to its corporate parent.
Democrats in the Illinois Senate on Friday passed legislation to tweak workers’ compensation laws in Illinois, continuing on their mission to pass separate parts of a bipartisan negotiated package without Republican votes.
The House Republicans’ plan to exempt exports, but not imports, from taxation may encourage American businesses to bring their offshore operations and profits back home, but companies holding intellectual property overseas would risk severe tax penalties from foreign governments if they try it.
U.S. District Judge William H. Pauley III declined Thursday to absolve an art consultant charged with dodging taxes on a $3.5 million inheritance of contempt for failing to timely retrieve Swiss bank records subject to grand jury subpoenas, setting up a possible Second Circuit fight over her remaining obligations.
DirecTV Inc. won a chance to overturn a New Hampshire town’s decision on taxing an uplink facility there on Friday, with the state’s Supreme Court sending the actual taxable value of the property back to a lower court.
In a rare ruling Thursday, the review board for the Illinois attorney disciplinary body reversed the recommended punishment for a lawyer who was accused of hiding a portion of his firm’s payroll from tax collectors.
In this week’s Taxation With Representation, Clariant and Huntsman combine to form a global specialty chemical company worth $20 billion, RCN Telecom Services picks up Wave Broadband in a $2.365 billion transaction, and blank check company CF Corp. unveils a $1.835 billion deal for Fidelity & Guaranty Life.
The government sequester struck again — this time in the U.S. Tax Court — when a judge ruled Thursday that a tax whistleblower had signed away his rights to challenge an Internal Revenue Service decision to reduce his $2.9 million award because of the government funding cut.
A New York federal judge ordered UPS to pay $247 million to the Empire State and New York City for helping move untaxed cigarettes from tribal lands, saying Thursday the shipping giant had shown a “lack of willingness to change” without a hefty punishment.
Treasury Secretary Steven Mnuchin avoided questions about how the Trump administration plans to broaden the tax base to offset deep cuts to corporate and individual tax rates during a hearing before the Senate Finance Committee on Thursday.
Haynes and Boone LLP has hired away a former director of Deloitte LLP's Washington national tax practice group, who will be joining the firm's Dallas office as a tax partner.
A Fifth Circuit panel upheld a Texas tax preparer’s conviction for obstructing the work of the Internal Revenue Service on Wednesday, rejecting her “narrow interpretation” of the law at issue but slightly loosening an order that she begin paying restitution while behind bars.
The American Institute of Certified Public Accountants assailed the IRS on Wednesday for its “mischaracterizations” of a challenged voluntary certification program for unlicensed tax return preparers, urging the D.C. Circuit to upend a lower court ruling finding the trade group had no legally protected interest by which to sue.
A reduction in the state commercial lease tax, breaks for assisted-living facilities and affordable housing, renewed sales tax holidays, and a sales tax exemption for essential feminine hygiene products highlighted a $180 million tax cut bill signed into law Thursday by Florida Gov. Rick Scott.
A third anonymous Coinbase customer sought Wednesday to jump into the fray opposing the IRS’ California federal court summons enforcement bid seeking customer names and other information from the virtual currency exchange company, warning of an unconstitutionally intrusive “fishing expedition.”
Limited-government advocacy group Cause of Action Institute hit the IRS with a Freedom of Information Act lawsuit Wednesday in D.C. federal court accusing the agency of not fully responding to a records request for proposed regulations aimed at preventing the undervaluation of transferred interests for estate tax purposes.
As Illinois' backlog of unpaid bills has ballooned to $14.3 billion in the nearly two years without a formal budget, the debate over how to pay down some of the massive figure has taken on a typically partisan hue in the wake of failed negotiations over tax hikes and budget cuts.
The Congressional Budget Office on Wednesday predicted that Republican legislation largely repealing the Affordable Care Act would destabilize many insurance markets and put comprehensive health insurance out of reach for many Americans. Here are four takeaways from the CBO’s eagerly awaited forecast.
The Delaware Court of Chancery on Tuesday ordered a health company to turn over to an Express Scripts unit that it’s suing for fraud a $4.6 million tax refund it owes based on the sale of a subsidiary, as the chancellor ruled that the lawsuit from the sale had nothing to do with the tax owed.
Wells Fargo couldn’t escape a 20 percent penalty for a $1.25 billion securities transaction, part of which has been deemed a tax-avoidance sham, but it won a partial victory to deduct interest paid on a foreign loan, under a Minnesota federal court’s ruling Wednesday.
In the second installment of this two-part series on disruptive innovation among mid-size law firms, Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former senior vice president at McKesson Corp., explores a number of ideas for keeping clients and maintaining market position.
When a shareholder transfers property to a distributing corporation shortly before or after a spinoff, will the transfer to the distributing corporation be respected as a separate transaction from the distribution for tax purposes? The IRS' recent ruling on such "north-south" transactions provides helpful guidance for some situations, but leaves other questions unanswered, says Aaron Pinegar of Baker Botts LLP.
The Prevezon case stands out as an example of the extraordinary lengths the U.S. government can and will go to assert jurisdiction over matters involving foreign entities and persons who commit crimes abroad to the detriment of foreign countries and citizens. However, since the matter settled, the government’s case was not tested at trial, say attorneys with Hughes Hubbard & Reed LLP.
As I sat there listening, incredulous to learn that "Milkshake" was not only a real song but also a chart-topper, it reminded me of Harvard Business School Professor Clayton Christensen’s work on disruptive innovation — and how it pertains to mid-size law firms, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant general counsel of McKesson Corp.
The U.S. Supreme Court recently ruled that a New York statute that prohibits identifying a surcharge for credit card users regulates speech and is therefore subject to heightened scrutiny. The impact on how businesses collect or seek reimbursement for the costs of state and local taxes from their customers could be significant, say Eric Tresh and Alla Raykin of Eversheds Sutherland.
A recent IRS memo states that payments made to participants under certain fixed indemnity health plans must be included in employees’ gross income, unless the premiums for such plans are paid on an after-tax basis. However, the memo does not address how employers should administer these taxable fixed indemnity payments, says Matt Gerard, in-house legal counsel at National Benefits Services.
Every lawyer who’s handled a civil case in federal court knows about Rule 30(b)(6), governing deposition procedures. But for many real-world deposition dilemmas, the rule offers little guidance. Last year, an Advisory Committee on Civil Rules subcommittee began considering whether the rule should be amended. Now attorneys must advise the subcommittee how to proceed, says Frank Silvestri Jr. of Verrill Dana LLP.
As we approach the Memorial Day recess, President Trump’s firing of FBI Director James Comey and allegations that the president sought to stop the FBI from investigating former National Security Advisor Michael Flynn’s potential ties to Russia remain at the top of the news cycle and threaten to derail Republican efforts to pursue health care and tax reform, among other priorities, say Richard Hertling and Kaitlyn McClure of Covingt... (continued)
Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.
Adam Tejeda and Elizabeth Crouse of K&L Gates LLP present a brief overview of effectively connected income and the tension between ECI and foreign investors' goals in making U.S. investments.