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Tax

  • January 21, 2019

    UK Gov't Won't Rule Out No-Deal Brexit, May Insists

    Prime Minister Theresa May said Monday that her government will not rule out leaving the European Union without a deal and will not seek an extension of the March 29 departure date, despite continued parliamentary resistance to her draft withdrawal agreement.

  • January 21, 2019

    HSBC Sued Over 'Tax-Avoiding' Film Scheme Investments

    A group of approximately 300 investors has filed a class-action lawsuit in London against the private banking arm of HSBC PLC alleging they were misled about investments they made in the film industry between 2003 and 2007, which were later described as tax avoidance by the U.K.’s tax authority.

  • January 18, 2019

    Ex-Sadis & Goldberg Atty Gets 3 Years For Charity, Tax Scam

    The former head of Sadis & Goldberg LLP’s tax and trusts and estates groups was sentenced to just over three years in prison Friday for cheating a dead client’s estate out of $3.7 million through a bogus charity and lying about his income to the IRS.

  • January 18, 2019

    Orrick Adds Ex-Norton Rose Energy Tax Expert In NY

    Orrick Herrington & Sutcliffe LLP has announced that a former tax partner at Norton Rose Fulbright with a focus on renewable energy joined the firm in its New York office.

  • January 18, 2019

    Atlantic City's Winning Streak Will Be Tough To Sustain

    Atlantic City's fiscal recovery may be fueled by sports betting fever and trendy hotspots along the New Jersey boardwalk, but the resort town's government and business leaders must overcome entrenched patterns of corruption and bad economic decisions in order to sustain this newfound prosperity, experts say.

  • January 18, 2019

    Drinker Biddle Hires Benefits Partners In DC, Dallas

    Drinker Biddle & Reath LLP has nabbed two partners for its growing employee benefits practice, adding a former Venable LLP partner in Washington, D.C., and a former Foley & Lardner LLP partner in Dallas.

  • January 18, 2019

    Crunch Time For Wind Developers As Tax Credit Lapse Looms

    Time is growing tight for wind developers to grab the remaining slice of the federal renewable energy production tax credit before it phases out at year’s end and to complete existing projects in time to reap the full benefit of the credit, experts say.

  • January 18, 2019

    BEAT Plus GILTI Equals Double Tax, ABA Panelist Says

    Some U.S. companies making payments to their foreign affiliates find themselves subject to two versions of a minimum tax due to irregularities in the way the new base erosion and anti-abuse tax applies, a tax practitioner told a conference Friday.

  • January 18, 2019

    Tax Practice Group Of The Year: Skadden

    Skadden Arps Slate Meagher & Flom participated in some of the most important and newsworthy tax transactions of 2018, from guiding Fox's sale of a $15 billion stake in Sky to Comcast Corp. to helping Starr International on its way to securing a $38.2 million refund from the Internal Revenue Service.

  • January 18, 2019

    Final IRS Pass-Through Deduction Rules Snub Team Owners

    The Internal Revenue Service rejected pleas from the Major League Baseball commissioner and others to allow sports franchise owners to qualify for a new 20 percent tax deduction for pass-through businesses, under final regulations released Friday.

  • January 17, 2019

    Court Fight Over Puerto Rico Sales Tax Deal Wraps Up

    The fate of a closely-watched deal designed to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, hangs in the balance as a two-day hearing on the matter came to a close Thursday with opponents complaining it amounts to an unjust taking.

  • January 17, 2019

    Mnuchin Snubs House Invite To Testify On Shutdown's Impact

    Treasury Secretary Steven Mnuchin declined an invitation Thursday from House Ways and Means Committee Chairman Richard Neal, D-Mass., to testify before the panel about the government shutdown’s impact on his agency.

  • January 17, 2019

    EU Order Doesn't Trump Bulgarian Laws In VAT Suit, ECJ Says

    The European Union mandate to prosecute tax fraud doesn't supersede national laws on the proper collection of evidence, the European Court of Justice ruled Thursday in a Bulgarian criminal value-added tax evasion case.

  • January 17, 2019

    NYC Cabbies Get 2 More Weeks Of Congestion Tax Reprieve

    A state judge in Manhattan gave New York City taxi drivers at least two more weeks of breathing room Thursday in their fight against a new $2.50-per-ride congestion surcharge for trips that go through the city's business district, setting a tight schedule for city and state government requests to toss the case.

  • January 17, 2019

    FERC Opens Pipeline Rate Probes Amid Tax Changes

    The Federal Energy Regulatory Commission on Wednesday launched rate investigations into three natural gas pipeline and storage companies amid concerns they're now overrecovering their costs of service from customers thanks to federal tax cuts and FERC's removal of a tax perk for pipeline master limited partnerships.

  • January 17, 2019

    Mass. Gov. Moves To Legalize Sports Betting

    Massachusetts Gov. Charlie Baker announced a new bill Thursday that would make sports betting legal in the state and add a new tax to already legal daily fantasy sports sites, proposals stemming from last year’s landmark U.S. Supreme Court decision giving states the ability to legalize sports wagering.

  • January 17, 2019

    Insurance Tax Due In Policyholder's Country, EU Court Says

    Insurance to cover risks from a cross-border corporate takeover should be taxed in the country where the policyholder is based, rather than where the target company is, the European Union’s highest court ruled Thursday.

  • January 17, 2019

    Tax Group Of The Year: McDermott Will & Emery

    McDermott Will & Emery's tax practice made headlines in 2018 by winning a high-stakes repatriation case before the U.S. Tax Court, advising CVS in its multibillion-dollar acquisition of health insurance giant Aetna and securing a victory for Starbucks in a New York False Claims Act case, landing it among Law360's Tax Practice Groups Of The Year.

  • January 17, 2019

    Brexit Debate Enters New Legal Terrain With Talk Of Delay

    A Brexit "Plan B" could involve a legally untested extension of the U.K.'s planned departure date after Parliament rejected the government's withdrawal agreement, easing the immediate threat that British banks and businesses will plunge into a regulatory void if there is no deal, according to lawyers and political experts.

  • January 16, 2019

    Puerto Rico Creditors Press For Sales Tax Plan Approval

    Major stakeholders engulfed in Puerto Rico's bankruptcy-like proceedings urged a federal judge on Wednesday to approve a watershed settlement designed to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, saying it is the best way to avert years of protracted litigation.

Expert Analysis

  • Recent Developments In The IRS Partnership Audit Regime

    David Blair

    Release of the Internal Revenue Service's final partnership regulations last month, the government shutdown and, hopefully, holiday celebrations may have overshadowed two important announcements regarding the centralized partnership audit regime, say David Blair and Teresa Abney of Crowell & Morning LLP.

  • Diversity's Next Step: Developing Minority Partners

    Chris King.jpg

    The lack of minority partners comes at a high cost to firms, say attorneys at Lightfoot Franklin & White LLC, as they suggest several practical ways to tackle this problem.

  • Nuts And Bolts Of The IRS' Proposed Anti-Hybrid Regulations

    Thomas Humphreys

    In December, the IRS proposed regulations under two new sections of the Internal Revenue Code aimed at hybrid arrangements — transactions by multinational companies subject to corporate income tax in one national jurisdiction but not another. Attorneys at Mayer Brown LLP discuss the scope of the rules and which transactions may be affected.

  • Amendments To Procedure Rules Reflect Dynamic Tax Court

    Andrew Roberson

    Recent revisions to the U.S. Tax Court procedural rules show the court embracing the digital age, refinements to existing rules and the addition of new areas of jurisdiction. Andrew Roberson and Kevin Spencer of McDermott Will & Emery LLP explain eight important amendments.

  • Arbitrators And Mediators Should Reflect Society's Diversity

    James Jenkins

    Alternative dispute resolution providers have made great strides toward diversity, but recent statistics show there is still work to be done. There are certain steps ADR providers can take to actively recruit more women and minority candidates to serve as arbitrators and mediators, says James Jenkins of the American Arbitration Association.

  • Why AFAs Are Key To The Future Of Legal Practice

    Kelly Eisenlohr-Moul

    Alternative fee agreements can help align law firm and client interests, increase efficiency and eliminate corporate extortion, among other benefits. They are the best thing to happen to the practice of law in decades, says Kelly Eisenlohr-Moul at Dinsmore & Shohl LLP.

  • Transparency Versus Confidentiality In 2019 Tax Disputes

    Tim Gustafson

    The growing tension between government promises of transparency and taxpayers’ right to confidentiality is likely to continue this year, as highlighted by two recent developments in Pennsylvania and California, say Tim Gustafson and Mike Le of Pillsbury Winthrop Shaw Pittman LLP.

  • 'Hyatt 3' Oral Argument And Potential State Tax Implications

    Jeffrey Reed

    However the U.S. Supreme Court decides the third iteration of Franchise Tax Board v. Hyatt, argued on Jan. 9, it is much more likely that the opinion will be featured in federal courts casebooks than taxation casebooks. Nevertheless, the matter surely has some state tax relevance, says Jeffrey Reed of Kilpatrick Townsend LLP.

  • Series

    Judging A Book: Barron Reviews 'The Clamor Of Lawyers'

    Judge David Barron

    Can lawyers lead a revolution? According to "The Clamor of Lawyers: The American Revolution and Crisis in the Legal Profession" — a slim but elegant volume by Peter Charles Hoffer and Williamjames Hull Hoffer — they can and they did, says First Circuit Judge David Barron.

  • Cannabis S Corps Should Reconsider Restructuring

    Justin Hobson

    The U.S. Tax Court recently expanded the application of Internal Revenue Code Section 280E, disallowing certain deductions, to include an S corporation acting as a dispensary's “management” company. In response, cannabis companies may want to weigh the tax risks and potential benefits of alternate planning strategies, says Justin Hobson at Lane Powell PC.