Tax
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July 19, 2019
Trump Admin's Short-Term Insurance Rule Survives Challenge
A Washington, D.C., district judge granted the federal government a quick win on Friday in a legal challenge to a rule allowing Americans to use short-term health insurance plans, which skirt certain Affordable Care Act requirements, for three years instead of one.
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July 19, 2019
Banque Bonhôte Pays DOJ $1.2M More Over US Accounts
Switzerland-based Banque Bonhôte & Cie SA agreed Friday to pay $1.2 million extra to the U.S. for failing to disclose eight U.S.-related bank accounts with approximately $33 million in assets when it first struck a nonprosecution agreement in 2015.
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July 19, 2019
Baker McKenzie Taps Transfer Pricing Vet To Head Global Tax
Baker McKenzie has appointed one of its longtime transfer pricing partners to head its global tax practice, the firm said recently.
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July 19, 2019
Audit Identifies Basic Cybersecurity Flaws At The IRS
The Internal Revenue Service has put millions of taxpayer records at risk by failing to address dozens of cybersecurity flaws, including its failure to take basic steps to authenticate users, according to a congressional watchdog.
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July 19, 2019
Excela Surgical Center Doesn't Get Hospital's Tax Exemption
A Pennsylvania appeals court ruled Friday that an ambulatory surgical center owned by an Excela Health hospital in Westmoreland County did not qualify for an exemption from property taxes because it could not be considered a "hospital" in and of itself.
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July 19, 2019
Taxation With Representation: Skadden, Kirkland, Davis Polk
In this week's Taxation With Representation, Hillenbrand buys Milacron for $2 billion, Callon Petroleum shores itself up with a $1.2 billion Carrizo buy, and Campbell Soup makes a $300 million sale of a snack food unit.
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July 19, 2019
Sens. Seek Info On Appraiser In Easement Donation Probe
Senate Finance Committee lawmakers said Friday they requested information from an Alabama real estate licensing board about an appraiser who is alleged to have participated in abusive conservation easement transactions that resulted in $1.8 billion in federal tax deductions.
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July 19, 2019
Anti-Tax Group Defends Challenge To Calif. Auto-IRA Program
An anti-tax group urged a California federal judge not to toss its challenge to a state program that automatically funnels a portion of private sector workers' earnings into individual retirement accounts unless they opt out, arguing the program is preempted by federal benefits law.
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July 19, 2019
Former Congressman Peter Roskam Joins Sidley Austin
Sidley Austin LLP has hired former U.S. Rep. Peter Roskam, R-Ill., to join the firm's government strategies group after 25 years serving in both state and national government.
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July 19, 2019
Federal Tax Policy To Watch In The 2nd Half Of 2019
Congress will have little time to pursue tax-related legislation during the second half of 2019, with an August recess and the looming 2020 election season vying for lawmakers’ attention. Here, Law360 previews the most pressing federal tax legislation to watch for during the rest of the year.
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July 19, 2019
UK Litigation Roundup: Here's What You Missed In London
The last week has seen the owner of a Manchester skyscraper that needed repair sue several underwriters at Lloyd's, a prominent cryptocurrency trader drag a U.K. digital currency exchange into court and an executive for Honeywell sue HSBC Bank PLC. Here, Law360 looks at those and other new claims in the U.K.
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July 18, 2019
5 Fascinating Tax Opinions By Justice Stevens
The late retired U.S. Supreme Court Justice John Paul Stevens left behind a legacy of consequential opinions on topics from nexus for state taxation to agency deference. Here, Law360 examines five significant majority opinions or dissents affecting tax authored by Justice Stevens.
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July 18, 2019
Tax Court Hewed Too Closely To CUT In Medtronic, Atty Says
The U.S. Tax Court would have been better served by a looser interpretation of the comparable uncontrolled transaction method in the Medtronic case, tax specialists who examined the use of different methods in transfer pricing cases said Thursday.
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July 18, 2019
Alcatel-Lucent Can't Get Farmland Assessment, NJ Panel Says
Alcatel-Lucent USA can’t seek a farmland assessment on a wooded portion of its North American headquarters property in New Jersey because the company did not respond to a municipal tax assessor's records request, a state appeals court ruled Thursday.
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July 18, 2019
Trump Added To House Tax Panel's Suit Seeking His Tax Info
A D.C. federal judge on Thursday added President Donald Trump and several of his business entities as defendants in the House Ways and Means Committee's lawsuit seeking his personal and business tax return information.
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July 18, 2019
Philly Commercial Property Tax Hike Ruled Unconstitutional
The city of Philadelphia is facing the prospect of refunding tens of millions of dollars' worth of taxes following a state judge's decision Thursday that commercial property had been selectively reassessed in violation of uniform taxation rules in the Pennsylvania Constitution.
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July 17, 2019
'May I Just Ask': Era Of Civility Passes With Justice Stevens
Former clerks and attorneys remember Justice John Paul Stevens, who died Tuesday night at the age of 99, for his trenchant mind and his unending civility. Does his passing mark an end to an era of collegiality on the bench?
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July 17, 2019
Justice Stevens' Chevron Legacy Under Attack
Justice John Paul Stevens' landmark decision in Chevron USA Inc. v. NRDC shaped the course of administrative law, and his legacy, for decades. But a recent wave of criticism shared by members of the current court threatens to erase a doctrine that has long bolstered federal regulators' sway over corporate America.
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July 17, 2019
'Kindness, Humility, Wisdom': Justices Remember Stevens
A day after retired U.S. Supreme Court Justice John Paul Stevens died at the age of 99, his colleagues paid tribute to the third-longest-serving member of the high court, cherishing his devotion to public service, his kindness and his unwavering commitment to justice.
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July 17, 2019
The Stories They Tell About Justice Stevens
Justice John Paul Stevens had a legendary reputation as one of the most humble and caring members of the court. His clerks related some tales that show why.
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July 17, 2019
Hear Justice Stevens In 5 Memorable Moments On The Bench
Justice John Paul Stevens was known for being collegial and kind, but he also wasn’t one to mince words. Listen to a few of the justice’s most memorable words from the bench, in majority opinions, sharply worded dissents and at oral argument.
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July 17, 2019
Norcross Firm Slams NJ Tax Breaks Report As 'Fatally Flawed'
An employee benefits firm linked to New Jersey political power broker George E. Norcross III blasted a state task force's assertion that billions of dollars in tax breaks unduly favored Camden-area companies, calling the effort an “all-out attack,” “self-serving,” and “poor and fatally flawed.”
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July 17, 2019
Justice Stevens' High Court Legacy In 4 Charts
In this data deep-dive, Law360 examines retired Justice John Paul Stevens’ long tenure, his relatively breezy confirmation, his transformation from a run-of-the-mill Republican appointee to runaway liberal, and the legacy that lives on in his clerks.
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July 17, 2019
Pa. Justices Ax Taxes On Freight Broker's Pass-Through Fees
A Pennsylvania freight broker does not have to pay the city of York's business privilege tax on shipping costs it takes from companies with freight to move and forwards to the carriers who do the actual moving, the Supreme Court of Pennsylvania ruled Wednesday.
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July 17, 2019
2nd Circ. Flags SG For Comment On Trump Bank Subpoenas
The Second Circuit asked U.S. Solicitor General Noel Francisco on Wednesday if he would like to weigh in on President Donald Trump's attempts to block congressional subpoenas seeking his financial records.
Editor's Picks
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New Tax Law’s Impact On M&A Coming Into Focus
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.
Expert Analysis
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Recent IRS Notices Blow Favorable For Wind Projects
Two recent IRS notices, adjusting the value of production tax credits and creating a safe harbor for certain U.S. Department of Defense-caused project delays, provide a small breath of fresh air for the onshore wind industry, says David Burton at Norton Rose.
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Before The DST Settles: What To Know About UK Digital Tax
With the introduction of detailed legislation on July 11 for what the United Kingdom considers to be “a targeted, proportionate and temporary tax,” the U.K. hopes to keep the pressure on the Organization for Economic Cooperation and Development for a comprehensive consensus-based solution to a digital services tax, say attorneys at Squire Patton.
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Remembering Justice Stevens As A Law Firm Leader
Rothschild Barry's John Coffey, who joined Justice John Paul Stevens' law firm in 1965, shares what it was like to watch Justice Stevens practice law, mentor younger lawyers and land a malfunctioning plane.
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Key Differences In The Final GILTI Regulations
Apart from a too-narrow high-taxed global income exclusion, the notable differences in the final regulations released by the IRS last month from the proposed regulations were the refinements to the calculation of global intangible low-taxed income, says Robert Kiggins of Culhane Meadows.
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How Carbon Capture Tax Credit Financing Would Work
Legislation recently introduced in the Senate would create a new tax-exempt financing option for carbon dioxide generating facilities that spend capital developing green countermeasures for carbon capture and sequestration, says Taylor Klavan of Squire Patton.
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NJ Tax Stop: Private, For-Profit Property May Be Tax-Exempt
Although an appeal to the New Jersey Supreme Court is pending, if the New Jersey Appellate Division's recent decision in Gourmet Dining v. Union Township stands, it may prove to be a watershed moment for property tax jurisprudence in the state by broadening the definition of "public purpose" to potentially include private, for-profit use of property, says Carl Rizzo of Cole Schotz.
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Answers To Key Legal Finance Ethics Questions
While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.
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Myers May Make It Easier To Find Equitable Relief In Tax Court
A recent decision by the U.S. Court of Appeals for the District of Columbia Circuit took an expansive view of equitable tolling of statutory filing deadlines and has potentially far-reaching ramifications for the U.S. Tax Court’s power to grant equitable relief, says Laura Gavioli at McDermott.
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Federal Agencies Need A Uniform Record-Keeping Process
The administrative record is very important to federal agency litigation — as showcased in last month's U.S. Supreme Court decision concerning the addition of a citizenship question to the 2020 census — yet there is no set of consistent principles to guide agencies in compiling these official records, say attorneys at WilmerHale.
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Recent Tax Lessons About When A Business 'Starts'
The U.S. Tax Court's decision this month in Smith v. Commissioner — finding that a taxpayer was carrying on his business in a year without sales income — provides guidance on determining when a business started and proving it, says Bryan Camp, a professor at Texas Tech University School of Law.
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California Tax Takes: San Francisco Tax Litigation Heats Up
On July 5, the San Francisco Superior Court held that two local taxes passed by voter initiative are valid because they are not subject to the two-thirds voting requirement for special taxes codified in the California Constitution. Attorneys at Reed Smith discuss the implications for San Francisco taxpayers who must now pay the taxes despite continuing litigation in the case.
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Kentucky Legislative Tax Updates To Know
In the 2019 legislative session, the Kentucky General Assembly devoted its efforts to tidying up last year's sweeping legislative changes to the state’s tax structure, many of which went into effect on July 1, says Rachael Chamberlain of Frost Brown.
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The Role Of Dictionaries In Last Term's High Court Decisions
Since 32 of the 67 decisions issued by the U.S. Supreme Court during its October term cite dictionaries, it’s worth reviewing the opinions to learn which dictionaries the justices consulted and how they used them, say Bruce Wessel and Brian Weissenberg of Irell & Manella.
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How To Evaluate The Rise In Legal Employment
Although the rate of employment for law school graduates — which had been falling steadily — saw a small increase over the last year, other factors, such as fewer graduates overall and potential future job growth stagnation, temper the good news for those pursuing law degrees, say Tiffane Cochran and Tyler Grimm of AccessLex Institute.
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Common Misconceptions About Risk Purchasing Groups
Group property and casualty insurance policies are a misunderstood and often impermissible method of delivering insurance coverage. In recent years states have begun to reexamine their risk purchasing group laws, but many ambiguities and inconsistencies remain, says Zachary Lerner of Locke Lord.