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.
Senate Finance Committee Chairman Chuck Grassley, R-Iowa, wants the Internal Revenue Service to be lenient on the 30 million Americans predicted to have underwithheld because of the 2017 tax overhaul, he said Wednesday.
The Miccosukee Tribe of Indians and a member have asked the U.S. Supreme Court to overturn an Eleventh Circuit decision that the member owes taxes on tribal payments the federal government contended were derived from casino revenue.
A bipartisan bill has been introduced in the North Dakota Legislature that would create a pathway for American Indian tribes in the state to introduce tobacco, alcohol and state gross receipts taxes for purchases made on reservations.
Action by Congress would be needed to subject public universities and their top sports coaches to a new excise tax on top earners at nonprofits after recent guidance confirmed the tax may not apply to some of those institutions.
Fried Frank Harris Shriver & Jacobson LLP has brought on two real estate investment trust lawyers from Hogan Lovells, appointing one as the new head of its REIT practice while the other joins the firm's tax practice in Washington, D.C.
Morrison & Foerster LLP has hired two former Davis Polk & Wardwell LLP attorneys in New York to bolster its executive compensation team — one with experience in federal tax and securities law and the other in transactional work.
Racking up key victories in representing SiriusXM in Texas in a franchise tax case and Utah candy company See's Candies in a transfer pricing case, Eversheds Sutherland LLP's tax attorneys have helped land their team as a Law360 2018 Practice Group of the Year.
Britain's financial services companies have lost patience with the stalled political process and are transferring assets out of the U.K. regardless of what kind of Brexit deal, if any, the government seals with the European Union, their legal advisers said Wednesday.
British Prime Minister Theresa May narrowly survived a vote of no confidence brought by the opposition Labour Party on Wednesday, a day after lawmakers overwhelmingly rejected her proposed deal to leave the European Union.
The chairman of the U.S. Senate Finance Committee told reporters Tuesday that he would be open to retroactively renewing expired tax credits that were included in legislation passed by the U.S. House of Representatives for a one-year period.
A New Jersey federal judge on Tuesday ordered Marc Sorrentino, the brother of television personality Michael “The Situation” Sorrentino, to pay over $337,000 in restitution to the Internal Revenue Service following Marc’s conviction for tax evasion.
Sports betting in New Jersey totaled $1.25 billion in wagers in 2018, a year that saw it become legal in the Garden State, with tax revenues totaling just over $10 million and revenues for operators coming in at $94 million since June, the New Jersey Division of Gaming Enforcement announced.
Cravath Swaine & Moore LLP's tax division had a banner year in 2018. From advising the Walt Disney Co. regarding its acquisition of 21st Century Fox to providing the Linde Group with advice on its merger with Praxair, Cravath found itself on the front lines of some of the year's most important tax-related transactions.
Senate Democrats pushed the chamber and its general counsel Tuesday to intervene in a blockbuster legal feud over the Affordable Care Act, introducing a resolution that mirrors one passed by the House seeking to reverse a Texas federal judge’s striking of the law.
The U.S. Department of the Treasury crafted a “narrow” exception for some commodities and derivatives contracts from the 15.5 percent transition tax under the 2017 tax code overhaul, in final regulations issued Tuesday.
The former chief financial officer of an international marketing and public relations firm was sentenced Tuesday in Boston federal court to more than eight years in prison for stealing over $3.8 million from his employer across a decade.
The U.K. Parliament overwhelmingly rejected the government’s draft agreement for leaving the European Union on Tuesday, pitching the Brexit process deeper into disarray and raising questions about whether the March 29 departure date can still be met.
Jones Walker LLP has absorbed the founding partner of fellow New Orleans-anchored international dispute firm Fowler Rodriguez, along with a group of attorneys versed in working with domestic and international maritime, energy and insurance clients on issues including infrastructure deals, immigration, tax matters, mergers and acquisitions, and international arbitration.
The partial government shutdown is forcing multinational corporations, domestic taxpayers and practitioners into a tricky guessing game as deadlines approach and automated collection notices are still released, without anyone at the Internal Revenue Service to discuss or negotiate with.
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.
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.
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.
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.
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.
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.
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.
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.
In the Chester-Upland School District matter, decided last month, the Commonwealth Court of Pennsylvania opened the door for taxing authorities to increase property assessments on parcels containing billboards based on the revenue such billboards may generate, say Kevin Boyle and Tyler Mullen of Stradley Ronon Stevens & Young LLP.
Lawyer-directed nonrecourse litigation funding is more likely to protect a lawyer's exercise of independent professional judgment than traditional means of litigation finance, and furthermore enables worthwhile cases that otherwise could not be funded, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.
The practice of procuring insurance coverage by "direct procurement" has been viewed as a constitutional right for half a century, but recent events have raised many questions within the insurance industry over whether that right is being eroded by certain states, says Zachary Lerner of Locke Lord LLP.