Tax

  • September 18, 2019

    Senate Confirms 2 Treasury Nominees

    The U.S. Senate confirmed the nominations of two individuals to fill key positions at the U.S. Department of the Treasury in largely party-line votes Wednesday.

  • September 18, 2019

    Call Center Scammer Can't Appeal $9M Restitution: 5th Circ.

    A man ordered to pay $9 million in restitution for his role in a multimillion-dollar call center scam can't appeal his restitution order because he waived his right to an appeal in his guilty plea, the Fifth Circuit said.

  • September 18, 2019

    Jailed Lawyer Exploring Plea Deal In EY Tax Shelter Case

    A lawyer jailed in Manhattan on charges of helping four former EY partners develop fraudulent tax shelters and failing to report $8 million of tax liability is eyeing a possible guilty plea, according to a Tuesday court filing.

  • September 18, 2019

    Attys Seek $5M Award In AbbVie $16.7M Inversion Settlement

    An Illinois federal judge has been asked to approve a $5 million payday for attorneys who negotiated a $16.75 million settlement of investors' claims that pharmaceutical company AbbVie hid the risks of its failed $54 billion merger with Shire PLC.

  • September 18, 2019

    'Political' Shutdown Not A Matter For Judges, UK Court Told

    Prime Minister Boris Johnson’s decision to suspend Parliament is a political issue that cannot be decided by the courts, a lawyer for Britain’s premier said Wednesday, telling the U.K. Supreme Court it would be “constitutionally inappropriate” to intervene.

  • September 18, 2019

    Trump Not Yet Injured By NY Tax Return Law, Fed. Judge Says

    President Donald Trump has not yet been harmed by a New York law allowing the U.S. House of Representatives to request his state tax information, a D.C. federal judge said Wednesday.

  • September 18, 2019

    Influential Women In Tax: Thompson Coburn's Janette Lohman

    For accomplishments such as being the first female director of the Missouri Department of Revenue and later successfully battling the agency over consolidated return law, Thompson Coburn's Janette Lohman has earned a spot as one of Law360 Tax Authority’s Influential Women in Tax Law.

  • September 17, 2019

    TurboTax Says Rival Santa Clara, LA Lawsuits ‘Untenable’

    A Los Angeles Superior Court judge said Tuesday that he might abstain from hearing a complaint by the city of Los Angeles accusing the makers of TurboTax of tricking low-income taxpayers into buying tax preparation products, and a lawyer for the company said judgment in it and a similar lawsuit could lead to an "untenable" outcome.

  • September 17, 2019

    9th Circ. Dooms Suit For Inability To Question Mexico Ruling

    The Ninth Circuit has affirmed the dismissal of investors’ claims that Canada’s Primero Mining Corp. hid questionable details about a ruling by a Mexican tax authority, saying Tuesday that U.S. courts can’t judge whether the Mexico ruling complied with local laws.

  • September 17, 2019

    Cozen Nabs Ex-Winstead Tax Atty For Project Finance Group

    Cozen O’Connor has added a veteran tax attorney from Winstead PC to its public and project finance group in New York, the firm has said.

  • September 17, 2019

    Tobacco Cos. Say Ill. Law Preempts Chicago's Flat Tax

    A group of tobacco associations and retailers urged Illinois’ high court on Tuesday to strike down a Chicago ordinance imposing a flat tax on non-cigarette tobacco products sold in the city, saying such a tax is preempted by the state’s municipal code.

  • September 17, 2019

    Senate Subcommittee Approves $11.4B In IRS Funding

    A Senate appropriations subcommittee on Tuesday approved $11.41 billion in funding for the Internal Revenue Service for the 2020 fiscal year, with a $200 million increase for enforcement.

  • September 17, 2019

    Influential Women In Tax: Skadden's Jessica Hough

    From helping to execute a complex energy megadeal to promoting inclusion at the highest level of the profession, Skadden Arps Slate Meagher & Flom LLP Washington, D.C., tax group leader Jessica A. Hough has earned her spot among Law360 Tax Authority’s Influential Women in Tax Law.

  • September 17, 2019

    PM Shut Down Parliament To ‘Silence’ MPs, UK Court Hears

    British Prime Minister Boris Johnson shut down Parliament as a “preemptive strike” intended to “silence” lawmakers trying to block his Brexit plans, a campaigner told the U.K. Supreme Court Tuesday at the start of one of the most important constitutional cases in the country’s history.

  • September 16, 2019

    Sens. Issue Subpoenas In Conservation Easement Tax Probe

    The leading lawmakers of the Senate Finance Committee have issued subpoenas for documents related to their investigation into potential abuses of a tax break meant to encourage land conservation, they said Monday.

  • September 16, 2019

    Pfizer's Tax Interest Row Belongs In Claims Court: 2nd Circ.

    The Second Circuit ruled Monday a lower court had no authority to decide whether Pfizer is owed $8.3 million in interest on taxes overpaid to the Internal Revenue Service, sending the case to the U.S. Court of Federal Claims instead.

  • September 16, 2019

    CalSavers Is Invalid Under ERISA, Feds Contend

    The federal government threw its weight behind a tax cut advocacy group's lawsuit looking to invalidate a California program that funnels a portion of workers' pay into an individual retirement account, saying the Employee Retirement Income Security Act preempts the state law that created the CalSavers program.

  • September 16, 2019

    Prudential Units To Pay $33M For Misleading Funds

    Two Prudential Financial Inc. subsidiaries must pay $32.6 million after the U.S. Securities and Exchange Commission charged them Monday with failing to disclose conflicts of interest and making misleading disclosures to their advised funds.

  • September 16, 2019

    Influential Women In Tax: Thompson & Knight's Emily Parker

    From a U.S. Tax Court win that spurred Congress to amend a law, to becoming the first female to serve as acting chief counsel to the IRS, Thompson & Knight LLP's powerhouse Emily A. Parker has earned her spot among Law360 Tax Authority's Influential Women in Tax Law.

  • September 16, 2019

    IRS' Built-In Loss Rules Could Mar Sheen Of Distressed Cos.

    The IRS' proposal to eliminate a safe harbor for calculating built-in gains and losses under ownership changes may make distressed companies less attractive because it may reduce the value of tax benefits that can be passed on to acquiring companies.

  • September 16, 2019

    EU State Aid Case Targeting UK Tax Rule Faces More Appeals

    British American Tobacco and a Pearson unit have piled onto appeals of a European Union state aid decision finding that the U.K. gave some multinationals an advantage by exempting them from anti-tax avoidance rules.

  • September 16, 2019

    IRS Offers To Settle Microcaptive Insurance Tax Abuse Cases

    The IRS said Monday it has begun sending letters to up to 200 companies it says engaged in abusive microcaptive insurance transactions offering to settle open investigations into the arrangements in exchange for forgoing tax benefits and agreeing to penalties.

  • September 15, 2019

    Trump’s Tax Suit Must Be Heard In NY, State Officials Say

    President Donald Trump’s lawsuit, in which he is attempting to block the enforcement of a state law that could provide Congress with his state tax returns, belongs in New York court, New York officials told a D.C. federal court Friday.

  • September 13, 2019

    Trump Urges Fed. Court To Suspend Calif. Tax Return Law

    California’s law requiring presidential candidates to submit tax returns to appear on the state's primary ballot likely exceeds the state’s power to regulate federal elections and should be suspended pending judicial review, President Donald Trump has told a federal court.

  • September 13, 2019

    Taxation With Representation: Wachtell, McDermott, Latham

    In this week’s Taxation With Representation, Midwestern banks First Defiance and United Community Financial ink a $473 million merger, Mallinckrodt makes a $250 million sale, Baxter snaps up Cheetah Medical for $230 million, and Stellex Capital sells Morbark for $352 million.

Expert Analysis

  • Series

    Pursuing Wellness: When A Firm Brings Counseling On Site

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    One year ago, our firm signed the American Bar Association's well-being pledge and embraced a commitment to providing on-site behavioral health resources, which has since become a key aspect of our well-being program, say Meg Meserole and Kimberly Merkel at Akin Gump.

  • IRS Safe Harbor Proposal Hard On Restructuring Cos.

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    Proposed regulations released by the IRS last week would adversely affect many companies involved in M&A transactions and restructurings by substantially restricting their ability to use net operating losses and built-in gains after an ownership change, say attorneys at Paul Weiss.

  • Series

    Pursuing Wellness: Inside A Firm Meditation Program

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    After our firm signed the American Bar Association’s well-being pledge one year ago, we launched two key programs that included weekly meditation sessions and monthly on-site chair massages to help people address both the mental and physical aspects of working at a law firm, says Marci Eisenstein at Schiff Hardin.

  • NY Tax Minutes: City Finances, Transparency, Tribunal Rulings

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    In their recap of New York's recent tax highlights, Timothy Noonan and Craig Reilly of Hodgson Russ discuss the New York City financial plan through 2023, the new industrial development agency transparency requirement and three notable Tax Appeals Tribunal decisions.

  • Top 5 Modern Tax Challenges For Digital Health Companies

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    As jurisdictions around the world adapt and modernize to capture revenue that would otherwise escape taxation under frameworks put in place long before today’s technology existed, digital health companies face rising tax uncertainty, say Kathleen Gregor and Elizabeth Smith of Ropes & Gray.

  • Early Sampling Of Electronic Info Is Underutilized In Discovery

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    The early and prompt provision of samples from all electronically stored information sources as a part of ESI protocol search methodology is consistent with the Federal Rules of Civil Procedure and may allow for significant cost savings during discovery, says Zachary Caplan at Berger Montague.

  • Opinion

    California, Follow NY's Lead And Pass An FCA Tax Bill

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    Legislation poised to expand California’s False Claims Act to include tax cases recently stalled, but in New York similar legislation provided whistleblowers with incentive to come forward and earned the state revenue, says Justin Wagner, a former assistant attorney general in New York's Taxpayer Protection Bureau.

  • To Defer Or Not To Defer: Kisor's Impact On Tax Controversies

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    Three recent federal tax cases show how the U.S. Supreme Court's June decision in Kisor v. Wilkie, substantially restricting agency deference, is affecting interpretation of the many regulations and guidance issued post-tax reform, say Andrew Roberson and Kevin Spencer at McDermott.

  • Beyond $15B: What's At Stake In The Apple Irish Tax Appeal

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    On Tuesday, the EU General Court will hear an appeal to a European Commission decision ordering Apple to repay €14.3 billion in taxes and interest to Ireland. This case triggers important questions of a member country’s range of discretion in granting tax incentives to nonresident companies, says Joyce Beebe of Rice University.

  • The Factors Courts Consider In Deposition Location Disputes

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    In the absence of a federal rule governing deposition location, federal courts are frequently called on to resolve objections to out-of-state deposition notices. Recent decisions reveal what information is crucial to courts in making the determination, says Kevin O’Brien at Porter Wright.

  • What To Consider Before Filing For A Rule 57 Speedy Hearing

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    Federal Rule of Civil Procedure 57 and its state counterparts provide a method for expediting claims for declaratory judgment that warrants closer attention than it has historically received from litigants and courts, say attorneys at Gibson Dunn.

  • Key US Tax Rules For Foreign Athletes And Entertainers

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    When Canadian Bianca Andreescu won the 2019 U.S. Open, she probably wasn’t thinking about how that affected her taxes, but it is increasingly critical for foreign athletes and entertainers to become educated regarding the United States’ taxation of their income, say Jason Dimopoulos and Thomas Linguanti at Morgan Lewis.

  • Lawyers Can Foster Compliance With Audit-Proof Expensing

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    Lawyers across firms and organizations can encourage a culture of compliance and minimize the risk of an audit by establishing procedures to track meal and entertainment expenses in line with the most recent federal and state tax rules, says Michael Barg at Margolin Winer.

  • Notable Tax Amendments From Pennsylvania’s Budget Bill

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    The recently passed Pennsylvania budget bill included significant changes in the areas of personal income, sales and use, and estate tax, says Jennifer Karpchuk of Chamberlain Hrdlicka.

  • Series

    Why I Became A Lawyer: Expanding The Meaning Of Diversity

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    My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.