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Tax

  • November 13, 2018

    Mom Of 'Frack Master' Sanctioned $10K Over Receiver Suit

    The mother of self-described "frack master" Christopher Faulkner will pay a $10,000 sanction after misrepresenting a state lawsuit she filed against a court-appointed receiver that already resulted in a contempt finding against her, a Texas federal judge said Tuesday.

  • November 13, 2018

    Committee Backs $1.2B LA Project, Including $100M Subsidies

    A proposed $1.2 billion development project in downtown Los Angeles, which may include close to $100 million in subsidies derived largely from tax revenue, received favorable recommendation Tuesday from the City Council's Economic Development Committee.

  • November 13, 2018

    Fed. Circ. Nixes IRS Worker's Suspension Over Underpaid Tax

    The Federal Circuit on Tuesday vacated an arbitrator’s decision to impose a 10-day suspension and a reduction in back pay on an Internal Revenue Service customer service employee who was dismissed from her job after underpaying taxes, saying the court could not discern what charges supported the decision.

  • November 13, 2018

    Telecom Transferee Owes $13M In Tax Interest, 9th Circ. Rules

    A man must pay over $13 million in interest after the Ninth Circuit agreed with the U.S. Tax Court on Tuesday that the interest was part of his overall tax debt to the Internal Revenue Service.

  • November 13, 2018

    DC Council Gives First Approval To Post-Wayfair Bill

    The District of Columbia would begin requiring remote retailers to collect and remit sales and use tax on Jan. 1, under legislation given preliminary approval Tuesday by the district council.

  • November 13, 2018

    Supreme Court Won't Review Ex-IRS Employee's FOIA Suit

    The U.S. Supreme Court on Tuesday declined to hear a suit by a former Internal Revenue Service employee challenging the IRS watchdog agency’s rejection of his Freedom of Information Act request concerning a congressional investigation that he triggered.

  • November 13, 2018

    As Amazon Goes Elsewhere, Pittsburgh To Release HQ2 Bid

    Now that Amazon has announced it will split its second headquarters between New York and northern Virginia, Pittsburgh and Allegheny County are dropping their effort to keep their bid for the giant project secret and will release at least part of it to the public soon, Mayor Bill Peduto said Tuesday.

  • November 13, 2018

    Amazon Unveils $5B Plan For NY, Va. Headquarters

    Amazon Inc. said on Tuesday that it has selected New York City and Arlington, Virginia, as the two locations for its new headquarters, laying out a plan that would see the e-commerce giant invest $5 billion and create more than 50,000 full-time jobs across the two locations.

  • November 13, 2018

    Tax Simplification Now Higher On UK Agenda, Official Says

    Tax simplification has moved higher up on the agenda for policymakers in the U.K., thanks to efforts of the government office created to address the issue in 2010, the office’s departing tax director told Law360.

  • November 13, 2018

    Airbnb Sues Boston Over 'Draconian' Short-Term Rental Regs

    Airbnb Inc. hit the city of Boston with a federal lawsuit Tuesday over its recently passed regulations on short-term rentals, saying the new rules run afoul of state and federal law and would require the online rental marketplace to dramatically alter its business model or else risk the city’s “draconian” sanctions.

  • November 9, 2018

    Treasury Proposes Rules For 401(k) Hardship Distributions

    Employees no longer will be restricted from contributing to their retirement plans after taking out funds during times of hardship, under new regulations that the U.S. Department of the Treasury proposed Friday.

  • November 9, 2018

    MTC Urges Supreme Court To Take Ala. Railroad Tax Case

    The Multistate Tax Commission on Friday urged the U.S. Supreme Court to resolve a more than decadelong dispute between a transportation company and the Alabama Department of Revenue by taking a case involving an exemption for water carriers from sales and use tax on fuel.

  • November 9, 2018

    Puerto Rico Lawmakers Help Debt Restructuring Go Forward

    Puerto Rico’s Senate and House of Representatives have passed legislation to support a plan to restructure nearly $18 billion in debt issued by the Puerto Rico Sales Tax Financing Corp., or COFINA, by amending the corporation’s charter.

  • November 9, 2018

    Fed. Circ. Affirms IRS Denial Of $20M Interest For Ford

    Ford Motor Co. once again lost out on a bid for more than $20 million in interest on a tax overpayment when the Federal Circuit agreed with a lower court Friday that a higher interest rate on tax underpayments by a foreign subsidiary cannot apply to the overpayment.

  • November 9, 2018

    Taxation With Representation: Kirkland, Vinson, Wachtell

    In this week’s Taxation With Representation, Thoma Bravo inks a $950 million deal with Broadcom Inc. for Veracode, Newell Brands sells off its fishing business and memorabilia manufacturer for $2.5 billion, Western Gas Partners nabs Anadarko Petroleum Corp. midstream energy assets for $4 billion, and Edenred SA buys Corporate Spending Innovations for $600 million.

  • November 9, 2018

    H&R Block Hit With Antitrust Suit Over 'No-Poach' Pacts

    An H&R Block Inc. tax preparer hit the tax services provider with a proposed class action in Illinois federal court Thursday, claiming the company’s noncompete contracts with employees and its “no-poach” agreements between its corporate offices and franchises have illegally stifled wages and career advancement of thousands of workers.

  • November 9, 2018

    Dozens Of NJ Cos. Accused Of Unlawful Immigration Services

    More than two dozen tax preparers, travel agencies and other businesses in New Jersey have been slammed with notices of violation seeking more than $300,000 in civil penalties over claims they defrauded consumers by offering immigration assistance services they were not authorized to provide, authorities said Friday.

  • November 8, 2018

    Ore. Justices Reject Starbucks' Bid To End Baristas' Wage Suit

    The Oregon Supreme Court refused Thursday to grant Starbucks Corp.'s request to end a case brought by former baristas who claim the coffee behemoth engaged in wage theft, ruling that the claims are better suited to trial and appellate courts.

  • November 8, 2018

    Partnership Audit Regs Prioritized In New IRS Guidance Plan

    Tax practitioners can expect to see long-awaited final regulations related to the new process for auditing partnerships before the end of June, according to an annual list of projects released Thursday that the U.S. Department of the Treasury said it is prioritizing.

  • November 8, 2018

    US Can’t Nix Refund Suit In Recycling Co. Case, Court Says

    The Internal Revenue Service must face claims by three companies seeking a refund of taxes levied against them as alter egos of a recycling company, a Missouri federal court ruled Wednesday.

Expert Analysis

  • Section 965 Basis Election — For A Limited Time Only

    David Sites

    In October, the IRS gave taxpayers more time to make basis adjustment elections under Internal Revenue Code Section 965. This welcome relief alleviates the burden of undertaking complex analyses in a short period of time without the benefit of final regulations, say David Sites and Cory Perry of Grant Thornton LLP.

  • SCEDA Bill Is A Boon For South Carolina Job Development

    Stephanie Yarbrough

    The South Carolina Economic Developers Association bill, as S.B. 1043 is known, is an exciting piece of legislation in South Carolina, which broadens the scope of businesses eligible to obtain economic development incentives such as job development credits for new or expanding operations, says Stephanie Yarbrough of Womble Bond Dickinson LLP.

  • It’s Time For Law Firms To Start Talking About Gen Z

    Eliza Stoker

    Since the oldest members of Generation Z aren’t even finished with law school yet, law firm management is in a unique position to prepare for their entrance into the legal workforce, says Eliza Stoker of Major Lindsey & Africa.

  • 5 Key Takeaways From Portland's New Large Retailer Tax

    John Gadon

    John Gadon and Eric Kodesch of Lane Powell PC discuss who and what is included under the new 1 percent gross receipts tax on large retailers passed by Portland, Oregon, voters via ballot measure last week.

  • New Regs May Substantially Impact Multinational Financing

    David Goett

    If the proposed Internal Revenue Code Section 956 regulations are finalized as written, both actual and deemed repatriations would be tax-free in the United States to 10 percent corporate shareholders without associated foreign tax credits brought up to the shareholder, say attorneys at Mayer Brown LLP.

  • Q&A

    Back To School: Yale's Linda Greenhouse Talks Journalism

    Linda Greenhouse

    In this series featuring law school luminaries, Yale Law School lecturer and Pulitzer Prize-winning reporter Linda Greenhouse discusses her coverage of the U.S. Supreme Court, the conservatives' long game and trends in journalism.

  • Tax Delayed Is Tax Avoided: More Opportunity Zone Benefits

    Lewis Horowitz

    Although the opportunity zone program is designed to stimulate investment in low-income areas, in many cases, taxpayers can benefit from investments in neighborhoods — such as those in Washington and Oregon — that are growing despite this incentive, say Eric Kodesch and Lewis Horowitz of Lane Powell PC.

  • Opinion

    Celebrate Veterans By Improving Their Access To Justice

    Linda Klein

    Attorneys should think beyond the Veterans Day parades and use their time and talents to help the many veterans facing urgent legal issues, says Linda Klein of Baker Donelson Bearman Caldwell & Berkowitz PC.

  • Can TCJA Save The Corporate Income Tax?

    Joyce Beebe

    Federal government revenue from corporate income tax has steadily declined since the start of the postwar era. Joyce Beebe and Jorge Barro at the Baker Institute for Public Policy consider how recent tax reforms may shift this trend.

  • REITs With International Operations Get Welcome IRS Ruling

    David Miller

    A revenue procedure released by the IRS in September provides important, albeit limited, relief to real estate investment trusts with international operations on certain unanswered questions, say David Miller and Christian Brause of Sidley Austin LLP.