Tax

  • April 03, 2020

    5th Circ. Says Real Estate Co. Can't Skirt FLSA's OT Rules

    A Texas real estate company broke the law when it paid its property tax consultant employees as if the workers were exempt from the overtime provisions of the Fair Labor Standards Act when they actually were not, the Fifth Circuit said Friday.

  • April 03, 2020

    Pipelines, FERC Butt Heads At DC Circ. Over Nixed Tax Perk

    Two pipeline companies clashed with the Federal Energy Regulatory Commission in a pair of intertwined hearings before the D.C. Circuit Friday, as a three-judge panel heard appeals challenging a new FERC policy doing away with an income tax allowance for pipeline master limited partnerships, a key tax perk.

  • April 03, 2020

    Phoenix Ride-Hail Fee Constitutional, Ariz. Justices Find

    Airport ride-hailing fees levied by Phoenix don’t violate the Arizona Constitution's ban on imposing or increasing service taxes or fees, the state Supreme Court has found, a decision one observer said could have a ripple effect outside of Arizona.

  • April 03, 2020

    Economists Call For Euro Wealth Tax To Cover Virus Shortfall

    Three prominent economists are pushing for the European Union to enact a temporary wealth tax on the richest 1% of taxpayers to cover budget shortfalls caused by the coronavirus crisis, in a paper released Friday.

  • April 03, 2020

    DC Rep. Says COVID Relief Bill Must Lift City's Pot Sale Ban

    A congresswoman representing Washington, D.C., called Friday for the next federal COVID-19 relief bill to include a provision lifting a ban on recreational marijuana sales in the district, saying the tax revenue is urgently needed amid the pandemic.

  • April 03, 2020

    IRS Criminal Investigators Probing Virus Payment Fraud

    The rebate payments most Americans are due to get under the recently passed novel coronavirus relief bill haven't started going out yet, but the Internal Revenue Service's Criminal Investigation Division is already developing related fraud cases, its spokesman said Friday.

  • April 03, 2020

    Wash. Justices Won’t Review Seattle’s Rejected ‘Wealth Tax’

    The Washington Supreme Court on Friday declined to review an appeals court decision invalidating Seattle’s so-called wealth tax and voiding a 35-year-old piece of state law, allowing cities to levy a flat property tax on income.

  • April 03, 2020

    Texas Justices Say Subcontractor Fees Part Of Cost Of Goods

    A Texas oil rig repair company is allowed to include certain subcontractor payments in its cost of goods sold in calculating the company's franchise tax, the state Supreme Court found Friday, upholding an appellate court's decision.

  • April 03, 2020

    AMC Can't Deduct Film-Showing Costs, Texas Justices Say

    Movie theater chain AMC cannot subtract costs of showing films from its state franchise tax liabilities over two tax years because exhibiting the films didn’t constitute sales of tangible personal property, the Texas Supreme Court ruled Friday.

  • April 03, 2020

    Tax Treaty Rules Likely Cover COVID-19 Telework, OECD Says

    People working in countries other than their usual ones because of the coronavirus pandemic aren't likely to trigger new taxation requirements for employers under global treaty rules, according to guidance issued Friday by the Organization for Economic Cooperation and Development.

  • April 03, 2020

    Taxation With Representation: Sidley, Kirkland, Gibson

    In this week’s Taxation With Representation, Palo Alto Networks buys network services provider CloudGenix for $420 million, Ares inks a $384 million deal with Japanese financial institution SMBC, and News Corp sells a marketing business for $235 million.

  • April 03, 2020

    Texas Justices Hold Delivery, Pickup Costs Not Deductible

    The Texas Supreme Court on Friday determined that a heavy equipment leasing company can't claim a state franchise tax deduction for delivery and pickup costs it incurs in getting the machinery to its customers.

  • April 03, 2020

    Ex-Morgan Stanley Tax Convict Seeks Release Due To Virus

    A former Morgan Stanley attorney serving time in a federal prison for evading $45 million in taxes has asked a New York federal judge for early release to protect himself from the harmful effects of the novel coronavirus outbreak.

  • April 03, 2020

    Supreme Court Postpones April Argument Session

    The U.S. Supreme Court has postponed its April argument session in light of the coronavirus pandemic, a spokeswoman said Friday, casting further uncertainty on the ability of the justices to complete their work by the usual summer recess in July.

  • April 03, 2020

    NJ Reps. Ask Pelosi For SALT Cap Relief In Next Virus Bill

    Any additional legislation Congress prepares to mitigate the health and economic consequences of the novel coronavirus pandemic should include relief from the $10,000 cap on state and local tax deductions, House lawmakers representing New Jersey said Friday.

  • April 02, 2020

    Trump Admin Escapes States' Suit Over '2-For-1' Order

    The Trump administration on Thursday won a bid to nix a suit in D.C. federal court brought by three state attorneys general over a 2017 executive order requiring federal agencies to repeal at least two existing regulations for every new regulation that agency issues.

  • April 02, 2020

    Seattle Officials Call For Moving Up 'Amazon Tax' Start Date

    Two Seattle council members pushing a proposed payroll tax on the city’s largest companies, called the Amazon tax, have said they are aiming to move up the tax’s start date to fund relief for the novel coronavirus pandemic.

  • April 02, 2020

    Jailed Ex-Hotel Exec Seeks Out Of Virus 'Death Sentence'

    An ex-hospitality executive in prison for stealing nearly $14 million from his previous employer and evading taxes on almost $28 million in income asked a New Jersey federal court Thursday to release him to home confinement, saying the facility can't "prevent COVID-19 from becoming a de facto death sentence" for him.

  • April 02, 2020

    Feds Say Legal Fraudster's Cough Isn't Enough To Leave Jail

    Being afraid of contracting the novel coronavirus because of an unsubstantiated “consistent cough” should not be enough to spring a convicted fraudster from a New Jersey jail as he awaits sentencing on charges he and his then-wife defrauded Willkie Farr & Gallagher LLP, Hunton & Williams LLP and MasterCard Inc. in a $7.8 million scheme, prosecutors argued Thursday.

  • April 02, 2020

    NY Budget Moves Toward Borrowing $11B, No New Taxes

    New York lawmakers on Thursday were headed toward approving a budget that won’t increase taxes on the wealthy, doesn’t legalize and tax cannabis and would authorize $11 billion in borrowing because of projected revenue decreases caused by the coronavirus pandemic.

  • April 02, 2020

    IRS Wrongly Kept $400K From Electronic Parts Co., Suit Says

    Electronic component maker AVX has sued for a $400,000 refund in South Carolina federal court, saying the IRS incorrectly imposed penalties for its failure to make required disclosures related to its reorganization of a German subsidiary into a Dutch partnership.

  • April 02, 2020

    Lawmakers Mull Small-Biz Tax Relief For Next Pandemic Bill

    The two federal tax-writing committees are examining new tax incentives aimed at helping small businesses and their workers weather the economic storm unleashed by the new coronavirus as they weigh plans for a potential new relief package on Capitol Hill.

  • April 02, 2020

    IRS Summons In French Probe Can Proceed, Court Says

    A third-party IRS summons on a U.S. citizen's bank records related to an investigation into a French company's tax debt can proceed, an Indiana federal court has ruled, rejecting the citizen's argument that the summons was not properly authorized.

  • April 02, 2020

    Tennessee To Require Sales Tax From Marketplace Facilitators

    Tennessee will require out-of-state marketplace facilitators with more than $500,000 in sales to customers in the state during the previous 12 months to collect and remit sales and use tax, under a bill recently signed into law by the governor.

  • April 02, 2020

    Anti-Tax Group Turns To 9th Circ. In CalSavers ERISA Fight

    A tax cut advocacy group that says the CalSavers Retirement Savings Program is preempted by the Employee Retirement Income Security Act is challenging a district court's decision that axed its legal challenge to California's auto-IRA program.

Expert Analysis

  • Opinion

    Judicial Shaming Of Attys Is Troubling Even During Pandemic

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    Judges have recently rebuked attorneys for wasting judicial resources to resolve minor issues during the COVID-19 crisis, including in a trademark lawsuit over unicorn drawings. But it is unfair to publicly flog lawyers for doing what they are trained to do, says Ronald Minkoff, chairman of Frankfurt Kurnit's professional responsibility group.

  • Don't Be Social Media Distancing: LinkedIn Tips For Lawyers

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    While we need to be physically apart at this time, lawyers and firms should be leaning into social media to reinforce and build relationships, and help guide clients through the coronavirus crisis, says marketing consultant Stefanie Marrone.

  • Leveling Tax Playing Field For Non-UK Resident Landlords

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    Starting Monday, non-U.K. resident landlords are subject to broadly the same U.K. tax treatment as residents with respect to income derived from U.K. property, and landlords and lenders should be considering the impact on transaction cashflows and covenant compliance, say James Spencer and Sherry Scrivens at Alston & Bird.

  • Inside The CARES Act's Key Tax Code Modifications

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    Attorneys at Eversheds explain how the Coronavirus Aid, Relief, and Economic Security Act modifies core federal tax provisions — including payroll tax requirements, net operating loss carrybacks and the corporate alternative minimum tax — in order to help businesses weather the current economic downturn.

  • Guiding Clients Through DOL Benefit Plan Probes: Part 2

    Excerpt from Lexis Practice Advisor
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    Kathleen Barrow at Fox Rothschild discusses how to manage agency and plan sponsor expectations during U.S. Department of Labor investigations of employer-sponsored benefit plans, and explains key steps for closing the inquiry.

  • Remote Depositions: Coming To A Home Office Near You

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    Recent Texas state court orders indicate judges are increasingly requiring parties and nonparties to submit to remote depositions amid the pandemic. However, there are inherent drawbacks to such depositions, including limitations on attorneys’ ability to assess witness credibility, says Edward Duffy at Reed Smith.

  • How COVID-19 Relief Law Will Aid Small Businesses

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    Franco Furmanski and Carlos Loumiet at Nelson Mullins highlight the benefits of the Coronavirus Aid, Relief, and Economic Security Act’s Paycheck Protection Program for small businesses, as well as what to expect in terms of the loan-qualification process.

  • Ways Lawyers Can Support The Most Vulnerable Right Now

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    In this global health and economic crisis, it is essential that lawyers recommit to inclusion, and fight for colleagues, clients, community members and friends who are most at risk, says Dru Levasseur, head of the National LGBT Bar Association's inclusion coaching and consulting program.

  • Guiding Clients Through DOL Benefit Plan Probes: Part 1

    Excerpt from Lexis Practice Advisor
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    Counsel can reduce the time and anxiety involved with U.S. Department of Labor investigations of employer-sponsored benefit plans by assisting with review of fiduciary insurance coverage and internal controls, says Kathleen Barrow at Fox Rothschild.

  • Private Equity Funds Can Benefit From CARES Act Tax Relief

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    Several important tax provisions in the recently enacted Coronavirus Aid, Relief, and Economic Security Act can alleviate stress the pandemic has put on private equity funds and their portfolio companies' liquidity and profits, say attorneys at Holland & Knight.

  • Confronting The Challenges Of Virtual Mediation

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    Conducting mediation via videoconference amid the ongoing pandemic poses significant challenges, including the difficulty of reading people when you are not with them in person. Daniel Garrie at JAMS shares six tips to overcome the limitations.

  • 3 Steps To Building Effective Teams While On Lockdown

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    When your team is working from different locations due to the COVID-19 outbreak, don’t default to just sending emails. Collaboration is much easier when team members are also communicating in real time over the phone or through videoconferences, say William Oxley and Meghan Rohling Kelly at BakerHostetler.

  • Curve-Flattening Immobility May Set Cross-Border Tax Traps

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    Foreign-based businesses with employees detained in the U.S. — or vice versa — due to the coronavirus may find themselves with more sourced income than expected and, consequently, unexpected tax exposure, say attorneys at McDermott.

  • Pandemic-Related Funding Options For Ill. Businesses

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    Christopher Hennessy and Jeremy Glenn at Cozen O'Connor discuss the city, state and federal financial assistance available to Illinois small-business owners in need of emergency funds to maintain operations and pay employees during the COVID-19 pandemic.

  • Adapting Executive Pay Decisions To COVID-19 Impact

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    As the coronavirus pandemic perpetuates market uncertainty, compensation committees must address key questions, such as whether to delay approvals, adjust performance targets for bonus and equity awards, or reprice underwater stock options, say attorneys at Skadden.

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