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Tax

  • September 21, 2018

    Jury Finds Overstock.Com Guilty Of $3M Escheat Holdback

    A Delaware jury took little more than a hour to find Overstock.com guilty of concealing nearly $3 million in abandoned gift card balances from Delaware’s revenue agency, after a six-day whistleblower trial that could lead to a treble damages sanction.

  • September 21, 2018

    Ex-Chevron Oil Trader Gets Probation For Tax Fraud

    A former oil trader for Chevron facing 20 years in prison for his role in an alleged kickback scheme until making a deal with prosecutors was sentenced by a federal judge in Houston on Friday to three years of probation.

  • September 21, 2018

    Delaying W-4 Form A Positive, Necessary Step, Tax Pros Say

    The Internal Revenue Service’s decision to delay carrying out a new W-4 form was both necessary and positive, tax and payroll professionals told Law360 Friday.

  • September 21, 2018

    Co. Still Liable If Worker Lies That Taxes Paid: 8th Circ.

    A company misled by an errant employee into thinking he paid its taxes is still liable for interest and penalties when he didn’t, the Eighth Circuit said in an opinion Friday upholding a lower-court dismissal.

  • September 21, 2018

    Atlantic City's Woes Stem From Relying On Casino Tax: Report

    A report by the state of New Jersey has outlined the history and causes of Atlantic City's financial woes, linking its problems to the city's reliance on casino tax revenues, and recommended imbuing the tax assessor with more power.

  • September 21, 2018

    In 3 Years Since BEPS, Most IP Regimes In Compliance

    Three years after the Organization for Economic Cooperation and Development came out with its base erosion and profit shifting plan, most tax incentives regimes for intellectual property development are now compliant, signifying that, as one OECD official said, “everybody is moving in the right direction.”

  • September 21, 2018

    Houston Atty Charged In $18M Offshore Tax Evasion Scheme

    A Houston attorney has been indicted in a Texas federal court on charges of conspiracy and tax evasion for his role in a scheme to repatriate more than $18 million in untaxed earnings from the Isle of Man, according to the U.S. Department of Justice.

  • September 21, 2018

    Taxation With Representation: Gibson, Hogan Lovells, Mayer

    In this week’s Taxation with Representation, Enbridge simplified its corporate structure with $7.1 billion in deals, Adobe bought Marketo for $4.75 billion, Univar snapped up Nexeo for $2 billion, and Western & Southern Financial Group acquired Gerber Life Insurance for $1.6 billion.

  • September 21, 2018

    Treasury Proposes Axing Debt-Equity Documentation Rules

    The U.S. Department of the Treasury on Friday proposed eliminating documentation requirements established under Obama-era regulations to discourage corporate inversions, despite calls from more than 500 public interest groups and 60,000 individuals to strengthen them.

  • September 20, 2018

    Ill. Firm Can't Collect Fees For Work On Its Qui Tam Suit

    The Illinois Supreme Court on Thursday sided with an appellate panel's ruling rejecting fee awards for lawyers of a firm that brought whistleblower claims accusing My Pillow Inc. of failing to collect taxes on certain sales to Illinois customers, citing 150-year-old precedent that the court said puts the issue to bed.

  • September 20, 2018

    Draft EU Digital Tax Law Leaves Percentage Up To Countries

    A draft resolution recently released by European Union lawmakers contains an amendment that would let individual countries decide the percentage of a tax to be imposed on large digital companies.

  • September 20, 2018

    Bank Of Montreal’s US Loan Scheme Legal: Canada Tax Court

    The Bank of Montreal didn’t breach the Canadian tax system’s general anti-avoidance rule when it formed a shell company to conduct currency hedge transactions on $1.4 billion in loans to its U.S. subsidiaries, the Tax Court of Canada has found.

  • September 20, 2018

    2nd Circ. Upholds Tossing NY Couple's $5M Tax Dispute

    The Tax Injunction Act stops federal courts from deciding state tax law issues, the Second Circuit has ruled in a New York couple’s $5 million tax dispute with the state, saying their attempt to use a constitutional right to gay marriage was too broad for a property sales tax matter.

  • September 20, 2018

    Student Loan 401(k) Matches Could Still Trigger IRS Ire

    The Internal Revenue Service made waves recently by clarifying that a 401(k) plan sponsor may provide matching employer contributions based on employees' student loan repayments, but such programs could still run afoul of regulations if they discriminate in favor of highly compensated employees.

  • September 20, 2018

    Energy Storage Must Fully Reap Tax Credit, Sens. Say

    Sens. Michael Bennet, D-Colo., and Tim Scott, R-S.C., on Thursday pressed Secretary of Treasury Steve Mnuchin to confirm that energy storage technologies qualify for the federal investment tax credit when used to retrofit existing solar projects and other technologies receiving the ITC.

  • September 20, 2018

    DC Bill Bets On Sports Gambling To Fund Child Care, Arts

    A Washington, D.C., council member has introduced a bill to legalize sports betting in the nation’s capital, wagering that an influx of gambling tax revenue would help fund early-childhood care and humanities initiatives throughout the district.

  • September 19, 2018

    Foreign Wage Exclusion Not For Gov't Worker, Tax Court Says

    The U.S. Tax Court held Wednesday that an individual was not entitled to a foreign earned income exclusion for certain wages because he was considered an employee of the U.S. government.

  • September 19, 2018

    SC Senators Adopt Fed. Tax Conformity Compromise

    A South Carolina Senate subcommittee charged with finding common ground on the adoption of state tax conformity with last year's federal tax overhaul pushed forward on Tuesday a compromise bill that offers up to $8,220 in exemptions for dependents.

  • September 19, 2018

    Jones Day Gets Back M&A Pro In Detroit From Cardinal Health

    Jones Day has added back to its ranks a former in-house attorney at Cardinal Health Inc. as a partner in Detroit, saying he is bringing with him years of experience in the mergers and acquisitions field.

  • September 19, 2018

    CPAs Ask IRS For Penalty Relief Under Transition Tax Rules

    IRS guidance on the new transition tax on foreign earnings hasn’t yet answered questions that individuals, trusts and estates have about their tax liabilities, according to an accounting trade body’s letter to the government urging relief from penalties for these groups.

Expert Analysis

  • GOP Tax Law Guides Dems To Future Offsets

    Lai King Laim

    The Republican package known as tax reform 2.0, expected to come to a vote on the House floor as early as Wednesday, may not go anywhere, but the legislative process gives us hints as to what the Democratic tax agenda will look like in the new Congress, particularly if they regain a House majority, says Lai King Lam of McGuireWoods Consulting LLC.

  • Legal Pitfalls To Avoid In Social Cause Marketing Campaigns

    Russell Stein

    In recent years, businesses have increasingly teamed up with charities to promote products or charitable causes. However, if these campaigns are not executed properly, they can lead to civil and criminal penalties, taxes and bad publicity for all parties involved, says Russell Stein of Partridge Snow & Hahn LLP.

  • Cloud Computing Clearly The Future For Small Firms

    Holly Urban

    While in-house technology investments on the scale and complexity needed to compete with large firms remain cost prohibitive for small and midsize law firms, cloud-based services offer significant cost savings and productivity gains with little to no capital investment, says Holly Urban of Effortless Legal LLC.

  • Leveraging Today's Lateral Associate Market

    Darin Morgan

    With the Milbank/Cravath pay scale once again equalizing compensation at many Am Law 100 firms, there is even more pressure for firms to differentiate themselves to top lateral associate candidates. This presents strategic considerations for both law firms and lateral candidates throughout the recruitment process, says Darin Morgan of Major Lindsey & Africa.

  • GILTI Guidance Defers Dealing With Most Vexing Issues

    Robert Kiggins

    Last week, the IRS issued its first guidance as to proposed rule-making on global intangible low-taxed income. This is a welcome start at clarification and integration of GILTI with other code sections but more guidance is necessary, especially as to the Section 250 deduction and the workings of the foreign tax credit, says Robert Kiggins of Culhane Meadows LLP.

  • Q&A

    Back To School: Stanford's Jeff Fisher Talks Supreme Court

    Jeffrey Fisher

    In this series featuring law school luminaries, Stanford Law School professor Jeffrey Fisher discusses his motivation for teaching, arguing before the U.S. Supreme Court and what the court might look like if Judge Brett Kavanaugh is confirmed.

  • Preparing For New Life Settlement Transactions Reporting

    Kristan Rizzolo

    Last year’s Tax Cuts and Jobs Act imposed a host of new information reporting requirements on participants in life settlement transactions. Those affected should put systems in place now to ensure they have the information they need when the filing requirements go into effect, say attorneys at Eversheds Sutherland LLP.

  • Countdown To Tax Compliance For Global Individuals

    Lucy Lee

    With only one month until the deadline for filing 2017 U.S. federal income tax returns on extension, Lucy Lee and James Maynor of Greenberg Traurig LLP have prepared a list of 10 common tax reporting obligations that may be relevant to global individuals with cross-border assets or activities.

  • Avoiding Withholding Tax On Foreign Interest Payments

    Brad Wagner

    Interest paid by a blocker foreign corporation is generally subject to the U.S. withholding tax regime. However, there are two exceptions to the rule, says Brad Wagner of Wagner Duys & Wood LLLP.

  • Calif.'s New Rules For Lawyers Move Closer To ABA Model

    Mark Loeterman

    The first comprehensive overhaul of California's Rules of Professional Conduct in nearly 30 years becomes operational on Nov. 1. Some of the new rules mirror the model language used by the American Bar Association, but many continue to reflect California’s unique approach to certain ethical questions, says Mark Loeterman of Signature Resolution LLC.