Tax

  • May 31, 2020

    IRS Workers Returning To Millions Of Unopened Tax Returns

    Thousands of IRS workers returning to work Monday in Kentucky, Texas and Utah will face nearly 5 million unopened tax returns as of mid-May, according to a report compiled from IRS data by the House Ways and Means Committee.

  • May 29, 2020

    Calif. $12.5B Biz Property Tax Hike Qualifies For Nov. Ballot

    A California initiative seeking to raise $12.5 billion annually by removing commercial and industrial properties from certain state constitutional tax protections qualified for the November general election Friday.

  • May 29, 2020

    Tax Incentives May Not Spur US Operations In Virus Fight

    The novel coronavirus pandemic has some members of Congress discussing tax policies that could entice multinationals to bring manufacturing home, but those measures, including a slash in the corporate rate, may not make much difference in the current uncertain climate.

  • May 29, 2020

    Digital Taxes Face International Legal Gantlet

    Special taxes on digital companies seem almost inevitable as the novel pandemic heightens focus on the tech sector, but they could face legal challenges under both international trade and tax rules as countries begin to collect.

  • May 29, 2020

    Fed. Circ. Allows 'Pump And Dump' Victims To Recoup Losses

    A couple that lost over $2 million in a fraudulent "pump and dump" investment scheme can deduct theft losses to recover a portion of their funds, the Federal Circuit said Friday in reversing a denial of their tax refund bid.

  • May 29, 2020

    Texas Justices Won't Rehear Dispute Over Tax-Free Zone

    The Texas Supreme Court on Friday denied a request for a rehearing in a tax dispute over whether an oil importer storing products in a foreign trade "subzone" can claim the subzone's exemptions from local property taxes.

  • May 29, 2020

    Taxation With Representation: White, Freshfields, Fenwick

    In this week's Taxation With Representation, Panasonic takes a minority stake in supply chain company Blue Yonder, private equity firm Goldfinch Partners takes a majority stake in fintech services provider Vesta, and Coinbase acquires crypto-focused prime brokerage platform Tagomi.

  • May 29, 2020

    NJ Extends Deadline For Property Tax Appeals Amid COVID-19

    New Jersey Gov. Phil Murphy signed a bill extending to July 1 the deadline to file 2020 property tax assessment appeals, and extending deadlines for county tax boards to decide on such cases, as relief from the COVID-19 pandemic.

  • May 29, 2020

    Student Debtor Says Treasury Shouldn't Garnish Tax Refunds

    The U.S. Treasury continues to reduce federal tax refunds to pay off delinquent student loan debts despite prohibitions on such collections during the COVID-19 pandemic, a Colorado woman told a D.C. federal court Friday in a proposed class action complaint.

  • May 28, 2020

    PPP Loan Flexibility Passes House; Disclosure Falls Short

    A nearly unanimous House on Thursday approved a bill that would give more time and flexibility to businesses that receive forgivable loans through the Paycheck Protection Program, but Republicans defeated a proposal for public disclosure of all loans over $2 million.

  • May 28, 2020

    Kansas Property Taxes On Rail Cos. Ruled Discriminatory

    Kansas discriminated against a dozen railroad companies by assessing ad valorem taxes on their property at higher ratios than other commercial and industry taxpayers, a federal judge said Thursday in ordering the state to reduce the assessments.

  • May 28, 2020

    Pandemic Pushing Gov'ts To Rethink Tax Policy, Panel Says

    Making tax systems more progressive has become an imperative as countries consider how to rebuild their pandemic-battered economies, and urgency could make this goal politically salable, a panel of experts agreed Thursday.

  • May 28, 2020

    IRS Offers More Virus Deadline Relief For Employers, Plans

    The Internal Revenue Service provided added deadline relief to some employers and employee plans Thursday because of the COVID-19 pandemic, including granting certified professional employer organizations a temporary reprieve from electronically filing some returns.

  • May 28, 2020

    Clean Energy Tax Credit Delays Give Builders Breathing Room

    The U.S. Treasury Department on Wednesday formally announced an extension of eligibility deadlines for renewable energy tax credits, easing the minds of coronavirus-impacted wind and solar developers worried that blowing project milestones might cost them some or all of their credits.

  • May 28, 2020

    IRS Proposes Storage Rules For Carbon Capture Tax Credit

    The IRS proposed long-awaited rules Thursday detailing how companies can qualify for carbon capture tax credits by demonstrating that they have securely stored or disposed of carbon that has been captured from the atmosphere.

  • May 28, 2020

    OECD Pro Says Developing Nations Face Tax Data Hurdles

    Developing nations seeking revenue to respond to the novel coronavirus pandemic face data-processing challenges with their residents' offshore tax information after obtaining it through a global exchange system, a specialist with the Organization for Economic Cooperation and Development said Thursday.

  • May 28, 2020

    5th Circ. Upholds Accountant's Tax Fraud Conviction

    The Fifth Circuit upheld Thursday the conviction of an accountant who was sentenced to five years on 11 federal tax offenses, saying a trial court did no wrong when it accepted federal prosecutors' evidence against him.

  • May 28, 2020

    Pa. Mall's Tax Assessment Uniformity Challenge Revived

    A Pennsylvania appellate court said Thursday that a Montgomery County school district may have violated the state constitution's requirement of uniform taxation by pushing to reassess a commercial shopping mall but not considering whether residential properties were also under-assessed during the same time period.

  • May 28, 2020

    Failed Trade Negotiations Cast Shadow On Global Tax Talks

    A failed multilateral trade deal and a yearslong dispute between the U.S. and the European Union over airline subsidies suggest current global negotiations on digital taxes could take years to achieve results.

  • May 27, 2020

    Gov't Can Depose Manafort's Banker And Obtain Assets Docs

    Federal prosecutors attempting to seize assets from former Trump campaign boss Paul Manafort have been cleared to obtain testimony from an ex-bank executive accused of attempting to bribe the onetime chairman with $16 million in risky loans in exchange for a job in the administration.

  • May 27, 2020

    SEC Confronts Fraud Amid 'Spike' In COVID-19 Tips

    The U.S. Securities and Exchange Commission is fielding a "spike" in COVID-19-related tips, complaints and referrals, or TCRs, many of which are leading to new investigations that the commission will look to probe in short order, an agency official said Wednesday.

  • May 27, 2020

    NY Lawmakers Advance Tax Relief, Decoupling Amid Virus

    New York lawmakers advanced bills Wednesday that would offer property tax relief and allow New York City to further decouple from provisions of the federal COVID-19 relief act as the state continues to grapple with fallout from the disease.

  • May 27, 2020

    Couple Wants Judge Ousted For Bias Toward IRS In FOIA Suit

    A D.C. federal judge must recuse himself from a Freedom of Information Act case involving the Internal Revenue Service because he has favored the agency and disparaged the plaintiffs, a Texas couple told the court.

  • May 27, 2020

    NH Gov. Opposes Taxes On Income, Sales Amid COVID-19

    New Hampshire's governor said he would reject any proposals to impose personal income or sales and use taxes to deal with looming revenue shortfalls that could reach $454 million because of the COVID-19 pandemic.

  • May 27, 2020

    Pandemic Shows Need For Gig Worker Tax Tweaks, Benefits

    The COVID-19 pandemic has highlighted the crucial role that self-employed workers play in providing hailed rides, child care and other on-demand services, but it has also revived longstanding questions about underreported income and the needs of independent contractors traditionally excluded from federal unemployment benefits.

Expert Analysis

  • Avoiding Inadvertent Privilege Waivers In E-Communications

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    Attorneys at WilmerHale highlight recent developments in privilege law, the significant challenges raised by nontraditional working arrangements popularized during the pandemic, and ways to avoid waiving attorney-client privilege when using electronic communications.

  • Opinion

    Don't Cancel Your Summer Associate Programs

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    While pulling off an effective summer associate program this year will be no easy feat, law firms' investments in their future attorneys should be considered necessary even during this difficult time, says Summer Eberhard at Major Lindsey.

  • Pandemic Elevates Cos.' Compliance Risks In Latin America

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    While Latin American governments respond to pandemic-related financial needs, multinational companies face elevated compliance risks from increased interaction with government officials, and new enforcement policies related to the misappropriation of funds, expedited government contracting, increased transparency and monitoring, and international cooperation, say attorneys at K&L Gates.

  • 5 Ways To Reduce Post-Pandemic Legal Malpractice Exposure

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    History suggests that legal malpractice claims will rise following the current economic downturn, and while a certain percentage of the claims will be unavoidable, there are prophylactic steps that law firms can take, says John Johnson at Cozen O'Connor.

  • CARES Act Will Affect Earnouts, Purchase Price Adjustments

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    M&A professionals must be mindful of the CARES Act's implications for certain definitions in transaction documents — including earnings before interest, taxes, depreciation and amortization, net working capital, and indebtedness — as they will shape future earnout provisions and purchase price adjustments, say advisers at Holland & Knight and Daszkal Bolton.

  • Opinion

    Credibility Concerns About Virtual Arbitration Are Unfounded

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    Concerns that videoconferenced arbitration hearings compromise an arbitrator's ability to reliably resolve credibility contests are based on mistaken perceptions of how many cases actually turn on credibility, what credibility means in the legal world, and how arbitrators make credibility determinations, says Wayne Brazil at JAMS.

  • A Tax Primer For PE Investment In Distressed Real Estate Debt

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    Investors interested in discount purchases of distressed real estate debt in the wake of the pandemic must consider potential tax obligations, many of which may be triggered without concurrent receipt of cash proceeds to pay the tax, says Peter Elias at Pillsbury.

  • A Lawyer's Guide To Client Service Continuity Planning

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    Ensuring uninterrupted client service and compliance with ethical obligations in a time when attorneys are more likely to fall ill means taking six basic — yet often ignored — steps to build some redundancy and internal communication into legal practice, say attorneys at Axinn.

  • Key Tax Factors To Consider Before Accepting PPP Loans

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    Taxpayers should weigh the costs and benefits of Paycheck Protection Program loans, as they affect the deductibility of certain costs of doing business and invalidate employee retention tax credits, also available under the Coronavirus Aid, Relief, and Economic Security Act, say Libin Zhang and Xenia Garofalo at Fried Frank.

  • Virtual Meetings Could Be Fertile Ground For Legal Discovery

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    Many remote meeting technologies include recording features as default settings, raising three primary concerns from a legal discovery and data retention perspective, and possibly bringing unintended consequences for companies in future litigation, says Courtney Murphy at Clark Hill.

  • Opinion

    9 Ways To Improve The Paycheck Protection Program

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    The CARES Act's well-intentioned Paycheck Protection Program has problems, and Congress should take steps to better protect small businesses and define several terms that continue to cause confusion, says Samantha Block, a judicial clerk at the U.S. Court of Federal Claims.

  • The Role Of Remote Mediation After The Crisis Is Over

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    When the dark cloud of COVID-19 has passed and resolution centers are once again peopled with warring parties and aspiring peacemakers, remote mediations will likely still be common, but they are not going to be a panacea for all that ails the dispute resolution industry, says Mitch Orpett at Tribler Orpett.

  • What COVID-19 Means For The M&A Insurance Market

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    Alvin Reynolds and Richard French at Atlantic Global Risk address the impact of COVID-19 on M&A insurance market dynamics, policy terms and claims, and explain new applications to support distressed transactions. 

  • 7 Steps To Romancing The Virtual Classroom

    Excerpt from Lexis Practice Advisor
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    For professors, trainers, lawyers, students and businesses grappling with the unexpected challenges of distance learning, trial attorney and teacher James Wagstaffe offers best practices for real-time online instruction.

  • Key Return-To-Work Considerations For Law Firms

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    There may be precious little notice before the legal community ramps up, so it's important to have return-to-work plans that address the unique challenges law firms will face in bringing employees back to offices, say attorneys Daniel Gerber, Barbara O'Connell and Richard Tucker.

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