Tax

  • January 23, 2020

    Tribal Co. Deserves Same Exemption As Tribe, 9th Circ. Hears

    A tribal business entity should enjoy the same exemption from California excise tax that is afforded to tribes themselves, a Native American cigarette company has told the Ninth Circuit.

  • January 23, 2020

    House Dems Still Open To Pursuing TCJA Fixes, Counsel Says

    Democrats on the House Ways and Means Committee are still open to working with Republicans to enact technical corrections to the 2017 tax overhaul under certain conditions, the committee’s counsel said at a conference Thursday.

  • January 22, 2020

    New Laws Bolster NJ's Worker-Friendly Bona Fides, Attys Say

    New Jersey Gov. Phil Murphy signed a spate of employee-friendly bills into law Tuesday, including one statute that stiffens penalties on employers for misclassifying workers and another that requires businesses to pay severance to workers impacted by mass layoffs. Here, employment attorneys take stock of the Garden State’s new mandates.

  • January 22, 2020

    Accounting Ethics Body Would Kill Audit Client Consulting

    Accounting firms would be prohibited from consulting work for audit clients, including tax planning under certain circumstances, according to two draft proposals issued by the global body that sets ethical standards for professional accountants.

  • January 22, 2020

    Justices Ask If Religious Tax Credit Ban Is Constitutional

    U.S. Supreme Court justices questioned Wednesday whether the Montana Supreme Court's decision abolishing a scholarship program granting tax credits for donations to private schools, including religious ones, violated the Constitution.

  • January 22, 2020

    US Safe Harbor Plan Not 'Credible,' French Official Says

    French Finance Minister Bruno Le Maire on Wednesday blasted a U.S. proposal to implement a new global tax as an optional safe harbor, claiming it is not "credible" as a starting point in international negotiations on taxing the digital economy.

  • January 22, 2020

    Spending Addiction Diagnosis Gets Power Broker Lesser Term

    A New Jersey federal judge sentenced Gilmore & Monahan PA name partner and onetime Republican power broker George Gilmore to a year and a day in prison for payroll tax violations and a falsified bank loan application, saying Wednesday that his psychological troubles warranted a shorter sentence than the government sought.

  • January 22, 2020

    Former Eversheds Litigator Shaping IRS Enforcement Efforts

    As the IRS ramps up its enforcement on syndicated conservation easements, cryptocurrency transactions and microcaptive insurance arrangements, the efforts will be guided by a veteran Eversheds Sutherland litigator who once squared off against the agency over tax shelter transactions.

  • January 22, 2020

    Gov't Urges DC Circ. To Preserve Short-Term Insurance Rule

    The Trump administration on Tuesday defended its decision to increase how long Americans can use short-term health insurance plans that skirt certain Affordable Care Act requirements, telling the D.C. Circuit that Congress basically approved a "virtually identical" rule when the law was enacted.

  • January 22, 2020

    DC Says Trump's Inaugural Fund Funneled Money To Family

    The District of Columbia has turned up the heat on President Donald Trump’s inaugural committee, filing a lawsuit Wednesday alleging the group funneled more than a million dollars to Trump companies for inaugural events that should have cost a fraction of what the nonprofit paid.

  • January 21, 2020

    New York Gov. Aims Again To Legalize, Tax Cannabis

    New York's governor will try again this year to legalize and tax recreational cannabis and cut taxes on small businesses without raising taxes on the rich, according to a $178 billion budget proposal his administration released Tuesday.

  • January 21, 2020

    US, France Fend Off Tariffs Over Digital Tax Issue

    French Finance Minister Bruno Le Maire confirmed Tuesday that U.S. and French officials agreed to avoid escalating trade tensions over France's digital services tax, with no signs that the two countries are closer to resolving underlying differences on global taxation.

  • January 21, 2020

    Justices Urged To Review NJ Taxing All Gains From Co.'s Sale

    A New Jersey court’s ruling that the state could tax all gain derived from the sale of assets of a multistate business is unconstitutional, a Pennsylvania resident has argued in urging the U.S. Supreme Court to hear his case.

  • January 21, 2020

    Austria Threatens To Leave Talks On Financial Transaction Tax

    Austria’s finance minister said Tuesday that his country might leave discussions among 10 countries on a European Union financial transaction tax unless the proposal on the table is changed to focus on more speculative activities.

  • January 21, 2020

    Tax Group Of The Year: Cravath

    Cravath Swaine & Moore LLP's tax division has been named one of Law360's 2019 Tax Groups of the Year. From advising Occidental Petroleum in a $57 billion acquisition to advising Mylan on its $50 billion merger with Upjohn, the firm was on the frontlines of some of the year’s most noteworthy tax developments.

  • January 21, 2020

    Justices Won't Hear Appeal Of Psychiatrist Who Bribed IRS

    The U.S. Supreme Court on Tuesday declined to review a psychiatrist’s challenge to his 51-month prison sentence for bribing an Internal Revenue Service agent.

  • January 21, 2020

    Supreme Court Won't Speed Up ACA Petitions

    The U.S. Supreme Court on Tuesday rejected Democrats' push to fast-track consideration of whether a congressional change to the Affordable Care Act’s individual mandate rendered the landmark law unconstitutional, likely pushing any potential ruling past the 2020 election.

  • January 20, 2020

    German Prosecutors Charge 7 In Dividend Tax Scandal

    Prosecutors in the German city of Frankfurt said Monday they are charging seven individuals with serious tax evasion for allegedly taking part in a wide-ranging tax scandal known as a cum-ex fraud.

  • January 17, 2020

    Up Next At High Court: Arbitration, Church-State Separation

    Chief Justice John Roberts Jr. may be presiding over the third presidential impeachment in American history, but over at the U.S. Supreme Court it's business as usual, with he and his colleagues set to close out the January argument session with a pair of cases involving international arbitration and church-state separation.

  • January 17, 2020

    Liberty Tax Beats Investors' Suit Over CEO Misconduct Claims

    A proposed class action against Liberty Tax Inc. failed to show that the company's stock price was hurt by turmoil connected to misconduct claims against the company's founder, a New York federal judge ruled Friday.

  • January 17, 2020

    UK’s £106M Flybe Tax Break Could Be Illegal, Watchdog Says

    The U.K. government’s decision to bail out budget airline Flybe drew criticism Friday from a watchdog group, which questioned the deal’s legality, including deferral of a £106 million ($138 million) tax bill stemming from per-passenger duties.

  • January 17, 2020

    Wash. Bill Would Reimpose State's Local Income Tax Ban

    Washington would reimpose a statutory ban on local income taxes under a bipartisan bill introduced in the state Senate Friday, in response to an appeals court's voiding of a previous ban in a decision holding Seattle's so-called wealth tax unconstitutional.

  • January 17, 2020

    Word 'Or' Prompts New Trial For Ex-Jersey City Officials

    A New Jersey federal judge on Friday upended a roughly $2.1 million jury award as it relates to two former Jersey City officials, saying the word "or" in a question on the verdict sheet created ambiguity regarding their liability for allegedly assisting the city in discriminating or retaliating against an ex-police officer.

  • January 17, 2020

    Taxation With Representation: Skadden, Simpson, White

    In this week’s Taxation with Representation, Visa acquires fintech company Plaid for $5.3 billion, a Blackstone real estate trust makes a $4.6 billion play for two Vegas hotels, and Saudi Aramco’s IPO raises another $3.8 billion.

  • January 17, 2020

    Infrastructure Tax Deal Could Hinge On Mnuchin-Neal Talks

    A renewal of the five-year surface transportation law represents one of the few chances to move tax legislation this year, and negotiations may hinge on the tenuous relationship between Treasury Secretary Steven Mnuchin and top House tax writer Richard Neal.

Expert Analysis

  • NJ Tax Talk: New Bypass For SALT Deduction Cap

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    Recently enacted New Jersey legislation that allows a bypass of the Tax Cuts and Jobs Act's $10,000 limit on state and local tax deductions may entice residents to structure their businesses as pass-through entities, say Steven Saraisky and Reuben Muller at Cole Schotz.

  • The Rise Of The No-Indemnity M&A Deal

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    The increasing use of a private M&A transaction structure that allows sellers to exit without indemnity obligations makes it crucial for buyers to focus on representation and warranties insurance policy terms as their only means of recourse, say Ann Dorsett and Gregory Hawver at McGuireWoods.

  • Nissan Ex-CEO Illustrates Do's And Don'ts Of Image Repair

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    Lawyers can draw a number of useful lessons about reputation management from the efforts of former Nissan executive Carlos Ghosn — who recently escaped house arrest in Tokyo — to restore his sullied reputation, says Elizabeth Ortega at ECO Strategic Communications.

  • 3 Concerns If Your Witness Becomes Flippant At Deposition

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    In light of a recent Delaware Supreme Court case in which a litigator was rebuked for failing to control his evasive witness during a deposition, attorneys should consider when they may be held responsible for client misconduct and what to do if a client crosses the line, says Philip Sechler of Robbins Russell.

  • The Int'l, Federal And State Taxation Forecast For 2020

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    Attorneys at Steptoe & Johnson look at U.S. international, federal and state taxation, including legislative, regulatory and controversy developments expected in 2020.

  • Ohio Tax Talk: Taking Advantage Of Sustainability Incentives

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    The state of Ohio is using its tax code and other financial incentives to promote sustainable business investment — which should be of interest to businesses facing pressure from regulators, investors and customers to focus on environmental impacts, say attorneys at Frost Brown.

  • SG Argument Likely Dooms Ariz. Tax Case At High Court

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    In Arizona's case challenging California's doing business tax, the solicitor general's recently filed amicus brief arguing that Arizona's constitutional challenge does not warrant the U.S. Supreme Court’s exercise of its original jurisdiction may signal the end of Arizona's attempt to bypass state court, say Robert Merten and Mike Le at Pillsbury.

  • How Associate Life Has Evolved Over The Past Decade

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    During the last 10 years, the need to embrace change was fundamental for law firms, and that change affected associates in many ways — most, but not all, for the better, says Brad Kaufman, co-president of Greenberg Traurig.

  • Why Md.'s Digital Advertising Tax Proposal May Be Unlawful

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    Maryland’s recently proposed digital advertising tax would likely violate the Internet Tax Freedom Act by discriminating against electronic commerce, and violate the U.S. Constitution's commerce clause by unfairly apportioning the tax base, say Charlie Kearns and Charles Capouet at Eversheds Sutherland.

  • A Wide Range Of Legal Priorities For Tribes In 2020

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    This year, Indian Country faces a number of critical policy and legal issues that must be addressed to protect tribal sovereignty, with key developments to watch for in all three branches of government, say attorneys at Akin Gump.

  • 6 Insights For Tax Advisers About Special-Needs Trusts

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    Planning for the future needs of a family member with an intellectual or developmental disability, who receives government benefits, almost always requires a special-needs trust, and tax advisers too often come late to the conversation, says Rob Wrubel of Cascade Investment Group.

  • 8 Executive Pay Considerations For An Economic Downturn

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    Amid forecasts of economic volatility, employers should address executive compensation and performance awards progressively and with quick adjustments when disruption hits, say Mark Poerio and Dan Brandenburg at The Wagner Law Group.

  • Series

    Judging A Book: Dyk Reviews 'Democracy And Equality'

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    In their new book "Democracy and Equality: The Enduring Constitutional Vision of the Warren Court," Geoffrey Stone and David Strauss provide valuable context for U.S. Supreme Court decisions under Chief Justice Earl Warren that have profoundly affected the country, but their overly protective attitude sometimes obscures reality, says Federal Circuit Judge Timothy Dyk.

  • Policy Push Yields Mixed Results For Biofuels Sector

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    Policymakers delivered a mixed bag to the biofuels industry at the end of 2019, with both a law retroactively extending the biodiesel and renewable diesel credit, and guidance from the U.S. Environmental Protection Agency that could undercut the biofuels market, say Brandon Kirkham and Joshua Andrews of Faegre Baker Daniels Consulting.

  • What The Budget Bill Has In Store For Medical Cos.

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    Last month's bipartisan budget agreement brings key developments for the health care and life sciences industries, including the repeal of certain taxes, but some controversial proposals are noticeably absent, say Kevin Rinker and Jacob Stahl of Debevoise.