Tax

March 21, 2019
Final FATCA Rules Expand Definition Of 'Responsible Officer'

The U.S. Treasury Department finalized regulations Thursday that expand the definition of “responsible officer” under the Foreign Account Tax Compliance Act to include individuals who aren’t directly affiliated with American financial institutions that report on behalf of overseas banks.
March 21, 2019
Hit Tax Havens To Stop Digital Co. Abuse, UK Group Urges

Successive U.K. governments have failed to rein in tax avoidance by digital behemoths like Google and Amazon.com, so Britain should target use of Ireland as a tax haven enabling that practice, a U.K. tax advocacy group said Thursday.
March 21, 2019
Chicago Can't Contest Use Tax Sourcing, Ill. Justices Say

Illinois circuit courts lack jurisdiction to hear the city of Chicago’s claims that municipalities shorted it tax revenue by sourcing transactions in a manner that subjected them to sales tax instead of use tax, the state Supreme Court ruled Thursday.
March 21, 2019
REIT Tax Atty Returns To Hogan Lovells To Lead Trust Practice

Hogan Lovells has announced that a former EY attorney has returned to the law firm to serve as head of its U.S. real estate investment trust tax practice in Washington, D.C.
March 21, 2019
IRS Suspends 1957 Guidance Requiring Income In Spinoffs

In a rare move, the Internal Revenue Service on Thursday suspended two 1957 revenue rulings that restricted businesses’ ability to undertake tax-free distributions of stock or securities in light of a recently launched study focused on research and development projects.
March 21, 2019
EU Offers UK Limited Delay To Stave Off A No-Deal Brexit

European Union leaders said Thursday that Britain will be allowed to delay its departure from the bloc until May 22 on the condition that the government's withdrawal agreement gains parliamentary approval in the U.K. next week.
March 21, 2019
TCJA Could Trip Up Companies With Loss Years

The international provisions of the 2017 tax overhaul often limit the ability of taxpayers to carry forward losses or credits and smooth over their tax liabilities, leveling an unexpected tax hit on companies with uneven years of profitability.
March 20, 2019
Primate Trainer Gets $315K Defamation Award Reinstated

A Texas appeals court on Wednesday reinstated a $315,000 jury verdict for the owner of a San Antonio tax preparation business who said she was the subject of an online defamation campaign stemming from her work as a primate trainer, overturning a trial court’s decision to throw out the verdict.
March 20, 2019
Religious Leader, Treasurer Cop To NJ Tax Fraud Scheme

The head of a religious organization and the group's high-ranking treasurer admitted in New Jersey federal court to unlawfully taking millions of dollars from the church and using the funds for the leader's personal benefit, while concealing the income from the Internal Revenue Service, the U.S. Department of Justice said Wednesday.
March 20, 2019
What’s In A Judgeship? More Than Meets The Eye

Figuring out what constitutes a manageable workload for the nation’s district judges is no simple task. Getting the judiciary the resources it needs is even harder.
March 20, 2019
Swamped: How Magistrate Judges Salvaged Louisiana's Judicial Crisis

The Western District of Louisiana is supposed to have seven district judges. But for a year, most of the courthouses were operating without a single Article III judge. As usual, magistrate judges picked up the slack.
March 20, 2019
Gorsuch's Take On Treaty And Tax Bodes Well For Tribes

The U.S. Supreme Court bolstered the Yakama Nation's rights Tuesday when it ruled that a tribal company is shielded from a Washington state fuel tax by the Yakamas' federal treaty, but Justice Neil Gorsuch's robust concurrence could prove of greater long-term consequence as it shows the justice poised to become a swing vote in tribal cases.
March 20, 2019
Panera Combats IRS Ruling That Foundation Isn't Tax-Exempt

A foundation run by the Panera restaurant chain was a tax-exempt organization despite operating several cafes that the Internal Revenue Service said were run like profitable businesses, Panera said in a new U.S. Tax Court petition.
March 20, 2019
HMRC Prepares Businesses For Tax Hit Of Hard Brexit

European Union countries may begin withholding taxes from interest, royalty and dividend payments companies make to related entities in the U.K. if no Brexit deal is reached, HM Revenue and Customs warned British taxpayers in guidance released Wednesday.
March 20, 2019
2nd Circ. Upholds Ex-NY Dem Leader's Tax Dodge Guilty Plea

The Second Circuit has upheld the guilty plea of a former attorney and local Democratic leader in New York to a nearly $1.4 million tax evasion scheme, rejecting his claims that he was unaware of the nature of the crime.
March 19, 2019
PwC Seeks To Depose NY Atty In Conflict-Of-Interest Query

PricewaterhouseCoopers told a California judge Tuesday it wants to depose a New York class action lawyer about possible conflicts of interest over his representation of both the city of Los Angeles and utility customers in separate lawsuits over PwC's overhaul of LA's billing system.
March 19, 2019
‘In A Timely Manner’: Three Decades Of Judgeship Bills

Partisanship has played a large role in the small passage rate of new judgeship bills since 1990. New judgeships create new vacancies, and neither party wants to give the other the upper hand.
March 19, 2019
From Showdowns To Hotlines, Frazzled Judges Get Creative

Using magistrate hotlines, “showdown” hearings and extra mediation, many courts with heavy dockets have pioneered methods for moving cases along. But not every program succeeds, and the techniques have their detractors.
March 19, 2019
Biz Owner Asks Supreme Court For Subpoena Protection

The U.S. Supreme Court should consider overruling a decades-old decision forcing small-business owners under federal investigation to turn over records that could incriminate them, a violation of the Fifth Amendment, a taxpayer has argued.
March 19, 2019
Gorsuch, Ginsburg Strike Rare Accord In Tribal Tax Case

Tuesday’s U.S. Supreme Court ruling on whether a Native American company should be required to pay a Washington state fuel tax featured a rare agreement between justices who have often locked horns, with Justice Ruth Bader Ginsburg ditching her liberal colleagues and joining a concurrence by Justice Neil Gorsuch.

Editor's Picks

New Tax Law’s Impact On M&A Coming Into Focus

The new federal tax law was expected to change how deals get structured, and four months after its enactment, it is becoming clear how the legislation is having an impact on negotiations and tax planning strategies.

Expert Analysis

Lenders Score Major High Court Victory In Foreclosure Case

The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.
Tech Trends From SXSW Pose Unique Questions For Lawyers

These days, a popular theme in media is that lawyers' jobs will be taken by robots. However, based on the tech issues discussed at the South by Southwest technology conference in Austin, Texas, last month, robots may in fact need lawyers, says Nick Abrahams of Norton Rose Fulbright.
In Bar Admissions Process, It's Candor Or Bust

You passed the bar exam and are ready for the character and fitness committee interview. Time to think about how to discuss that minor incident in college, that misdemeanor in high school or that mental health issue that you have totally under control, says Richard Maltz of Frankfurt Kurnit Klein & Selz PC.
Opinion

Student Loan Repayment Relief Is Sound Fiscal Policy

Legislation currently making its way through Congress, expanding the tax exclusion for employer-provided educational assistance to include student loan payments, would assist millions of Americans with the cost of higher education and benefit the economy as a whole, says David Mark at LendKey Technologies Inc.
Series

Judging A Book: Bashant Reviews 'Doing Justice'

My initial reaction to "Doing Justice" was that author Preet Bharara may have bitten off more than he could chew — an accusation leveled against him when he served as U.S. attorney for the Southern District of New York — but I found the book full of helpful gems, says U.S. District Judge Cynthia Bashant of the Southern District of California.
Taxpayers Benefit From Courts Declining Agency Deference

Taxpayers should be encouraged by the recent state and federal challenges to existing judiciary deference standards — including a case set for hearing at the U.S. Supreme Court this month, say Carley Roberts and Mike Le of Pillsbury Winthrop Shaw Pittman LLP.
Firms Can Leverage Communications When Economy Is Slow

Though most experts believe that an imminent recession is unlikely, slowdown fears are increasing. Now is the time for firms to consider how to best leverage their communications and marketing teams to lessen impacts from a potential economic slowdown, says Tom Orewyler of Tom Orewyler Communications LLC.
The Immodest Textualism Of Justices' Retirement Tax Opinion

The U.S. Supreme Court’s recent opinion in BNSF Railway v. Loos, resolving the meaning of “compensation” under the Railroad Retirement Tax Act, is unsatisfying, not because it is bad or wrong so much as it is analytically immodest, say Christopher Collier and Michael Arndt at Hawkins Parnell Thackston & Young LLP.
5 Excise Tax Tips For Tax-Exempt Employers

Two key deadlines are fast approaching for the new excise tax under Section 4960 of the Internal Revenue Code. Seth Safran at Proskauer Rose LLP explains five things tax-exempt employers should do to help ensure they are in compliance.
Opinion

March Madness: The NCAA's Tax Exemption

With last week's California federal court decision in NCAA Grant-in-Aid Cap Antitrust Litigation, it is clear that the NCAA is a multibillion-dollar entertainment business and does not deserve to be tax-exempt, says Ronald Katz of GCA Law Partners LLP.

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