Tax

  • December 02, 2019

    Final BEAT Rules Provide Noncash Exceptions

    The U.S. Treasury Department on Monday issued final regulations for the base erosion and anti-abuse tax that provide exceptions for certain noncash transactions, such as when an American company purchases depreciable or amortizable assets from a foreign affiliate.

  • November 27, 2019

    Mass. Adopts Tax On Vape Products, Will Ban Them Until Dec.

    Massachusetts will impose an excise tax on electronic cigarettes and other vaping products under legislation signed Wednesday, and it will maintain a contested vaping ban until Dec. 11.

  • November 27, 2019

    US Trade Rep Readies Potential Action On French Digital Tax

    The Office of the U.S. Trade Representative said it would announce on Dec. 2 any potential economic retaliation against France over its new digital services tax, which U.S. officials say targets the American tech sector, such as Google and Amazon.com.

  • November 27, 2019

    EU Won’t Appeal Pro-Starbucks Ruling On State Aid

    The European Union won't appeal a finding by the bloc's General Court that a Dutch advance pricing agreement with Starbucks didn't constitute illegal state aid, the EU executive body said Wednesday.

  • November 27, 2019

    Ohio Atty Suspended 2 Years For Tax Fraud Conviction

    An attorney previously disbarred from practicing before the U.S. Tax Court after being found guilty of helping clients avoid tax payments has been suspended from practicing law in Ohio for two years, the state Supreme Court said Wednesday.

  • November 27, 2019

    Supreme Court's Newest Cases Add Fuel To Explosive Term

    The U.S. Supreme Court term was already shaping up to be a historic one when it kicked off in October. But new cases involving abortion, regulatory agencies’ power and President Donald Trump’s tax returns are raising the stakes even further.

  • November 27, 2019

    Dark Energy: Did Corrupt Cops Prop Up $511M Biofuel Fraud?

    He was known as “Lion,” and he seemed to have a power move for every situation. For crossing international borders. For partying in Miami. For ordering risotto. And if you believe prosecutors, one of his best power moves was corrupting law enforcement agents as he ran an underground empire that robbed the U.S. Treasury of half a billion dollars.

  • November 26, 2019

    Couple Entitled To $500K Refund On Properties, 9th Circ. Told

    A California couple is entitled to a $500,000 tax refund because their vacation properties could be treated as rentals on which they could claim losses, the Ninth Circuit was told.

  • November 26, 2019

    Chicago Council Passes Ride-Hailing, Cannabis Taxes

    Chicago will increase fees for ride-hailing companies, increase taxes on cloud computing and real estate and impose new taxes on cannabis after the City Council on Tuesday approved the mayor's $11.65 billion budget.

  • November 26, 2019

    Partnership's Forex Trades Were Tax Sham, DC Circ. Affirms

    Ample evidence supported a U.S. Tax Court decision that a partnership rigged foreign currency trades with preset exchange rates to generate $144 million in sham tax losses, a District of Columbia Circuit Court panel ruled Tuesday.

  • November 26, 2019

    4 States To Appeal Dismissal Of SALT Cap Case To 2nd Circ.

    New York, Maryland, New Jersey and Connecticut said Tuesday they would appeal to the Second Circuit their suit challenging the $10,000 cap on the federal deduction for state and local taxes, a case that a federal district court had dismissed.

  • November 26, 2019

    IRS Summons For Crypto Docs Too Broad, Wash. Court Says

    The Internal Revenue Service must amend its summons of cryptocurrency trading platform Bitstamp in seeking a Washington man's records because the agency asked for information not relevant to his audit, a Washington federal court has ruled.

  • November 26, 2019

    French Finance Minister Backs OECD Tax Reform Work

    France's finance minister said Tuesday that his country is fully backing the work done by the Organization for Economic Cooperation and Development to change corporate tax laws as the economy becomes increasingly digital.

  • November 25, 2019

    Tax Court Wants More Info In $13B BP Whistleblower Tax Bout

    The U.S. Tax Court Monday ordered the IRS and a former BP employee-turned-whistleblower to provide more information so the court could better evaluate whether the agency's whistleblower office abused its discretion in rejecting challenges to $13 billion in tax deductions.

  • November 25, 2019

    4 Ways Congress May Change Tax Rules For Cryptocurrencies

    With the Internal Revenue Service signaling it will increasingly scrutinize cryptocurrency transactions, there still is room for Congress to change the parameters of tax administration through legislation. ​​​​​​​Here, Law360 looks at four legislative changes proposed by lawmakers and outside groups.

  • November 25, 2019

    Subpoena For Tax Data Unconstitutional, Trump Tells Justices

    A subpoena issued by the New York County district attorney for President Donald Trump’s tax returns as part of a grand jury criminal investigation is unconstitutional, the president told the U.S. Supreme Court on Monday. 

  • November 25, 2019

    Ill. Pot Dealers Must Register With Tax Dept., Report Sales

    Illinois adult-use cannabis dealers must register with the Department of Revenue, report cannabis sales and pay tax on the sales in the new year, the department said Monday.

  • November 25, 2019

    Illinois Gov. Vetoes Bill Forgiving $50M In Plane Repair Taxes

    The Illinois governor vetoed a bill Monday that would have retroactively forgiven about $50 million in sales and use taxes owed by airplane repair shops that were unaware they had to start collecting taxes on parts in 2015.

  • November 25, 2019

    Justices Pause House Panel’s Trump Records Subpoena

    A House committee must wait to enforce a subpoena on President Donald Trump's longtime accounting firm seeking eight years of his business records, the U.S. Supreme Court ruled Monday, allowing Trump's attorneys to file a petition to the high court.

  • November 25, 2019

    Calif. Asks 9th Circ. To Nix Trump Tax Return Disclosure Suits

    California has asked the Ninth Circuit to dismiss lawsuits challenging its law requiring President Donald Trump and other candidates to submit tax returns before they appear on state primary ballots, saying they are moot because state justices invalidated the law.

  • November 25, 2019

    1st Circ Axes $9.4M Award To Pension Fund In PE Case

    A First Circuit panel has vacated a $9.38 million award to a Teamsters pension fund in a case against Sun Capital Partners Inc., saying the private equity firm isn’t responsible for $4.5 million in pension debt of a business two of its hedge funds invested in.

  • November 24, 2019

    Vance Can’t Get Trump’s Tax Returns, Gov’t Tells High Court

    New York County District Attorney Cyrus Vance can’t subpoena President Donald Trump’s accounting firm to get his tax returns because it would obstruct the president from doing his duties, the U.S. government told the U.S. Supreme Court on Friday.

  • November 22, 2019

    $80M Rests On 2nd Circ. Fixing Split Cig Tax Ruling, UPS Says

    UPS has urged the Second Circuit to revisit its hefty penalty against the company for delivering untaxed cigarettes from Native American reservations into New York, saying almost $80 million hinges on the interpretation of a single word that left the circuit panel keenly divided.

  • November 22, 2019

    Calif. Pot Markup Will Rise On New Year's Day, Tax Dept. Says

    California’s markup on cannabis products will rise to 80% from 60% starting Jan. 1, 2020, the state’s Department of Tax and Fee Administration said Thursday.

  • November 22, 2019

    Trump’s Records Subpoena Pause Not Harmful, Justices Told

    A House committee’s investigation into President Donald Trump’s business records can be further delayed without harm to lawmakers, which should justify a temporary pause on its subpoena for Trump’s financial information, his attorneys told the U.S. Supreme Court on Friday.

Expert Analysis

  • Life Settlements Industry Hot And Cold On New IRS Rules

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    Although the life settlements industry may welcome the Internal Revenue Service's final life insurance contract reporting regulations' new transitional timing and narrower reporting requirements, other aspects of the rules may disappoint, say Brian Casey and Thomas Sherman at Locke Lord.

  • Wage Ruling Clears Up Tip Questions For Calif. Employers

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    A California state appeals court's recent wage decision in O’Grady v. Merchant Exchange Productions highlights that employers must clearly communicate to customers and employees the purpose of a service charge, especially if it is not intended as a gratuity, say attorneys at Davis Wright.

  • Warren Bill Presents Powerful Headwinds For Private Equity

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    If passed, Sen. Elizabeth Warren's private equity reform bill would protect companies being purchased by private equity, but impose significant restrictions on funds by eliminating the liability shield and favorable tax treatment they currently enjoy, say Jon Brose and Kevin Neubauer at Seward & Kissel.

  • How To Hire Lateral Partners More Effectively

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    Although lateral partner hiring is the preferred method of inorganic growth among law firms, the traditional approach to vetting does not employ sufficient due diligence by the hiring firm, says Michael Ellenhorn at executive search firm Decipher Competitive Intelligence.

  • Illinois Tax Talk: Bounty Hunter Auditors And Qui Tam Claims

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    The Illinois Legislature’s recently passed tax bills — covering sales tax sourcing, contingency-fee auditors and qui tam plaintiffs — conflict with the existing tax infrastructure and each other, making life more complicated for businesses, says Michael Wynne of Jones Day.

  • Aviation Watch: No Winners In Boeing-Airbus Trade Feud

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    Recently announced U.S. tariffs against a range of European products are just the latest negative consequence of a 15-year trade dispute centering on subsidies to Boeing and Airbus — a conflict that has proven disastrous for all involved, says Alan Hoffman, a retired attorney and private pilot.

  • NJ Tax Talk: Benefits Case Advances Spousal Liability Relief

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    Under New Jersey law a taxpayer is liable for a spouse’s understatement on a joint return, but a recent U.S. Tax Court opinion offers hope that innocent spouse relief may become available as a court-fashioned remedy, say Jennifer Lota and Melanie Lupsa of Cole Schotz.

  • 4 Months After Kisor V. Wilkie, Auer Deference Survives

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    Recent federal appellate and district court rulings suggest that the predicted radical curtailing of Auer deference in the wake of the U.S. Supreme Court's decision in Kisor v. Wilkie has not come to fruition, say Jeffrey Karp and Edward Mahaffey at Sullivan & Worcester.

  • Texas Could Take Page From Mass.'s Judicial Selection Book

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    As Texas and other states review their judicial election processes, they would be well served by taking guidance from Massachusetts' Governor’s Council system, which protects the judiciary from the hazards of campaigning, says Richard Baker of New England Intellectual Property.

  • Federal Laws Continue To Hinder State Sports Betting Trend

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    Even as Colorado last week joined a growing wave of states legalizing sports betting, federal laws designed to assist states in gambling enforcement remain a roadblock to commonsense legislation and state cooperation in this area, says Dennis Ehling of Blank Rome.

  • Series

    Judging A Book: McKeown Reviews 'Conversations With RBG'

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    Reading Jeffrey Rosen’s "Conversations With RBG: Ruth Bader Ginsburg on Life, Love, Liberty, and Law" is like eavesdropping on the author and his subject while they discuss how the restrained judicial minimalist became the fiery leader of the opposition, says Ninth Circuit Judge M. Margaret McKeown.

  • Developments In State Taxation Of Nonadmitted Insurance

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    Not all states have updated their direct insurance procurement tax laws to take full advantage of the Nonadmitted and Reinsurance Reform Act, diminishing their ability to tax some insurance transactions, as highlighted by the New Jersey Tax Court's recent decision in Johnson & Johnson v. Director, Division of Taxation, say Zachary Lerner and Stephen Anastasia of Locke Lord.

  • Calif. Amended Software Tax Regs Have Major Flaws

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    The California Department of Tax and Fee Administration's proposed amendments to a sales tax regulation for technology transfer agreements recently received an icy reception indicative of the regulation's flaws and inconsistencies with prior court rulings, say Eric Coffill and Alexandra Louderback of Eversheds Sutherland.

  • NY Tax Minutes: Trump Tax Updates, End To SALT Cap Suit

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    This month's New York tax news features President Donald Trump — who seeks to change his tax domicile to Florida and continues lawsuits to prevent disclosure of his state tax returns — and a dismissal of the state's lawsuit challenging the federal cap on state and local tax deductions, say Timothy Noonan and Craig Reilly of Hodgson Russ.

  • Some Progress In Battle For Cannabis Biz Tax Deductions

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    Cannabis taxpayers saw some promising developments recently in legislation allowing state-level tax deductions for cannabis business expenses and a U.S. Tax Court opinion — Northern California Small Business Assistants v. Commissioner — that indicates skepticism regarding the constitutionality of the federal ban on these deductions, says Jennifer Benda of Hall Estill.

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