As COVID-19 cases surged in multiple regions amid noncompliance with wearing face masks over the past week, governors of newly dubbed hot-spot states and their neighbors, even ones with declining cases and deaths, rushed to pause reopening activities such as indoor dining.
Foreign individuals stuck in the U.S. because of the novel coronavirus pandemic must be careful to make sure they don't inadvertently fail one of the Internal Revenue Service's tests to qualify for income tax relief, a practitioner said Tuesday.
A restaurant on a New Jersey university campus does not qualify for a property tax exemption as it is not operated for a public purpose, the state Supreme Court said Tuesday in reversing an appellate court decision.
A man suing U.S. officials claiming he didn't receive a stimulus check from the IRS because of his marriage to an immigrant should be required to reveal his identity, the government has told an Illinois federal court.
The Internal Revenue Service has drastically increased its enforcement efforts in an attempt to contact nearly every high-income earner who doesn't file taxes, IRS Commissioner Chuck Rettig told a Senate tax panel Tuesday.
The Montana Supreme Court's decision abolishing a scholarship program granting tax credits for donations to private schools, including religious ones, violated the U.S. Constitution, the U.S. Supreme Court held Tuesday.
Tax authorities across the globe exchanged information on 84 million offshore accounts covering €10 trillion ($11.2 trillion) in assets in 2019 as they fought tax avoidance, a report released Tuesday showed — nearly double the levels recorded a year earlier.
The Internal Revenue Service will not extend the July 15 deadline for filing tax returns, although individuals who are unable to meet the deadline may apply for automatic extensions until Oct. 15, the agency said Monday.
A furniture retailer is not liable for almost $5 million in sales tax and penalties on sales that were covered under Massachusetts' statutory sales tax holidays, a state appeals court found, upholding a ruling of the state tax board.
The District of Columbia fired back at the Trump inaugural committee's bid to shield Ivanka Trump, Rick Gates and eight others with connections to the president from being deposed by August as part of a suit accusing the organization of funneling money to Trump companies.
The Internal Revenue Service launched drastically fewer audits from April 1 to June 1 than in the same period in 2019, including 71% fewer corporate audits, National Taxpayer Advocate Erin Collins said in a report released Monday.
A federal judge denied requests Monday from top Idaho officials to stay an order instructing them to either place an income tax increase question on the November ballot or allow more time for signature gathering due to the COVID-19 pandemic.
A five-year highway reauthorization bill headed toward likely House passage this week sets the stage for an early showdown over extensions of expiring tax incentives for renewable energy as lawmakers prepare for bicameral talks on infrastructure financing and COVID-19 response legislation.
The U.S. House passed legislation Monday that would expand eligibility for the Affordable Care Act's health insurance premium tax credits, but Senate Republicans are unlikely to pass the bill, which the White House has threatened to veto.
The finance ministers of four European countries have written to the U.S. Treasury secretary, saying that threats by the U.S. to impose tariffs in response to national tax policies of other countries could damage good relationships between allies.
Both houses of Germany's Parliament voted Monday to approve a temporary reduction in value-added tax, a move the government hopes will entice consumers to make purchases as businesses reopen from forced shutdowns in response to the novel coronavirus pandemic.
An Ohio accountant asked a federal court to halt a California health club company's arbitration seeking almost $1 million for what the company calls misrepresentation of finances, including tax data, of golf courses it planned to acquire, dooming the deal.
Philadelphia's mayor signed the city's budget bills into law Friday, halting scheduled rate reductions to business taxes and resident wage taxes while increasing the nonresident wage tax rate to offset a drop in revenue amid the novel coronavirus pandemic.
European Union antitrust officials on Friday approved the Italian government's €7.6 billion ($8.5 billion) package of tax relief measures designed to ease the financial constraints on companies affected by the novel coronavirus pandemic.
Cash-strapped countries must not rush to hike taxes after the coronavirus pandemic or risk prolonging the global recession, the head of the Organization for Economic Cooperation and Development said Friday.
In this week's Taxation With Representation, private investors take a $20 billion stake in the state-owned Abu Dhabi National Oil Co., a blank-check company breaks records going public, and Gilead takes a stake in a cancer treatment company.
South Carolina is granting a filing and payment extension to those who were affected by tornadoes and severe storms in April, the state Department of Revenue said in an information letter released Friday.
A lack of IRS guidance on cryptocurrency "staking," in which a user receives virtual currency in exchange for holding tokens for a period of time, could sow confusion over when to report the currency as being obtained for tax purposes.
The past week in London has seen drugmaker Novartis sue rival generics manufacturer Mylan, pharmaceutical wholesalers apply to revive claims against PwC over tax treatment of employees, and Bank of America sue an Italian region beset by securities claims. Here, Law360 looks at those and other new claims in the U.K.
Democrats are making irrelevant points about the coronavirus pandemic driving up demand for health care to make the U.S. Supreme Court squeamish about a constitutional challenge to the Affordable Care Act, Republican state attorneys general told the high court on Thursday.
Law firms in today's financial crisis may be looking at nontraditional arrangements such as portfolio funding or factoring to provide liquidity and cash support, but firms must first consider lawsuits brought against Pierce Bainbridge and other recent developments, says Katherine Toomey at Lewis Baach.
Tax directors should review their transfer pricing methods for 2020 as the relatively simple way that traditional models allocate risk and profit for tax purposes may exacerbate the financial effects of the pandemic on multinational corporations, say managing directors at Duff & Phelps.
The Minnesota Supreme Court's Maslowski v. Prospect Funding Partners decision this week reaffirms that the doctrine of champerty is archaic, impedes important litigation finance activity, and should be abolished in the handful of states where it remains alive, says Andrew Cohen at Burford Capital.
Our recent survey reveals that while many communications and media companies are planning new corporate structures or product offerings to keep up with their industry’s exponential growth, they need to improve how they identify and address indirect communications tax compliance, says Toby Bargar at Avalara.
A significant challenge in practicing law remotely is the use and handling of documents without paper, because common digital tools such as email or even secure file transfer applications are problematic, say attorneys at Baker McKenzie.
Real estate investors should take time to properly understand how the CARES Act has opened the door for significant tax refunds, which could mean the difference between solvency and bankruptcy during the COVID-19 crisis, says Julio Gonzalez at Engineered Tax Services.
Although the Internal Revenue Service recently released two memos to help clarify a private corporation's ability to deduct costs from an earlier public offering, it is unclear how taxpayers would show that no synergistic benefits from the original transaction remain upon completion of a second transaction, say attorneys at Skadden.
The legal industry is uniquely positioned, and indeed obligated, to respond to the racial disparities made clear by the recent killings of George Floyd and Breonna Taylor, but lawyers must be willing to be uncomfortable, says Tiffani Lee at Holland & Knight.
The current decrease in formality and increase in common ground due to the work-from-home environment can make it easier to have a networking conversation, says Megan Burke Roudebush at Keepwith.
New federal tax rules in the CARES Act, allowing the use of net operating loss carrybacks, bring previously unavailable tax benefits and negotiation opportunities for parties to mergers and acquisitions, say attorneys at Polsinelli.
One mistake that attorneys commonly make when presenting a case to a third-party funder is focusing almost exclusively on liability and giving short shrift to the damages analysis — resulting in an aspirational damages estimate that falls apart under scrutiny, say Cindy Ahn and Justin Maleson at Longford Capital and Casey Grabenstein at Saul Ewing.
The Ohio Supreme Court's recent decision in Delphi Automotive v. Ohio Department of Job and Family Services sets an acquirer-friendly precedent for unemployment tax rates in mergers, acquisitions and reorganizations, which could be especially important in the wake of pandemic-related layoffs, say Jeremy Hayden and Christopher Tassone of Frost Brown.
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.
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.
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.