Tax

  • June 30, 2020

    Coronavirus Regulations: A State-By-State Week In Review

    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.

  • June 30, 2020

    Care Is Required To Get US Tax Residency Relief, Atty Says

    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.

  • June 30, 2020

    NJ Justices Nix Tax Exemption For Eatery At College

    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.

  • June 30, 2020

    US Gov't Challenges Anonymity In Suit Over COVID-19 Check

    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.

  • June 30, 2020

    Rettig Says IRS Scrutinizing All Wealthy Tax Return Nonfilers

    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.

  • June 30, 2020

    Justices Strike Down Montana's Religious Tax Credit Ban

    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.

  • June 30, 2020

    World Tax Agencies Swapped Info From 84M Accounts in 2019

    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.

  • June 29, 2020

    IRS Won't Extend Tax Return Filing Deadline Beyond July 15

    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.

  • June 29, 2020

    Mass. Court Upholds Retailer's $5M Tax, Penalty Abatement

    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. 

  • June 29, 2020

    DC Gunning To Depose Ivanka, Gates Over Inaugural Funds

    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.

  • June 29, 2020

    New IRS Audits Plummet Because Of Pandemic, Report Says

    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.

  • June 29, 2020

    Judge Denies Stay Of Order Reviving Idaho Tax Hike Measure

    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.

  • June 29, 2020

    House Highway Bill Sets Up Showdown On Energy Tax Breaks

    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.

  • June 29, 2020

    House OKs ACA Tax Credit Expansion Under Veto Threat

    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.

  • June 29, 2020

    US Tariff Threats May Harm Alliance, EU Finance Ministers Say

    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.

  • June 29, 2020

    German Parliament Approves VAT Cut To Boost Economy

    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.

  • June 26, 2020

    CPA Says Her Advice Not To Blame For Bungled Golf Deal

    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.

  • June 26, 2020

    Philly Budget Freezes Biz Tax Rate, Hikes Wage Tax

    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.

  • June 26, 2020

    EU Signs Off On Italy's $8.5B Tax Relief Plan

    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.

  • June 26, 2020

    Tax Hikes Could Stifle Economic Rebound, OECD Chief Warns

    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.

  • June 26, 2020

    Taxation With Representation: Simpson, Cadwalader, Latham

    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.

  • June 26, 2020

    SC Extends Tax Deadlines For Those Affected By April Storms

    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.

  • June 26, 2020

    Confusion On Crypto 'Staking' May Lead To Reporting Woes

    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.

  • June 26, 2020

    UK Litigation Roundup: Here's What You Missed In London

    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.

  • June 25, 2020

    Pandemic Can't Save Unconstitutional ACA, High Court Hears

    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.

Expert Analysis

  • Law Firms Must Beware Risks In Nontraditional Financing

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    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.

  • Multinationals Should Review Their Transfer Pricing Methods

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    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.

  • Opinion

    Minn. Ruling Represents Sensible Stance On Legal Finance

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    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.

  • Tax Compliance Issues For Rapidly Growing Media Cos.

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    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.

  • Best Practices For A Paperless Law Practice

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    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.

  • Unpacking CARES Act Tax Breaks For Real Estate Investors

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    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.

  • What Happens To IPO Costs When A Co. Later Goes Private?

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    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.

  • Opinion

    Lawyers Must Address Racial Injustice With Radical Candor

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    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.

  • How Lawyers Can Network Better, Virtually And In Person

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    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.

  • NOL Carryback Rule Changes Bring Benefits For M&A Parties

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    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.

  • Practical Tips For Presenting Your Case To Litigation Funders

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    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.

  • Ohio Tax Talk: Unemployment Ruling May Offer M&A Savings

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    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.

  • 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.

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