Tax

  • November 19, 2019

    Coinbase Summons Proper In Income Tax Probe, IRS Says

    The IRS has argued its summons on cryptocurrency trading platform Coinbase in an income tax investigation of a Washington state man is legitimate, telling a California federal court that it didn't already have the information and followed procedures.

  • November 19, 2019

    MVP: Skadden's Steven Matays

    Steven Matays of Skadden Arps Slate Meagher & Flom LLP handled taxes for the mammoth deal merging Twenty-First Century Fox Inc. and Walt Disney Co., and separately guided the tax aspects of the merger between Worldpay Inc. and FIS, earning him a spot among Law360's 2019 Tax MVPs.

  • November 19, 2019

    De Minimis Exception Could Hinder Crypto Tax Administration

    While providing an exemption from taxation and reporting requirements for small-value cryptocurrency transactions could help simplify disclosures for holders, it might thwart IRS compliance efforts by encouraging cryptocurrency holders to game the system while increasing administrative burdens.

  • November 19, 2019

    House Panel Can Seek Trump’s NY Tax Returns With Notice

    The House Ways and Means Committee must provide notice to President Donald Trump and a D.C. federal court if it seeks his New York tax returns under a recently passed state law, a D.C. federal judge ordered late Monday.

  • November 18, 2019

    Players' Unions Take Aim At How Jock Taxes Are Applied

    The players' associations for Major League Baseball, the NHL and the NFL have thrown their weight behind an effort to lessen a tax on professional athletes playing in Pittsburgh, the latest legal challenge that could save athletes thousands of dollars per year in so-called jock taxes.

  • November 18, 2019

    NJ Power Broker Defends State Tax Incentive Programs

    A New Jersey power broker who’s been under the microscope for months for his role in the state’s controversial corporate tax incentive programs gave a vigorous defense of himself and the program’s impact on Monday during a state Senate hearing.

  • November 18, 2019

    House Panel Would Notify Trump Of Tax Return Request

    The House Ways and Means Committee would notify a D.C. federal court and President Donald Trump if a request for his state tax returns were made under a recently passed New York law, House attorneys representing the panel said Monday.

  • November 18, 2019

    After Legislative Slump, NJ Voters Might Make Pot Legal

    Voters would decide if New Jersey adults can legally indulge in recreational marijuana under a measure unveiled by two Democratic senators Monday, a move that comes eight months after proposed legislation greenlighting adult pot use went up in smoke.

  • November 18, 2019

    House Panel Set To Weigh Sweeping Pot Legalization Bill

    A key U.S. House of Representatives committee is poised to vote this week on a far-reaching marijuana legalization bill that would deschedule the drug as a controlled substance and subject it to a 5% tax that would fund a grab bag of programs aimed at redressing the impacts of prohibition.

  • November 18, 2019

    TD Ameritrade Beats Investors' Tax Loss Harvesting Suit

    Federal securities law bars a class action by investors against TD Ameritrade over allegedly misleading statements about a tax loss harvesting feature of its investment platform, a Nebraska federal judge has ruled in dismissing the case.

  • November 18, 2019

    MVP: Davis Polk's Rachel Kleinberg

    Davis Polk & Wardwell LLP's Rachel Kleinberg led her firm's tax team in advising Brookfield Business Partners LP in acquiring the power solutions business of Johnson Controls International for $13.2 billion, advised VF Corp. as it spun off wholly owned subsidiary Kontoor Brands Inc., and guided Kitty Hawk Corp. in forming a strategic partnership with Boeing, placing her among Law360's 2019 Tax MVPs.

  • November 18, 2019

    High Court Won't Hear NY Driver's Unemployment Pay Dispute

    The U.S. Supreme Court declined Monday to hear an appeal by a New York paratransit driver who claimed he shouldn't be on the hook for taxes owed on unemployment insurance he failed to report because he never received the money.

  • November 18, 2019

    Supreme Court Pauses House Subpoena For Trump Records

    The U.S. Supreme Court on Monday paused a subpoena by the House Oversight and Reform Committee seeking eight years of President Donald Trump's business records from his longtime accounting firm.

  • November 18, 2019

    Germany To Form New Unit, Boost Staff To Fight Tax Fraud

    Germany’s finance ministry said Monday it is planning to set up a new unit in its tax office and boost staff to fight cases of tax fraud, following outrage over a complex tax avoidance scheme.

  • November 15, 2019

    3 Takeaways As Uber, NJ Square Off Over $650M Tax Tab

    New Jersey has hit Uber with a $650 million bill stemming from years of unpaid unemployment and disability taxes in a blockbuster assessment that experts say will reverberate throughout the gig economy and across the country.

  • November 15, 2019

    White House Floats Price Transparency Rule For Health Plans

    The Trump administration proposed a rule Friday that would require health insurance plans to publicize their in-network and out-of-network rates and post cost-sharing information online by request.

  • November 15, 2019

    Ill. Legislature Fails To Hand Chicago Requested Tax Changes

    The Illinois legislature has ended its veto session without taking up requested tax proposals made by the Chicago mayor, which included structural changes to the city's real estate transfer and casino taxes.

  • November 15, 2019

    Senate Bill Aims To Reduce Indian Medical Staffing Shortages

    Sens. Tom Udall, D-N.M., and Lisa Murkowski, R-Alaska, put forward legislation Friday that aims to address health care staffing shortages at the Indian Health Service by providing tax breaks for two education programs.

  • November 15, 2019

    Bank Group's Bankruptcy Estate Gets Refund, Justices Told

    State agency law, not federal case law, applies in awarding a $4.1 million tax refund to the bankruptcy estate of a banking group rather than to its defunct subsidiary, the bankruptcy trustee has told the U.S. Supreme Court.

  • November 15, 2019

    MVP: MoFo's Mitchell Newmark

    Mitchell Newmark of Morrison & Foerster LLP's state and local tax group successfully argued an appeal for Lorillard Tobacco Co. in the New Jersey Tax Court and crafted the strategy and arguments that led the same court to reject a nearly $5 million tax assessment levied against automaker Daimler AG, earning him a spot as one of Law360's 2019 Tax MVPs.

  • November 15, 2019

    Spencer Fane Adds 9 Attys From Folding Hiersche Hayward

    Spencer Fane LLP has announced it will add nine attorneys to its Plano, Texas, office from the Dallas firm Hiersche Hayward Drakeley & Urbach PC, which is shuttering.

  • November 15, 2019

    Trump Asks Justices To Halt Business Records Subpoena

    President Donald Trump asked the U.S. Supreme Court on Friday to pause the enforcement of a subpoena by the House Oversight and Reform Committee seeking eight years of his business records from his longtime accounting firm, according to his attorney.

  • November 15, 2019

    Taxation With Representation: Gibson, Cleary, Latham

    In this week’s Taxation With Representation, Compagnie de Saint-Gobain SA pays $1.4 billion for a drywall maker, an Apollo Global Management affiliate takes Tech Data private for $5.4 billion and a blank check company buys Grid Dynamics International.

  • November 15, 2019

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

    The past week in London has seen Libya's sovereign wealth fund sue Credit Suisse amid a long-running bribery battle, retailer Sports Direct take on its former accountant Grant Thornton, and a host of underwriters file claims against a shipowner and its bank a month after winning a case over a fake pirate attack. Here, Law360 looks at those and other new claims in the U.K.

  • November 14, 2019

    Trump Panama Hotel Suit Plows Ahead in NY, As Stay Is Nixed

    A Manhattan federal judge waived off a bid to stall discovery in fraud litigation brought by owners of luxury hotel units in Panama after they argued that President Donald Trump's management companies had violated a previously-agreed-upon pause.

Expert Analysis

  • New Data Shows BigLaw's True Profitability

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    Based on an analysis adjusting BigLaw operating income and revenue to account for equity partners and taxes, the profitability of firms is lower than commonly thought, says Madhav Srinivasan at Hunton.

  • Kentucky Tax Talk: What Governor Candidates Would Change

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    From Gov. Matt Bevin’s pledge to continue pro-business changes to challenger Andy Beshear’s focus on legalizing gaming, Mark Sommer and Daniel Mudd of Frost Brown outline the tax reform promises of the two Kentucky gubernatorial candidates.

  • Why Trump's Orders On Agency Guidance Are Significant

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    ​Two recent executive orders ​​on the use of guidance documents by federal agencies​ represent a major change for virtually every executive agency ​and a historic assertion of the president’s authority under Article II to oversee the independent regulatory agencies, says Paul Noe, former counselor to the administrator of the White House Office of Information and Regulatory Affairs.

  • Strategies For Recovery Of Capitalized Transaction Costs

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    The tax code and regulations require companies to capitalize most transaction costs, but there are exceptions, including one provided by a recent IRS publication on the allocation of transaction costs in a corporate separation, says Annette Ahlers at Pepper Hamilton.

  • NJ Tax Stop: GILTI Guidance Gaps Need Filling

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    Although New Jersey is moving to make state adjustments for global intangible low-taxed income and foreign-derived intangible income more workable and equitable, further guidance for the calculation of the state apportionment of this income is overdue, says Philip Hirschfeld of Cole Schotz.

  • Opinion

    Direct Taxes: Pa. Corporate Nexus Test Is Deeply Flawed

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    Rather than take a measured approach to developing an appropriate nexus standard for corporate income taxes, the Pennsylvania Department of Revenue recently issued a bulletin that violates cardinal principles of statutory interpretation, say Martin Eisenstein and David Bertoni of Brann & Isaacson.

  • IRS Crypto Guidance Clarifies A Few Things For Investors

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    Though questions remain, last week’s IRS cryptocurrency guidance is welcome news as it provides, for the first time, specifics about how airdrops and hard forks should be treated for tax purposes, says Robin Singh of Koinly.

  • Opinion

    Courts Keep Rejecting Litigation Funding Discovery Campaign

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    As shown by recent case law, including a New Jersey federal court holding last month in Valsartan Products Liability Litigation, there is no "shifting tide" in favor of disclosing litigation funding arrangements, say Matthew Harrison and Stephanie Southwick of Bentham IMF.

  • How Emotionally Intelligent AI Could Assist With E-Discovery

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    While artificial intelligence has already revolutionized the e-discovery field, the development of emotionally intelligent AI promises to explore data in an even more nuanced and human way, thereby further reducing the burden on legal teams, say Lisa Prowse and Brian Schrader at e-discovery services provider BIA.

  • How The Opportunity Zone Rules Can Work For Entrepreneurs

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    Recent guidance from the U.S. Department of the Treasury establishes three safe harbors businesses can satisfy to be considered as operating in an opportunity zone. Doug Jones at McGinnis Lochridge provides illustrative examples of what may turn out to be common fact patterns of entrepreneurs taking advantage of the program.

  • Preventable Risks Your Law Firm May Be Overlooking

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    Although most lawyers are well-prepared to defend or justify the value of an insurance claim for clients, often law firms have not clearly identified their own potential liabilities, planned for adequate insurance or established prudent internal risk management practices, says Victor Sordillo at Sompo International.

  • 6 Ethics Tips For Attorneys Making Lateral Transfers

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    With lateral transfers between law firms on the rise, it is more important than ever for partners to understand the steps they must take to adhere to ethics rules and other requirements when making a transition, say attorneys at Harris Wiltshire.

  • Calif. Ruling May Curb Aggressive Foreign LLC Taxation

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    When the California Office of Tax Appeals decision in Jali becomes precedential, it will likely marginalize the relevance of the controversial Franchise Tax Board rulings, which attempted to justify assertion of taxable nexus over out-of-state members of California limited liability companies, say Tim Gustafson and Peter Hull of Eversheds Sutherland.

  • New CFC Rules Too Narrow To Fix Tax Overhaul Misfire

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    Recently issued tax rules don’t go far enough to remedy an unintended consequence of the Tax Cuts and Jobs Act that has resulted in U.S. affiliates of foreign parent companies being taxed as controlled foreign corporations, say attorneys at Sidley.

  • Opinion

    President’s Private Business Interests Are Not Above The Law

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    President Donald Trump's New York federal court case against the Manhattan district attorney's subpoena of the president's tax returns insists that his private businesses and business associates are immune from state criminal investigation, but this immunity does not appear in the Constitution or any statute or treaty, say Arthur Middlemiss and Marc Scholl at Lewis Baach.

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