Tax

  • October 11, 2019

    Trump Attys Tell 2nd Circ. Presidents Immune From Criminal Probes

    Lawyers for President Donald Trump argued Friday that as a sitting president, he has “absolute immunity” from criminal investigations and therefore the Second Circuit should block the Manhattan district attorney from subpoenaing Trump’s tax returns.

  • October 11, 2019

    NJ Biz Can’t Appeal $4.5M Property Value, Appeals Court Says

    A New Jersey property owner cannot contest a city tax assessor’s $4.5 million valuation of its property because the previous owner did not timely provide requested income information for assessment purposes, a state appeals court said Friday.

  • October 11, 2019

    Taxation With Representation: Latham, Covington, Vinson

    In this week's Taxation With Representation, Hess Midstream Partners buys Hess Infrastructure Partners for $6.2 billion, UCB acquires biotech company Ra Pharma for $2.1 billion, and a Shiseido subsidiary makes a $845 million deal for a skincare line.

  • October 11, 2019

    Injury Atty Indicted, Accused Of Trying To Hide $1M From IRS

    A Detroit-area personal injury attorney has been indicted in a Michigan federal court on 10 counts of tax evasion and tax fraud accusing him of trying to hide about $1 million from the IRS, the Department of Justice said Friday.

  • October 11, 2019

    Ballard Spahr Brings Back Ex-Fannie Mae Public Finance Atty

    Ballard Spahr LLP has welcomed back a public finance attorney after his two-year stint at Fannie Mae, saying his experience with low-income tax credits and affordable multifamily housing development are a key addition to the firm’s public finance group.

  • October 11, 2019

    EY Hires Former Microsoft Tax Atty With Treasury Experience

    A former tax counsel with Microsoft has joined EY as a principal in its tax controversy practice, bringing experience in audits and transfer pricing matters, as well as in-house work with Treasury, the firm recently announced.

  • October 11, 2019

    Trump Business Records Can Be Subpoenaed, DC Circ. Says

    President Donald Trump's longtime accounting firm must hand over business records to a congressional committee investigating the president, the D.C. Circuit said in a split decision Friday, upholding a trial judge's ruling in favor of House Democrats.

  • October 10, 2019

    What Do Trump's Orders Mean For Agency Guidance?

    The Trump administration's bid to help businesses by putting an end to "secret" rulemaking might backfire, some experts said Thursday, because it could put a damper on advice that industry relies on to comply with federal regulations.

  • October 10, 2019

    Amid Turmoil, Nissan Names New Legal Head

    Nissan Motor Co. Ltd. has replaced its legal department head, who cooperated with Japanese prosecutors before the 2018 arrest of the company's former chairman amid misconduct claims, with a longtime executive of the business, the automaker said this week.

  • October 10, 2019

    Did Citi Dupe DOJ In Forex Investigation?

    A former Citigroup trader acquitted on charges of manipulating foreign exchange markets has accused the bank of fabricating a case for federal prosecutors in order to shield itself from liability, raising eyebrows in the antitrust bar since the government usually goes to great lengths to ensure it’s not being duped.

  • October 10, 2019

    H&R Tells 8th Circ. No Poach Bid Belongs In Arbitration

    The Eighth Circuit should force an H&R Block seasonal employee to take her grievance against the company to arbitration because she has not denied agreeing to do so as part of her employment application, the company wrote Wednesday in a court filing seeking to stop a potential class action over its "no-poach" contracts.

  • October 10, 2019

    2nd. Circ. Won't Unseal Names On Records In Trump Tax Case

    The Second Circuit refused on Thursday to order Deutsche Bank to reveal the names of individuals whose income tax returns it possesses relating to an investigation by House committees seeking President Donald Trump’s financial records, saying the information was irrelevant.

  • October 10, 2019

    Mo. Woman Gets 57 Months For Medicaid, Tax Fraud Scheme

    A Missouri woman who was convicted earlier this year of helping run a nearly $1 million Medicaid and payroll tax fraud scheme was sentenced to four years and nine months in prison without parole, prosecutors said Thursday.

  • October 10, 2019

    Deal In Nationstar Mortgage Tax Suit Gets Initial Approval

    A California federal judge has given initial approval to a deal struck between a proposed class of homeowners and a mortgage company formerly known as Nationstar to resolve claims of inaccurate information reporting that led to denials of tax credits.

  • October 10, 2019

    Switzerland Drops Off EU Tax Gray List After Reforms

    European Union leaders confirmed Thursday that Switzerland would be coming off the bloc’s “gray list” after passing tax reforms to bring it into line with international standards in May.

  • October 09, 2019

    LA Residents Get OK On $32M Gas Bill Overcharge Deal

    A California judge gave final approval Wednesday to a $32.5 million deal that resolves allegations that the City of Los Angeles overcharged 1.3 million residents millions of dollars by illegally including unrelated state fees when calculating the gas user tax added to their natural gas bills.

  • October 09, 2019

    Subcontractor Costs Deductible, Rig Co. Tells Texas Justices

    An oil rig repair company in Texas urged the state Supreme Court on Wednesday to allow it to include certain subcontractor payments in its “cost of goods sold” subtraction to reduce the calculation of the company's franchise tax liability.

  • October 09, 2019

    Costs Of AMC Shows Not Deductible, Texas High Court Told

    Movie theater chain AMC shouldn't be entitled to subtract costs of showing films from its Texas franchise tax liability because it sells services and not goods, a representative for the state's comptroller argued Wednesday before the Texas Supreme Court.

  • October 09, 2019

    Trump Reins In Regulators' Enforcement Powers

    President Donald Trump signed a pair of executive orders Wednesday that require agencies to publish all informal guidance and limit its use in enforcement, targeting what conservatives call bureaucratic overreach and secret rulemaking.  

  • October 09, 2019

    Texas Justices Told Tax Deductions Apply To Machine Rentals

    A heavy equipment leasing company told the Texas Supreme Court in oral arguments Wednesday that the business should be allowed to claim a state franchise tax deduction for delivery and pickup costs it incurs in getting the machinery to its customers.

  • October 09, 2019

    IRS Clarifies Tax Treatment Of Crypto Hard Forks, Airdrops

    The splitting of a cryptocurrency blockchain under a "hard fork" does not create taxable income if no new cryptocurrency is received, but taxable income is generated by "airdrops" that deliver new cryptocurrency, the IRS said in guidance released Wednesday.

  • October 09, 2019

    Allen Matkins Adjusts On The Fly For Opportunity Zone Fund

    SoLa Management recently wrapped up a $100 million opportunity zone fund for thousands of new housing units in Los Angeles, and Allen Matkins helped the California developer understand and navigate an ambiguous and fast-changing set of regulatory and tax rules to seal that deal.

  • October 09, 2019

    OECD’s Proposed Tax Rules Could Use Sales-Based Formula

    The Organization for Economic Cooperation and Development on Wednesday proposed new global tax rules that would use a formula potentially based on sales to allocate a portion of companies' profits to jurisdictions where they don't have a physical presence.

  • October 08, 2019

    Va. Court Won't Consider Mass. Cookie Nexus Challenge

    A Virginia court said Tuesday it does not have jurisdiction to hear a lawsuit filed by a Virginia electronics retailer against the Massachusetts tax department over so-called cookie nexus, and dismissed the case.

  • October 08, 2019

    DC Officials Propose Sugary Drink Tax Of 1.5 Cents An Ounce

    Sugary drinks in Washington, D.C., would be taxed at 1.5 cents per ounce instead of the current 8% gross receipts tax under a proposal that D.C. council members unveiled on Tuesday to raise $20 million annually.

Expert Analysis

  • How Emotionally Intelligent AI Could Assist With E-Discovery

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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.

  • Direct Taxes: The Next Shoe To Drop After Wayfair?

    Author Photo

    Taxpayers should be alarmed at state efforts to extend the U.S. Supreme Court's Wayfair decision to direct taxes — including gross receipts, income and franchise taxes — despite the apparent protections of federal Public Law 86-272, says Martin Eisenstein of Brann & Isaacson.

  • California Tax Takes: Unclaimed Property Amnesty May Return

    Author Photo

    Among several important California tax developments this month is a budget bill section, which could ultimately provide immunity for businesses that may want to disclose potential unclaimed property but have been reluctant to do so under California’s onerous penalty provisions, say attorneys at Reed Smith.

  • Consider The Power Of Tactical Empathy

    Author Photo

    By employing tactical empathy techniques to understand the interests behind the positions taken by others, attorneys can gain the upper hand in deal negotiations and litigation while still promoting and preserving long-term relationships with opponents, judges and others, say Shermin Kruse of TEDxYouth@Wrigleyville and Ursula Taylor of Strategic Health.

  • The Problem — And Opportunity — Of Implicit Bias In The Bar

    Author Photo

    Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.

  • Wisconsin Trailing In Midwest's Race To Legalize Cannabis

    Author Photo

    If it continues to watch from the sidelines as its neighboring states — especially Illinois — legalize marijuana, Wisconsin risks losing out on economic opportunities and tax revenue, says Paloma Kennedy of Reinhart Boerner.

  • 6 Tax Questions For EU Economy Commissioner-Elect

    Author Photo

    At Thursday's hearing for European Economy Commissioner-elect Paulo Gentiloni, here's what European Parliament members should ask to get a better idea of Gentiloni's tax policy outlook, says Rick Minor of Womble Bond.

  • Series

    Judging A Book: Thapar Reviews Gorsuch's 'A Republic'

    Author Photo

    U.S. Supreme Court Justice Neil Gorsuch's new book "A Republic, If You Can Keep It" offers hope for our constitutional system through stories of American greatness, and sheds much-needed light on originalism for skeptics, says Sixth Circuit Judge Amul Thapar.

  • Tax Factors To Consider In PE Purchase Price Negotiations

    Author Photo

    Parties to a private equity transaction take into account a number of factors to arrive at the purchase price. In this brief video, Eric Schwartzman and Alexander Lee of Cooley discuss tax considerations, including post-closing liabilities and indemnities, that should always be part of price negotiations.