Tax

  • January 24, 2020

    Wis. Gov.'s Budget Vetoes Constitutional, State Justices Told

    The Wisconsin governor's partial budget vetoes, including modifications to taxing provisions for e-cigarettes, were authorized by the state constitution’s plain text, he has told the state Supreme Court in a case challenging the constitutionality of the partial veto.

  • January 24, 2020

    DC Solar Owners Cop To $1B Ponzi Scheme

    A California couple who own a purported solar generator manufacturer pled guilty Friday to helping orchestrate a $1 billion Ponzi scheme and simultaneously settled parallel civil claims with the U.S. Securities and Exchange Commission, authorities said. 

  • January 24, 2020

    Fifth Third Bank Pledges $100M For Opportunity Zone Projects

    Fifth Third Bank will invest $100 million in low-income areas known as opportunity zones through partnerships with the National Equity Fund, Raymond James and two other fund partners, it said Friday.

  • January 24, 2020

    Taxation With Representation: Kirkland, Winston, Gibson, Bär

    In this week's Taxation With Representation, a private equity group snaps up financial adviser Duff & Phelps for $4.2 billion, Denmark's Danfoss buys a $3.3 billion hydraulics business, and Deutsche Börse Group makes a $400 million acquisition in fund distribution.

  • January 24, 2020

    Shell’s Public Tax Report Signals Broader Transparency Trend

    Publication of the oil company Shell's global tax information could provide an example for other businesses to follow as the call for corporate transparency reaches a crescendo, with mounting pressure from investors and the recent launch of public reporting standards.

  • January 24, 2020

    Molson Coors Tries To Slip Investor Suit Over Tax Reporting

    Molson Coors Beverage Co. urged a Colorado federal court on Thursday to let it out of a suit accusing the beer company of underreporting its taxes, arguing the investors failed to show that it intentionally or recklessly misrepresented its financial situation.

  • January 24, 2020

    Utah Gov. And Lawmakers Agree To Repeal Tax Overhaul

    Facing voter backlash and a public referendum, Utah lawmakers and the governor said they’ve agreed to repeal a December tax overhaul that cut individual and corporate taxes while expanding the sales tax base to some services and groceries.

  • January 23, 2020

    Ex-Perrigo Exec Slips Investor Suit Over Irish Audit

    A federal judge in New York on Thursday trimmed allegations from a shareholders’ action alleging that Irish drug company Perrigo and some of its top executives did not tell investors soon enough about a tax audit in the Emerald Isle.

  • January 23, 2020

    SC Gov. Calls For Revamp Of State Retirement System

    South Carolina's governor called for an end to the state's retirement system by replacing the current defined benefit plan with a defined contribution plan to deal with the state's pension fund that's facing a $24 billion shortfall.

  • January 23, 2020

    Attys Doomed Shot At $1.26M Tax Credit, Metal Co. Claims

    A Chicago-based metal coating company has claimed in Illinois state court that two attorneys ruined its chance to receive $1.26 million in state tax credits for an expansion project by misrepresenting the status of its application.

  • January 23, 2020

    Conn. Dems Push Again For Pot Legalization And Taxation

    Connecticut’s Senate Democrats will push again this year to legalize and tax recreational cannabis and may be bolstered by the governor introducing his own cannabis legislation next month through the state budget, lawmakers said Thursday.

  • January 23, 2020

    5 Countries Probing Central America Bank For Tax Evasion

    Tax authorities in five countries including the U.S. issued subpoenas and warrants this week as part of a joint investigation into a financial institution in Central America, the Internal Revenue Service said Thursday.

  • January 23, 2020

    Tribal Co. Deserves Same Exemption As Tribe, 9th Circ. Told

    A tribal business entity should enjoy the same exemption from California excise tax that is afforded to tribes themselves, a Native American cigarette company has told the Ninth Circuit.

  • January 23, 2020

    House Dems Still Open To Pursuing TCJA Fixes, Counsel Says

    Democrats on the House Ways and Means Committee are still open to working with Republicans to enact technical corrections to the 2017 tax overhaul under certain conditions, the committee’s counsel said at a conference Thursday.

  • January 23, 2020

    US Not Backing Off Safe Harbor Tax Demand, Official Says

    The U.S. still thinks a revamp of the global tax system should be enacted as an elective safe harbor, a top Treasury official said Thursday, even as a French official suggested the countries were moving on from that idea.

  • January 22, 2020

    New Laws Bolster NJ's Worker-Friendly Bona Fides, Attys Say

    New Jersey Gov. Phil Murphy signed a spate of employee-friendly bills into law Tuesday, including one statute that stiffens penalties on employers for misclassifying workers and another that requires businesses to pay severance to workers impacted by mass layoffs. Here, employment attorneys take stock of the Garden State’s new mandates.

  • January 22, 2020

    Accounting Ethics Body Would Kill Audit Client Consulting

    Accounting firms would be prohibited from consulting work for audit clients, including tax planning under certain circumstances, according to two draft proposals issued by the global body that sets ethical standards for professional accountants.

  • January 22, 2020

    Justices Ask If Religious Tax Credit Ban Is Constitutional

    U.S. Supreme Court justices questioned Wednesday whether the Montana Supreme Court's decision abolishing a scholarship program granting tax credits for donations to private schools, including religious ones, violated the Constitution.

  • January 22, 2020

    US Safe Harbor Plan Not 'Credible,' French Official Says

    French Finance Minister Bruno Le Maire on Wednesday blasted a U.S. proposal to implement a new global tax as an optional safe harbor, claiming it is not "credible" as a starting point in international negotiations on taxing the digital economy.

  • January 22, 2020

    Spending Addiction Diagnosis Gets Power Broker Lesser Term

    A New Jersey federal judge sentenced Gilmore & Monahan PA name partner and onetime Republican power broker George Gilmore to a year and a day in prison for payroll tax violations and a falsified bank loan application, saying Wednesday that his psychological troubles warranted a shorter sentence than the government sought.

  • January 22, 2020

    Former Eversheds Litigator Shaping IRS Enforcement Efforts

    As the IRS ramps up its enforcement on syndicated conservation easements, cryptocurrency transactions and microcaptive insurance arrangements, the efforts will be guided by a veteran Eversheds Sutherland litigator who once squared off against the agency over tax shelter transactions.

  • January 22, 2020

    Gov't Urges DC Circ. To Preserve Short-Term Insurance Rule

    The Trump administration on Tuesday defended its decision to increase how long Americans can use short-term health insurance plans that skirt certain Affordable Care Act requirements, telling the D.C. Circuit that Congress basically approved a "virtually identical" rule when the law was enacted.

  • January 22, 2020

    DC Says Trump's Inaugural Fund Funneled Money To Family

    The District of Columbia has turned up the heat on President Donald Trump’s inaugural committee, filing a lawsuit Wednesday alleging the group funneled more than a million dollars to Trump companies for inaugural events that should have cost a fraction of what the nonprofit paid.

  • January 21, 2020

    New York Gov. Aims Again To Legalize, Tax Cannabis

    New York's governor will try again this year to legalize and tax recreational cannabis and cut taxes on small businesses without raising taxes on the rich, according to a $178 billion budget proposal his administration released Tuesday.

  • January 21, 2020

    US, France Fend Off Tariffs Over Digital Tax Issue

    French Finance Minister Bruno Le Maire confirmed Tuesday that U.S. and French officials agreed to avoid escalating trade tensions over France's digital services tax, with no signs that the two countries are closer to resolving underlying differences on global taxation.

Expert Analysis

  • Unpacking The Final Opportunity Zone Regulations: Part 1

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    In his two-part article on the U.S. Department of the Treasury's final regulations for the opportunity zone tax regime, Tucker Thoni at Gray Robinson highlights important differences between the proposed and final regulations that should increase taxpayer confidence in the investment program.

  • ABA Rules For Departing Attys Set Unprecedented Limits

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    Groundbreaking rules from the American Bar Association impose new standards on how law firms can govern departing lawyers’ contact with clients, placing major restrictions on this ubiquitous practice, say Amy Richardson and Hilary Gerzhoy at Harris Wiltshire.

  • NJ Tax Talk: New Bypass For SALT Deduction Cap

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    Recently enacted New Jersey legislation that allows a bypass of the Tax Cuts and Jobs Act's $10,000 limit on state and local tax deductions may entice residents to structure their businesses as pass-through entities, say Steven Saraisky and Reuben Muller at Cole Schotz.

  • The Rise Of The No-Indemnity M&A Deal

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    The increasing use of a private M&A transaction structure that allows sellers to exit without indemnity obligations makes it crucial for buyers to focus on representation and warranties insurance policy terms as their only means of recourse, say Ann Dorsett and Gregory Hawver at McGuireWoods.

  • Nissan Ex-CEO Illustrates Do's And Don'ts Of Image Repair

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    Lawyers can draw a number of useful lessons about reputation management from the efforts of former Nissan executive Carlos Ghosn — who recently escaped house arrest in Tokyo — to restore his sullied reputation, says Elizabeth Ortega at ECO Strategic Communications.

  • 3 Concerns If Your Witness Becomes Flippant At Deposition

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    In light of a recent Delaware Supreme Court case in which a litigator was rebuked for failing to control his evasive witness during a deposition, attorneys should consider when they may be held responsible for client misconduct and what to do if a client crosses the line, says Philip Sechler of Robbins Russell.

  • The Int'l, Federal And State Taxation Forecast For 2020

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    Attorneys at Steptoe & Johnson look at U.S. international, federal and state taxation, including legislative, regulatory and controversy developments expected in 2020.

  • Ohio Tax Talk: Taking Advantage Of Sustainability Incentives

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    The state of Ohio is using its tax code and other financial incentives to promote sustainable business investment — which should be of interest to businesses facing pressure from regulators, investors and customers to focus on environmental impacts, say attorneys at Frost Brown.

  • SG Argument Likely Dooms Ariz. Tax Case At High Court

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    In Arizona's case challenging California's doing business tax, the solicitor general's recently filed amicus brief arguing that Arizona's constitutional challenge does not warrant the U.S. Supreme Court’s exercise of its original jurisdiction may signal the end of Arizona's attempt to bypass state court, say Robert Merten and Mike Le at Pillsbury.

  • How Associate Life Has Evolved Over The Past Decade

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    During the last 10 years, the need to embrace change was fundamental for law firms, and that change affected associates in many ways — most, but not all, for the better, says Brad Kaufman, co-president of Greenberg Traurig.

  • Why Md.'s Digital Advertising Tax Proposal May Be Unlawful

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    Maryland’s recently proposed digital advertising tax would likely violate the Internet Tax Freedom Act by discriminating against electronic commerce, and violate the U.S. Constitution's commerce clause by unfairly apportioning the tax base, say Charlie Kearns and Charles Capouet at Eversheds Sutherland.

  • A Wide Range Of Legal Priorities For Tribes In 2020

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    This year, Indian Country faces a number of critical policy and legal issues that must be addressed to protect tribal sovereignty, with key developments to watch for in all three branches of government, say attorneys at Akin Gump.

  • 6 Insights For Tax Advisers About Special-Needs Trusts

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    Planning for the future needs of a family member with an intellectual or developmental disability, who receives government benefits, almost always requires a special-needs trust, and tax advisers too often come late to the conversation, says Rob Wrubel of Cascade Investment Group.

  • 8 Executive Pay Considerations For An Economic Downturn

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    Amid forecasts of economic volatility, employers should address executive compensation and performance awards progressively and with quick adjustments when disruption hits, say Mark Poerio and Dan Brandenburg at The Wagner Law Group.

  • Series

    Judging A Book: Dyk Reviews 'Democracy And Equality'

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    In their new book "Democracy and Equality: The Enduring Constitutional Vision of the Warren Court," Geoffrey Stone and David Strauss provide valuable context for U.S. Supreme Court decisions under Chief Justice Earl Warren that have profoundly affected the country, but their overly protective attitude sometimes obscures reality, says Federal Circuit Judge Timothy Dyk.