Wyly Ex Sues To Keep $500,000 Alimony Out Of Bankruptcy

    The ex-wife of former billionaire Samuel Wyly on Thursday accused the investor of using his recently filed bankruptcy to cheat her out of her $500,000-a-year alimony payment by listing her as an unsecured creditor whose claim on his money was contractual ...read more

    High Court To Settle Rift On Service Deadline Extensions

    The U.S. Supreme Court agreed Friday to consider whether district courts have discretion under federal procedural rules to grant extensions of time for parties to serve papers on adversaries in a $2.5 million suit over a mistakenly demolished house in ...read more

    Auto Parts Co., Retiree Class Dispute Settlement Tax Bill

    Auto parts company Hydro Automotive Structures North America Inc. and a class of retired workers who said the company violated collective bargaining deals by curtailing retiree benefits on Friday each told a Michigan federal judge the other party should ...read more

    Fla. Woman Urges 11th Circ. To Toss $15M Tax Fraud Verdict

    Counsel for a Florida woman jailed for tax fraud stemming from the sale of two Caribbean medical schools she and her husband started told the Eleventh Circuit on Friday that her conviction should be overturned because of insufficient evidence and errors ...read more

    ACA Has Little To Fear In High Court Subsidy Fight

    The U.S. Supreme Court’s decision Friday to accept a key case involving Affordable Care Act tax credits may signal an eagerness to strike down the subsidies or a simple desire to eliminate uncertainty, but even a defeat for the Obama administration ...read more

    Taxation With Representation: Cravath, Vinson, Cooley

    In this week’s Taxation With Representation, Publicis Groupe's $3.7 billion buy of Sapient Corp. shows the advertising giant is back in the game, while attorneys from Cravath help Covance Inc. get picked up by LabCorp in a $6.1 billion deal ...read more

    IRS Finalizes Regs On E&P Carryover In Tax-Free Transfers

    The Internal Revenue Service on Friday released final regulations on the carryover of earnings and profits in tax-free transfers of assets between companies and clarified the definition of the term “acquiring corporation” in tax-free reorganizations ...read more

    RE Listing Service Protests $30M Tax Hit For Refunded Fees

    Real estate listing service First Multiple Listing Service Inc. has filed a protest in U.S. Tax Court after being slugged with nearly $30 million in back taxes and penalties, arguing it had been wrongly assessed taxes for fees and deposits refunded to ...read more

    Atlantic City Can Collect $20M In Unpaid Revel Taxes

    Atlantic City, New Jersey, will be allowed to collect at least $20 million in unpaid property taxes owed by the bankrupt Revel Casino Hotel after a judge on Thursday granted the city's request to lift the automatic stay in Revel's Chapter 11 case ...read more

    5 Insights From Honeywell General Counsel Kate Adams

    The United States has the highest corporate tax rate among developed nations and an outdated system for taxing revenue earned abroad. Reforming the business tax code is key to ensuring that our companies can compete around the world, says Katherine Adams ...read more

    Tribal Leader Dodges IRS Bid For Contempt Charges

    A Florida federal court on Friday rejected a bid by the U.S. to hold Native American tribal leader Colley Billie in contempt over his refusal to cooperate with an investigation into his tribe’s taxes, saying that the government did not show it made ...read more

    EU Court OKs Spanish Foreign Acquisition Tax Breaks

    A European Union court on Friday sided with Spanish companies Banco Santander SA, Santusa Holding SL and Autogrill Espagna SA over tax benefits granted to businesses that acquire indirect holdings in foreign competitors, saying the European Commission ...read more

    BREAKING: High Court Will Settle Crucial ACA Subsidy Battle

    The U.S. Supreme Court on Friday agreed to decide whether tax credits are available to consumers shopping on the Affordable Care Act's federal marketplace, setting up a potential make-or-break case for the landmark law. ...read more

    High Court Review Looms As 6th Circ. OKs Gay Marriage Bans

    The Sixth Circuit on Thursday upheld bans on same-sex marriage in four states, splitting federal appellate courts on the issue and setting up a likely review by the U.S. Supreme Court in a finding that the question of marriage equality is for the states ...read more

    3rd Circ. Affirms 10-Year Sentence For Tax Fraudster Atty

    The Third Circuit on Thursday affirmed a 10-year sentence for tax attorney Bernard Bagdis, who was convicted in 2009 for his role in a $24 million tax obstruction and evasion scheme, after a second appeal. ...read more

    Conservative Watchdog Sues IRS For Ignoring FOIA Request

    Conservative watchdog group Judicial Watch Inc. on Wednesday sued the Internal Revenue Service in D.C. federal court, claiming the agency won’t respond to its Freedom of Information Act request for documents regarding the IRS’ alleged monitoring ...read more

    IRS Says Wyly's Bankruptcy Personal Budget Is Texas-Size

    The Internal Revenue Service and the U.S. Securities and Exchange Commission on Thursday accused arts and crafts tycoon Sam Wyly of padding his “whopping” Texas bankruptcy budget with ill-justified expenses and of ignoring millions in anticipated ...read more

    Hundreds Of Cos. Implicated In Secret Luxembourg Tax Letters

    More than 340 of the world’s largest companies like Heinz, GE Group and GlaxoSmithKline have been scoring secret tax rulings from Luxembourg’s tax authorities over the years, helping them save billions of dollars in taxes, according to documents ...read more

    Sutherland SALT's Prentiss Willson Receives the California Bar's Benjamin F. Miller Award

    pleased to announce that Prentiss Willson has been recognized with the Benjamin F. Miller Award from the State Bar of California Taxation Section. He will accept his award at a luncheon on November 6 at the California Tax Policy Conference.
    The Benjamin F. Miller Award is given annually to recognize an individual for their outstanding achievements and contributions in the field of state and local taxation.
    “We congratulate Prentiss on this prestigious honor,” said Jeffrey A. Friedman, a Washington, D.C.-based partner in Sutherland’s renowned state and local tax (SALT) practice. “He is truly an asset to our SALT team and the SALT community, and we are very pleased to see his accomplishments recognized by other practitioners and leaders in the field.”

    Sutherland SALT is pleased to announce that Prentiss Willson has been recognized with the Benjamin F. Miller Award from the State Bar of California Taxation Section. Prentiss accepted this award at a luncheon on November 6 at the California Tax Policy Conference.

    The Benjamin F. Miller Award is given annually to recognize an individual for their outstanding achievements and contributions in the field of state and local taxation.

    “We congratulate Prentiss on this prestigious honor,” said Jeffrey A. Friedman, a Washington, D.C.-based partner in Sutherland’s renowned state and local tax (SALT) practice. “He is truly an asset to our SALT team and the SALT community, and we are very pleased to see his accomplishments recognized by other practitioners and leaders in the field.”

    With more than 40 years of experience in state and local tax, Prentiss is widely recognized as the dean of California taxation, having participated in approximately a dozen state and local tax cases before the U.S. Supreme Court and represented hundreds of taxpayers in disputes in California and across the country. 

    A frequent speaker and author on state and local taxation, Prentiss taught tax courses at Stanford Law School, University of San Francisco Law School and Golden Gate University Graduate School of Taxation. In 2010, he was recognized with the Joanne Garvey Award for his lifetime service and dedication to the State Bar of California.

    OECD’s Base Erosion Plan Puts US On The Spot, Tax Pros Say

    The Organization for Economic Cooperation and Development’s base erosion and profit shifting project puts the U.S. government in an awkward position because there is a sense that the project is geared toward going after the profits of U.S. multinational ...read more

    IndyMac Trustee, FDIC Settle $58M Tax Refund Dispute

    IndyMac Bancorp Inc.'s bankruptcy trustee asked a federal judge Wednesday to sign off on a settlement of a tax refund fight and other disputes with the Federal Deposit Insurance Corp., in a deal that allows the former parent of failed mortgage lender ...read more

    Economic Substance Doctrine Confusion

    More and more, the courts are applying the economic substance doctrine not to say a transaction did not occur as a matter of fact, but simply that the taxpayer loses because it could not prove out of a two-prong test — and a recent IRS notice attempting ...read more

    ManattJones Nabs KPMG Partner To Run New Office In Mexico

    ManattJones Global Strategies announced that it has nabbed a partner from KPMG Cardenas Dosal SC who offers advice in market entry, international trade, intellectual property and taxation, among other areas, to run its new office in Monterrey, Mexico ...read more

    Pa. Energy Industry Poised To Attack Gov. Wolf's Tax Proposal

    Pennsylvania’s natural gas industry says it will fight a severance tax on natural gas development pitched by newly elected Gov. Tom Wolf that it contends will devastate a sector already hanging on the margins. ...read more

    Tax Pro Takes Issue With 'Hot Asset' Anti-Abuse Rule

    While the tax community has mostly welcomed the proposed regulations released last week by the Internal Revenue Service on measuring a partner’s share of so-called hot assets in a partnership distribution, the anti-abuse rule included in the regulations ...read more