Prosecutors asked a Florida federal judge on Thursday to order four people convicted of lying to banks and investors in the Cay Clubs Resorts and Marinas to pay the victims $180 million, setting the stage for those who have filed claims to get some of ...read more
Two Baker McKenzie tax attorneys and a trial lawyer are representing a Washington, D.C.-based watchdog group in a new lawsuit filed Thursday alleging that President Donald Trump and his staff are failing to preserve statutorily mandated records through ...read more
Subsidiaries of the Canadian National Railway Co. urged the Seventh Circuit to reconsider its divided decision that nonqualified stock options are taxable in a $13.3 million lawsuit against the IRS, saying in a petition Thursday that the ruling conflicts ...read more
The New York Attorney General’s Office has reached a $1 million settlement with India-based IT consulting company Infosys to resolve claims that the company ran afoul of U.S. visa requirements by failing to pay the prevailing wage to H-1B workers ...read more
A former U.S. Tax Court judge was sentenced to nearly three years in prison, along with her husband, who faces a two-year sentence, Thursday following guilty pleas for conspiring to cheat on their taxes during a 10-year stretch, including understating ...read more
The Ohio Supreme Court on Thursday ordered the state Board of Tax Appeals to take another look at a decision allowing the tripling of a Columbus-area fitness center’s valuation, holding that the appeals board should have looked beyond a recent sale. ...read more
In this week’s Taxation With Representation, EQT Corp. buys Rice Energy for $6.7 billion, European telecommunications giant Altice priced the second largest U.S. IPO of 2017 and alcohol maker Diageo will pay as much as $1 billion to acquire U.S ...read more
A former Colgate executive may have spent more physical time in New York City than in Paris during 2011 and 2012, but the City of Light was his real home, according to a New York Division of Tax Appeals decision made public Thursday, nixing a $2.2 million ...read more
The IRS is not doing enough to identify and notify victims of employment-related identity theft, according to the Treasury Inspector General for Tax Administration, which excoriated the IRS for not expanding a notification policy it began in January to more potential victims. The number of victims of employment-related ID theft "is significantly greater than identified," TIGTA said in a report dated June 20 and released June 22. Criticizing IRS handling of so-called Social Security number mismatches, TIGTA said the IRS had no plans to assist 548,968 identified victims. How TIGTA arrived at that top-line figure was unclear, but the agency said it based its analysis on cases from the 2015 tax return processing year.
Under the U.K. Criminal Finances Act 2017, the procedures for reporting suspicious financial activity have changed. Law firms, accounting firms and banks must now take on a more active role in identifying sources of information relevant to determining ...read more
The IRS is mulling development of online taxpayer accounts for tax-exempt organizations, one of several changes to the EO filing process discussed by Margaret Von Lienen, exempt organizations director in the IRS Tax-Exempt and Government Entities Division. Von Lienen, who spoke June 21 at the American Institute of CPAs Not-for-Profit Industry Conference in National Harbor, Maryland, said online taxpayer accounts "would be great for exempt organizations" because it would enable them "to go in and change the address if they need to because the directors have changed."
Former U.S. Tax Court Judge Diane L. Kroupa was sentenced to nearly three years in prison June 22 on a charge of conspiring to defraud the IRS of more than $ 450,000 in taxes, according to a Justice Department release. Kroupa's 34-month sentence was issued after she pleaded guilty (Doc 2016-21410) to violating 18 U.S.C. section 371 as part of a scheme to pass off personal expenses as business expenses, the release noted. Her ex-husband and codefendant, Robert Fackler, was sentenced to 24 months for one count of tax obstruction under section 7212(a).
A Treasury report required by President Trump's February 24 executive order creating regulatory reform task forces will not be made public, according to a spokesperson for the department. The February order (EO 13777) required federal agencies including Treasury to create regulatory reform task forces charged with issuing reports to their respective agency heads within 90 days of the date of the order. A Treasury spokesperson confirmed June 21 that the Treasury task force's report was submitted but said it won't be made public.
Senate Republican leadership unveiled legislation June 22 that would repeal most Affordable Care Act taxes while retaining some popular ACA provisions, but the odds of the bill's passage were unclear after several Republican senators said they couldn't support the bill without further changes. The Better Care Reconciliation Act of 2017 is a substitute amendment to the American Health Care Act (H.R. 1628), which narrowly passed the House (2017 TNT 86-1) in May.
A judge at London’s High Court has told Prudential Assurance Company Ltd. that it cannot pursue a judicial review against U.K. customs officials who rejected the insurer’s claim for double tax relief on overseas income in the accounting year ...read more
The U.S. Senate's legislation to repeal much of the Affordable Care Act encountered substantial criticism on Thursday, with conservatives branding it too modest and experts warning that it might destabilize insurance markets. Here are five key takeaways ...read more
The European Commission’s targeting of tax and financial advisers in its latest push to curb tax avoidance will undoubtedly limit the cross-border transactions that consultants support, but it also puts businesses in the strange position of having ...read more
The Washington State Department of Licensing has asked the U.S. Supreme Court to review a ruling by the state's top court that a tribal wholesale fuel distribution company is exempt from paying taxes on fuel brought to the Yakama Indian Reservation ...read more
Uber Technologies Inc. must disclose driver information to the San Francisco tax collector in response to the city’s attempt to verify that drivers are securing business licenses in accordance with local law, a Superior Court judge said Thursday ...read more
Maine joined a growing list of states trying to expand their taxing authority over online retailers on Wednesday, with lawmakers overriding a veto from Gov. Paul LePage to impose sales and use taxes on anyone with at least $100,000 worth of sales or 200 ...read more
The U.K. Criminal Finances Act 2017 introduces major changes to the regime for suspicious activity reports. To minimize the risk of serious business disruption, financial services firms, accounting firms and law firms doing business in the U.K. must be ...read more
A split Texas appeals court sided Thursday with Harris County in upending a lower court ruling clearing a refinery owner of local ad valorem taxes, concluding that a change in corporate structure meant the company had lost its claim to a local tax-free ...read more
The board overseeing Puerto Rico’s financial restructuring Wednesday united with bondholders and retirees to oppose moving a key dispute over sales tax revenue from federal court to the territory’s Supreme Court. ...read more
The Coca-Cola Co. has fired its opening salvo in a massive transfer-pricing litigation against the IRS in U.S. Tax Court, seeking to overturn the agency’s decision to eliminate $139 million in Mexican foreign tax credits from the years 2007 through ...read more
A former hedge fund management company senior vice president won a full $7.86 million tax refund after a Federal Claims judge ruled that the Internal Revenue Service incorrectly classified her $18.75 million bonus payment as a partnership distribution ...read more