Recent Supreme Court Decision in Home Concrete: A Victory For Taxpayers by Akerman Senterfitt on 5/23/2012 The recent U.S. Supreme Court decision in United States v. Home Concrete & Supply, LLC, Sup. Ct. No. 11-139 (Apr. 25, 2012) is a victory for taxpayers on the statute of limitations for federal tax assessments. The Supreme...more
Reuters: Corporations Face Long Odds in Tax Cases Heard by the United States Supreme Court – Situation Brighter in Canada by Fraser Milner Casgrain LLP on 5/21/2012 Reuters recently reported a study showing that corporations face very long odds in tax appeals heard by the United States Supreme Court. There were 919 income tax cases in the Supreme Court of the United States from 1909 to...more
Illinois "Amazon" Law Ruled Unconstitutional by Loeb & Loeb LLP on 5/10/2012 An Illinois circuit court in Performance Marketing Association, Inc. v. Hamer ruled that the Illinois "click-through" nexus statute (otherwise known as the Illinois "Amazon" law) violates the Commerce Clause of the United...more
A Pinch of Salt - Applying False Claims Acts in State Taxation by Sutherland Asbill & Brennan LLP on 5/9/2012 A disturbing trend is developing in state and local taxation: the use of false claims acts (FCAs) with qui tam provisions as a basis for challenging taxpayers’ tax return filings. On April 19 the New York state attorney...more
Non-taxable windfalls: a rare species in Canadian law by Fraser Milner Casgrain LLP on 5/7/2012 On April 23, Morguard Corporation filed an appeal with the Federal Court of Appeal of the decision of Boyle J in the Tax Court of Canada, 2012 TCC 55, (Date: February 24, 2012) holding that a $7.7 million break fee was...more
Wealth Management Update - May 2012 by Proskauer Rose LLP on 5/3/2012 A monthly report for wealth management professionals. In This Issue: - May Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts...1 - Wandry v....more
Family Fights to Waive Tax Bill for Dead Serviceman by Darrin Mish, Tampa Tax Attorney on 5/3/2012 The family of the late Lance Corporal Andrew Carpenter is fighting for waiver of a tax bill the IRS imposed on them. 27-year old Lance Corporal Carpenter died of a sniper attack in Germany while on active duty in Afghanistan...more
For Better or For Worse, Court Finds Joint 998 Offer To Husband and Wife Sufficient Basis For Expert Witness Fees and Costs Award by Barger & Wolen on 5/2/2012 In Farag v. ArvinMeritor Inc., 2012 DJDAR 5206 (April 24, 20120), the California Court of Appeal for the Second Appellate District affirmed a post-judgment order denying plaintiffs’ motion to tax expert witness costs....more
Taxpayers Receive Tax-Exempt Interest on Settlement by Fox Rothschild on 4/27/2012 In DeNaples v. Commissioner , 109 AFTR 2d 2012-1419 (March 19, 2012), the U.S. Court of Appeals for the Third Circuit, in partially reversing the U.S. Tax Court, held that taxpayers were in receipt of tax-exempt interest...more
Identity Theft & the IRS – Proving a Negative? by Darrin Mish, Tampa Tax Attorney on 4/27/2012 Identity theft is becoming a bigger problem every day. Even I have suffered at the hands of identity thieves. A few years back, someone acquired all of my personal information down to my mother's maiden name. They then used...more
High Net Worth Family Tax Report - April 2012, Vol. 7 No. 1 by Loeb & Loeb LLP on 4/25/2012 In This Issue: - $5,120,000 Lifetime Gift Tax Exemption Expiring Soon We recently circulated this article as a Special Client Alert. The resetting of the lifetime gift-tax exemption back to $1 million from...more
McNees Insights -- Spring 2012 by McNees Wallace & Nurick LLC on 4/24/2012 In This Issue: Have You Checked Your Beneficiary Designations Recently?; Tax-Advantage Charitable Giving; and Planning and Paying for Long-term Care (Part 4 in a series: Medicaid/Medical Assistance). Excerpt from...more
Royalties Are Excluded From Total-Sales Calculations Under The SBTA by Warner Norcross & Judd - Appellate Practice... on 4/23/2012 In Kelly Services, Inc. v. Department of Treasury, No. 303736, the Court of Appeals held that royalties from the licensing of trademarks, trade names, and know-how should be excluded from total-sales calculations under the...more
ESOP LEGAL NEWS - April 2012 • Volume 1, Number 2 by Dickinson Wright on 4/20/2012 INSIDE THIS ISSUE: The ESOP Association submits comments on corporate tax reform to House committee; ESOP champion Olympia Snowe not running for reelection; Pro-ESOP legislation garners support; Bear Stearns agrees to...more
Recoverability of e-Discovery Costs in Federal Court: An Update by Snell & Wilmer L.L.P. on 4/18/2012 Last summer, we discussed the split of authority regarding the recoverability of e-discovery costs by a prevailing party in federal court under 28 U.S.C. § 1920. Generally, a court may award “[f]ees for exemplification and...more