Tax Finance & Banking Civil Remedies

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A Warning to Issuers: SEC Charges City and Two Officials with Fraud

In a first-time use of the Dodd-Frank Act, the U.S. Securities and Exchange Commission (SEC) has charged Allen Park, Mich., its former mayor and its former city administrator with fraud in connection with $31 million in...more

Mortgage Holder’s Petition to Set Aside Judicial Tax Sale Rejected

A panel of the Commonwealth Court held that the trial court properly denied a mortgage holder’s petition to set aside the judicial tax sale of a property in Lackawanna County due to alleged improper service of notice and...more

California Federal Court Holds Bank Responsible For Funds Subject To IRS Levy On Customer’s Account

On August 15, the U.S. District Court for the Central District of California held that a bank responded too slowly to a government levy on a customer’s account and was therefore responsible for funds subsequently removed by...more

DOJ Secures Verdict in Excess of $2 Million for Failure to File FBARs

On Wednesday, May 28, 2014, a jury in Miami issued a verdict against a taxpayer for $2.2 million in fees, interest, and civil penalties for willfully failing to file foreign bank account reports (FBARs) for his Swiss bank...more

Pension News

Welcome to DLA Piper’s Pensions News publication in which we report on recent developments in pensions legislation, guidance and case law, as well as keeping you up to speed on what to look out for in the coming months. This...more

Alberta Court of Queen’s Bench Confirms Rectification Cannot Remedy Unanticipated Tax Consequences

The recent decision of the Court of Queen’s Bench of Alberta in Graymar Equipment (2008) Inc v Canada (Attorney General), 2014 ABQB 154 is an important reminder of the limited nature of the equitable remedy of rectification...more

New York to Provide Estate Tax Refund to Surviving Gay Spouses

New York to Provide Estate Tax Refund to Surviving Gay Spouses by Frank L. Brunetti on August 5, 2013 In light of the Supreme Court's recent Defense of Marriage Act ruling, many states are quickly adjusting their tax...more

Massachusetts Department of Revenue, penalties, interest, and payment allocation.

In the event that you owe taxes in Massachusetts, especially multiple types and from multiple tax years, and seek a resolution, you will want to hear about the technique of payment allocation to gain benefits otherwise...more

US District Court Rejects Talley and Permits a Business Expense Deduction for Part of Double Damages Payment Under the False...

In a taxpayer-favorable decision earlier this month, the US District Court for the District of Massachusetts, following a jury verdict, entered judgment for a corporation in a tax refund suit permitting a business deduction...more

No Happy Trails For Victorville Tax Increment Bond Financing

For more than thirty years, I’ve driven by, but never stopped at, the Roy Rogers and Dale Evans Museum in Victorville, California. The museum eventually relocated to Missouri but reportedly did not survive for long. Despite...more

Administrative Bank Attachment

The 2012-2013 Pennsylvania state budget adopted last July authorized the use of administrative bank attachment by the Department of Revenue. Prior to utilizing this collection technique, the Department was required to develop...more

Federal Court of Appeal: Canada Cannot Tax Treaty Income Twice

It is trite law that one of the main purposes of tax treaties is to prevent double taxation of the same income. In Canada this principle has often been treated with a grain of salt since Canadian domestic rules do not bar...more

Italian Revenue Agency Provides Guidance on Mutual Agreement Procedures

Italian tax authorities have become increasingly involved in mutual agreement procedures (MAPs) with foreign competent authorities in order to avoid double taxation, mostly as a result of an approach to transfer pricing...more

Financial Fraud Law Report: Financial Fraud Victims May Benefit from Swiss Bank's Disclosures

Originally published in the July-August 2012 issue of the Financial Fraud Law Report. Lawyer Michael Diaz, Jr., Says Financial Fraud Victims May Benefit from Swiss Bank’s Disclosures Swiss banking giant UBS’...more

Can You Preserve Your Claims Against a Borrower After Filing a 1099-C Cancellation of Debt?

Borrowers who file a bankruptcy petition are always looking for creative new challenges to claims asserted by their bank creditors. In recent years, debtors have argued that a bank’s issuance of an Internal Revenue Code form...more

Fifth Circuit Rules that Inherited IRAs Are Exempt under Code

Originally posted in the ABI Journal, Vol. XXXI, No. 5, June 2012. Editor’s Note: For additional perspective on inherited IRAs, read the May 2011 cover article and a letter to the editor published in the July/August 2011...more

Six Year Statute of Limitations Does Not Apply to Overstated Basis

The U.S. Supreme Court recently held, in United States v. Home Concrete & Supply, LLC, that an overstatement of basis does not constitute an omission from gross income that results in application of the extended six year...more

Non-taxable windfalls: a rare species in Canadian law

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

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

High Net Worth Family Tax Report - April 2012, Vol. 7 No. 1

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

Lehman Bankruptcy - In re: Lehman Brothers Holdings, Inc., et al., No. 08-13555

Lehman Plan Becomes Effective; Distributions to Begin April 17 On March 6, 2012, Lehman Brothers Holdings Inc. and its affiliated debtors announced that their Modified Third Amended Joint Chapter 11 Plan, which had been...more

Jefferson County: The Bankruptcy Court Always Wins

In re Jefferson Country, Alabama, Case No. 11-05736 (TBB) (Bankr. N.D. Ala. Jan. 6, 2012). On January 6, 2012, Judge Thomas B. Bennett of the Bankruptcy Court for the Northern District of Alabama held that (i) the...more

Swiss Banks Ready to Concede to IRS Demands

The IRS is investigating 11 Swiss banks (including Credit Suisse Group) suspected of helping wealthy American account holders hide taxable income in their offshore accounts. As a result, US and Swiss authorities are said to...more

Foreign Dividends in California: Apple Loses on Dividend Ordering. Now What?

Last week, the California Court of Appeal in Apple Inc. v. Franchise Tax Board rejected Apple's claim for preferential ordering for dividends paid by foreign subsidiaries. The court did, however, conclude that Apple was...more

Compensation and Benefits Insights - July 28, 2011

In This Issue: - The Supreme Court’s Ruling in CIGNA Corp. v. Amara - New Proposed 162(m) Regulations Unexpectedly Limit IPO Transition Rule Please see full newsletter below for more information and links. ...more

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