Tax Law

IRS Battles Billionaire Anschutz in $144M Capital Gains Case

Was it a “variable prepaid forward contract”? Or was it an actual sale of stock? That is the central question in a battle royal between billionaire Philip Anschutz, reportedly one of the 50 richest men in the world, and the Internal Revenue Service. It is seeking to force the Denver-based…

Jun 9, 2008 5:54 PM CDT

Billionaire Olenicoff’s Plea Docs Describe Tax Evasion Techniques

Recent court filings concerning a tax evasion plea deal by billionaire Igor Olenicoff may cast a brighter light on similar efforts by less-wealthy individuals to evade U.S. income tax. Filings in federal court in Santa Ana, Calif., show the real estate magnate had accounts with Barclays Bank in the Bahamas,…

May 30, 2008 11:18 PM CDT

IRS Employee Charged With Checking Out Celebrity Tax Records

A tax examiner in Ohio has been arrested on charges he sneaked a peek at tax information for nearly 200 celebrities. John Snyder has been charged with a misdemeanor for allegedly accessing the information on the Internal Revenue Service database, the Cincinnati Enquirer reports. He is accused of checking out…

May 30, 2008 3:59 PM CDT

New York Agencies Told to Recognize Out-of-State Gay Marriages

A directive from the governor’s office tells state agencies in New York to recognize gay marriages legally performed elsewhere. Citing a state appellate ruling, the legal counsel for Gov. David Paterson told agencies that married gay couples deserve the same protection as those in other legal unions, the New York…

May 29, 2008 10:41 AM CDT

New Law Seeks Revenue from Tax Exiles

Escaping U.S. taxes by renouncing U.S. citizenship and moving abroad will soon be harder than it used to be. A new law approved by Congress last week seeks to close loopholes that allowed Americans to reduce their tax bills by going to other countries with less onerous requirements. Among the…

May 28, 2008 5:46 PM CDT

IRS Clears Church for Hosting Obama Speech

The Internal Revenue Service has determined that the United Church of Christ did not violate tax laws by hosting a speech by Sen. Barack Obama. Obama spoke to 10,000 church members on faith and politics last June, report the Cleveland Plain Dealer and the Wall Street Journal (sub. req.). The…

May 22, 2008 12:38 PM CDT

Tough Calls for US Tax Dodgers & Counsel; Secret Bank Accounts Exposed

An international crackdown on holders of once-secret offshore bank accounts is putting some wealthy clients of U.S. lawyers on the hot seat as they try to figure out what to do about possible criminal prosecution concerning unpaid income tax on assets concealed overseas. Do they confess and plead for mercy?…

May 21, 2008 8:37 PM CDT

D.C. Tax Practice Hot; Major Tax Law Changes Expected

Law firms in the nation’s capital are looking to hire seasoned tax lawyers in the expectation of significant statutory changes. The ever-increasing scope of the alternative minimum tax, as well as the upcoming expiration of a record-breaking $4 trillion worth of tax provisions, are expected to spur landmark legislation, reports…

May 20, 2008 10:53 PM CDT

Supreme Court Upholds Tax Exemption for In-State Muni Bonds

Updated: The U.S. Supreme Court has ruled that states may favor municipal bonds issued within their borders by exempting interest on them from taxation, SCOTUSblog reports. The appeal in Kentucky v. Davis had argued Kentucky violated the Constitution’s dormant commerce clause by exempting interest on in-state municipal bonds from taxation…

May 19, 2008 2:47 PM CDT

Revised Reporting Law Could Mean Big Penalties for U.S. Clients of UBS

Prosecutors are expected to issue a subpoena seeking the names of wealthy U.S. clients using the services of Swiss bank UBS AG to avoid income taxes. Ultimately the probe could result in big fines for U.S. clients who failed to report offshore trust accounts. The subpoena would follow the indictments…

May 15, 2008 1:23 PM CDT

‘100s and 100s’ of N.Y. Lawyers Involved in Pension Scheme, AG Says

Updated: “Hundreds and hundreds” of New York lawyers will be implicated in a statewide scheme in which non-employees have improperly been enrolled in the public pension system, the state attorney general says. The situation was initially reported by Newsday as involving several lawyers in private practice representing Long Island school…

May 9, 2008 3:26 PM CDT

Legal Group Hopes Pastors Will Help Effort to Overturn Tax Law

A legal advocacy group is asking preachers to break the law by taking a stand on political candidates on Sept. 28. The Alliance Defense Fund hopes cooperating clergy will provoke an investigation by the Internal Revenue Service and set up a test case to challenge the tax law, the Wall…

May 9, 2008 11:32 AM CDT

‘Perk of Partnership’ at N.Y. Law Firm: Public Pension for No-Show Job

For some lawyers at one Albany, N.Y., area law firm, getting a public pension for a no-show school district job was a standard “perk of partnership,” a state prosecutor said at a news conference today. “Ellen Biben, special deputy attorney general for public integrity, said a number of lawyers of…

May 8, 2008 11:43 PM CDT

Wesley Snipes to Appeal 3-Year Term; Case a Warning to Others

Three consecutive one-year prison terms might seem like a hefty price to pay for misdemeanor convictions for failing to file a tax return. But when the defendant is a famous Hollywood actor who allegedly failed to pay millions in taxes, the public needs to see that justice is being done,…

Apr 25, 2008 3:20 PM CDT

Wesley Snipes Gets 3 Years in Failure-to-File Case

Failing to file income tax returns for three years cost actor Wesley Snipes a maximum three-year prison term at his sentencing today in an Ocala, Fla., federal courtroom, according to breaking news headlines from CNN and WESH, an NBC affiliate in Orlando. Although Snipes had beaten the rap on the…

Apr 24, 2008 9:56 PM CDT