Writing that the purpose of the Illinois False Claims Act "is not to penalize frank differences of opinion or innocent errors made despite the exercise of reasonable care," an Illinois judge has ruled against a Chicago-based class action law firm serving as the whistleblower in a qui tam action filed against an out-of-state taxpayer. In the October 23 order, Cook County Circuit Court Judge Thomas Mulroy ruled against Schad, Diamond & Shedden PC, the Chicago law firm that is driving much of the national discussion about potential abuses of state false claims acts
Featured articles are a combination of selected articles from Tax Analysts' Tax Notes publications and other articles important to the fair administration of taxation.2014
October 30, 2014
This article first appeared in the October 28, 2014 edition of State Tax Today.
October 23, 2014
While lawmakers and administration officials have focused primarily on proposals to change the tax code when debating how to stop tax-motivated inversions, it is possible they could take action outside the world of taxes and institute a federal contract ban on inverted companies -- although some observers question whether such a ban would truly be effective.
October 21, 2014
[ TAX ANALYSTS INTERVIEW WITH JOHN KOSKINEN Falls Church, VA Friday, October 17, 2014 PARTICIPANTS: Moderator:
October 21, 2014
Implementation of the Foreign Account Tax Compliance Act and the Affordable Care Act, combined with a tight budget and the possibility of Congress passing a late package of tax extenders, threatens to make 2015 "the most complicated filing season before us in a long time, if ever," IRS Commissioner John Koskinen told Tax Analysts during an exclusive interview on October 17. The commissioner visited Tax Analysts' headquarters in Falls Church, Virginia, for a 45-minute discussion with Tax Analysts encompassing the IRS's progress on large partnership audits, the outcome of inve
October 16, 2014
This article first appeared in the October 15, 2014 edition of Worldwide Tax Daily. The need to restore India's luster, the imperative of reestablishing the country's preeminence as an offshoring destination, and the importance of presenting a more business-friendly image of its government were all palpable as the weeklong 68th Congress of the International Fiscal Association got underway October 12 in Mumbai, India's financial nerve center.
October 8, 2014
By the time lawmakers and taxpayers have figured out whether the Foreign Account Tax Compliance Act was worth the trouble, it might be too late to undo any damage, National Taxpayer Advocate Nina Olson said October 7. "However much I've tried to figure out what on earth [FATCA] means, and the consequences of it, I have no idea," Olson told a luncheon audience at the Securities Industry and Financial Markets Association FATCA Policy Symposium in Washington.
October 7, 2014
Former acting IRS Commissioner Steven Miller on October 6 said that while he hopes the Foreign Account Tax Compliance Act leads to less offshore tax evasion, he's not sure if the benefits of the law will outweigh its costs.
September 29, 2014
Despite its use as an offset in the recently enacted bill replenishing the Highway Trust Fund, policy analysts say that pension smoothing does not ultimately increase tax revenue and risks costing money, but even those who question its legitimacy see few politically viable alternative offsets.
September 25, 2014
New Treasury guidance aimed at making inversions more difficult to accomplish as well as substantially reducing the tax benefit from inverting includes several significant changes to existing rules, but only punishes yet-to-be completed inversions, a practitioner said September 23. "The transactions that they are targeting are a significant part of post-inversion planning," Layla J. Aksakal of Miller and Chevalier said.
September 24, 2014
Several states within recent months have published administrative guidance on the taxability of cloud computing services, while two states have adopted statutory language or regulations addressing the matter, prominent attorneys said September 22. At the Institute for Professionals in Taxation's Sales Tax Symposium in Washington, Arthur Rosen of McDermott Will & Emery and Mark Eidman of Ryan Law Firm LLP highlighted several top issues in the field of sales and use taxation, including the status of state taxation of cloud computing services.
September 22, 2014
Justin Morehouse examines the federal income tax implications of the National Labor Relations Board decision declaring grant-in-aid football scholarship recipients employees of Northwestern University.
September 22, 2014
September 12, 2014
This document first appeared in the September 8, 2014 edition of State Tax Notes. SALT Shakers is a column by State Tax Notes commentary editor Doug Sheppard that features viewpoints of, and interviews with, noteworthy members of the state and local tax world.
September 10, 2014
This article first appeared in Worldwide Tax Daily on September 4, 2014. Medtronic Inc. will pay $63 million to insulate its executive officers and directors from the consequences of an excise tax that will be triggered on completion of a transaction announced June 15 in which the company will merge with Covidien PLC and concurrently invert to Ireland.
September 10, 2014
This article first appeared in Worldwide Tax Daily on September 10, 2014. In its struggle to fend off a $53 billion hostile takeover bid by Canada's Valeant Pharmaceuticals, California-based Botox maker Allergan Inc. is marshaling all available defenses, including reaching out to officials in the Obama administration, but it is uncertain whether additional anti-inversion measures will help its cause.
September 5, 2014
This document originially appeared in the September 3, 2014 edition of State Tax Today. A Kentucky circuit court judge has ordered the Department of Revenue to release redacted copies of its final rulings under the state's Open Records Act.
August 20, 2014
This document originially appeared in the August 19, 2014 edition of State Tax Today.
August 18, 2014
August 7, 2014
Michigan owes $1.09 billion in tax refunds plus interest to out-of-state corporate taxpayers as a result of the Michigan Supreme Court's July 14 decision in favor of IBM in International Business Machines Corp. v. Dep't of Treasury , according to estimates prepared by the Michigan Department of Treasury's Office of Revenue and Tax Analysis.