McDermott Will & Emery
Subscribe to McDermott Will & Emery's PostsBrexit: The Consequences for International Tax Planning
By McDermott Will & Emery on Aug 19, 2016
Posted In Transfer Pricing Resource, Uncategorized
Just over a month has now passed since the referendum in which the United Kingdom voted narrowly to leave the European Union: an event which some have characterized as the greatest potential shock to the UK economy since the Second World War. For most multinational groups considering the potential consequences of Brexit on their tax...
Continue Reading
Tax Court Issues Five Discovery Orders Addressing Admissibility of Expert Reports
By Jeffrey M. Glassman and McDermott Will & Emery on Jul 20, 2016
Posted In Court Procedure Matters, IRS Guidance, Transfer Pricing Resource, Trial Courts, Uncategorized
On July 13, 14, and 15, 2016, Judge Laro of the US Tax Court (Tax Court) ruled on five taxpayer-filed motions in limine to exclude expert reports in Guidant LLC f.k.a. Guidant Corporation, and Subsidiaries, et al. v. Commissioner. At issue in the case are a number of IRS transfer pricing adjustments to the taxpayer-corporation’s...
Continue Reading
Tax Court Order Indicates That E-Discovery and Predictive Coding Are Here to Stay
By Chelsea Hess, Kevin Spencer, McDermott Will & Emery and McDermott Will & Emery on Jul 18, 2016
Posted In Court Procedure Matters, IRS Audits, IRS Guidance, Privilege and Non-Disclosure, Trial Courts, Uncategorized
On July 13, 2016, Judge Buch of the US Tax Court denied an Internal Revenue Service (IRS) motion to compel the production of electronically stored information (ESI) by Dynamo Holdings Limited Partnership and Beekman Vista, Inc., which was not delivered as part of a discovery response based on the mutually agreed-upon use of “predictive coding.”...
Continue Reading
IRS Issues New Procedures to IRS Appeals for Requesting Assistance from Exam in Docketed Tax Court Case
By Kevin Spencer, Alex Cheng-Yi Lee, Roger J. Jones and McDermott Will & Emery on Jul 1, 2016
Posted In IRS Appeals, IRS Audits, Transfer Pricing Resource, Uncategorized
On June 24, 2016, the Internal Revenue Service (IRS) issued a memorandum (AP-08-0616-0003, available here) to the IRS Appeals Division (Appeals) providing new, uniform procedures for requesting assistance from the Examination Division (Exam) in docketed Tax Court cases. The guidance implements standard procedures that would treat petitioners similarly. Currently, when petitioners provide new information to...
Continue Reading
Senate Finance Committee Approves Tax Court Nominees Copeland and Stoll
By Kristina Novak and McDermott Will & Emery on Apr 19, 2016
Posted In Court Procedure Matters, Trial Courts, Uncategorized
Senate Finance Committee Ranking Member Ron Wyden (D-Oregon) issued an April 18, 2016 statement noting the committee’s approval of Tax Court nominees Elizabeth Copeland and Vik Stoll. In 2015, President Obama nominated Copeland and Stoll to be judges at the US Tax Court. Copeland is a partner at the law firm Strasburger & Price, LLP....
Continue Reading
Tax Court Amends Evidence Rules
By Kevin Spencer, McDermott Will & Emery and McDermott Will & Emery on Apr 4, 2016
Posted In Court Procedure Matters, Uncategorized
On March 28, 2016, the U.S. Tax Court announced interim changes to its Rule of Practice and Procedure to incorporate changes made by Congress at the end of 2015. The interim changes impact several areas of the Tax Court’s Rules, including the impact of bankruptcy proceedings on the court’s jurisdiction, actions for review of failure...
Continue Reading
IRS Releases Practice Unit on Allocation of Interest Expense
By Jeffrey M. Glassman and McDermott Will & Emery on Mar 21, 2016
Posted In IRS Audits, IRS Guidance, Uncategorized
On February 19, 2016, the Internal Revenue Service (IRS) released a 30-plus-page practice unit regarding interest expense of a foreign corporation engaged in a U.S. trade or business. As is the case with all practice units, the IRS cautions that practice units are not official pronouncements of law or directives and cannot be used, cited...
Continue Reading
Preparing for a Tsunami of International Tax Disputes
By McDermott Will & Emery and McDermott Will & Emery on Mar 14, 2016
Posted In Alternative Dispute Resolution, IRS Audits, Transfer Pricing Resource, Uncategorized
Recently, we published a Special Report in Tax Notes International, “Preparing for a Tsunami of International Tax Disputes.” The article can be accessed here. While there is near-universal agreement that the number of tax disputes is going to increase, existing international tax dispute resolution processes remain in serious need of improvement. A global consensus must...
Continue Reading
New Post-Validus Revenue Ruling Applies to Foreign Reinsurance Transactions
By Kristen E. Hazel and McDermott Will & Emery on Feb 24, 2016
Posted In Appellate Courts, IRS Guidance, Uncategorized
In mid-2015, the United States Court of Appeals for the District of Columbia Circuit affirmed (although on narrower grounds) the decision of the United States District Court for the District of Columbia in Validus Reinsurance, Ltd. v. United States. In Validus, 786 F.3d 1039, the D.C. Circuit ruled that there was no statutory authority for...
Continue Reading
LB&I Practice Units: Know Your EOI Programs
By McDermott Will & Emery on Feb 10, 2016
Posted In Court Procedure Matters, IRS Audits, IRS Guidance, Transfer Pricing Resource, Uncategorized
On January 20, 2016, the Large Business and International (LB&I) Division released a Practice Unit entitled Overview of Exchange Information Programs and Types of EOI Exchanges, defining and describing the Internal Revenue Service (IRS) Exchange of Information (EOI) programs. These EOI Practice Units specify what types of exchanges are covered by EOI programs and what...
Continue Reading
