Jeffrey A. Liesemer

A litigation trust formed when Mallinckrodt PLC left Chapter 11 bankruptcy can continue pursuing some clawback claims against Covidien Unlimited Co. alleging Covidien committed actual fraud when it spun Mallinckrodt off in 2013, a Delaware bankruptcy judge ruled. “The court’s decision was extremely thorough, well reasoned and helps illustrate the need for a further exploration…

03.29.2023 | 10:15 AMLocation: Hollywood, FloridaProgram: Practical Approaches to Managing Risk Through APAs and MAPs (Panelist)Event Sponsor: TP Minds Americas Our distinguished panellists will convene to discuss the perennially important issue of TP risk management through APAs and MAPs. The discussion will revolve around the possibility of adopting a global APA strategy and how to…

OECD officials leading negotiations on the global tax deal will soon propose a plan for ending some lengthy, expensive transfer pricing disputes under a part of the deal known as Amount B. . . . “Transfer pricing adjustments to foreign distribution subsidiaries are a persistent problem for companies—like a low-level headache that never goes away…

The IRS has largely reopened for business on July 15, with an eye toward high net-worth individuals. The IRS recently announced it will restart its global high-wealth program by commencing several hundred new examinations of high net-worth individuals between July 15 and September 30. IRS audits of individual tax returns showing more than $1 million…

The IRS issued a new notice on Friday, March 27, 2020, postponing the due date for 2019 gift tax returns to July 15, 2020. This notice adds to the relief previously announced by the IRS that postponed due dates for most income tax returns and addresses the “trap for the unwary”  we had previously identified.…

Recent changes in the tax law make 2020 an ideal time to review the beneficiary designations on your retirement accounts.  In particular, if you have designated a trust as your beneficiary, the new legislation makes it advisable to revisit that decision to determine whether that designation is still appropriate for your estate plan. Historically, a…

Despite expressing concerns about the measure at the time, New Jersey Governor Phil Murphy signed into law on June 17, 2019, a bill that creates new disclosure requirements for certain groups seeking to influence elections and government actions in New Jersey. The new law now faces a First Amendment challenge from the conservative advocacy group…

The Firm mourns the passing of Mortimer M. Caplin, co-founder of Caplin & Drysdale.  Mr. Caplin passed away on Monday, July 15, 2019, just four days after his 103rd birthday. He died peacefully in his home. Mr. Caplin lived a remarkable twentieth-century life, spanning the decades from his action as a beach master with the…

U.S. Shareholders of controlled foreign corporations (“CFCs”) should be aware that proposed regulations issued on June 14, 2019, could significantly alter how the new Global Intangible Low-Taxed Income (“GILTI”) regime under new section 951A affects their tax bills.  If finalized, the regulations would permit taxpayers to elect to exclude CFC income items subject to foreign…

A landmark Supreme Court decision decided last week calls into question the constitutionality of local (District of Columbia, Maryland, and Virginia) fiduciary income tax regimes.  Many trusts that have been treated as “resident trusts” – and thus subject to tax in the state on all of the trust’s undistributed income, wherever sourced – because of…

U.S. Department of Justice official John C. Demers, who heads the Department’s National Security Division, announced yesterday that Brandon Van Grack will now lead the team that enforces the Foreign Agents Registration Act (“FARA”).  Mr. Demers described the appointment as signalling a shift “from treating FARA as an administrative obligation and regulatory obligation to one…