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The Supreme Court considers state tax incentives to lure new business, Advance Pricing Agreements can help multinationals with the IRS, some plaintiffs are still facing tax problems with fee awards, and demands for disclosure of opinion letters raise concerns about the privilege.
Our State Wants Your Company A federal appeals court struck down Ohio’s investment tax credit as unconstitutional, and last week the Supreme Court heard oral argument in the appeal from that decision. The ruling could have consequences for how states offer incentives to bring businesses into their jurisdictions. • We Can Make a Deal Did you know you can bargain with the Internal Revenue Service about your taxes? There is a little-known program that can help many companies, both small and large. • Win in Court, But Lose at Tax? Despite the recent legislative and Supreme Court consideration, significant uncertainty remains over whether a plaintiff must include her entire damage award in gross income. That’s something to remember, not just for tax lawyers but also for plaintiffs lawyers and for defense counsel and in-house lawyers who are evaluating the settlement value of claims. • Encroaching on the Privilege The Sarbanes-Oxley Act of 2002 has put great pressure on auditors to obtain confidential, privileged information about potential tax liabilities. The Internal Revenue Service has seized on this as an opportunity to encroach on the attorney-client and work-product privileges. How did this come to pass, and what should Congress do about it?

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