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New Restrictions on Deductibility of Settlement Payments
August 14, 2018, Covington Alert
New restrictions on the deductibility of certain payments will require companies facing government investigations to pay close attention to the tax treatment of any settlement or court judgment, and to address this treatment in their negotiations with regulatory agencies. There is a risk under new tax rules that the amount paid to resolve these disputes may be nondeductible, substantially increasing the economic cost of the resolution.
Sports Group Of The Year: Covington & Burling
February 5, 2018, Law360
Covington was named a 2017 Sports Practice Group of the Year by Law360. According to Ben Block, one of the most rewarding aspects of the sports group is the opportunity to work with repeat clients. "But," he adds, "every year and every day is a new, different, and exciting challenge." Commenting on the Tax Court victory on behalf of the Boston Bruins in a ...
MVP: Covington's Jeremy Spector
December 15, 2017, Law360
Jeremy Spector was named a 2017 Tax MVP by Law360. The publication emphasizes his unique practice which focuses on representing the sports industry, and highlights his "precedent-setting" victory on behalf of the Boston Bruins at the U.S. Tax Court.
June 29, 2017, Covington Alert
In a case that could have wide-ranging effect across the sports industry and potentially beyond, the U.S. Tax Court ruled on June 26, 2017, that the Boston Bruins were allowed to deduct 100 percent of the costs of meals that they served to their players and other employees at hotels while traveling for road games. The IRS had argued that only 50 percent of those ...