There may be nothing better for a lawyer’s book of business than uncertainty in the law, so while new regulations announced Monday that aim to limit the controversial corporate inversion may put a stop to some of those deals, it won’t stop the need for tax attorneys to dissect these new rules and the promise of continued political machinations.
Corporate inversions, a mechanism increasingly used by U.S. companies over the past decade to reincorporate in a foreign jurisdiction to reduce their tax burden, have come under fire from the Obama administration and others as “unpatriotic.” These deals are typically done through a merger with a foreign company that results in the U.S. company maintaining much of its operations in the United States but much of its ownership and tax liabilities overseas.
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