Yellen Opposes Global Redistribution Of Billionaires' Wealth
Justices' CFPB Alliance May Save SEC Courts, Not Chevron
IRS To Extend Free File Program For 5 Years
Yellen Opposes Global Redistribution Of Billionaires' Wealth
U.S. Treasury Secretary Janet Yellen repeated Thursday that she opposes a global minimum tax on billionaires and added that she does not support basing a redistribution of the revenue from such a tax on damage from climate change and related financing needs.
Justices' CFPB Alliance May Save SEC Courts, Not Chevron
A four-justice concurrence to the U.S. Supreme Court's decision upholding the Consumer Financial Protection Bureau's unique funding scheme last week carries implications for other cases pending before the court that challenge the so-called administrative state, or the permanent cadre of regulatory agencies and career government enforcers who hold sway over vast swaths of American economic life.
IRS To Extend Free File Program For 5 Years
The Internal Revenue Service has agreed to a five-year extension of the Free File program, in which tax software businesses offer their return preparation and filing products free to the lowest 70% of taxpayers by adjusted gross income, the agency announced Wednesday.
Federal More
The chairs of the Senate's tax and budget committees said Thursday that they were investigating a meeting with former President Donald Trump and oil and energy companies and a trade association where Trump rep... (more story)
Lawmakers should preserve the Tax Cuts and Jobs Act's nonexpiring provisions, specifically the 21% corporate tax rate, when debating the extension of the law's expiring provisions in 2025, former House Ways an... (more story)
The federal government agreed to stop fighting a ruling that awarded Citigroup $183 million in tax deductions for liabilities belonging to a failing bank it had acquired during the 1980s savings and loan crisi... (more story)
The owner of a California ambulance company who was charged last year with tax evasion and filing false returns has been further accused of fraudulently securing $1 million from federal pandemic relief loan pr... (more story)
Akerman LLP is boosting its tax team, bringing in a Kilpatrick Townsend & Stockton LLP corporate tax and energy tax credit expert as a partner in its Los Angeles office.
A California federal judge on Wednesday moved Hunter Biden's criminal tax trial from June 20 to September over objections from the government and after Biden's attorney said the upcoming date is too close to h... (more story)
Taxpayers who used the IRS' Direct File pilot program this year took an average of 20 minutes to file a return and received more than $90 million in refunds, but no decision has been reached on whether to expa... (more story)
State & Local More
Ill. Justices OK $28M Tax Value Appeal Without Payment
A power company's property in Illinois was not required to pay disputed property taxes before appealing a valuation, the Illinois Supreme Court affirmed Thursday, upholding a reduction in the assessment of about $28 million.
Minn. Lawmakers OK Family Leave Payroll Tax Boost
Minnesota would raise the payroll premium for its yet-to-begin paid family and medical leave program under a bill passed by state lawmakers in the final hours of their session.
SC Justices Urged To Review $12.5M Amazon Tax Dispute
South Carolina's highest court should review an appeals court's opinion that Amazon was required to collect and remit sales tax on products sold on its marketplace in 2016 and owes the state $12.5 million in t... (more story)
CohnReznick Adds PwC Partner To International Tax Practice
CohnReznick has a new principal in its international tax practice who previously served as a partner at PwC, the firm announced.
22 States Tell 11th Circ. Corp. Transparency Act Goes Too Far
The federal Corporate Transparency Act unconstitutionally displaces state authority and its enforcement would economically harm states and their residents, attorneys general from 22 states told the Eleventh Ci... (more story)
Tax Assessment: Recapping Georgia's Legislative Session
Jonathan Feldman and Alla Raykin at Eversheds Sutherland examine tax-related changes from Georgia’s General Assembly — such as the governor’s successful push to accelerate income tax cuts — and suggest steps t... (more story)
Strategic Hiring Was The New Normal For BigLaw In 2023
The 400 largest law firms by headcount in the U.S. grew more slowly in 2023 than in the previous two years, while Kirkland & Ellis LLP surpassed the 3,000-attorney threshold, according to the latest Law360 ranking.
The Law360 400: Tracking The Largest US Law Firms
The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in the near future.
Geothermal Energy Has Growing Potential In The US
Bipartisan support for the geothermal industry shows that geothermal energy can be an elegant solution toward global decarbonization efforts because of its small footprint, low supply chain risk, and potential... (more story)
A power company's property in Illinois was not required to pay disputed property taxes before appealing a valuation, the Illinois Supreme Court affirmed Thursday, upholding a reduction in the assessment of about $28 million.
Minnesota would raise the payroll premium for its yet-to-begin paid family and medical leave program under a bill passed by state lawmakers in the final hours of their session.
South Carolina's highest court should review an appeals court's opinion that Amazon was required to collect and remit sales tax on products sold on its marketplace in 2016 and owes the state $12.5 million in t... (more story)
CohnReznick has a new principal in its international tax practice who previously served as a partner at PwC, the firm announced.
The federal Corporate Transparency Act unconstitutionally displaces state authority and its enforcement would economically harm states and their residents, attorneys general from 22 states told the Eleventh Ci... (more story)
Jonathan Feldman and Alla Raykin at Eversheds Sutherland examine tax-related changes from Georgia’s General Assembly — such as the governor’s successful push to accelerate income tax cuts — and suggest steps t... (more story)
The 400 largest law firms by headcount in the U.S. grew more slowly in 2023 than in the previous two years, while Kirkland & Ellis LLP surpassed the 3,000-attorney threshold, according to the latest Law360 ranking.
The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in the near future.
Bipartisan support for the geothermal industry shows that geothermal energy can be an elegant solution toward global decarbonization efforts because of its small footprint, low supply chain risk, and potential... (more story)
International More
White & Case Adds Former A&O Tax Pro In Luxembourg
White & Case LLP announced it has added a tax partner to its Luxembourg office from A&O Shearman who specializes in international and Luxembourg corporate tax law.
New Crypto Reporting Will Require Rigorous Recordkeeping
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to ... (more story)
Property Transfer For Tax Break Not Dishonest, UK Court Says
Two liquidated London real estate companies failed to convince the United Kingdom Court of Appeal that their former director behaved dishonestly by transferring their holdings to Jersey trusts for less than ma... (more story)
UK Gov't Calls Elections For July 4 Despite Poor Polls
Prime Minister Rishi Sunak on Wednesday called an early general election to be held on July 4, advancing the electoral timetable even though his Conservative Party lags decisively behind the opposition Labour Party.
Swiss Gov't Adopts Proposals For Tougher AML Laws
Switzerland on Wednesday approved a new anti-money laundering framework that will introduce a register in which companies and other legal entities in the country will have to disclose information on their bene... (more story)
EU's Carbon Border Tax Pushes Others To Follow, Experts Say
The European Union's carbon border tax is pushing many countries outside the bloc to introduce similar systems, government and academic experts said Wednesday.
UK Dependency To Implement Pillar 2 Starting In 2025
The island of Jersey, a U.K. crown dependency, said it would implement the international minimum tax for large corporations known as Pillar Two, with the law taking effect next year.
White & Case LLP announced it has added a tax partner to its Luxembourg office from A&O Shearman who specializes in international and Luxembourg corporate tax law.
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to ... (more story)
Two liquidated London real estate companies failed to convince the United Kingdom Court of Appeal that their former director behaved dishonestly by transferring their holdings to Jersey trusts for less than ma... (more story)
Prime Minister Rishi Sunak on Wednesday called an early general election to be held on July 4, advancing the electoral timetable even though his Conservative Party lags decisively behind the opposition Labour Party.
Switzerland on Wednesday approved a new anti-money laundering framework that will introduce a register in which companies and other legal entities in the country will have to disclose information on their bene... (more story)
The European Union's carbon border tax is pushing many countries outside the bloc to introduce similar systems, government and academic experts said Wednesday.
The island of Jersey, a U.K. crown dependency, said it would implement the international minimum tax for large corporations known as Pillar Two, with the law taking effect next year.