Tax

  • October 27, 2021

    Wyden Plan Would Tax Billionaires to Fund Biden's Agenda

    Seven hundred of the richest Americans with more than $1 billion in assets or $100 million in annual income would pay new taxes on their wealth under a plan detailed early Wednesday by Senate Finance Committee Chair Ron Wyden, D-Ore.

  • October 26, 2021

    Ex-DOJ Atty, Faegre Drinker Partner Joins Miller & Chevalier

    Miller & Chevalier Chartered's litigation practice has hired a Faegre Drinker Biddle & Reath LLP partner who formerly worked as a trial attorney at the U.S. Department of Justice's Tax Division, where he prosecuted tax and financial crimes in federal and state courts across the country.

  • October 26, 2021

    Tribune Can't Cut Cubs Sale Gains By $249M, Tax Court Says

    Tribune Media Co. can't reduce its gains from selling the Chicago Cubs by nearly $249 million because that money was equity and not debt, the U.S. Tax Court said Tuesday in a mixed ruling for the defunct media giant.

  • October 26, 2021

    Guam Man's $3.7M Tax Rehearing Bid Too Late, 9th Circ. Says

    The Ninth Circuit rejected a Guam man's bid for the court to reconsider its affirmation of the territory's $3.7 million tax assessment against him, saying he submitted the request too late.

  • October 26, 2021

    5th Circ. Told To Stand By Nixing Of Texas Latex Dancer Fee

    The Fifth Circuit should reject a rehearing bid filed by the Texas comptroller to reconsider its finding that a rule imposing a fee on clubs whose dancers cover themselves with liquid latex was unconstitutional, an adult entertainment business association said.

  • October 26, 2021

    Ballard Spahr Gets Experienced Tax Attorney To Rejoin Firm

    Ballard Spahr LLP has recently welcomed back to its Philadelphia office a tax attorney with more than 20 years' experience who plans to use the firm's national resources to grow her practice.

  • October 26, 2021

    Herrick Feinstein Expands Tax Practice With NY-Based Partner

    Herrick Feinstein LLP added a veteran transactional attorney with experience working on a variety of tax, real estate, and merger and acquisition matters, the firm announced Tuesday.

  • October 26, 2021

    1st Circ. Says Appeal Of $3M Tax Fine Faces Obstacles

    A First Circuit panel suggested Tuesday that it may not be able to overturn a $3.2 million judgment against a Massachusetts woman for failing to report a Swiss bank account given the appeals court's past decision upholding a similarly steep financial penalty.

  • October 26, 2021

    Insurers Pressure EU To Simplify Withholding Tax System

    European tax authorities should step up efforts to digitalize the system of withholding tax on dividend or interest payments and impose deadlines on governments for paying rebates and refunds, with interest and penalties for missing them, an insurance industry lobbyist said Tuesday.

  • October 25, 2021

    Apollo Stockholder Sues For Books Over $640M Tax Payout

    An Apollo Global Management Inc. stockholder sued the private equity company Friday in Delaware Chancery Court seeking to inspect its books for alleged wrongdoing in relation to a $640 million tax payout to company insiders.

  • October 25, 2021

    Carlyle Group Sued For Records On $344M 'Insider' Payment

    The Carlyle Group Inc. has been sued in Delaware Chancery Court by an investor fund seeking records to investigate potential wrongdoing in connection with a $344 million payment the global investment firm allegedly made to insiders after giving them tax-free swaps of their partnership interests.

  • October 25, 2021

    Feds Say $509M Enough From Banker Facing Tax Sentencing

    A Russian businessman who pled guilty to evading tax laws should only be penalized the $509 million he had already paid the government, federal prosecutors told a California court prior to his sentencing hearing this week.

  • October 25, 2021

    Alaska Atty Owes $2M Tax, Faked Property Transfers, US Says

    An Alaska attorney owes around $2.1 million in income taxes and has fraudulently transferred his ownership in a dozen properties to impede the federal government's collection of his liabilities, the U.S. government told an Alaska federal court.

  • October 22, 2021

    Cannabis Bill Roundup: House Eyes Expanding Pot Research

    U.S. House members reintroduced a bipartisan bill this week to clear the way for cannabis researchers to study marijuana products sold legally in states, while legislators from Pennsylvania to Puerto Rico pursued cannabis reforms ranging from full legalization to simple decriminalization. 

  • October 22, 2021

    Okla. Court Extends McGirt Ruling To Quapaw Reservation

    An Oklahoma appeals court has found that the Quapaw Nation's reservation still exists based on the U.S. Supreme Court's landmark McGirt decision, tossing a felony charge against a Native American man because the crime he is accused of took place within the reservation.

  • October 22, 2021

    Tax Partner Rejoins Venable's Estate Planning Group

    A former tax partner at Venable LLP has rejoined the firm after a stint at Fox Rothschild LLP and will serve clients in the Los Angeles office, Venable announced.

  • October 22, 2021

    Don't Miss It: Debevoise, Davis Polk Guide Week's Hot Deals

    With so much mergers and acquisitions news this week, you may have missed several deals announced in recent days helmed by firms such as Debevoise & Plimpton LLP and Davis Polk & Wardwell LLP. Here, Law360 recaps the ones you may have missed.

  • October 22, 2021

    EU Leaders Order Carbon Market Fitness Review

    European Union heads of government have approved plans to examine the functioning of the bloc's carbon emissions market, following Poland's request for a financial transaction tax on trades made under the EU's trading system.

  • October 21, 2021

    NY Gov. Signs Law Mandating State Auto-IRA Program

    New York Gov. Kathy Hochul signed legislation Thursday making it mandatory for private sector companies that don't offer retirement plans to enroll their employees in the state retirement plan unless they opt out.

  • October 21, 2021

    Sen. Sinema Mum On Corporate Tax Hike, Rep. Neal Says

    Senate Democrat Kyrsten Sinema of Arizona supports expanding renewable energy, family leave and child care, but remains noncommittal on raising corporate rates to fund the Democrats' Build Back Better bill, House Ways and Means Chair Richard Neal said Thursday.

  • October 21, 2021

    Tardy Invoices Don't Void VAT Deduction Right, ECJ Rules

    A supplier's late-provided, perfunctory invoices don't nullify a company's right to deduct value-added tax and seek a refund, the European Union's highest court said Thursday in a decision favoring a French maker of industrial pumps.

  • October 21, 2021

    County's Firearm, Ammo Taxes Unconstitutional: Ill. Justices

    The Illinois Supreme Court on Thursday reversed a lower appellate panel and held that Cook County's firearm and ammunition taxes are unconstitutional, saying the relationship between the tax classification and the use of the tax proceeds is not sufficiently tied to the county's purported objective of curbing gun violence.

  • October 21, 2021

    IndyCar Promoter Admits Fraud, Tax And Virus Aid Schemes

    A former IndyCar event promoter pled guilty Thursday to federal fraud, tax and money laundering charges that prosecutors tied to a slew of financing and pandemic aid schemes.

  • October 21, 2021

    UK, France, Spain, Italy To Repeal Digital Services Tax

    The United Kingdom, France, Italy, Spain and Austria issued a joint statement Thursday saying they will repeal their digital services taxes following the conclusion of talks by the Organization for Economic Cooperation and Development to reform the international tax system.

  • October 21, 2021

    EU Prosecutor Busts Alleged Car VAT Fraud With Mafia Ties

    The European Union prosecutor's office said it helped break up a value-added tax fraud ring involving luxury cars that caused at least €13 million ($15.1 million) in tax losses, leading to the arrests of three alleged Italian mafia members.

Expert Analysis

  • Infrastructure Bill May Limit Cryptocurrency Loss Deductions

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    If enacted, provisions in ​President Joe Biden's ​​infrastructure bill would broaden a rule meant to prevent the harvesting of tax losses​, causing every cryptocurrency investor ​who wants to deduct a loss to consider whether it is worth cashing out to fiat currency and waiting 30 days before reinvesting to take a loss deduction, says Andrew Leahey at Hunter Creek Consulting.

  • Series

    Confronting Origination Credit: Why GCs Need To Speak Up

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    In order to promote diversity and inclusion in the legal profession, in-house counsel should leverage their influence by talking to their outside firms about fair origination credit allocation, because many law firm compensation systems are still shrouded in mystery, and underrepresented attorneys often face entrenched inequities, says Michelle Banks at BarkerGilmore.

  • Pa. Tax Talk: Tax Cap Cases Highlight Chevron Issues

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    The Commonwealth Court's recent decision in Alcatel-Lucent USA v. Pennsylvania — the latest in a string of cases using the Chevron test to address remedy for a tax cap for net loss carryover — underscores the subjective nature of the test and how it can be construed to reach seemingly disparate results, says Jennifer Karpchuk at Chamberlain Hrdlicka.

  • Financial Planning Tips For Retiring Law Firm Partners

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    As the pandemic accelerates retirement plans for many, Michael Delgass at Wealthspire Advisors outlines some financial considerations unique to law firm partners, including the need for adequate liquidity whether they have capital accounts or pension plans.

  • Opinion

    The Infrastructure Bill Should Not Target Cryptocurrency

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    Congress should excise a provision in the pending infrastructure bill that would require anyone who accepts $10,000 in cryptocurrency for goods or services to report the transferring party's personal information to the Internal Revenue Service — this would be unnecessary, ill-advised and possibly unconstitutional, says James Burnham at Jones Day.

  • Preparing Remote Deposition Defenses For Corporate Entities

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    As remote depositions will remain common for the foreseeable future, attorneys defending a deposition notice or subpoena to a corporation should implement certain strategies to mitigate unique challenges, such as less planning time and increased difficulty of establishing rapport with witnesses, say attorneys at Sidley.

  • Opinion

    Opportunity Zone Regulations Require More Fine Tuning

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    Problems with the latest revisions to the qualified opportunity zone investment rules reinforce a recurring theme of regulatory hiccups that may prevent investors and communities from actualizing the program's potential benefits, unless we have more guidance, says Mitchell Goldberg at Berger Singerman.

  • Preserving Disgorgement Tax Deductibility In SEC Settlements

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    The U.S. Securities and Exchange Commission recently added language to its enforcement orders that could affect a settling party's ability to deduct certain disgorgement payments, but proper planning can help them satisfy Internal Revenue Service prerequisites, say attorneys at Sidley.

  • How The Global Tax Agreement Could Backfire For Biden

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    If the $3.5 trillion spending package fails, the federal tax code will not conform to the recent 15% global minimum tax agreement spearheaded by the U.S., which would embarrass the Biden administration and could lead to retaliatory tax measures by other nations, says Alex Parker at Capitol Counsel.

  • Perspectives

    Why Law Schools Should Require Justice Reform Curriculum

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    Criminal defense attorney Donna Mulvihill Fehrmann argues that law schools have an obligation to address widespread racial and economic disparities in the U.S. legal system by mandating first-year coursework on criminal justice reform that educates on prosecutorial misconduct, wrongful convictions, defense 101 and more.

  • Tax-Exempt Orgs, Beware This 403(b) Plan Compliance Pitfall

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    A recent Internal Revenue Service publication puts 403(b) retirement plan sponsors on notice about a contribution aggregation compliance failure often identified in audits of government and tax-exempt entities, but risk can be minimized by ensuring plan documents and communications address the issue directly, say Greg Needles and Michael Gorman at Morgan Lewis.

  • Pandora Papers Reveal Need For Greater Tax Enforcement

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    The recent Pandora Papers leak is a reminder of the importance of transparency laws and proper funding for enforcement efforts against tax evasion as bad actors increasingly operate in the shadows, says Daren Firestone and Kevin Crenny at Levy Firestone.

  • Girardi Scandal Provides Important Ethics Lessons

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    The litigation and media maelstrom following allegations that famed plaintiffs attorney Thomas Girardi and his law firm misappropriated clients' funds provides myriad ethics and professional responsibility lessons for practitioners, especially with regard to misconduct reporting and liability insurance, says Elizabeth Tuttle Newman at Frankfurt Kurnit.

  • Series

    Embracing ESG: Jabil GC Talks Compliance Preparation

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    Tried-and-true compliance lessons from recent decades can be applied to companies’ environmental, social and governance efforts, especially with regard to employee training and consistent application of policies — two factors that can create a foundation for ESG criteria to flourish, says Robert Katz at Jabil.

  • 3 Ways CLOs Can Drive ESG Efforts

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    Chief legal officers are specially trained to see the legal industry's flaws, and they can leverage that perspective to push their companies toward effective environmental, social and governance engagement, says Mark Chandler at Stanford Law School.

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