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Tax
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December 05, 2024
11th Circ. Won't Rethink $100M Credit For John Hancock
The Eleventh Circuit won't reconsider its decision to let John Hancock Life Insurance Co. keep $100 million in foreign tax credits, leaving in place its October ruling against a Florida law firm retirement plan's trustees.
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December 05, 2024
Ariz. Parcel's Improvements Have No Value, Tax Court Says
The improvements to an industrial parcel in Arizona have no value, the state tax court ruled, agreeing with the owner that a county assessor's valuation of the property was excessive.
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December 04, 2024
GAO Finds Limited Oversight, Data On Crypto In 401(k)s
Though crypto assets make up a small part of the 401(k) market, their limited federal oversight might leave workers responsible for monitoring the volatile investment options, according to a report released Wednesday by the U.S. Government Accountability Office.
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December 04, 2024
Trump Picks Ex-Congressman For IRS Commissioner
President-elect Donald Trump said Wednesday he has tapped a former member of the U.S. House of Representatives to lead the Internal Revenue Service during his coming second term.
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December 04, 2024
Uber Didn't Have To Collect Tax Pre-Wayfair, Court Told
Uber was not required before the Wayfair decision to collect and remit millions in sales taxes on behalf of drivers and customers who use its app, an attorney for the ride-hailing company told a Georgia appellate panel Wednesday, urging the panel to overturn a trial court.
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December 04, 2024
Mich. Justices Pan Due Process Claim In Tax Appeal Dispute
Two Michigan Supreme Court justices expressed skepticism Wednesday toward a packaging company's arguments that its due process rights were violated when an assessor's notice of a tax exemption denial didn't provide all the information the business needed to appeal.
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December 04, 2024
Block's Tax Refund Should Be Voided, Atlanta Tells Ga. Court
A Georgia trial court erred when it found that Block, the financial services and mobile payments company, was due a $330,000 occupation tax refund from the city of Atlanta, a lawyer for the city told an appellate panel Wednesday.
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December 04, 2024
Treasury Finalizes Broad Energy Investment Tax Credit Regs
The U.S. Treasury Department released final regulations Wednesday for the clean energy investment tax credit, which includes notable changes to the proposed energy property definition to include functional components in calculating the incentive's value, such as a biogas facility's upgrading equipment.
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December 04, 2024
Reed Smith Adds State Tax Partner To San Francisco Office
Reed Smith LLP added a partner to its national state tax practice who will work out of its San Francisco office, according to the firm.
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December 04, 2024
Oracle Can't Seek Fla. Tax Refunds Without Repaying Clients
Oracle can't obtain refunds for Florida state and local taxes that it improperly collected on sales of electronically delivered software to three businesses because the company didn't reimburse those customers first, a state appeals court ruled Wednesday.
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December 03, 2024
Hunter Biden's Gun, Tax Cases Axed After Presidential Pardon
Federal judges in Delaware and California on Tuesday closed the books on Hunter Biden's felony gun and tax evasion cases, just ahead of his sentencing hearings, after President Joe Biden issued a sweeping pardon of his son over the weekend.
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December 03, 2024
Ex-Apple Workers Accused Of Swiping Charity Match Funds
A Northern California district attorney's office on Tuesday unveiled charges against six former Apple Inc. workers accused of scheming to convince their employer to match thousands of dollars in nonexistent donations to children's charities, according to an announcement from the office.
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December 03, 2024
Texas Judge Blocks 'Quasi-Orwellian' Anti-Laundering Law
A Texas federal judge on Tuesday halted the Biden administration's roll-out of new reporting requirements aimed at unmasking anonymous shell companies, granting a nationwide preliminary injunction sought by business interests challenging their constitutionality.
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December 03, 2024
Ex-Braves Blast Tax Court's 'Disregard' In Easement Fight
Two former Atlanta Braves players penalized for allegedly overstating the value of a conservation easement donation urged the Eleventh Circuit to toss the costly ruling against them, saying the U.S. Tax Court's decision showed "blatant disregard" for the appeal court's precedent in deciding the matter.
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December 03, 2024
Trump Argues Immunity Extends To Local Prosecutions
President-elect Donald Trump told the New York state judge presiding over his hush money case that the criminal charges and guilty verdict should be thrown out, arguing in an expansive motion released Tuesday that allowing a local prosecution to proceed would upset the republic's balance of power.
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December 03, 2024
Fried Frank Adds Goodwin Procter Tax Pro As Partner In NY
Fried Frank Harris Shriver & Jacobson LLP announced Tuesday that a Goodwin Procter LLP tax and business law partner has joined the firm and will serve as a partner in Fried Frank's tax department in New York.
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December 03, 2024
'Bitcoin Jesus' Calls $48M Tax Dodging Case Unconstitutional
An early Bitcoin investor known as Bitcoin Jesus asked a California federal judge Tuesday to dismiss charges that he dodged approximately $48 million in taxes by filing false tax returns and concealing how much cryptocurrency he owned, arguing that the charges are unconstitutional.
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December 03, 2024
Exelon Asks For Corp. AMT To Account For Repairs Deduction
Power companies should be allowed to account for an industry-specific tax deduction on repair costs to determine whether they're subject to the corporate alternative minimum tax, utility giant Exelon said in a comment letter to the U.S. Treasury Department released Tuesday.
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December 03, 2024
Tax, Insurance Cos. Owner Gets 3 Years For $1M Tax Evasion
The owner of a tax business who also ran an insurance company the government says provided fraudulent vehicle registrations for unauthorized immigrants was sentenced to three years in prison for failing to pay more than $1 million in taxes, federal authorities in North Carolina announced Tuesday.
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December 02, 2024
Russia Looks To 4 FSIA Cases In Bid To Stay $5B Award Suit
Russia urged a D.C. federal judge to pause a case against it by a Yukos Oil Co. unit seeking to enforce $5 billion in arbitral awards, saying Monday that four parallel Foreign Sovereign Immunities Act cases are pending before the Supreme Court and the D.C. Circuit that could affect the suit.
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December 02, 2024
Government Mole Faces Tough Cross From Madigan's Atty
An attorney for former Illinois House Speaker Michael Madigan got his chance Monday to question the ex-Chicago alderman who recorded his client while cooperating with the government, pushing him to admit that Madigan never explicitly conditioned his support on legal business for his law firm or told the alderman to vote against developers who didn't hire him for tax work.
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December 02, 2024
Biden's Pardon Is Another Blow To Special Counsel Probes
President Joe Biden's pardon of his son over the weekend marks the latest example of a special counsel investigation fizzling and raises doubts over the future use of such probes, which can drag on for years and cost taxpayers millions of dollars.
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December 02, 2024
NC GOP-Led Senate OKs Reducing Income Tax Cap
North Carolina's income tax cap would fall to 5%, instead of the 7% currently in the state constitution under a constitutional amendment approved Monday by the state Senate.
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December 02, 2024
Cargo Facility Merits Property Tax Break, Mass. Justices Told
A property leased from the Massachusetts Port Authority to a for-profit cargo enterprise is exempt from property tax because the facility serves a public purpose, the lessee told the state's highest court Monday, urging reversal of a tax board decision.
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December 02, 2024
A&O Shearman Tax Pro Jumps To Hogan Lovells In DC
Hogan Lovells said Monday that it has brought on a former Allen Overy Shearman Sterling tax partner who specializes in spinoffs, cross-border deals and other corporate transactions.
Editor's Picks
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Blockchain Tech May Present New Transfer Pricing Challenges
Companies that develop blockchain systems to digitally record transactions may face difficulties when valuing intangibles tied to the decentralized and highly varied technology, creating novel transfer pricing issues for multinational corporations that create their own blockchain networks.
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Trump-Era Tariff Angst Hasn't Gone Away Under Biden
The early days of the Biden administration have been relatively quiet on the trade front, but importers have nevertheless found themselves in the throes of a familiar battle: pleading with the government to hold off on tariffs in a heated trade dispute.
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3 Major Implications For States In Biden's Tax Plans
President Joe Biden's sweeping tax changes proposed to pay for trillions in infrastructure spending would significantly alter the way the federal government taxes corporations, leaving states, for the second time in four years, to decide if and how to conform. Here Law360 presents three considerations for states in the president's tax proposals.
Expert Analysis
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Series
Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
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Rank-And-File DOJ Attorneys Will Keep Calm And Carry On
Career prosecutors at the U.S. Department of Justice often pride themselves on their ability to remain apolitical in order to ensure consistency and keep the department’s mission afloat, and the incoming Trump administration is unlikely to upend this tradition, says Michael Landman at Bird Marella.
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California Supreme Court's Year In Review
Attorneys at Horvitz & Levy highlight notable decisions on major questions from the California Supreme Court's last term, including voter initiatives, hostile work environment and the economic loss rule.
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Series
Flying Makes Me A Better Lawyer
Achieving my childhood dream of flying airplanes made me a better lawyer — and a better person — because it taught me I can conquer difficult goals when I leave my comfort zone, focus on the demands of the moment and commit to honing my skills, says Ivy Cadle at Baker Donelson.
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What Higher Education Can Expect From A 2nd Trump Admin
The election of Donald Trump for a second presidential term has far-reaching ramifications for colleges and universities — come January, institutions can expect a crackdown on DEI, increased scrutiny of campus protests, a rollback of the Biden administration's Title IX rules and more, say attorneys at Jenner & Block.
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Series
Circus Arts Make Me A Better Lawyer
Performing circus arts has strengthened my ability to be more thoughtful, confident and grounded, all of which has enhanced my legal practice and allowed me to serve clients in a more meaningful way, says Bailey McGowan at Stinson.
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3 Ways To Train Junior Lawyers In 30 Minutes Or Less
Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.
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Expect Surging Oil And Gas Industry Under New Trump Admin
Throughout his recent campaign, President-elect Donald Trump promised increased oil and natural gas production and reduced reliance on renewables — and his administration will likely bring more oil and gas dealmaking, faster federal permitting and attempts to roll back incentives for green energy, say attorneys at Sidley.
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The Bar Needs More Clarity On The Discovery Objection Rule
Almost 10 years after Federal Rule of Civil Procedure 34 was amended, attorneys still seem confused about what they should include in objections to discovery requests, and until the rules committee provides additional clarity, practitioners must beware the steep costs of noncompliance, says Tristan Ellis at Shanies Law Office.
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Series
Being A Navy Reservist Makes Me A Better Lawyer
Serving this country in uniform has not only been one of the greatest honors of my life, but it has also provided me with opportunities to broaden my legal acumen and interpersonal skills in ways that have indelibly contributed to my civilian practice, says Phillip Smith at Weinberg Wheeler.
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Cos. Should Inventory Issues To Prep For New Congress
As the legislative and oversight agendas of the 119th Congress come into sharper focus, corporate counsel should assess and plan for areas of potential oversight risk — from tax policy changes to supply chain integrity — even as much uncertainty remains, say attorneys at WilmerHale.
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Conservation Easement Cases Weave Web Of Uncertainty
Much of the IRS and Justice Department’s recent success in prosecuting syndicated conservation easement cases can be attributed to the government’s focus on the so-called PropCo ratio, which could indicate treacherous waters ahead for participants and their advisers, even under the incoming Trump administration, say attorneys at Polsinelli.
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So You Want To Move Your Law Practice To Canada, Eh?
Google searches for how to move to Canada have surged in the wake of the U.S. presidential election, and if you’re an attorney considering a move to the Great White North, you’ll need to understand how the practice of law differs across the border, says David Postel at Henein Hutchison.
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Legislation Most Likely To Pass In Lame Duck Session
As Congress begins its five-week post-election lame duck session, attorneys at Greenberg Traurig break down the legislative priorities and which proposals can be expected to pass.