State & Local Tax Takeaways From November
From a win for A&E Television Networks over New York City's unincorporated business tax to Colorado voters' approval of ballot measures to raise income taxes on high earners, November was a lively month for state and local tax. Here, Law360 looks at these and other state and local tax highlights from the past month.
5 Takeaways From Eaton Trial On Acquisition Financing, Part 1
The first part of Eaton’s closely watched U.S. Tax Court trial over the company’s financing of a 2012 acquisition has wrapped up, and the judge's questions to witnesses during the first two and a half weeks reveal that he’s leaning the government’s way on at least one of the central questions in the case. Here, Law360 offers five takeaways from the trial held Nov. 3-19, then resuming Dec. 4.
Law Firms Spared Partnership Tax Grab In UK Budget
The absence of a rumored increase in national insurance contributions for limited liability partnerships in the chancellor's U.K. budget statement on Wednesday suggested that the proposal might have been quietly shelved after heavy lobbying from the legal sector.
State & Local Tax Takeaways From November
From a win for A&E Television Networks over New York City's unincorporated business tax to Colorado voters' approval of ballot measures to raise income taxes on high earners, November was a lively month for state and local tax. Here, Law360 looks at these and other state and local tax highlights from the past month.
5 Takeaways From Eaton Trial On Acquisition Financing, Part 1
The first part of Eaton’s closely watched U.S. Tax Court trial over the company’s financing of a 2012 acquisition has wrapped up, and the judge's questions to witnesses during the first two and a half weeks reveal that he’s leaning the government’s way on at least one of the central questions in the case. Here, Law360 offers five takeaways from the trial held Nov. 3-19, then resuming Dec. 4.
Law Firms Spared Partnership Tax Grab In UK Budget
The absence of a rumored increase in national insurance contributions for limited liability partnerships in the chancellor's U.K. budget statement on Wednesday suggested that the proposal might have been quietly shelved after heavy lobbying from the legal sector.
Federal More
An energy investment fund's limited partners are not exempt from self-employment tax, the IRS told the First Circuit on Wednesday, saying the partnership wrongly relied on state law to treat full-time partners... (more story)
In a published opinion, the Sixth Circuit has found that Baker Donelson Bearman Caldwell & Berkowitz PC is shielded by qualified immunity as outside counsel for the city of Nashville in litigation over the law... (more story)
The Internal Revenue Service disregarded U.S. Supreme Court precedent in arguing that the U.S. Tax Court was right to slash a partnership's $17 million tax deduction for donating a conservation easement, the p... (more story)
An investor suing the principals of cannabis company Devi Holdings Inc. over an undisclosed $13 million tax liability is urging a Florida federal court to deny a motion for summary judgment from Devi's CEO, sa... (more story)
A Texas federal judge on Tuesday prodded multiple churches and Christian advocacy groups that are trying to use a proposed deal with the IRS to endorse political candidates, questioning whether churches that a... (more story)
The Senate Appropriations Committee proposed reducing the Internal Revenue Service's budget to $11.8 billion for 2026, including a sizable cut to the agency's technology budget only partially offset by an incr... (more story)
To successfully leverage the common-interest doctrine in a multiparty transaction or complex litigation, practitioners should be able to demonstrate that the parties intended for it to apply, that an underlyin... (more story)
State & Local More
Colo. Group Says Oil, Gas Fees Are Taxes That Violate TABOR
A nonprofit conservative advocacy group told a Colorado state court Tuesday that a 2024 law which imposes new fees on oil and gas producers is actually a tax and should be subject to a public vote as required ... (more story)
Arby's Franchisee Tells Ark. Justices Biz Sale Wasn't Taxable
An Oklahoma-based company that was once the largest Arby's franchisee did not receive business income that was taxable in Arkansas when it sold its business, the now-defunct corporation told the Arkansas Supre... (more story)
The Law Firm Merger Diaries: Making The Case To Combine
When making the decision to merge, law firm leaders must factor in strategic alignment, cultural compatibility and leadership commitment in order to build a compelling case for combining firms to achieve share... (more story)
Toss Of Transient Tax Case Shouldn't Be Stayed, Hawaii Says
Hawaii's motion in federal court to dismiss a complaint over the expansion of the state's transient occupancy tax to cruise ship passengers has progressed too far for the court to grant a stay of the motion, t... (more story)
What To Watch As NY LLC Transparency Act Is Stuck In Limbo
Just about a month before it's set to take effect, the status of the New York LLC Transparency Act remains murky because of a pending amendment and the lack of recent regulatory attention in New York, but busi... (more story)
Mich. High Court Won't Rethink Rejecting 'Rain Tax' Case
The Michigan Supreme Court declined for a second time to review a pair of challenges to Detroit's stormwater fees, allowing to stand lower court opinions that said the fees were not taxes subject to constitutional limits.
E-Cig Companies, NYC Agree On $1K Fines For Flavored Vapes
New York City has settled claims with two e-cigarette wholesalers that have agreed to stop pushing flavored vapes within the five boroughs and to pay $1,000 fines for future violations, while litigation contin... (more story)
Biz Group Asks NJ Court To Nix Tax Rule On Internet Activities
A New Jersey regulation that outlines when a company's internet activities exceed P.L. 86-272's protections against state income taxes should be struck down for conflicting with federal law, a business trade g... (more story)
Despite Deputy AG Remarks, DOJ Can't Sideline DC Bar
Deputy Attorney General Todd Blanche’s recent suggestion that the D.C. Bar would be prevented from reviewing misconduct complaints about U.S. Department of Justice attorneys runs contrary to federal statutes, ... (more story)
A nonprofit conservative advocacy group told a Colorado state court Tuesday that a 2024 law which imposes new fees on oil and gas producers is actually a tax and should be subject to a public vote as required ... (more story)
An Oklahoma-based company that was once the largest Arby's franchisee did not receive business income that was taxable in Arkansas when it sold its business, the now-defunct corporation told the Arkansas Supre... (more story)
When making the decision to merge, law firm leaders must factor in strategic alignment, cultural compatibility and leadership commitment in order to build a compelling case for combining firms to achieve share... (more story)
Hawaii's motion in federal court to dismiss a complaint over the expansion of the state's transient occupancy tax to cruise ship passengers has progressed too far for the court to grant a stay of the motion, t... (more story)
Just about a month before it's set to take effect, the status of the New York LLC Transparency Act remains murky because of a pending amendment and the lack of recent regulatory attention in New York, but busi... (more story)
The Michigan Supreme Court declined for a second time to review a pair of challenges to Detroit's stormwater fees, allowing to stand lower court opinions that said the fees were not taxes subject to constitutional limits.
New York City has settled claims with two e-cigarette wholesalers that have agreed to stop pushing flavored vapes within the five boroughs and to pay $1,000 fines for future violations, while litigation contin... (more story)
A New Jersey regulation that outlines when a company's internet activities exceed P.L. 86-272's protections against state income taxes should be struck down for conflicting with federal law, a business trade g... (more story)
Deputy Attorney General Todd Blanche’s recent suggestion that the D.C. Bar would be prevented from reviewing misconduct complaints about U.S. Department of Justice attorneys runs contrary to federal statutes, ... (more story)
International More
Switzerland Delays Crypto Info Swaps With Tax Authorities
Switzerland will not automatically exchange information on cryptocurrency accounts with foreign tax authorities until at least 2027, although rules governing the exchanges are being adopted into law, the count... (more story)
UK Budget A Lose-Lose For Employers And Workers
Unemployment is forecast to grow and wages are likely to fall as employers, yet to feel the worst of last year's increase to their national insurance contributions, seek to alleviate the cost of the rising tax... (more story)
UK Launches Reward Program For Tax-Fraud Whistleblowers
The U.K. government launched a reward program on Wednesday for whistleblowers who report large-scale tax fraud to HM Revenue and Customs, offering informants significant payouts if investigators can claw back ... (more story)
UK Cuts ISA Allowance To Push Cash-Rich Toward Investing
The U.K. government will cut the tax-free allowance under-65s can pay into a cash individual savings account each year to £12,000 ($15,854) from the current £20,000, effective April 2027, to push savers with e... (more story)
Weil Elects 17 New Partners In US, Europe
Weil Gotshal & Manges LLP has elected 17 lawyers to join its partnership as part of a wider round of promotions in which the firm has also boosted its counsel numbers.
Gov't To Boost Pensions For UK Retirees Hit By Inflation
The U.K. government said Wednesday it plans to increase benefits for retirees who have seen their pensions eroded over the years by inflation.
UK To Limit Pension Tax Breaks, Raising Retirement Concerns
The U.K. government said Wednesday it will reduce tax breaks on pension salary-sacrifice arrangements, despite fears it could leave millions worse off in retirement.
Switzerland will not automatically exchange information on cryptocurrency accounts with foreign tax authorities until at least 2027, although rules governing the exchanges are being adopted into law, the count... (more story)
Unemployment is forecast to grow and wages are likely to fall as employers, yet to feel the worst of last year's increase to their national insurance contributions, seek to alleviate the cost of the rising tax... (more story)
The U.K. government launched a reward program on Wednesday for whistleblowers who report large-scale tax fraud to HM Revenue and Customs, offering informants significant payouts if investigators can claw back ... (more story)
The U.K. government will cut the tax-free allowance under-65s can pay into a cash individual savings account each year to £12,000 ($15,854) from the current £20,000, effective April 2027, to push savers with e... (more story)
Weil Gotshal & Manges LLP has elected 17 lawyers to join its partnership as part of a wider round of promotions in which the firm has also boosted its counsel numbers.
The U.K. government said Wednesday it plans to increase benefits for retirees who have seen their pensions eroded over the years by inflation.
The U.K. government said Wednesday it will reduce tax breaks on pension salary-sacrifice arrangements, despite fears it could leave millions worse off in retirement.