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Tax
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May 01, 2024
Metal Biz Owner Cops To Tax Fraud On $2.8M Income
The owner of a metal fabrication company admitted to neglecting to report nearly $3 million in business income to the IRS, Connecticut federal prosecutors announced.
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May 01, 2024
In Trump Staredown With NY Judge, 'Somebody Has To Blink'
Experts say Donald Trump will likely continue to ignore warnings from the court, and possibly his own attorneys, as his Manhattan hush money trial resumes Thursday with a fresh set of arguments over the presumptive Republican presidential nominee's out-of-court statements.
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May 01, 2024
Billionaire Energy Co. Founder Sues Booz Allen Over IRS Leak
Energy Transfer co-founder Kelcy Warren accused government contractor Booz Allen Hamilton of failing to supervise an employee who stole Warren's private tax information and that of thousands of other wealthy people while on assignment at the IRS, according to a complaint in Maryland federal court.
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May 01, 2024
Colo. House OKs $650M Child Income Tax Credit
Colorado would create income tax credits for people with children that could total more than $650 million annually under legislation passed Wednesday by the state House of Representatives.
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May 01, 2024
Overtime Theft Scheme Earns Ex-Mass. Trooper 3 Years
The former second-in-command of a Massachusetts state police traffic safety unit was sentenced to three years in prison for his role in a widespread conspiracy to steal federally funded overtime through no-work shifts.
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May 01, 2024
Tax Credit Transfer Regs Show IRS Caution In Rulemaking
The IRS and Treasury's final rules on the sale and transfer of green energy credits maintained a strict reading of the statute while making few changes, a sign of caution by regulators amid judicial scrutiny of the government's rulemaking authority.
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May 01, 2024
Celeb Charity Says Law Firm Partner Went Rogue, Leaked Info
The nonprofit responsible for handling more than $8 million donated to NFL safety Damar Hamlin following his on-field cardiac arrest has lodged a suit in Illinois federal court against its former counsel, claiming a lawyer leaked private documents to the press as retribution for his firing after publicizing faulty information.
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April 30, 2024
Ex-Autonomy VP Says CEO Lynch Told Him To Lie To Investors
A former Autonomy business development executive testified Tuesday that CEO Mike Lynch directed him to lie to a hedge fund investor about prepaid royalty deals that boosted the company's upfront revenue numbers, saying at Lynch's criminal fraud trial that it was hard to say no to the "big boss."
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April 30, 2024
TracFone Must Pay Wash. City's Utility Tax
Prepaid phone businesses are utilities and can be taxed as such under Washington state law, according to a state appeals court that had been posed such a question as part of a dispute between TracFone and a Seattle suburb.
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April 30, 2024
'Bitcoin Jesus' Dodged Nearly $50M In Taxes, Feds Say
The U.S. has charged an early bitcoin investor dubbed "Bitcoin Jesus" over allegations that he dodged approximately $48 million in taxes by filing false tax returns and concealing how much of the cryptocurrency he owned, according to an announcement from the U.S. Department of Justice on Tuesday.
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April 30, 2024
Atty Tells Trump Jury That Hush Money Deal Almost Tanked
An attorney who previously represented adult film star Stormy Daniels told jurors Tuesday in the New York criminal trial of Donald Trump about how the $130,000 hush money agreement at the heart of the case was nearly derailed after former Trump lawyer Michael Cohen would not close the deal.
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April 30, 2024
Skadden, Latham Lead Travel Firm Viking's Upsized $1.5B IPO
Private equity-backed cruise operator Viking Holdings Ltd. on Tuesday priced an upsized $1.5 billion initial public offering within its price range, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters counsel Latham & Watkins LLP, marking the largest IPO of 2024.
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April 30, 2024
Drug Company Can't Escape Texas Counties' Opioid MDL
A Texas appeals court on Tuesday declined to cut loose a New Jersey-based pharmaceutical manufacturer from Texas multidistrict litigation over opioid addiction in the state, finding that the counties of Dallas and Bexar have demonstrated that it's made deliberate moves toward the Texas market.
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April 30, 2024
Colo. Beats Challenge To Fees In Transportation Funding Law
A conservative group has not shown that fees passed in a 2021 transportation funding package in Colorado exceeded the legislature's taxing authority, a state judge said, throwing out the group's challenge to the fees.
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April 30, 2024
Crypto Exec Denies $2B Laundering Charges, Is Out On Bail
The CEO of crypto mixer Samourai Wallet has pled not guilty to charges he helped facilitate over $2 billion in illegal transactions and was released on $1 million bail after surrendering to federal authorities voluntarily.
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April 30, 2024
German Banker Gets 3 Years For €93M Cum-Ex Tax Evasion
A German court on Tuesday sentenced a former bank board member to three years and two months in prison for his part in a €93.4 million ($100 million) so-called cum-ex dividend tax fraud.
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April 30, 2024
Attys, Broker Can't Escape $4M Tax Fraud Convictions
A North Carolina federal judge has denied acquittal requests from two tax attorneys and an insurance agent who were convicted for their roles in a $4 million tax avoidance scheme, saying he agreed with federal prosecutors who argued there was sufficient evidence for the underlying charges.
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April 30, 2024
Feds Endorse Easing Marijuana Status In Big Policy Shift
Federal drug enforcers will recommend loosening restrictions on cannabis for the first time since the drug was made federally illegal decades ago, the U.S. Department of Justice announced Tuesday.
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April 30, 2024
IRS Updates Guidance For Clean Jet Fuel Tax Credits
The Internal Revenue Service released guidance Tuesday that updated an environmental model that manufacturers of a low-carbon alternative to conventional jet fuel, such as ethanol, can use to qualify for a new tax credit and provided a safe harbor for producers to meet the incentive's requirements.
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April 30, 2024
NYC Judge Upholds Hotel Taxes On Apartment Subleases
A company that leased residential apartments in New York City is liable for more than $200,000 in disputed hotel taxes on short-term subleases of the units, an administrative law judge found.
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April 30, 2024
Ex-Mass. Pol Can't Sink Fraud Case With 'Imaginative' Attacks
A Boston federal judge on Tuesday rejected what he called an "imaginative and novel" effort by a former Massachusetts politician to dismiss charges of lying to get COVID-19 relief funds and underreporting income on his taxes.
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April 30, 2024
Trump Held In Contempt For Trashing Witnesses In NY Trial
A New York state judge on Tuesday found former President Donald Trump in contempt of court for repeatedly violating a gag order in his criminal hush money case by publicly attacking expected witnesses, including his former attorney Michael Cohen.
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April 30, 2024
Coverage Recap: Day 5 Of Trump's NY Hush Money Trial
Law360 reporters are providing live updates from the Manhattan criminal courthouse as Donald Trump goes on trial for allegedly falsifying business records related to hush money payments ahead of the 2016 election. Here's a recap from day five.
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April 29, 2024
Hunter Biden Threatens To Sue Fox News For 'Revenge Porn'
An attorney representing Hunter Biden threatened Fox News with a lawsuit over allegations it violated New York's "revenge porn" law by publishing nude pictures of him taken off his notorious laptop, according a letter obtained Monday by Law360.
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April 29, 2024
Ex-COO Of Mo. Charity Gets 3 Years For Bribing Officials
The former chief operating officer of a Missouri-based healthcare charity was sentenced to three years in prison Monday after admitting she and her husband, the charity's ex-chief financial officer, conspired to bribe elected officials in Arkansas, according to Missouri federal court documents.
Expert Analysis
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Tips For Litigating Against Pro Se Parties In Complex Disputes
Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.
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Anticipating Intensified Partnership Enforcement From IRS
The Internal Revenue Service's decadeslong difficulties with partnership audits led to the recent announcement of a clear, well-funded, focused initiative, and businesses operating in the partnership form will feel the impact, with definite changes ahead, says Sharon Katz-Pearlman at Greenberg Traurig.
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Pro Bono Work Is Powerful Self-Help For Attorneys
Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.
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Series
Playing In A Rock Cover Band Makes Me A Better Lawyer
Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.
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Series
The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'
The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.
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Opinion
Newman Suspension Shows Need For Judicial Reform
The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.
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EPA Report A Reminder That Fuel Credits Are 'Buyer Beware'
A recent report from the U.S. Environmental Protection Agency's Office of Inspector General is a reminder that fraud risk in the renewable fuel identification number market remains, and that purchasers are ultimately responsible for ensuring the validity of credits they buy, say David McIndoe and Nick Hillman at Eversheds Sutherland.
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How And Why Your Firm Should Implement Fixed-Fee Billing
Amid rising burnout in the legal industry and client efforts to curtail spending, pivoting to a fixed-fee billing model may improve client-attorney relationships and offer lawyers financial, logistical and stress relief — while still maintaining profit margins, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Opinion
Judicial Independence Needs Defense Amid Political Threats
Amid recent and historic challenges to the judiciary from political forces, safeguarding judicial independence and maintaining the integrity of the legal system is increasingly urgent, says Robert Peck at the Center for Constitutional Litigation.
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How Law Firms Can Use Account-Based Marketing Strategies
Amid several evolving legal industry trends, account-based marketing can help law firms uncover additional revenue-generating opportunities with existing clients, with key considerations ranging from data analytics to relationship building, say Jennifer Ramsey at stage LLC and consultant Gina Sponzilli.
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While Risks Exist, AI Could Transform IRS Enforcement
The Internal Revenue Service's recently announced use of artificial intelligence could revolutionize the agency's enforcement efforts, and transparency about its use and a forum for challenging AI findings could help mitigate fears that the technology will increase bias, say attorneys at Lewis Brisbois.
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AGs' Distaste For Food Bill May Signal Other State Issues
States' recent opposition to a proposed federal law that would block them from regulating out-of-state agricultural production could affect issues beyond this narrow debate, such as the balance of state and federal regulatory power, reproductive rights post-Dobbs, and energy production and water use, say Christopher Allen and Stephen Cobb at Cozen O'Connor.
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Strategic Succession Planning At Law Firms Is Crucial
Senior partners' reluctance to retire, the rise of the nonequity partner tier and generational differences in expectations are all contributing to an increasing number of departures from BigLaw, making it imperative for firms to encourage retirement among senior ranks and provide clearer leadership pathways to junior attorneys, says Laura Leopard at Leopard Solutions.
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Maximizing Law Firm Profitability In Uncertain Times
As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.
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5th Circ. Ruling Reminds Attys That CBP Can Search Devices
The Fifth Circuit’s recent Malik v. Department of Homeland Security decision adds to the chorus of federal courts holding that border agents don’t need a warrant to search travelers’ electronic devices, so attorneys should consider certain special precautions to secure privileged information when reentering the U.S., says Jennifer Freel at Jackson Walker.