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Tax
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April 02, 2024
Hunter Biden Can't Toss 'Vindictive' Criminal Tax Charges
Hunter Biden lost his bid to end his criminal tax case over claims his prosecution is vindictive and politically motivated, among other arguments, after a California federal judge ruled Monday that Biden "filed his motion without any evidence" and merely "cites portions of various internet news sources, social media posts and legal blogs."
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April 02, 2024
Swiss Banker Avoids Prison For $60M Tax Evasion Conspiracy
A Manhattan federal judge allowed a Swiss finance pro to avoid prison Tuesday for facilitating a tax evasion scheme that helped wealthy Americans hide $60 million from the IRS, saying the defendant is less culpable than alleged co-conspirators.
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April 02, 2024
Feds Seek Use Of 'Intertwined' Evidence In NC Tax Fraud Trial
Federal prosecutors have asked a North Carolina district court to permit tangential evidence in a tax fraud trial, saying that the evidence is "inextricably intertwined with the charged conduct" of two St. Louis attorneys and a North Carolina insurance agent.
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April 02, 2024
Public Gets More Time To Comment On Secure 2.0 Disclosure
Government agencies tasked with reviewing the reporting and disclosure requirements for employee retirement plans said Tuesday that they'll be extending the deadline for comments on how these processes could be improved, a goal established under retirement plan incentive package Secure 2.0.
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April 02, 2024
South Africa Relying Less On Biz Tax As Revenues Top $115B
South Africa's total tax revenue rose to 2.155 trillion rand ($115 billion) last year, buoyed by collections of personal income tax increasing more than 8% and despite corporate income tax collections sinking nearly 9%, the South African Revenue Service said Tuesday.
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April 02, 2024
Okla. High Court Denies Gov.'s Veto Suit Over Tribal Compacts
The Oklahoma Supreme Court on Tuesday denied Gov. Kevin Stitt's suit against state lawmakers over two veto overrides on tribal tobacco and motor vehicle compacts, saying the executive branch doesn't have exclusive authority to negotiate state-tribal compacts.
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April 02, 2024
Boston Bomber Case Offers Clues For Trump Jury Selection
A recent ruling that may undo the Boston Marathon bomber's death sentence holds lessons for Donald Trump's upcoming trials, where attorneys will need to make prospective jurors comfortable enough to admit bias before they're picked — and potentially avoid years of appellate fights.
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April 02, 2024
Luxembourg's Deduction Rules Flout EU Law, Bloc Tells Court
The European Commission asked the European Union's Court of Justice to rule that Luxembourg is breaking EU law by including securitized entities among financial undertakings that are allowed deductibility of interest payments, the EU's Official Journal said Tuesday.
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April 02, 2024
DOL Narrows Retirement Asset Manager Exemption
The U.S. Department of Labor unveiled a final regulation Tuesday making it tougher for investment managers with serious misconduct on their records to handle Employee Retirement Income Security Act-covered retirement plans, broadening an ineligibility clause that previously only covered criminal convictions.
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April 01, 2024
Trump Posts $175M Bond, Pausing $465M Fraud Judgment
Donald Trump on Monday posted a $175 million bond, ducking, for now, enforcement of a nearly $465 million civil fraud judgment against him and his businesses in the New York attorney general's case accusing them of defrauding banks and insurers.
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April 01, 2024
Trump's Gag Order Expands Over 'Attacks' On Judge's Family
Donald Trump has a constitutional right to respond to alleged political attacks, but he does not have a right to attack family members of the state judge overseeing his criminal case in New York, the judge ruled late Monday, expanding the former president's gag order in his hush money case.
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April 01, 2024
US Support For Pillar 1 Still In Question After House Inquiry
U.S. lawmakers signaled that they think technical and other issues remain in the OECD's Pillar One taxing rights overhaul during a recent House subcommittee meeting, casting further doubt on the plan's implementation as the timeline to finalize it has slipped.
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April 01, 2024
Adviser Gets 4 Years For Fraud, Filing False Tax Returns
An Indiana investment adviser was sentenced to four years in prison and ordered to pay $6.4 million in restitution for stealing $4.7 million from a client and filing false returns, the U.S. Department of Justice announced.
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April 01, 2024
Feds Back Guilty Verdict After Software Execs' Tax Fraud Trial
Federal prosecutors on Monday defended a jury verdict finding two former software executives in North Carolina guilty of failing to pay employment taxes, saying sufficient evidence supported their convictions.
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April 01, 2024
BakerHostetler Adds Partner To Tax Practice Group
BakerHostetler's Washington office has added a partner from Morris Manning and Martin LLP to join its tax practice group, Baker said in a statement Monday.
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April 01, 2024
Jailed Atty Pleads Not Guilty To Witness Tampering In Tax Case
A Chicago-area lawyer facing more than a dozen criminal tax fraud charges pled not guilty Monday to superseding charges that he tried scripting a bookkeeper's anticipated testimony, but he'll have to wait to learn whether he'll remain jailed until his upcoming retrial.
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April 01, 2024
Ore. Tax Court Upholds Nursing Home's $10.6M Valuation
The owner of an Oregon nursing home did not present enough evidence to change the $10.6 million valuation found by a local assessor, the state tax court said.
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March 29, 2024
Petition Watch: Off-Label Ads, Retiree Discrimination & PPE
A Utah attorney has asked the U.S. Supreme Court to determine whether allegedly retaliatory IRS summonses can be quashed, and two former pharmaceutical executives are challenging the constitutionality of their convictions for marketing the off-label use of a drug. Here, Law360 looks at recently filed petitions that you might've missed.
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March 29, 2024
Manhattan DA Says Trump Violated Hush Money Gag Order
Donald Trump may have already violated a New York state judge's gag order in the former president's hush money case by impugning the judge's daughter on social media, Manhattan prosecutors said, while Trump's attorneys say prosecutors are trying to improperly expand the order.
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March 29, 2024
Mass. Tax Board Won't Lower Value Of Boston House
A Boston home was correctly assessed, the Massachusetts Appellate Tax Board said in a decision published Friday, finding that an analysis of nearby homes failed to show it was overvalued.
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March 29, 2024
Tax Preparer Gets 30 Months For $780K COVID Aid Scheme
A North Carolina tax preparer who fraudulently obtained $780,000 in pandemic relief loans and laundered money was sentenced in federal court to 30 months in prison and three years of supervised release, prosecutors announced.
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March 29, 2024
Flint Residents Can't Show Profit From Hasty Water Rate Hike
Residents challenging the city of Flint's rushed implementation of higher water and sewage rates couldn't show how the city unjustly profited from the change or whether the increased rate was unreasonable, a Michigan appellate panel said in upholding the dismissal of the residents' suit.
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March 29, 2024
Atty Called A Flight Risk In $1.3 Billion Tax Fraud Case
An attorney serving a 23-year prison sentence for tax fraud in a $1.3 billion conservation easement scheme is a flight risk and should remain in federal custody while he waits for his appeal, the government told a Georgia federal court Friday.
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March 29, 2024
Md. House OKs Tax Breaks For Residential Projects
Local governments in Maryland could grant property tax credits for certain hotel and residential developments that include affordable housing under legislation approved Friday by the state House of Delegates.
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March 29, 2024
Weekly Internal Revenue Bulletin
The Internal Revenue Service issued its weekly bulletin Friday, which included proposed regulations for claiming a tax credit for the production of qualified clean hydrogen.
Expert Analysis
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The Basics Of Being A Knowledge Management Attorney
Excerpt from Practical Guidance
Michael Lehet at Ogletree Deakins discusses the role of knowledge management attorneys at law firms, the common tasks they perform and practical tips for lawyers who may be considering becoming one.
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Challenging Standing In Antitrust Classes: The Uninjured
In virtually every antitrust class action, parties at the certification phase disagree about whether the proposed class includes uninjured members, but the goals of Rule 23 and judicial economy are best served by synthesizing two distinct approaches circuit courts take on this issue, say Michael Hamburger and Holly Tao at White & Case.
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How Taxpayers Can Prep As Justices Weigh Repatriation Tax
The U.S. Supreme Court might strike down the 2017 federal tax overhaul's corporate repatriation tax in Moore v. U.S., so taxpayers should file protective tax refund claims before the case is decided and repatriate previously taxed earnings that could become entangled in dubious potential Section 965 refunds, say Jenny Austin and Gary Wilcox at Mayer Brown.
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To Hire And Keep Top Talent, Think Beyond Compensation
Firms seeking to appeal to sophisticated clients and top-level partners should promote mentorship, ensure that attorneys from diverse backgrounds feel valued, and clarify policies about at-home work, says Patrick Moya at Quaero Group.
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Perspectives
More States Should Join Effort To Close Legal Services Gap
Colorado is the most recent state to allow other types of legal providers, not just attorneys, to offer specific services in certain circumstances — and more states should rethink the century-old assumptions that shape our current regulatory rules, say Natalie Anne Knowlton and Janet Drobinske at the University of Denver.
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Identifying Trends And Tips In Litigation Financing Disclosure
Growing interest and controversy in litigation financing raise several salient concerns, but exploring recent compelled disclosure trends from courts around the country can help practitioners further their clients' interests, say Sean Callagy and Samuel Sokolsky at Arnold & Porter.
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Opinion
OFAC Designation Prosecutions Are Constitutionally Suspect
Criminal prosecutions based on the Office of Foreign Assets Control’s sanctions-related listing decisions — made with nearly unfettered discretion through an opaque process — present several constitutional issues, so it is imperative that courts recognize additional rights of review, say Solomon Shinerock and Annika Conrad at Lewis Baach.
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The NIL Legislation Race: CAPCA And The PASS Act
Christina Stylianou and Gregg Clifton at Lewis Brisbois compare the College Athletes Protection and Compensation Act and the Protecting Athletes, Schools, and Sports Act — two of the latest bills introduced to federally regulate publicity rights for the name, image and likeness of college student-athletes.
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What's Notable In Connecticut's New Cannabis Laws
The Connecticut Legislature recently passed four bills containing cannabis provisions — ranging from applicable tax credits to labor agreement requirements — that may prove to be a mixed bag for state operators, say Sarah Westby and Deanna McWeeney at Shipman & Goodwin.
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Series
The Pop Culture Docket: Judge Elrod On 'Jury Duty'
Though the mockumentary series “Jury Duty” features purposely outrageous characters, it offers a solemn lesson about the simple but brilliant design of the right to trial by jury, with an unwitting protagonist who even John Adams may have welcomed as an impartial foreperson, says Fifth Circuit Judge Jennifer Elrod.
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NJ Justices Clarify Bribery Law Scope, But Questions Remain
The New Jersey Supreme Court’s recent State v. O'Donnell decision clarified that the state’s bribery law unambiguously applies to candidates for public office, but there are still unresolved questions about how the ruling may affect lobbyists, undeclared candidates and political speech, says Scott Coffina at Pietragallo Gordon.
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4 Business-Building Strategies For Introvert Attorneys
Excerpt from Practical Guidance
Introverted lawyers can build client bases to rival their extroverted peers’ by adapting time-tested strategies for business development that can work for any personality — such as claiming a niche, networking for maximum impact, drawing on existing contacts and more, says Ronald Levine at Herrick Feinstein.
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Opinion
3 Ways Justices' Disclosure Defenses Miss The Ethical Point
The rule-bound interpretation of financial disclosures preferred by U.S. Supreme Court Justices Samuel Alito and Clarence Thomas — demonstrated in their respective statements defending their failure to disclose gifts from billionaires — show that they do not understand the ethical aspects of the public's concern, says Jim Moliterno at the Washington and Lee University School of Law.
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Parsing Tax Implications Of NYC Office Leasing Transactions
Though New York City's tax laws generally do not require negotiated contractual risk allocation in the case of sublease and early lease termination transactions, it is still helpful for counsel to both landlords and tenants to understand the laws' nuances, say attorneys at Lowenstein Sandler.
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IRS Foreign Tax Credit Pause Is Welcome Course Correction
A recent IRS notice temporarily suspending application of 2022 foreign tax credit regulations provides wanted relief for the many U.S. multinational companies and other taxpayers that otherwise face the risk of significant double taxation in their international operations, say attorneys at Mayer Brown.