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Tax
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August 20, 2024
IRS Fee Hikes Threaten Tax Justice For Small Businesses
The Internal Revenue Service is expected to continue raising the cost for private letter rulings that clarify tax matters and provide taxpayer certainty, prompting concerns among tax professionals that economic justice may become unattainable for small businesses unable to bear these escalating costs.
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August 20, 2024
Insider Trading Won't Impact Pilot's Tax Sentencing Guidelines
A Manhattan federal judge found Tuesday that insider trading allegations won't bump up the guidelines sentencing range for a pilot for U.K. billionaire Joe Lewis who pled guilty to tax evasion.
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August 20, 2024
Mass. Parcels Were Properly Valued Despite Construction
Two parcels of land in a Massachusetts town were properly valued and should not have their value decreased based on construction on a nearby property, the state Appellate Tax Board said in a decision released Tuesday.
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August 20, 2024
Allen Matkins Tax Group Leader Jumps To Covington In LA
Covington & Burling LLP has added to its Los Angeles office a partner with more than 20 years of experience who most recently led Allen Matkins Leck Gamble Mallory & Natsis LLP's tax group, describing the new hire as "one of the country's leading authorities on partnership tax."
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August 20, 2024
A Deep Dive Into Law360 Pulse's 2024 Women In Law Report
The legal industry continues to see incremental gains for female lawyers in private practice in the U.S., according to a Law360 Pulse analysis, with women now representing 40.6% of all attorneys and 51% of all associates.
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August 20, 2024
These Firms Have The Most Women In Equity Partnerships
The legal industry still has a long way to go before it can achieve gender parity at its upper levels. But these law firms are performing better than others in breaking the proverbial glass ceiling that prevents women from attaining leadership roles.
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August 20, 2024
EU Tweaks Anti-Subsidy Duties On Chinese EVs
The European Commission said Tuesday that it is adjusting the anti-subsidy duties that it will charge Chinese exporters of electric vehicles, a move that it had provisionally announced at the beginning of July.
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August 19, 2024
Hunter Biden Loses Bid To Duck Tax Case In Calif.
Hunter Biden cannot escape his criminal tax case set to go to trial next month, a Los Angeles federal judge ruled Monday, saying Biden's latest motion comes too late.
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August 19, 2024
Spouse Asks Tax Court To Reconsider Relief Request
A woman barred from innocent spouse relief on grounds that tax debt related to an erroneously issued refund doesn't qualify asked the U.S. Tax Court to reconsider, saying she's entitled to the break for any unpaid tax liability.
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August 19, 2024
H&R Block's Case On In-House Judges' Role Is Paused
A Missouri federal judge who refused to halt Federal Trade Commission proceedings accusing H&R Block of deceptive advertising agreed to pause, while the company appeals her refusal, a district court case in which the company has argued that administrative judges should be booted from the proceedings.
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August 19, 2024
Trump's Immunity Appeal May Delay Sentencing, DA Says
Prosecutors will not oppose Donald Trump's request to delay sentencing in his New York hush money case, currently set for next month, while he seeks to dismiss his conviction in light of the U.S. Supreme Court's presidential immunity ruling, agreeing that an immediate appeal may upend the proceedings anyway.
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August 16, 2024
Receiver Went Too Far In Settling Nate Paul Entity Dispute
A Texas appeals court found this week that a receiver acted beyond the scope of his authority when he settled a dispute between a lender and an entity associated with embattled real estate developer Nate Paul.
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August 16, 2024
Drexel Accounting Prof Convicted Of Evading Tax On $3.3M
New Jersey federal jurors have convicted a Drexel University accounting professor on charges of tax evasion and filing false tax returns after the government accused him of failing to report $3.3 million in income from a Trenton pharmacy.
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August 16, 2024
Harris Proposes Tax Break For Homebuilders
Vice President Kamala Harris, the presumptive Democratic nominee for president, proposed several housing-related tax proposals, including creating a tax incentive for homebuilders that sell to first-time homebuyers, during a campaign speech Friday.
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August 16, 2024
UN Votes For Global Services As First Priority Under Tax Pact
The United Nations voted Friday to make taxation of cross-border services the most prioritized topic for a legally binding agreement to be finalized by late 2027 alongside the organization's framework convention on international tax cooperation.
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August 16, 2024
TCJA's Estate Tax Treatment Shouldn't Change, Panel Told
If the Tax Cuts and Jobs Act's estate tax exemption increase is allowed to lapse in 2025, many family farms in the Midwest would face tough choices, including whether to sell to large corporations, panelists told the House of Representatives' Ways and Means Committee on Friday.
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August 16, 2024
Atty Gets 32 Months In Prison For Bribing Chicago Alderman
An Illinois federal judge on Friday sentenced an immigration attorney and real estate developer convicted of bribing former Chicago Alderman Ed Burke to two years and eight months in prison, maintaining prison time is warranted because the lawyer initiated the bribe and tried to hide it from federal agents and the grand jury.
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August 16, 2024
Ch. 7 Trustee Can't Recover Tax Payment, States Tell Justices
A group of roughly two dozen states threw their support behind the federal government in asking the U.S. Supreme Court to overturn a ruling that forced the IRS to return a tax payment after a bankruptcy trustee argued it was a fraudulent transfer and recoverable under state law.
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August 16, 2024
NC AG Readies Appeal In Fight Over Smithfield Foods Funds
North Carolina Attorney General Josh Stein is taking a fight over millions of dollars in environmental grants to the state appeals court, after a trial judge found the funds should be exclusively set aside for use in public schools.
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August 16, 2024
Taxation With Representation: Cleary, Kirkland, Skadden
In this week's Taxation with Representation, Mars Inc. sets a 2024 record with its $36 billion acquisition of Kellanova, Carlyle inks a $3.8 billion purchase with Baxter International Inc., and Performance Food Group Co. agrees to a $2.1 billion cash deal with Cheney Bros. Inc.
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August 16, 2024
Connecticut Legislation Passed In 2024: A Midyear Report
While Connecticut workers may rejoice over a major expansion of paid sick leave that will begin to roll out next year, businesses will need to spend some time and effort getting ready to implement the new law, attorneys told Law360.
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August 19, 2024
New Jersey Legislation To Watch: A Midyear Report
New Jersey proposals for a corporate transit tax and mandatory business showdowns during sweltering weather have generated concerns from industry sectors fatigued by rising costs, while the rise of artifical intelligence and corresponding legislation appears to have united those fearing the digital-age hazard of "deepfakes."
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August 15, 2024
Pa. District's Appeal Method Is Constitutional, Court Affirms
A Pennsylvania Court of Common Pleas correctly ruled that a school district did not violate the state's uniformity clause when using a monetary threshold to decide which property tax assessments to appeal, the state Commonwealth Court affirmed Thursday.
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August 15, 2024
Judge Wary Of Paxton's Bid To 'Annihilate' Houston Nonprofit
A Texas state judge indicated Thursday that he was hesitant to allow Texas Attorney General Ken Paxton to file a suit seeking to take away an immigrant-led nonprofit's corporate charter, telling attorneys that Paxton was asking him "to go zero to 100" by seeking "annihilation" of the entity.
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August 15, 2024
Trump Seeks To Delay NY Sentencing Until After Election
Donald Trump asked to delay sentencing in his New York hush money case until after the 2024 presidential election, arguing he needs time to potentially appeal if he loses an attempt to erase the felony conviction on the basis of presidential immunity.
Expert Analysis
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Opinion
State-Regulated Cannabis Can Thrive Without Section 280E
Marijauna's reclassification as a Schedule III-controlled substance comes at a critical juncture, as removing marijuana from being subjected to Section 280E of the Internal Revenue Code is the only path forward for the state-regulated cannabis industry to survive and thrive, say Andrew Kline at Perkins Coie and Sammy Markland at FTI Consulting.
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Asset Manager Exemption Shifts May Prove Too Burdensome
The U.S. Department of Labor’s recent change to a prohibited transaction exemption used by retirement plan asset managers introduces a host of new costs, burdens and risks to investment firms, from registration requirements to new transition periods, say attorneys at Simpson Thacher.
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A Look At New IRS Rules For Domestically Controlled REITs
The Internal Revenue Services' finalized Treasury Regulations addressing whether real estate investment trusts qualify as domestically controlled adopt the basic structure of previous proposals, but certain new and modified rules may mitigate the regulations' impact, say attorneys at Simpson Thacher.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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Kentucky Tax Talk: Budget Focus Cools Tax Reform Efforts
There were some noteworthy tax developments during Kentucky’s legislative session — like the revival of local tax reform and enactment of another tax amnesty program — but major tax initiatives, like those seen in recent years, were largely tabled as legislators focused on establishing the state’s two-year budget, say attorneys at Frost Brown.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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Should NIL Collectives Be Allowed Tax-Favored Status?
Arguments are being made for and against allowing organizations to provide charitable contribution tax deductions for donations used to compensate student-athletes, a practice with impacts on competition for student-athletes and overall tax fairness, but ultimately it is a question for Congress, say Andres Castillo and Barry Gogel at the University of Maryland School of Law.
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What 100 Federal Cases Suggest About Changes To Chevron
With the U.S. Supreme Court poised to overturn or narrow its 40-year-old doctrine of Chevron deference, a review of 100 recent federal district court decisions confirm that changes to the Chevron framework will have broad ramifications — but the magnitude of the impact will depend on the details of the high court's ruling, say Kali Schellenberg and Jon Cochran at LeVan Stapleton.
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NY Tax Talk: Primary Function Is Key Analysis For Sales Tax
Two sales tax cases recently decided by New York's Appellate Division illustrate why both taxpayers and the state's Department of Revenue subscribe to the primary function test, a logical way to determine whether business transactions are subject to sales tax, say Elizabeth Cha and Jeremy Gove at Eversheds Sutherland.
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Opinion
Time To Fix NYC's Broken Property Assessment System
A New York appellate court's decision to revive Tax Equity Now New York v. City of New York may force the city to revamp its outdated and unfair real estate tax assessment system, which could be fixed with a couple of simple changes, says Seth Feldman at Romer Debbas.
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Understanding The IRC's Excessive Refund Claim Penalty
Taxpayers considering protective refund claims pending resolution of major questions in tax cases like Moore v. U.S., which is pending before the U.S. Supreme Court, should understand how doing so may also leave them vulnerable to an excessive refund claim penalty under Internal Revenue Code Section 6676, say attorneys at McDermott.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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Circuit Split Brews Over Who's A Securities Seller Under Act
A Securities Act section that creates private liability for the sale of an unregistered security is rapidly becoming a favored statute for plaintiffs to wield against participants in both the digital asset and traditional securities markets, but the circuit courts have diverged on who may be held liable for these violations, say Jeffrey L. Steinfeld and Daniel Aronsohn at Winston & Strawn.