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Tax
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February 16, 2024
Conspirators In $3M IRS Refund Check Theft Get Prison Terms
Two men will serve lengthy prison terms for their role in conspiring to steal and cash a Houston couple's tax refund check worth nearly $3 million, according to sentencing orders filed in Texas federal court.
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February 16, 2024
Trump Owes $355M For Fraud That 'Shocks The Conscience'
A New York state judge on Friday found Donald Trump, his adult sons, his companies and longtime executives liable for a decadelong valuation fraud conspiracy, ordering the defendants to disgorge $364 million in ill-gotten gains to the state, plus interest, with the former president on the hook for the lion's share.
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February 16, 2024
Taxation With Representation: Paul Weiss, Kirkland
In this week's Taxation With Representation, Diamondback buys Endeavor, KKR & Co. acquires a stake in Cotiviti, and Gilead Sciences Inc. purchases CymaBay Therapeutics Inc.
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February 15, 2024
American Express Sued Over Tax Refund Card Thefts
American Express has been hit with a proposed class action alleging that it fails to protect consumers against fraudulent transactions on their tax refund prepaid debit accounts, even though its advertisements said it would.
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February 15, 2024
NRA Accuses NY AG Of Political Bias As Trial Closes
Lawyers for the National Rifle Association and its former CEO Wayne LaPierre accused New York Attorney General Letitia James of political bias in their final trial arguments Thursday, while a government attorney said this "witch hunt" defense is merely a distraction from the gun group's misuse of charitable assets.
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February 15, 2024
Werfel Defends Delay Of $600 Payment Reporting Rule
Internal Revenue Commissioner Daniel Werfel defended Thursday his decision to delay implementation of a law requiring peer-to-peer payment platforms such as Venmo and PayPal to report aggregate payments of $600 or more, saying the decision was informed by stakeholders.
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February 15, 2024
Ariz. Panel Votes To Put Public Nuisance Tax Credits On Ballot
Arizona property owners impacted by deemed public nuisances that local governments fail to address, which would include homelessness, could qualify for tax refunds from the state if voters approve a ballot measure advanced by a House panel.
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February 15, 2024
Fla. Couple Get 57 Mos. For Evading $42M In Plywood Duties
A Florida couple were sentenced to nearly five years in prison each after confessing to disguising the Chinese origin of millions of dollars' worth of plywood imports to avoid paying $42 million in import tariffs.
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February 15, 2024
Tax On Tribune's Cubs Sale Troubling, 7th Circ. Judge Says
A Seventh Circuit judge said Thursday he was troubled by an IRS push to tax Tribune Media Co. on some gains from its sale of the Chicago Cubs that stemmed from a $425 million debt transaction, saying the agency seemed to ignore the relevant legal test.
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February 15, 2024
'Jock Tax' Is Constitutional, Pittsburgh Tells Pa. Justices
The Pennsylvania Commonwealth Court erred by ruling Pittsburgh's fee on nonresident professional athletes violates the state constitution's uniformity clause, the city told the Pennsylvania Supreme Court.
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February 15, 2024
Ga. Jury Convicts PPP Fraudsters In $11M Case
A Georgia federal jury found a man and woman guilty on Thursday of involvement in a sprawling Paycheck Protection Program loan fraud scheme that defrauded the government of more than $11 million.
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February 15, 2024
Feds Say Tax Prepper Filed Over $1M In False 2020 Returns
The U.S. Department of Justice's Tax Division took an Ohio tax preparer and his two businesses to federal court alleging he has employed "at least four definable schemes to generate or inflate his customers' refunds" and cost the government $1 million in revenue for the 2020 tax year alone.
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February 15, 2024
Trump Gets March 25 Trial Date In NY Hush Money Case
The Manhattan district attorney's hush money case against Donald Trump is on track to be the first of the former president's four criminal matters to go to trial, after a state judge on Thursday denied his motion to dismiss the charges and confirmed a March 25 date for jury selection.
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February 14, 2024
Tax Cap Won't Smoke Philip Morris Credits, NC Justices Hear
North Carolina's $6 million cigarette export tax cap only limits the credits that can be claimed in a year, not the amount of credit that can be generated, Philip Morris told the state justices Wednesday as it looks to ward off a potential $52.5 million loss.
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February 14, 2024
FinCEN Head Vows No 'Gotcha' Enforcement Of New Rules
The director of the U.S. Treasury Department's Financial Crimes Enforcement Network said during a Wednesday congressional hearing that the agency is not pursuing "gotcha" enforcement when it comes to companies complying with new rules for reporting their beneficial ownership information.
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February 14, 2024
First Purely Tax Crypto Indictment Signals More On Tap
Federal prosecutors' first public indictment of an individual who underreported the capital gains from a nearly $4 million legal sale of bitcoin indicates that authorities have opened the floodgates for more criminal cases that deal purely with undisclosed gains on legitimate cryptocurrency transactions.
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February 14, 2024
OECD Chief Claims No Knowledge Of Aussie PwC Breaches
The OECD's top official had no knowledge of PwC Australia's breaches of confidentiality when he took equity in its former CEO's consulting firm that he relinquished when the existence of the equity became public knowledge, his spokesperson told Law360.
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February 14, 2024
Man 'Knew The Shit Was Wrong,' Jury Told As Fraud Trial Ends
Federal prosecutors hoping to score convictions in a vast pandemic loan fraud operation told jurors on Wednesday that not only had an Atlanta man on trial worked with the scheme's ringleader to file loan applications with forged tax records, but admitted to the FBI that he "knew the shit was wrong" all along.
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February 14, 2024
NY Suggests LaPierre Owes Millions As NRA Trial Ends
New York state attorneys on Wednesday scrutinized former National Rifle Association CEO Wayne LaPierre's testimony that he rectified all his improper spending by repaying $1 million to the gun group, pointing out that LaPierre racked up nearly $13 million in charges for private jet travel alone.
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February 14, 2024
Solvay Loses Tax Reg Challenge In NJ Appeals Court
A New Jersey tax division rule requiring documentation of sales and use tax paid before a refund may be granted isn't arbitrary or capricious, a state appeals court held Wednesday, finding chemical giant Solvay was correctly denied its refund claim.
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February 14, 2024
Netflix, Hulu Owe Fees Like Cable Cos., Calif. City Argues
Streaming services such as Netflix and Hulu are using public rights of way in California, which means localities can compel them to pay service provider fees as cable companies do, a California city argued before a state appeals court panel.
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February 14, 2024
Feds Get Pause Of Fla. Malpractice Suit Amid Criminal Case
A Florida federal judge has put a malpractice lawsuit against a New York attorney on hold while federal prosecutors pursue a securities fraud case against the lawyer's former client in Pennsylvania.
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February 14, 2024
Ohio Justices Uphold Local Taxes On In-State Teleworkers
An Ohio law allowing Cincinnati to tax remote workers during the COVID-19 pandemic did not violate the due process rights of a taxpayer who lived and worked outside the city, the Ohio Supreme Court said Wednesday.
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February 14, 2024
Colo. House Panel OKs Local-Option Property Tax Credits
Local governments in Colorado could establish property tax incentive programs to address local shortcomings in real property usage under legislation approved by a House panel.
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February 14, 2024
Calif. Judge Stands Firm On Voiding Biz Tax Shield Guidance
California may not enforce its updated guidance on how the state should handle in the internet age a 1959 federal law that insulates businesses from tax on net income if the solicitation of tangible personal property is their only connection to the state, a California judge reaffirmed.
Expert Analysis
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Rebuttal
Law Needs A Balance Between Humanism And Formalism
A recent Law360 guest article rightly questions the pretextual pseudo-originalism that permits ideology to masquerade as judicial philosophy, but the cure would kill the patient because directness, simplicity and humanness are achievable without renouncing form or sacrificing stare decisis, says Vanessa Kubota at the Arizona Court of Appeals.
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NFT Tax Guidance Shows IRS Interest In Crypto Enforcement
The IRS' first ever guidance addressing the federal income tax treatment of NFTs indicates the agency could take a potentially aggressive stance in enforcing U.S. tax laws in the NFT and crypto spaces, which could have a significant impact on the self-directed IRA market, say attorneys at BakerHostetler.
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Short Message Data Challenges In E-Discovery
As short message platforms increasingly dominate work environments, lawyers face multiple programs, different communication styles and emoji in e-discovery, so they must consider new strategies to adapt their processes, says Cristin Traylor at Relativity.
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Substantiation Is Key When Gifting Crypto To Charity
A recent Internal Revenue Service memorandum makes clear that the agency will require substantiation when gifting cryptocurrency to charity, even for relatively small amounts, so donors need to be aware of the important differences between crypto and typical cash donations, says Sheryl Morrison at Lathrop GPM.
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Opinion
Thomas Report Is Final Straw — High Court Needs Ethics Code
As a recent report on Justice Clarence Thomas' ongoing conflicts of interest makes evident, Supreme Court justices should be subject to an enforceable and binding code of ethics — like all other federal judges — to maintain the credibility of the institution, says Erica Salmon Byrne at Ethisphere.
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Mich. Statute Of Limitations Cases Carry Nationwide Impacts
The outcomes of Dine Brands v. Eubanks and Walt Disney v. Eubanks, currently working their way through the Michigan courts, are likely to affect how statutes of limitations in unclaimed property audits are calculated nationwide as well as within the state, given the widespread adoption of similar model provisions by many other states, say attorneys at McDermott.
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Joint Representation Ethics Lessons From Ga. Electors Case
The Fulton County district attorney's recent motion to disqualify an attorney from representing her elector clients, claiming a nonconsentable conflict of interest, raises key questions about representing multiple clients related to the same conduct and highlights potential pitfalls, say Hilary Gerzhoy and Grace Wynn at HWG.
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Lawyer Discernment Is Critical In The World Of AI
In light of growing practical concerns about risks and challenges posed by artificial intelligence, lawyers' experience with the skill of discernment will position them to help address new ethical and moral dilemmas and ensure that AI is developed and deployed in a way that benefits society as a whole, says Jennifer Gibbs at Zelle.
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Senate Credit Suisse Report Puts Attention On Banks, Trusts
The Senate Finance Committee's recent finding that Credit Suisse violated a plea agreement struck over its role in enabling offshore tax evasion has important ramifications for banks and trusts, including how they onboard, document and report on transactions relevant to U.S. reporting requirements, say Will Barry and Ian Herbert at Miller & Chevalier.
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Seeking IRS Accountability For Faulty Microcaptive Notice
Like the taxpayers in Standard Insurances v. U.S. seeking to expand earlier wins in microcaptive insurance cases that limit IRS use of improperly obtained information, others should consider ways to hold the agency accountable and provide incentive for it to follow the law going forward, says Joshua Smeltzer at Gray Reed.
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Don't Forget Alumni Engagement When Merging Law Firms
Neglecting law firm alumni programs after a merger can sever the deep connections attorneys have with their former firms, but by combining good data management and creating new opportunities to reconnect, firms can make every member in their expanded network of colleagues feel valued, say Clare Roath and Erin Warner at Troutman Pepper.
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Without Stronger Due Diligence, Attys Risk AML Regulation
Amid increasing pressure to mitigate money laundering and terrorism financing risks in gatekeeper professions, the legal industry will need to clarify and strengthen existing client due diligence measures — or risk the federal regulation attorneys have long sought to avoid, says Jeremy Glicksman at the Nassau County District Attorney’s Office.
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Every Lawyer Can Act To Prevent Peer Suicide
Members of the legal industry can help prevent suicide among their colleagues, and better protect their own mental health, by learning the predictors and symptoms of depression among attorneys and knowing when and how to get practical aid to peers in crisis, says Joan Bibelhausen at Minnesota Lawyers Concerned for Lawyers.
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Heed PCAOB's Warning On Proof-Of-Reserves Reports
While directed at investors, the Public Company Accounting Oversight Board's recent advisory on proof-of-reserves reports is a timely and stark warning to crypto entities, as well as their customers and accounting firms, to tread carefully in their reliance on these reports as proof of financial stability, say Patrick Bryan and Deborah Meshulam at DLA Piper.
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Cos. Should Heed IRS Warnings About Employee Tax Credit
The IRS has recently been cautioning employers claiming the pandemic-related employee retention credit to carefully review all the eligibility requirements and be wary of relying on third-party advisers regarding their qualification for the credit, say Eric Pearson and Timothy Voigtman at Foley & Lardner.