Tax

  • January 11, 2024

    Wash. Justices Doubt Pharmacy Benefit Co. Can Escape Tax

    Washington State Supreme Court justices appeared icy Thursday toward a pharmacy benefit manager's argument that the company is exempt from paying a state business tax on insurance-related activity and can instead "ride the coattails" of another taxpayer.

  • January 11, 2024

    Hunter Biden Pleads Not Guilty To Federal Tax Charges In LA

    Hunter Biden appeared in a packed downtown Los Angeles federal courtroom on Thursday to plead not guilty to a set of criminal tax evasion charges, which the judge then set for a June 20 trial.

  • January 11, 2024

    UN Asks OECD To Study Human Rights Impact Of Tax Plans

    Experts from the United Nations asked the OECD in a letter to study how its plans for a global minimum tax and a reallocation of large companies' tax payments could impact human rights, claiming the package will undermine tax collection in developing countries.

  • January 11, 2024

    Tax Pro Jumps To V&E After Stints With Tesla, Shearman

    Vinson & Elkins LLP announced Thursday that it has hired a former Shearman & Sterling LLP partner in an effort to bolster the firm's tax and energy transition practices.

  • January 11, 2024

    Colo. Bill Would Boost Property Tax On Short-Term Rentals

    Many Colorado properties used as short-term rentals would be classified as lodging for property taxation under legislation introduced in the state Senate.

  • January 11, 2024

    Trump Speech Caps Chaotic NY Trial: 'I Am An Innocent Man'

    Former President Donald Trump spoke directly to the judge during closing statements in the New York attorney general's civil fraud trial Thursday, proclaiming his innocence and arguing that the state should pay him back for what he called a political "persecution."

  • January 11, 2024

    NY Judge In Trump's Fraud Trial Receives Bomb Threat

    The New York state judge presiding over former President Donald Trump's civil fraud trial was targeted with a bomb threat Thursday morning before hearing closing arguments in the case, according to law enforcement and court officials.

  • January 10, 2024

    Lawmakers Hammering Out Specifics On Tax Package

    Details on a tax package that would expand the child tax credit and extend several business tax provisions will be released soon, congressional negotiators said Wednesday, but lawmakers are still hammering out the specifics, including figuring out how much the package will cost.

  • January 10, 2024

    Md. Bills Seek $100 Fee For High-Value Property Tax Appeals

    Maryland would require payment of a $100 fee to the state's tax court for appeals of assessments of income-producing property valued at more than $5 million under cross-filed bills introduced Wednesday in the House of Delegates and Senate.

  • January 10, 2024

    Couple Owe IRS $500K Each For Hidden Swiss Account

    A couple who never told their longtime tax preparer about a Swiss bank account containing more than $2 million owe more than $500,000 each in tax penalties for failing to report the account to the Internal Revenue Service, a New York federal judge ruled Wednesday.

  • January 10, 2024

    Calif.'s Newsom Rules Out New Taxes Despite Budget Gap

    California will not have new or increased taxes but would tap into the state's rainy day fund to close a nearly $38 billion shortfall, according to a $291.5 billion budget proposed Wednesday by Gov. Gavin Newsom.

  • January 10, 2024

    Treasury Mulls Extensive Input On Direct Pay, Transfer Rules

    As the U.S. Department of the Treasury works on final guidance on two novel ways that project owners can monetize their clean energy tax credits, it is trying to incorporate and address the extensive feedback it has been receiving on the provisions, officials said Wednesday.

  • January 10, 2024

    Kilpatrick Merges With HMB Attys In Chicago Office Expansion

    Kilpatrick Townsend & Stockton LLP announced Wednesday that it was continuing its expansion in Chicago by merging with HMB Legal Counsel and adding over 55 attorneys from HMB, significantly increasing the size of Kilpatrick's Chicago office and adding expertise in corporate law.

  • January 10, 2024

    Pittsburgh 'Jock Tax' Is Unconstitutional, Pa. Court Affirms

    Pittsburgh's fee on nonresident professional athletes violates the Pennsylvania Constitution's uniformity clause, the state's Commonwealth Court affirmed in an opinion released Wednesday.

  • January 10, 2024

    Trump Can't Give Own Closing Argument In NY Fraud Trial

    Donald Trump failed to respond by a court-mandated deadline Wednesday to accept conditions under which he would be allowed to speak during closing arguments in the New York attorney general's civil fraud case.

  • January 10, 2024

    Md. Bill Would Create Entrepreneurial Leave Tax Credit

    Maryland employers who allow workers leave to establish or expand businesses could be eligible for a tax credit under legislation introduced Wednesday in the state House of Delegates.

  • January 09, 2024

    NRA Calls Itself A 'Victim' Of LaPierre In NY Trial Opening

    Counsel for the National Rifle Association began its defense in the New York attorney general's civil fraud trial Tuesday by distancing the gun rights group from recently resigned CEO Wayne LaPierre and other executives accused of misusing charitable funds, telling jurors the NRA is a "victim of that betrayal."

  • January 09, 2024

    71-Year-Old CPA Sentenced To 25 Years In $1.3B Tax Case

    An accountant blamed by federal prosecutors for pioneering the use of conservation easements as illegal tax shelters was sentenced to 25 years in prison Tuesday following his conviction on all counts of a $1.3 billion tax fraud scheme that drew the first criminal prosecution of its kind.

  • January 09, 2024

    Global Min. Tax Expected To Halve Profit Shifting, OECD Says

    The 15% global minimum tax plan is expected during coming years to cut in half the nearly $700 billion in profits that companies shift annually to low-tax jurisdictions, the Organization for Economic Cooperation and Development said Tuesday in a report.

  • January 09, 2024

    Chicago Pol Guilty Over Lies, 'Not Semantics,' 7th Circ. Says

    A former Chicago alderman can't escape his 2022 conviction for lying to the FDIC about bank loans he received and falsifying tax records because his statements were misleading enough to violate federal law, the Seventh Circuit said Monday.

  • January 09, 2024

    Minn. Justices Question Denial Of Housing Charity Tax Break

    The Minnesota Supreme Court questioned arguments by the state's largest county Tuesday that low-income housing owned by a charitable nonprofit was not exempt from property taxation because the occupancy by the tenants did not further the organization's charitable purpose.

  • January 09, 2024

    Ore. Court Won't Nix Tax Value Hike On Improved Home

    The Oregon Tax Court denied a homeowner's claim that certain improvements to her residence should not have been added to the tax assessment rolls as "new" property, which triggered a revaluation of the property.

  • January 09, 2024

    Neb. Justices Say Co. Qualifies For Greenbelt Tax Status

    A Nebraska real estate development company was entitled to a special property tax valuation granted to agricultural property, known as greenbelt status, because its property was predominantly used for agriculture, the state Supreme Court ruled.

  • January 08, 2024

    Supreme Court Is Suddenly Embroiled In A Term For The Ages

    When 2024 began, the U.S. Supreme Court's docket — spanning abortion, guns, social media, the modern regulatory system and more — already seemed certain to shake up the nation's cultural and economic landscapes. But now there's also a showdown involving Donald Trump and America's constitutional bedrock, auguring a truly tectonic term.

  • January 08, 2024

    6th Circ. Nixes Class Rep Swap In Tax Foreclosure Suit

    A Michigan man seeking compensation for losing the surplus value of his property in a tax foreclosure sale can't be a substitute plaintiff in a class action against a group of county governments, the 6th Circuit said, because he lacks sufficient legal interest in the case.

Expert Analysis

  • Curtailing Offshore Tax-Advantaged Investment In China

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    The U.S. government's plans to establish a new outbound investment regime hold the potential to arrest Chinese companies' increasing use of offshore, tax-advantaged locations to raise capital, says David Plotinsky at Morgan Lewis.

  • Tax Pitfalls To Avoid In Employment Litigation Settlements

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    Downsizing companies should keep certain questions in mind when settling claims with departing employees to ensure they understand associated tax withholding and reporting obligations, and avoid costly interest and penalties down the road, says Matthew Meltzer at Flaster Greenberg.

  • 4 Ways To Reboot Your Firm's Stalled Diversity Program

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    Law firms that have failed to see real progress despite years of diversity initiatives can move forward by committing to tackle four often-taboo obstacles that hinder diversity, equity and inclusion efforts, says Steph Maher at Jaffe.

  • DOJ's Google Sanctions Motion Shows Risks Of Auto-Deletion

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    The U.S. Department of Justice recently hit Google with a sanctions motion over its alleged failure to preserve relevant instant-messaging communications, a predicament that should be a wake-up call for counsel concerning the danger associated with automatic-deletion features and how it's been handled by the courts, say Oscar Shine and Emma Ashe at Selendy Gay.

  • What To Expect From A Litigation Finance Industry Recession

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    There's little data on how litigation finance would fare in a recession, but a look at stakeholders' incentives suggests corporate demand for litigation finance would increase in a recessionary environment, while the number of funders could shrink, says Matthew Oxman at LexShares.

  • Cos. May Want To Wait Out US-EU Green Incentives Fight

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    As the European Union considers measures to compete with the Inflation Reduction Act's incentives for U.S. production of clean tech, and EU and U.S. officials discuss a possible compromise, companies in the green sector should consider taking a wait-and-see approach to investment decisions, says Todd Thacker at Goldberg Segalla.

  • Key Considerations For Taxpayers Deducting Crypto Losses

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    While a recent Internal Revenue Service memorandum is helpful in providing insight into how the agency is considering guidance related to cryptocurrency, questions remain with respect to whether a taxpayer can claim a tax deduction for cryptocurrency losses, say attorneys at McDermott.

  • Justices' MoneyGram Opinion Could Spur State Legislation

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    The U.S. Supreme Court’s recent decision that federal law governs the escheatment of over $250 million in unclaimed MoneyGram checks provides clarity for some issuers, but aspects of related common law remain uncertain and states may take the opportunity to pass multistate escheatment legislation, say attorneys at Alston & Bird.

  • Justices Leave Questions Open On Dual-Purpose Atty Advice

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    The U.S. Supreme Court's recent dismissal of In re: Grand Jury on grounds that certiorari was improvidently granted leaves unresolved a circuit split over the proper test for deciding when attorney-client privilege protects a lawyer's advice that has multiple purposes, say Susan Combs and Richard Kiely at Holland & Hart.

  • Employee Retention Tax Credit: Gray Areas And Red Flags

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    The subjective nature of the pandemic-prompted employee retention credit, coupled with a lack of Internal Revenue Service guidance, have created fertile ground for opportunists, so businesses seeking this tax benefit should be mindful of tax advisers who would involve them in fraudulent ERC claims, say attorneys at Holland & Knight.

  • India's Budget Proposals May Ease Entry For Certain Sectors

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    India’s recently released budget includes proposals to facilitate doing business in Gujarat International Finance Tec-City and moderate thousands of compliance requirements, opening up new opportunities for foreign businesses in the digital infrastructure, manufacturing and renewable energy sectors, say Mukesh Butani and Seema Kejriwal at BMR Legal.

  • Steps Lawyers Can Take Following Involuntary Terminations

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    Though lawyers can struggle to recover from involuntary terminations, it's critical that they be able to step back, review any feedback given and look for opportunities for growth, say Jessica Hernandez at JLH Coaching & Consulting and Albert Tawil at Lateral Hub.

  • Opinion

    Justices Should OK Biden's Student Loan Forgiveness Plan

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    Because none of the plaintiffs in Biden v. Nebraska and U.S. Department of Education v. Brown satisfy the U.S. Constitution's standing requirements, the U.S. Supreme Court should dismiss the pair of challenges to the Biden administration's student loan forgiveness program after hearing oral arguments Tuesday, says Mitria Wilson-Spotser at the Center for Responsible Lending.

  • High Court Ax Of Atty-Client Privilege Case Deepens Split

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    The U.S. Supreme Court's recent dismissal of In re: Grand Jury as improvidently granted maintains a three-way circuit split on the application of attorney-client privilege to multipurpose communications, although the justices have at least shown a desire to address it, say Trey Bourn and Thomas DiStanislao at Butler Snow.

  • Best Practices For Celeb Alcohol Ventures In Growing Market

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    Recent data shows that celebrity-owned brands are key drivers for alcohol e-commerce — which is predicted to grow by over 30% in the next five years — so attorneys advising famous clients should review the complex regulatory system for alcoholic beverages in the U.S. before taking up such a venture, say Rachel Lawson and Jacob White at Dickinson Wright.

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