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February 02, 2024
Mich. Panel Rejects Attempts To Claim Foreclosure Surplus
A Michigan state appeals court denied attempts to reclaim tens of thousands in surplus money from a county's tax foreclosure sale of two homes, finding that the parties either waited too long or wrongly applied to the court system to recover the excess funds.
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February 02, 2024
NYC Sues FDIC For $7M Of First Republic's Back Taxes
New York City sued the Federal Deposit Insurance Corp. in D.C. federal court in the agency's capacity as receiver for failed First Republic Bank, alleging the bank understated its rent and income taxes it owed to the city for several years and now owes more than $7 million.
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February 02, 2024
Clean Energy Can Revive Fossil Fuel Sites, But Risks Abound
Building clean energy projects on the sites of shuttered or aging coal- and gas-fired power plants is a multibillion-dollar opportunity to accelerate the U.S. energy transition, but there are steep legal and practical hurdles to clear. Here's a rundown of what developers must grapple with if they want to build green on fossil fuel sites.
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February 02, 2024
Google, H&R Block Ask Court To Toss Tax Data RICO Suit
Google and H&R Block asked a California federal court to toss a suit accusing them of scheming to intercept the private data of a man who used H&R Block's tax preparation software, saying there was no evidence the companies conspired.
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February 02, 2024
Hulu, Disney, Netflix Escape Texas Tax Franchise Suit
A state appeals court has said Hulu, Disney and Netflix can escape a lawsuit from 31 Texas municipalities that accuse them of failing to pay a state franchise tax, adopting the companies' argument that they are not required to pay the 5% fee because they are not franchise holders.
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February 02, 2024
Md. Bill Seeks Property Tax Credits For Residential Projects
Maryland would allow local governments to grant property tax credits for certain hotel and residential developments with the requirement that larger developments include affordable housing under legislation introduced in the state House of Delegates.
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February 02, 2024
Md. Bill Would Allow Tax Hikes On Vacant Property
Local governments in Maryland that levy property taxes could set special rates for improved residential properties that are vacant or unfit for habitation under legislation introduced in the state House of Delegates.
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February 01, 2024
Kemp Klein Brings On Tax Attorney From Foster Swift
Kemp Klein Law Firm said Thursday that it added a shareholder to its team who was formerly with Foster Swift Collins & Smith PC and counsels clients in tax planning.
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February 01, 2024
IRS Violated Rights In Coinbase Doc Seizure, 1st Circ. Told
The IRS violated an investor's property rights when it seized his financial records from the cryptocurrency exchange Coinbase, he told the First Circuit on Thursday, saying the government defended the violation by wrongly focusing on what it claims are the investor's lack of privacy protections.
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February 01, 2024
India Budget Includes Abrupt End Of Manufacturing Tax Break
India plans to allow its reduced corporate income tax rate for manufacturing facilities to sunset in April in an unexpected move, while seeking extensions to tax holidays for startups and sovereign wealth funds, attorneys told Law360 on Thursday about the government's interim budget.
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February 01, 2024
Conn. Supreme Court Snapshot: Sleepy Juror, Surprise Billing
A gang member's murder conviction should be overturned because a juror was caught sleeping and the judge took no action to determine if he was still competent to serve, according to an appeal that the Connecticut Supreme Court will hear in its upcoming term. Here are three cases to watch as the term gets started Monday.
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February 01, 2024
Ex-Trump Org. CFO Faces Possible Perjury Charge, Mulls Plea
Donald Trump's longtime top financial officer Allen Weisselberg is in plea negotiations related to potential perjury charges stemming from his testimony in the New York attorney general's civil fraud trial, according to a source familiar with the matter.
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February 01, 2024
Justices Asked To Stop Trustee From Recovering Taxes
The federal government asked the U.S. Supreme Court to stop the bankruptcy trustee of a Utah company from being allowed to recoup federal tax payments, saying the issue is the subject of a growing circuit split and stands to deplete the federal purse illegally.
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February 01, 2024
EU Leaders Slow Plan To Use Frozen Russian Assets
European Union leaders reined in the bloc's rush to use frozen and immobilized Russian state assets for the reconstruction of Ukraine, as leaders from Germany, France and Italy called for caution Thursday.
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February 01, 2024
NYC Music Venue Gets 'Last Shot' At Ch. 11 Reorg
A New York bankruptcy judge Thursday gave a New York City music venue what he said was one last chance to get caught up on its state and federal back taxes before it faces a conversion of its Chapter 11 reorganization to a liquidation.
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February 01, 2024
Duet Group Co-Founder Gets Nearly 5-Year Cum-Ex Sentence
The co-founder of the London-based Duet Group investment firm received a nearly five-year jail sentence for crimes related to so-called cum-ex activities following a trial in Germany, a person familiar with the verdict confirmed to Law360 on Thursday.
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January 31, 2024
House Sends Bipartisan Tax Break Package To Senate
The House of Representatives passed a bipartisan bill Wednesday night that would extend the full tax break for research and development costs and expand the child tax credit for multiple years, sending the deal to the Senate for consideration.
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January 31, 2024
Mich. Justices Send Tax Cut Duration Fight To Appeals Court
The Michigan Supreme Court declined Wednesday to directly review a group of taxpayers' appeal of a judge's ruling that a 2023 personal income tax cut was only temporary, but it ordered the state Court of Appeals to rule on the case within six weeks.
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January 31, 2024
FTX Can Estimate Digital Claims In US Dollars, Judge Says
Bankrupt cryptocurrency exchange FTX Trading Ltd. can estimate the value of digital asset claims of customers in U.S. dollars after a Delaware judge said Wednesday that conducting individual valuations of each claim would be costly and time-consuming.
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January 31, 2024
Feds Urged To Adopt EV Battery Tracing For Tax Credit Rules
A mechanism to trace the source of battery materials in electric vehicles would help enforce manufacturers' compliance with the domestic content requirements that are now linked to the EV consumer tax credit, stakeholders told U.S. Treasury Department and IRS officials Wednesday.
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January 31, 2024
Ex-Ga. Tech Prof Gets Home Confinement For Tax Fraud
A former Georgia Institute of Technology professor was sentenced to a year of home confinement and three years' probation on Wednesday for shirking hundreds of thousands of dollars in federal taxes by inflating his charitable deductions through a scheme involving Chinese nationals' donations to the university.
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January 31, 2024
Calif. Says FDIC Owes Signature Bank's Unpaid Taxes
California's state tax collection agency asked a New York federal court to force the Federal Deposit Insurance Corp. to pay five years' worth of unpaid taxes on behalf of the shuttered Signature Bank, saying the FDIC is responsible for the debt as the bank's receiver.
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January 31, 2024
Treasury Aims To Finish Credit Monetization Rules In 2024
The U.S. Department of the Treasury aims to issue final rules this year on two new ways to monetize tax credits tied to clean energy construction projects, known as the direct pay and transferability methods, an official said.
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January 30, 2024
Timber Co. Says Seller 'Twisting' Words In Carbon Offset Fight
A New Hampshire-based timber company has told a North Carolina court that an investment firm specializing in forestland is "twisting" words in an attempt to escape claims that it overvalued the carbon offset of a property by about $1 million.
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January 30, 2024
Holtec, Firm Fined $5M Over NJ Tax Credit Applications
A New Jersey-based energy technology company and a real estate firm are avoiding criminal prosecution for unlawfully exploiting a state tax incentive program by agreeing to pay $5 million in penalties and be monitored in future applications for state benefits, the state attorney general announced Tuesday.
Expert Analysis
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IRS Green Energy Tax Credit Notice Provides Needed Clarity
Recent IRS guidance clarifying how the government will determine energy community locations for purposes of bonus clean energy tax credits should help resolve risk allocation disagreements among financing parties and parties to merger and acquisition transactions, say Casey August and Paul Gordon at Morgan Lewis.
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3 Reasons Why Congress Should Stay Out Of NY Trump Probe
Congress members should reconsider their investigation of the Manhattan district attorney’s indictment of former President Donald Trump for several key reasons — and if they persist, future congressional leadership should adopt a rule prohibiting this kind of local interference, say Kenyen Brown and Kevin Carroll at Hughes Hubbard.
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9th Circ. Ruling Legitimizes Classwide Injury In Predominance
The Ninth Circuit's recent ruling that vacated class certification in Van v. LLR makes clear that the question of injury is highly relevant to the predominance analysis, and underscores the importance of making a persuasive argument that injury is individualized within the class, say attorneys at Skadden.
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Don't Let Client Demands Erode Law Firm Autonomy
As clients increasingly impose requirements for attorney hiring and retention related to diversity and secondment, law firms must remember their ethical duties, as well as broader issues of lawyer development, culture and firm integrity, to maintain their independence while meaningfully responding to social changes, says Deborah Winokur at Cozen O'Connor.
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Ohio Tax Talk: Tax Amendments In Operating Budget Proposal
Starting in 2023, the Ohio House of Representatives' budget bill would amend sales and use, income, and commercial activity tax provisions, so individuals and businesses must monitor its progression, considering the revisions could carry consequences or liability for taxpayers, say Raghav Agnihotri and Rachael Chamberlain at Frost Brown.
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IRS' Cost Method Update Is Favorable For RE Developers
The Internal Revenue Service's recent update to its alternative cost method will allow real estate developers to accelerate their cost recovery of improvements in certain circumstances and make it easier for practitioners to satisfy the method's tax compliance requirements, says Benjamin Oklan at Weil.
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Opinion
Federal Judge's Amici Invitation Is A Good Idea, With Caveats
An Arkansas federal judge’s recent order — inviting amicus briefs in every civil case before him — has merit, but its implementation may raise practical questions about the role of junior attorneys, economic considerations and other issues, says Lawrence Ebner at the Atlantic Legal Foundation.
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The Key Issues Keeping Transfer Pricing A Top Tax Concern
Several challenges preventing a global economic reemergence from the pandemic era are making practitioners reevaluate commonly used transfer pricing models, and embrace new technologies and ways of doing business, say Farnaz Amini and Sophia Castro Jurado at Marcum.
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Fox Ex-Producer Case Is A Lesson In Joint Representation
A former Fox News producer's allegations that the network's lawyers pressured her to give misleading testimony in Fox's defamation battle with Dominion Voting Systems should remind lawyers representing a nonparty witness that the rules of joint representation apply, says Jared Marx at HWG.
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Cannabis Cos. Must Heed Growing Federal Investigatory Risks
As state-regulated cannabis markets expand rapidly, so too does government oversight, and industry participants must plan ahead to avoid potential liabilities related to workplace health and safety requirements, tax audits, securities regulations and foreign bribery laws, say Alicia Corona and Amy Rubenstein at Dentons.
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A Tale Of 2 State Tax Sourcing Decisions: The Pa. Court's Path
The Pennsylvania Supreme Court’s recent decision in Synthes v. Commonwealth appropriately effectuated the Legislature's intent that ambiguous provisions in Section 17 of the Uniform Division of Income for Tax Purposes Act be construed to reflect the marketplace for the taxpayer's services, says Bruce Fort at the Multistate Tax Commission.
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A Tale Of 2 State Tax Sourcing Decisions: The Va. Court's Path
The Virginia Supreme Court's textualist approach in Department of Taxation v. R.J. Reynolds diverges from a recent Pennsylvania Supreme Court analysis and mistakenly precludes consideration of the goals and history underlying provisions of the Uniform Division of Income for Tax Purposes Act, says Bruce Fort at the Multistate Tax Commission.
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Opinion
Stanford Law Protest Highlights Rise Of Incivility In Discourse
The recent Stanford Law School incident, where students disrupted a speech by U.S. Circuit Judge Kyle Duncan, should be a reminder to teach law students how to be effective advocates without endangering physical and mental health, says Nancy Rapoport at the University of Nevada.
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Dispute Prevention Strategies To Halt Strife Before It Starts
With geopolitical turbulence presenting increased risks of business disputes amid court backlogs and ballooning costs, companies should consider building mechanisms for dispute prevention into newly established partnerships to constructively resolve conflicts before they do costly damage, say Ellen Waldman and Allen Waxman at the International Institute for Conflict Prevention and Resolution.
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5 Ways Taxpayers Can Spot Employee Retention Credit Scams
On Monday, the Internal Revenue Service added the employee retention credit to its list of prevalent tax scams because of ERC promoters seeking to take advantage of employers, but taxpayers who may qualify for the credit can protect themselves by recognizing certain red flags, say attorneys at Potomac Law and Stout Risius.