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Tax
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February 13, 2024
Foreclosure Deal Support Rebuts Collusion Claim, Attys Say
Former owners of tax-foreclosed homes urged a Michigan federal judge Tuesday to tune out objectors who call the class settlement a "textbook" collusive deal, saying the class's enthusiastic response disproves the allegations.
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February 13, 2024
'She Didn't Ask, And I Didn't Tell,' Ex Says Of Fraud Scheme
Both federal prosecutors and defense counsel for a Georgia woman accused of using her small business to hide hundreds of thousands of dollars in illegally obtained pandemic loans agreed Tuesday that her ex-husband was not just a philanderer, but a fraudster to boot.
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February 13, 2024
US Asks Court To OK $1.4B Tax Claim Against SVB
A D.C. federal court should step in and approve a $1.4 billion IRS tax claim against the shuttered Silicon Valley Bank, the U.S. government said Tuesday, saying the court has the authority to circumvent a rejection by the Federal Deposit Insurance Corp., the bank's receiver.
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February 13, 2024
Think Tank Says US Should Undermine OECD Global Tax Deal
The U.S. should try to undermine the OECD's global tax deal by pursuing reforms to corporate tax policy that would maximize the country's attractiveness to international investors and by cutting funding to the organization, the libertarian Cato Institute said Tuesday.
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February 13, 2024
LaPierre Defends TV Spots, Celeb Ties As NRA Trial Nears End
Former National Rifle Association CEO Wayne LaPierre told jurors in New York state court in the final week of trial Tuesday that he went on television and rubbed elbows with celebrities not out of a desire for the spotlight but to anchor the gun group in "mainstream American culture."
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February 13, 2024
Netflix Streaming Tangible Enough For Sales Tax, Colo. Says
Netflix can't avoid Colorado sales tax on its streaming subscriptions using a distinction between "physical" and "digital" goods, Colorado's tax department told a state court, arguing that such a distinction is false and the company's goods are "corporeal" and by law subject to the tax.
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February 13, 2024
Md. Senate Panel OKs Aircraft Parts Tax Break Extension
Aircraft parts and equipment would continue to get a sales tax exemption in Maryland under legislation approved Tuesday by a state Senate panel.
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February 13, 2024
Ex-IRS Contractor Appeals 5-Year Sentence For Tax Info Leak
A former IRS contractor sentenced to five years in prison for stealing and leaking former President Donald Trump's tax returns — and those of thousands of other wealthy people — to the media told a D.C. federal court he will appeal his final judgment.
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February 13, 2024
Andersen Announces Expansion Of Global Valuation Practice
Professional services firm Andersen has added 14 groups across Europe to its valuation practice in the last 12 months, part of its drive to become a leading valuation provider worldwide, the company announced Tuesday.
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February 12, 2024
NC High Court Snapshot: Philip Morris Fights Tax Credit Limit
North Carolina's top court will return in February from an extended hiatus to weigh whether a home healthcare company was correctly ejected from the state's Medicaid program, and if regulators were right to limit state export tax credits for tobacco giant Philip Morris.
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February 12, 2024
Mich. Tax Cut Should Be Permanent, State Appellate Court Told
A Michigan law enacted in 2015 that lowers the income tax rate when revenue collections exceed a certain threshold provides a permanent reduction, a group of taxpayers told the state appeals court.
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February 12, 2024
Ga. Attys Claim Fund Managers Organized Illegal Tax Shelter
Managers of a fund profited by selling units in a "grossly inflated" tax shelter and then hid a federal criminal investigation into the arrangement from investors, partners in an Athens, Georgia, law firm said in a suit recently transferred to federal court.
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February 12, 2024
Ind. Seed Lab Property Exempt From Tax, Board Says
An Indiana laboratory used to test seeds qualifies for a property tax exemption because it is used for scientific purposes and benefits the public, the state Board of Tax Review said.
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February 12, 2024
Court Reporters Deemed Exempt Contractors In Benefits Case
A New Jersey appellate court on Monday partially undid orders requiring two legal transcription services companies to reimburse the state for unpaid unemployment and disability benefits, ruling that court reporters are exempt independent contractors under state law.
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February 12, 2024
Md. Bill Aims To Expand Eligibility For Homestead Tax Credit
Maryland would expand eligibility for the state's homestead property tax credit to include homeowners' additional residences under a bill introduced in the state House of Delegates.
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February 12, 2024
Hogan Lovells Builds Out Corp. Group With 2 Partners
Hogan Lovells announced Monday it has bolstered its corporate and finance group with the hiring of new partners in New York and Boston.
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February 09, 2024
6th Circ. Says Fed. Court Can't Hear $420K Tax Lien Case
Federal law prevents an Ohio company from suing county tax assessors in Ohio federal court over whether the company owes more than $420,000 in back property taxes, a Sixth Circuit panel ruled.
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February 09, 2024
Colo. Ballot Law Violates Free Speech, Group Tells 10th Circ.
Parts of Colorado's state-mandated titles for proposed ballot initiatives to cut taxes are inaccurate and would significantly impair a conservative group's ability to communicate with voters, violating its First Amendment rights, the group told the Tenth Circuit.
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February 09, 2024
Jordan Calls For Investigation Into DOJ's Deal With IRS Leaker
House Judiciary Committee Chairman Jim Jordan is investigating whether federal prosecutors were politically motivated to allow the former IRS contractor who leaked former President Donald Trump's tax returns to plead guilty to a single count of illegal disclosure, calling the arrangement "a sweetheart deal."
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February 09, 2024
Former Moritt Hock Atty Joins Forchelli As Partner
Forchelli Deegan Terrana LLP has added a law school professor and former associate at Moritt Hock & Hamroff LLP as a partner to its tax, trusts and estates practice group, the New York firm announced.
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February 09, 2024
Taxation With Representation: Sullivan & Cromwell, Kirkland
In this week's Taxation With Representation, California Resources Corp. acquires Aera Energy, ZeroFox Holdings goes private, and Acerinox purchases Haynes International.
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February 08, 2024
Ex-BigLaw Atty Tells Jury LaPierre Didn't Control NRA Board
A former BigLaw partner was the latest National Rifle Association board member to testify in defense of the gun rights group at the New York attorney general's fraud trial, telling jurors Thursday that it's "just not true" that longtime CEO Wayne LaPierre had full power over NRA decisionmaking.
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February 08, 2024
AgileThought Gets Initial OK For Rolling Ch. 11 Dismissals
Technology firm AgileThought Inc. can dismiss 19 of 32 consolidated Chapter 11 cases, a Delaware bankruptcy judge ruled Thursday, adding that she wanted to make sure all administrative creditors had some form of notice before she signed off on a process for future dismissals.
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February 08, 2024
School Board Tells Ohio Justices Tax Appeal Not Time-Barred
An Ohio law barring third-party challenges to property valuations does not apply retroactively, a school board told the Ohio Supreme Court, urging it to uphold a ruling allowing its challenge to a valuation of an apartment complex to continue.
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February 08, 2024
Minn. Lake Properties Should Be Valued Together, Court Says
A Minnesota lakefront parcel of land should be valued together with a neighboring developed parcel because the two have a symbiotic relationship, the state's tax court ruled.
Expert Analysis
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Building On Successful Judicial Assignment Reform In Texas
Prompt action by the Judicial Conference could curtail judge shopping and improve the efficiency and procedural fairness of the federal courts by implementing random districtwide assignment of cases, which has recently proven successful in Texas patent litigation, says Dabney Carr at Troutman Pepper.
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Cities Should Explore Minn. Municipal Alcohol Store Model
Minnesota’s unique alcohol control model that functions at the municipal level may be worth exploring for cash-strapped cities looking for an additional stream of revenue, though there may be community pushback, say Louis Terminello and Bradley Berkman at Greenspoon Marder.
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Renewable Energy M&A Is Still Strong, Despite Challenges
The recent history of renewable energy has included ongoing supply chain issues, legislative challenges and rising interest rates — but mergers and acquisitions in the sector are expected to remain robust this year, fueled by growing demand and Inflation Reduction Act incentives, say consultants at FTI Consulting.
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Do Videoconferences Establish Jurisdiction With Defendants?
What it means to have minimum contacts in a foreign jurisdiction is changing as people become more accustomed to meeting via video, and defendants’ participation in videoconferencing may be used as a sword or a shield in courts’ personal jurisdiction analysis, says Patrick Hickey at Moye White.
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Inside Calif.'s New Unclaimed Property Compliance Program
As California gears up to launch its voluntary compliance program for taxpayers with unreported property owed to the state, eligible holders should be aware of kinks that may initially arise and of potential audit risks, say attorneys at Alston & Bird.
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Issues And Opportunities In Hydrogen Fuel Cell Development
A variety of tax incentives, funding opportunities and state programs have the potential to provide value across the hydrogen fuel cell business chain and alleviate existing hurdles, establishing a stronger business case for the continued development of hydrogen infrastructure, says Pamela Wu at Morgan Lewis.
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Opinion
Humanism Should Replace Formalism In The Courts
The worrying tendency for judges to say "it's just the law talking, not me" in American decision writing has coincided with an historic decline in respect for the courts, but this trend can be reversed if courts develop understandable legal standards and justify them in human terms, says Connecticut Superior Court Judge Thomas Moukawsher.
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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.