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Tax
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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.
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February 08, 2024
Esurance Pockets Totaled Vehicles' Sales Tax, Suit Says
Auto insurer Esurance stole from customers by routinely failing to cover sales tax on totaled vehicles, a policyholder said in a proposed class action filed in New York federal court.
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February 08, 2024
DC Circ. Skeptical Of 5-Hour Energy Partner's Tax Challenge
D.C. Circuit judges seemed skeptical of a Canadian citizen's argument that $6.5 million in gains she received from selling a share of a U.S. partnership that sold 5-Hour Energy drinks shouldn't be federally taxed, grappling to understand her reasoning during oral arguments Thursday.
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February 08, 2024
Frost Brown Adds Estate Tax Pro In Cincinnati
Frost Brown Todd LLP just added a new partner with more than three decades of estate planning experience to its tax, benefits and estates practice group in its Cincinnati office as part of its ongoing investment in its Midwestern presence, the firm has announced.
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February 08, 2024
NY Judge Scolds Trump Attys For Response To Perjury Query
The New York state judge overseeing Donald Trump's civil fraud trial on Thursday chastised defense attorneys for their "misleading" response to his demands for information about reports of possible perjury by defendant and key trial witness Allen Weisselberg.
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February 08, 2024
SD General Revenue Up $23M Through January
South Dakota general receipts from July through January totaled $1.556 billion, more than the $1.533 billion originally forecasted, according to a report by the state Bureau of Finance and Management.
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February 07, 2024
Spouses Ran PPP Fraud In Secret, Ga. Defendants Tell Jury
A Georgia man and woman standing trial for charges that they helped orchestrate a scheme to illegally obtain $11 million in Paycheck Protection Program loans were unwittingly implicated in the fraud by their respective spouses, the defendants'Â lawyers told a federal jury Wednesday.
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February 07, 2024
Trump Trial Judge Gets Little Info On Exec's Alleged Perjury
An attorney for Donald Trump and his companies' former chief financial officer Allen Weisselberg told the New York state judge presiding over their civil fraud trial Wednesday that she could not respond to "unsubstantiated" reports that the ex-CFO was in plea negotiations for allegedly lying on the stand, citing her ethical obligations.
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February 07, 2024
NRA Upped Compliance After AG Probe, Auditor Tells NY Jury
An outside auditor for the National Rifle Association told jurors Wednesday in the New York fraud case against the gun rights group and its executives that the NRA is "very transparent" and has taken steps to address compliance deficiencies since the state's investigation began.
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February 07, 2024
Colo. Urges Court To Reject Bid To Nix Delivery, Ride Fees
A Colorado court should throw out a suit from a conservative group challenging new fees on deliveries and online ride-hailing services, attorneys for the state said, arguing that the transportation funding law that created them does not violate any state statutes.
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February 07, 2024
Judge Sides With Wis. Tribe In HOA Property Dispute
The Menominee Indian Tribe got a win in Wisconsin federal court in a case in which a Wisconsin neighborhood association said the federal government breached its community restrictive covenants when it took land into trust for the tribe, with the judge agreeing to dismiss the suit.
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February 07, 2024
Town's Taxes Would 'Punish' Green Tech, Conn. Justices Told
Groton is the only community in Connecticut that has ever imposed taxes on FuelCell Energy Inc.'s power plants, and adhering to the town's interpretation of two exemption statutes would create an "absurd" result that discourages the manufacture of energy efficient systems in the rest of the state, the company told the Connecticut Supreme Court on Wednesday.
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February 07, 2024
US Eyes Requiring Reports On All-Cash Real Estate Transfers
Professionals involved in real estate transfers in the U.S. would be required to report on the beneficial owners of trusts and other legal entities that receive residential property in any all-cash transactions under draft regulations released Wednesday that aim to tackle tax evasion and corruption.
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February 07, 2024
Orrick Adds Ex-Greenberg Traurig Energy Pro In Chicago
A former Greenberg Traurig LLP shareholder has reunited with her mentor after jumping to Orrick Herrington & Sutcliffe LLP's energy and infrastructure team in Chicago.
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February 07, 2024
House Panel's Top Dem Floats Bill To Require Automatic IRAs
The House Ways and Means Committee's top Democrat introduced legislation Wednesday that would expand workers' retirement coverage by requiring employers with 10 or more employees to establish a federal automatic individual retirement account program.
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February 07, 2024
Perrier Bubbles Don't Burst Tax Barrier, Pa. Court Told
The fizziness in Perrier bottled water is naturally occurring and should put the product in the same nontaxable category as still water under Pennsylvania's tax code, an attorney for a Pennsylvania Sheetz customer told the state's Commonwealth Court on Wednesday.
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February 07, 2024
Big 4 Support Irish Foreign Income Tax Exemption Plans
The Big Four accounting firms expressed broad support for Ireland's plans to introduce corporate tax exemptions for foreign-sourced dividends and foreign branch profits, saying the changes are long overdue and would reduce complexities for taxpayers, according to comments published Wednesday.
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February 07, 2024
German Cum-Ex Trial Ends After €2.2M Profit Payback
German prosecutors agreed to provisionally end a trial of an unnamed individual over a fraudulent tax refund scheme after he agreed to pay back €2.2 million ($2.4 million) in illegally gained profits, a court said Wednesday.
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February 07, 2024
EU Urges Greece To Scrap Tax-Free Border Shops
The European Commission called on Greece on Wednesday to remove an exemption from excise duty for shops on borders with non-European Union countries, saying the shops' untaxed status breached EU law.
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February 06, 2024
UK Windfall Tax Hits BP's Bottom Line As Profits Remain High
London-based BP PLC laid partial blame on the U.K.'s windfall profits tax for hiking its effective tax rate 5 percentage points to 39% last year as annual profits fell 50% to $13.8 billion, according to filings published Tuesday.
Expert Analysis
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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.
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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.