Tax

May 30, 2025
Convicted Crypto Investor's Wife Says Gov't Can't Seize Funds

The wife of a bitcoin investor sentenced to prison for concealing millions of dollars from the IRS asked a Texas federal court Friday to stop the federal government from taking her money to help make up for $1 million in restitution stemming from his cryptocurrency sales.
May 30, 2025
AT&T Unit Loses Dispute Over Calif. Property Tax Rates

AT&T unit Pacific Bell and other phone companies failed to prove that a California county's differing tax rates for locally assessed and state-assessed properties are unconstitutional, a state appeals court affirmed.
May 30, 2025
Mass. Can't Delay Developer's Suit Over Brownfields Credit

Massachusetts tax officials who have taken more than two years to consider the appeal of a denied brownfields tax credit must hand over the administrative record in the case so that a developer can pursue a motion for judgment on the pleadings, a state court justice has ordered.
May 30, 2025
UK Mid-Size Biz Owners Wary Of Risk Exposure, Report Says

Owners and operators of mid-size U.K. businesses are just as wary of risk exposure in personal taxes as they are in business taxes except under certain circumstances, according to a report commissioned by HM Revenue & Customs.
May 30, 2025
Taxation With Representation: Kirkland, Cravath, Latham

In this week's Taxation With Representation, WiseTech completes a $2.1 billion merger with E2open, Acrisure buys a payroll management company for $1.1 billion and Hailey Bieber sells her Rhode skincare and makeup company to e.l.f. beauty for $1 billion.
May 30, 2025
Tax 'Magician' Gets 4 Years For $145M Return Fraud

A tax preparer who falsified returns to the tune of $145 million in tax losses to the federal government was sentenced to four years in prison — half of what prosecutors had pushed for — after telling a New York federal court that he meant to help poor customers.
May 29, 2025
Staffing Co. Seeks $10.8M Tax Refund Under COVID Program

A staffing company sued the U.S. government for a $10.8 million employment tax refund, telling a Georgia federal court that the IRS has failed to provide payroll tax credits the agency owed the business under a coronavirus relief program.
May 29, 2025
DC Court Blocks Trump's Tariffs As Overreach Of Power

The International Emergency Economic Powers Act does not empower the president to impose tariffs, the D.C. federal district court said Thursday, ruling that President Donald Trump's global levies are unlawful and barring his administration from enforcing them on two toymakers who challenged the policies.
May 29, 2025
Fed. Circ. Revives Trump Tariffs As It Weighs Appeal

The Federal Circuit temporarily reinstated President Donald Trump's global tariffs Thursday, a day after the U.S. Court of International Trade held that an emergency law did not give the president "unbounded authority" to impose the measures.
May 29, 2025
IRS Delaying $11M Worker Tax Credit Payout, Hospital Says

A hospital forced to suspend its normal business as it responded to the COVID-19 pandemic told a Washington federal court Thursday that it's entitled to an $11.5 million tax refund for employee retention credits and that the IRS has failed to deliver the promised aid.
May 29, 2025
Ore. Extends Tax Breaks For Affordable Housing Development

Oregon will delay the expiration of three property tax breaks intended to help the development of affordable housing under legislation signed by Democratic Gov. Tina Kotek.
May 29, 2025
Texas Bars Some Property Tax Hikes Above Voter-OK'd Rates

Texas will prohibit school districts from adopting property tax rates above voter-approved thresholds in response to a natural disaster if voters previously rejected a similar proposed rate increase, under a bill signed by Gov. Greg Abbott.
May 29, 2025
Flexjet Predecessor Must Pay $24M In Excise Taxes On Fees

An aviation company whose customers pay to share private jets owes $24 million in excise taxes under an Ohio federal court ruling that found the Internal Revenue Service gave the company precise guidance that it was required to collect taxes from its customers on monthly management fees.
May 29, 2025
US Tariffs Spark Profit Warnings For UK Pension Sponsors

British businesses might seek to tap into pension surpluses because of ongoing financial losses caused by U.S. tariffs, a professional services firm has warned.
May 28, 2025
International Trade Court Strikes Down Trump's Tariffs

The International Emergency Economic Powers Act does not give the president the "unbounded authority" to impose tariffs on goods from nearly every country in the world, the U.S. Court of International Trade ruled Wednesday, handing a win to small businesses and states challenging some of President Donald Trump's steep tariffs.
May 28, 2025
Fintech Group Warns Remittance Tax Will Hurt Consumers

The American Fintech Council sent a letter to members of Congress asking them to reconsider a proposed tax on remittances that is a part of the $3.8 trillion bill to extend and make permanent the Republican Party's 2017 tax overhaul law, also known as The One Big Beautiful Bill Act.
May 28, 2025
Coinbase Users Sue Over Terraform Token Conversion Losses

A group of crypto buyers sued Coinbase Global Inc. over losses they say they incurred from the crypto exchange's actions in the wake of the historic Terraform collapse, accusing Coinbase of muddling the process of converting their assets and providing them with inaccurate tax documents.
May 28, 2025
Stay Won't Be Lifted On Claims Over $93M Real Estate Fraud

Victims of a $93 million Miami real estate development scheme won't be able to pursue their claims — at least for now — against the company's former CEO after a Florida federal judge on Wednesday denied their request to lift a stay on litigation during a U.S. Securities and Exchange Commission receivership.
May 28, 2025
Execs Smuggled Billions In Goods To Skirt Duties, Feds Say

Two California shipping company executives have been charged with smuggling billions of dollars' worth of goods from the United States into Mexico — avoiding millions of dollars in duties to Mexico — using bogus documents, shell companies, bribes to public officials and kickbacks to drug cartels.
May 28, 2025
Judge Shields NY Congestion Pricing From Feds' Threats

New York's congestion pricing program can keep running at least through the fall, after a federal judge on Wednesday signaled that the U.S. Department of Transportation likely overstepped its authority by purportedly terminating a federal agreement that gave congestion pricing the green light.
May 28, 2025
4 Big Questions Raised By International Retaliatory Tax In GOP Bill

Republicans' evolving international retaliatory tax proposal has been viewed as an effort to influence foreign tax regimes and as a possible tool in global tax and trade talks, but it has sparked concerns that it could escalate a trade war or otherwise hurt the U.S. economy. Here, Law360 explores four questions raised by the proposal.
May 28, 2025
DOL Tells 5th Circ. It Will Craft New ESG Rule For 401(k) Plans

The U.S. Department of Labor told the Fifth Circuit on Wednesday that it will launch new rulemaking and move "as expeditiously as possible" to replace Biden administration regulations on whether fiduciaries can consider issues like climate change and social justice when choosing retirement plan investments.
May 28, 2025
IRS Coinbase Summons Challenged As Overbroad, Unlawful

A Connecticut man wants a California federal court to quash an Internal Revenue Service summons issued to Coinbase for his personal financial documents, arguing that the agency's request was inappropriate and violates his privacy rights.
May 28, 2025
Texas Voters To Decide On Raising Homestead Tax Exemption

Texas voters will decide if the state should amend its constitution to increase the state's homestead property tax exemption from $100,000 to $140,000 under a Senate joint resolution approved by state lawmakers and filed with the Texas secretary of state.
May 28, 2025
One Convicted For Role In €195M VAT Fraud Scheme

A Munich court convicted a man for his role in a value-added tax fraud scheme that spanned 17 countries and caused an estimated €195 million ($220 million) in damages, the European Public Prosecutor's Office said Wednesday.

Editor's Picks

Blockchain Tech May Present New Transfer Pricing Challenges

Companies that develop blockchain systems to digitally record transactions may face difficulties when valuing intangibles tied to the decentralized and highly varied technology, creating novel transfer pricing issues for multinational corporations that create their own blockchain networks.
Trump-Era Tariff Angst Hasn't Gone Away Under Biden

The early days of the Biden administration have been relatively quiet on the trade front, but importers have nevertheless found themselves in the throes of a familiar battle: pleading with the government to hold off on tariffs in a heated trade dispute.
3 Major Implications For States In Biden's Tax Plans

President Joe Biden's sweeping tax changes proposed to pay for trillions in infrastructure spending would significantly alter the way the federal government taxes corporations, leaving states, for the second time in four years, to decide if and how to conform. Here Law360 presents three considerations for states in the president's tax proposals.

Expert Analysis

Opinion

The BigLaw Settlements Are About Risk, Not Profit

The nine Am Law 100 firms that settled with the Trump administration likely did so because of the personal risk faced by equity partners in today's billion‑dollar national practices, enabled by an ethics rule primed for modernization, says Adam Forest at Scale.
House Bill Tax Tweaks Would Hinder Renewable Projects

Provisions in the budget reconciliation bill recently passed by the U.S. House of Representatives would rapidly phase out clean energy tax credits, constrain renewable energy financing arrangements and impose sweeping restrictions on projects with foreign ties, which may create compliance and supply chain issues for many developers, say attorneys at Paul Hastings.
Series

Brazilian Jiujitsu Makes Me A Better Lawyer

Competing in Brazilian jiujitsu – often against opponents who are much larger and younger than me – has allowed me to develop a handful of useful skills that foster the resilience and adaptability necessary for a successful legal career, says Tina Dorr of Barnes & Thornburg.
Series

Power To The Paralegals: An Untapped Source For Biz Roles

Law firms looking to recruit legal business talent should consider turning to paralegals, who practice several key skills every day that prepare them to thrive in marketing and client development roles, says Vanessa Torres at Lowenstein Sandler.
How Trucking Cos. Can Keep Rolling Under Tariff Burdens

Recent Trump administration tariffs present major challenges for the transportation and logistics sector — and, in particular, trucking — but providers who focus on operational efficiency, cost control, customer relationships, creative contract structures and unique offerings will stand out from the competition, say attorneys at Benesch.
Series

Playing Poker Makes Me A Better Lawyer

Poker is a master class in psychology, risk management and strategic thinking, and I’m a better attorney because it has taught me to read my opponents, adapt when I’m dealt the unexpected and stay patient until I'm ready to reveal my hand, says Casey Kingsley at McCreadyLaw.
Ch. 7 Marshaling Ruling Rests On Shaky Legal Grounds

In its recent holding in a Chapter 7 bankruptcy case that marshaling may not be applied against the IRS, a Texas federal court misapplied a bankruptcy code section and case law, leaving a draconian decision that could limit the scope of a powerful equitable estate tool, says Brian Shaw at Cozen O'Connor.
3 Tax Issues Manufacturers Should Watch In 2025 Budget Bill

As Congress works toward a budget reconciliation bill, manufacturing companies should keep a keen eye on proposals to change bonus depreciation, the qualified business income deduction and energy tax credits, which could have a significant impact on capital-intensive industries, say attorneys at Frost Brown Todd.
Series

Law School's Missed Lessons: Becoming A Firmwide MVP

Though lawyers don't have a neat metric like baseball players for measuring the value they contribute to their organizations, the sooner new attorneys learn skills frequently skipped in law school — like networking, marketing, client development and case evaluation — the more valuable, and less replaceable, they will be, says Alex Barnett at DiCello Levitt.
$38M Law Firm Settlement Highlights 'Unworthy Client' Perils

A recent settlement of claims against law firm Eckert Seamans for allegedly abetting a Ponzi scheme underscores the continuing threat of clients who seek to exploit their lawyers in perpetrating fraud, and the critical importance of preemptive measures to avoid these clients, say attorneys at Lockton Companies.
Series

Teaching Business Law Makes Me A Better Lawyer

Teaching business law to college students has rekindled my sense of purpose as a lawyer — I am more mindful of the importance of the rule of law and the benefits of our common law system, which helps me maintain a clearer perspective on work, says David Feldman at Feldman Legal Advisors.
Jurisdictional Issues At Play In 9th Circ.'s FCA Trade Case

A decision by the Ninth Circuit in Island Industries v. Sigma Corp. could result in the U.S. Court of International Trade’s exclusive jurisdiction over trade-related FCA cases, a big shift in the enforcement landscape just as tariffs take center stage in trade policy, say attorneys at Haynes Boone.
Evolving Federal Rules Pose Further Obstacles To NY LLC Act

Following the Financial Crimes Enforcement Network's recent changes to beneficial ownership information reporting under the federal Corporate Transparency Act — dramatically reducing the number of companies required to make disclosures — the utility of New York's LLC Transparency Act becomes less apparent, say attorneys at Pillsbury.
Series

Law School's Missed Lessons: Mastering Discovery

The discovery process and the rules that govern it are often absent from law school curricula, but developing a solid grasp of the particulars can give any new attorney a leg up in their practice, says Jordan Davies at Knowles Gallant.
Alternative Business Structures Raise Ethics Questions

The new KPMG law firm, launched in Arizona following that state's repeal of the prohibition on fee sharing with nonlawyers, raises a number of important practice questions, both for the firm and those law firms seeking to partner with it, says Deborah Winokur at Cozen O’Connor.