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Tax
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April 02, 2024
Public Gets More Time To Comment On Secure 2.0 Disclosure
Government agencies tasked with reviewing the reporting and disclosure requirements for employee retirement plans said Tuesday that they'll be extending the deadline for comments on how these processes could be improved, a goal established under retirement plan incentive package Secure 2.0.
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April 02, 2024
South Africa Relying Less On Biz Tax As Revenues Top $115B
South Africa's total tax revenue rose to 2.155 trillion rand ($115 billion) last year, buoyed by collections of personal income tax increasing more than 8% and despite corporate income tax collections sinking nearly 9%, the South African Revenue Service said Tuesday.
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April 02, 2024
Okla. High Court Denies Gov.'s Veto Suit Over Tribal Compacts
The Oklahoma Supreme Court on Tuesday denied Gov. Kevin Stitt's suit against state lawmakers over two veto overrides on tribal tobacco and motor vehicle compacts, saying the executive branch doesn't have exclusive authority to negotiate state-tribal compacts.
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April 02, 2024
Boston Bomber Case Offers Clues For Trump Jury Selection
A recent ruling that may undo the Boston Marathon bomber's death sentence holds lessons for Donald Trump's upcoming trials, where attorneys will need to make prospective jurors comfortable enough to admit bias before they're picked — and potentially avoid years of appellate fights.
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April 02, 2024
Luxembourg's Deduction Rules Flout EU Law, Bloc Tells Court
The European Commission asked the European Union's Court of Justice to rule that Luxembourg is breaking EU law by including securitized entities among financial undertakings that are allowed deductibility of interest payments, the EU's Official Journal said Tuesday.
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April 02, 2024
DOL Narrows Retirement Asset Manager Exemption
The U.S. Department of Labor unveiled a final regulation Tuesday making it tougher for investment managers with serious misconduct on their records to handle Employee Retirement Income Security Act-covered retirement plans, broadening an ineligibility clause that previously only covered criminal convictions.
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April 01, 2024
Trump Posts $175M Bond, Pausing $465M Fraud Judgment
Donald Trump on Monday posted a $175 million bond, ducking, for now, enforcement of a nearly $465 million civil fraud judgment against him and his businesses in the New York attorney general's case accusing them of defrauding banks and insurers.
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April 01, 2024
Trump's Gag Order Expands Over 'Attacks' On Judge's Family
Donald Trump has a constitutional right to respond to alleged political attacks, but he does not have a right to attack family members of the state judge overseeing his criminal case in New York, the judge ruled late Monday, expanding the former president's gag order in his hush money case.
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April 01, 2024
US Support For Pillar 1 Still In Question After House Inquiry
U.S. lawmakers signaled that they think technical and other issues remain in the OECD's Pillar One taxing rights overhaul during a recent House subcommittee meeting, casting further doubt on the plan's implementation as the timeline to finalize it has slipped.
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April 01, 2024
Adviser Gets 4 Years For Fraud, Filing False Tax Returns
An Indiana investment adviser was sentenced to four years in prison and ordered to pay $6.4 million in restitution for stealing $4.7 million from a client and filing false returns, the U.S. Department of Justice announced.
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April 01, 2024
Feds Back Guilty Verdict After Software Execs' Tax Fraud Trial
Federal prosecutors on Monday defended a jury verdict finding two former software executives in North Carolina guilty of failing to pay employment taxes, saying sufficient evidence supported their convictions.
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April 01, 2024
BakerHostetler Adds Partner To Tax Practice Group
BakerHostetler's Washington office has added a partner from Morris Manning and Martin LLP to join its tax practice group, Baker said in a statement Monday.
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April 01, 2024
Jailed Atty Pleads Not Guilty To Witness Tampering In Tax Case
A Chicago-area lawyer facing more than a dozen criminal tax fraud charges pled not guilty Monday to superseding charges that he tried scripting a bookkeeper's anticipated testimony, but he'll have to wait to learn whether he'll remain jailed until his upcoming retrial.
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April 01, 2024
Ore. Tax Court Upholds Nursing Home's $10.6M Valuation
The owner of an Oregon nursing home did not present enough evidence to change the $10.6 million valuation found by a local assessor, the state tax court said.
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March 29, 2024
Petition Watch: Off-Label Ads, Retiree Discrimination & PPE
A Utah attorney has asked the U.S. Supreme Court to determine whether allegedly retaliatory IRS summonses can be quashed, and two former pharmaceutical executives are challenging the constitutionality of their convictions for marketing the off-label use of a drug. Here, Law360 looks at recently filed petitions that you might've missed.
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March 29, 2024
Manhattan DA Says Trump Violated Hush Money Gag Order
Donald Trump may have already violated a New York state judge's gag order in the former president's hush money case by impugning the judge's daughter on social media, Manhattan prosecutors said, while Trump's attorneys say prosecutors are trying to improperly expand the order.
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March 29, 2024
Mass. Tax Board Won't Lower Value Of Boston House
A Boston home was correctly assessed, the Massachusetts Appellate Tax Board said in a decision published Friday, finding that an analysis of nearby homes failed to show it was overvalued.
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March 29, 2024
Tax Preparer Gets 30 Months For $780K COVID Aid Scheme
A North Carolina tax preparer who fraudulently obtained $780,000 in pandemic relief loans and laundered money was sentenced in federal court to 30 months in prison and three years of supervised release, prosecutors announced.
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March 29, 2024
Flint Residents Can't Show Profit From Hasty Water Rate Hike
Residents challenging the city of Flint's rushed implementation of higher water and sewage rates couldn't show how the city unjustly profited from the change or whether the increased rate was unreasonable, a Michigan appellate panel said in upholding the dismissal of the residents' suit.
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March 29, 2024
Atty Called A Flight Risk In $1.3 Billion Tax Fraud Case
An attorney serving a 23-year prison sentence for tax fraud in a $1.3 billion conservation easement scheme is a flight risk and should remain in federal custody while he waits for his appeal, the government told a Georgia federal court Friday.
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March 29, 2024
Md. House OKs Tax Breaks For Residential Projects
Local governments in Maryland could grant property tax credits for certain hotel and residential developments that include affordable housing under legislation approved Friday by the state House of Delegates.
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March 29, 2024
Weekly Internal Revenue Bulletin
The Internal Revenue Service issued its weekly bulletin Friday, which included proposed regulations for claiming a tax credit for the production of qualified clean hydrogen.
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March 28, 2024
Va. Gov., Critic Of Legal Pot, Vetoes Bill To Begin Sales
Glenn Youngkin, the Republican governor of Virginia, on Thursday vetoed a Legislature-approved bill that would have taxed and regulated the sale of adult-use cannabis, saying marijuana sales would pose a public health and safety risk to Virginians.
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March 28, 2024
Doctor Allowed To Withdraw NBA Fraud Plea, Gets June Trial
A Manhattan federal judge will allow a Seattle-area doctor to pull back his guilty plea and go to trial in June, against prosecutors' objections, in a case alleging he assisted a cohort of retired NBA players to create fake invoices to submit to the league's healthcare plan.
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March 28, 2024
Ore. To Give Tax Break For Wildfire Settlement Payouts
Oregon victims of wildfires who receive funds in civil actions will not owe income tax on those payments under legislation signed into law by the governor.
Expert Analysis
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Tackling Judge-Shopping Concerns While Honoring Localism
As the debate continues over judge-shopping and case assignments in federal court, policymakers should look to a hybrid model that preserves the benefits of localism for those cases that warrant it, while preventing the appearance of judge-shopping for cases of a more national or widespread character, says Joshua Sohn at the U.S. Department of Justice.
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Potential Risks And Benefits Of NY Cannabis Crop Rescue Act
Though proposed legislation in New York would help struggling cannabis farmers by allowing them to sell their crops directly to consumers, it poses numerous challenges for retailers and the state’s regulatory framework — and striking the right balance here will be crucial to shaping a sustainable, equitable industry, say Meaghan Feenan and William Wolfe at Harris Beach.
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Perspectives
How Attorneys Can Help Combat Anti-Asian Hate
Amid an exponential increase in violence against Asian American and Pacific Islander communities, unique obstacles stand in the way of accountability and justice — but lawyers can effect powerful change by raising awareness, offering legal representation, advocating for victims’ rights and more, say attorneys at Gibson Dunn.
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Opinion
Congress Needs To Enact A Federal Anti-SLAPP Statute
Although many states have passed statutes meant to prevent individuals or entities from filing strategic lawsuits against public participation, other states have not, so it's time for Congress to enact a federal statute to ensure that free speech and petitioning rights are uniformly protected nationwide in federal court, say attorneys at Skadden.
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3 Developments That May Usher In A Nuclear Energy Revival
A recent advancement in nuclear energy technology, targeted provisions in the Inflation Reduction Act and a new G7 agreement on nuclear fuel supply chains may give nuclear power a seat at the table as a viable, zero-carbon energy source, say attorneys at Vinson & Elkins.
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What Tax-Exempt Orgs. Need From Energy Credit Guidance
Guidance clarifying the Inflation Reduction Act’s credit regime, expected from the U.S. Department of the Treasury this summer, should help tax-exempt organizations determine the benefits of clean energy projects and integrate alternative energy investments into their activities, say attorneys at Morgan Lewis.
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Unconventional Profits Interest Structures Find New Support
A recent U.S. Tax Court ruling should provide comfort that less-than-plain-vanilla profits interest structures, created to achieve complicated economic arrangements, can succeed in generating more optimal tax outcomes, provided the terms are properly drafted, says Daren Shaver at Hanson Bridgett.
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Roadblocks For Cannabis Employers Setting Up 401(k) Plans
Though the Internal Revenue Code and the Employee Retirement Income Security Act generally allow cannabis businesses to establish 401(k) plans for their employees, companies must still pick their way through uncertainties around tax deductions and recruiting reliable vendors, say attorneys at Shipman & Goodwin.
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How New York State Budget Will Affect Business Taxpayers
The comprehensive state budget legislation recently finalized by New York Gov. Kathy Hochul and the state Legislature did not include some especially concerning tax proposals, but it will subject some state taxpayers to increased tax liability and lengthier appeals, say attorneys at McDermott.
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Some Client Speculations On AI And The Law Firm Biz Model
Generative artificial intelligence technologies will put pressure on the business of law as it is structured currently, but clients may end up with more price certainty for legal services, and lawyers may spend more time being lawyers, says Jonathan Cole at Melody Capital.
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How Foreign Info Return Penalty Case May Benefit Taxpayers
The U.S. Tax Court's recent decision that the Internal Revenue Service cannot penalize taxpayers for failing to file foreign corporation information returns may give similarly situated taxpayers an opportunity to also avoid penalties, provided they protect their rights before the decision is overturned or mooted by legislation, say attorneys at Arnold & Porter.
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A Lawyer's Guide To Approaching Digital Assets In Discovery
The booming growth of cryptocurrency and non-fungible tokens has made digital assets relevant in many legal disputes but also poses several challenges for discovery, so lawyers must garner an understanding of the technology behind these assets, the way they function, and how they're held, says Brett Sager at Ehrenstein Sager.
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Opinion
High Court's Ethics Statement Places Justices Above The Law
The U.S. Supreme Court justices' disappointing statement on the court's ethics principles and practices reveals that not only are they satisfied with a status quo in which they are bound by fewer ethics rules than other federal judges, but also that they've twisted the few rules that do apply to them, says David Janovsky at the Project on Government Oversight.
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What's Unique — And What's Not — In Trump Protective Order
A Manhattan judge's recent protective order limiting former President Donald Trump's access to evidence included restrictions uniquely tailored to the defendant, which should remind defense attorneys that it's always a good idea to fight these seemingly standard orders, says Julia Jayne at Jayne Law.
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Opinion
Time For Law Schools To Rethink Unsung Role Of Adjuncts
As law schools prepare for the fall 2023 semester, administrators should reevaluate the role of the underappreciated, indispensable adjunct, and consider 16 concrete actions to improve the adjuncts' teaching experience, overall happiness and feeling of belonging, say T. Markus Funk at Perkins Coie, Andrew Boutros at Dechert and Eugene Volokh at UCLA.