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Tax
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March 24, 2025
No Evidence To Lower Home Value, Mass. Panel Says
A Massachusetts panel declined to drop a condominium unit's valuation in a decision released Monday, rejecting the owner's argument that local assessors had increased home valuations in that particular area more than for other homes in the town.
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March 24, 2025
FinCEN Exempts US Businesses From Disclosure Rules
The U.S. Department of the Treasury's financial crimes unit issued interim final rules that exempt domestic businesses from contested reporting regulations, which the department had previously signaled it would narrow to include only foreign companies registered stateside.
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March 24, 2025
Justices Won't Hear Peanut Truck Co.'s Excise Tax Case
The U.S. Supreme Court said Monday it will not hear a Georgia company's case arguing the IRS wrongly denied it an excise tax exemption for the special trucks it makes for peanut farming, letting stand an Eleventh Circuit ruling.
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March 24, 2025
Minn. County Late To Accept Property Tax Deal, Court Says
An offer to a Minnesota county to settle a tax valuation dispute was not accepted within a reasonable period of time and is not valid, the Minnesota Tax Court said, rejecting the county's request to enforce the agreement.
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March 22, 2025
Up Next At High Court: Non-Delegation & Clean Air Fights
The U.S. Supreme Court will return to the bench Monday to hear arguments in a dispute that could revive a long-dormant separation of powers principle and trigger a regulatory power shift.
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March 21, 2025
SEC Guidance Moves Needle In Favor Of Private Fundraising
The U.S. Securities and Exchange Commission's recent guidance on how accredited investors can self-certify when participating in broadly publicized private placements simplifies legal compliance for issuers, according to attorneys, though the jury is still out on whether market participants will embrace the new framework.
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March 21, 2025
Fla. Tax Preparer Sentenced To Prison For $20M Fraud
A Miami-area tax preparer was sentenced to nearly five years in prison Friday after admitting to filing thousands of individual tax returns wrongly claiming energy credits, resulting in a $20 million loss for the Internal Revenue Service, according to the U.S. Attorney's Office for the Southern District of Florida.
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March 21, 2025
'Not Mistake-Proof': College Can Try To Recoup Tax Penalties
A community college can proceed with its suit seeking a refund of tax penalties for failing to file wage statements for nearly all its employees, a Michigan federal judge ruled Friday, saying the school didn't have to meet a "mistake-proof" standard to argue it should be excused from the fines.
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March 21, 2025
Boutique Firm Accuses IRS Of Illegally Enforcing Payroll Tax
A consumer-protection boutique law firm accused the IRS of illegally enforcing payroll taxes while delaying the processing of pandemic-era employee retention tax credits, which the firm claimed would have helped with compliance, according to a complaint in Connecticut federal court.
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March 21, 2025
Ex-UBS North America CEO Agrees To $4.9M FBAR Judgment
The former North American CEO for Swiss bank UBS on Friday agreed to a $4.9 million judgment to end claims that he failed to file timely or accurate foreign bank account reports with the Internal Revenue Service between 2003 and 2013.
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March 21, 2025
Mich. Judge Dismisses $217M Dam Repair Tax Challenge
A Michigan federal judge has dismissed a pair of lawsuits alleging a $217 million special assessment to fund the reconstruction of dams destroyed in 2020 floods was unfairly levied on certain properties, finding homeowners had the opportunity to oppose the assessment and litigate their claims in state court.
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March 21, 2025
US-Swiss Agreement Exempts Retirees' Dividends, IRS Says
U.S. retirement accounts, including trusts, qualified annuity plans and other schemes, are exempt from Swiss taxes on dividends from Swiss companies in which they don't own a controlling interest, according to a U.S.-Switzerland competent authority agreement released Friday by the IRS.
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March 21, 2025
Md. Nonprofit's Property Used As Home Isn't Exempt
A Maryland property owned by a nonprofit isn't exempt from property tax, because it's used as the founder's home and not mainly for charitable purposes, the state tax court affirmed.
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March 21, 2025
Taxation With Representation: Cravath, Paul Weiss, Cooley
In this week's Taxation With Representation, Google acquires Wiz, QXO Inc. acquires Beacon Roofing Supply, and the Boston Celtics are bought by a group led by private equity firm co-founder William Chisholm.
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March 21, 2025
Informal Money Transfers Launder £2B Annually, HMRC Warns
Criminals in the U.K. are laundering an estimated £2 billion (£2.6 billion) every year via informal money transfer services, HM Revenue and Customs has warned.
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March 21, 2025
High Court Says Misleading Statements To FDIC Not Criminal
The U.S. Supreme Court on Friday overturned a Seventh Circuit ruling that upheld the conviction of a former Chicago alderman for making false statements about loans from a defunct bank, clarifying that the federal law in question criminalizes false statements but not those that are merely misleading.
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March 21, 2025
Fed. Circ. Backs Actavis' $12M Patent Suit Cost Deduction
Drugmaker Actavis can take a $12 million tax deduction for money it spent fending off lawsuits while securing approval to sell generic birth control and other drugs, the Federal Circuit ruled Friday, affirming the U.S. Court of Federal Claims' decision that the costs were deductible as ordinary business expenses.
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March 20, 2025
IRS SALT Cap Workaround Rule Unlawful, 2nd Circ. Told
The Internal Revenue Service unlawfully created a rule prohibiting workarounds to the federal cap on state and local tax deductions, a New Jersey deputy attorney general told a Second Circuit panel Thursday, asking the appellate judges to overturn a lower court ruling that upheld the rule.
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March 20, 2025
Ill. Justices End Cities' Dispute Over Cooper's Hawk Sales Tax
The Illinois Supreme Court on Thursday dismissed a suit brought by an Illinois village against a neighboring city that allegedly pocketed over $1 million in sales tax revenue owed to the village, saying the Illinois Department of Revenue has exclusive jurisdiction over such disputes between municipalities and an intermediate appellate panel wrongly revived the case.
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March 20, 2025
Jurisdictional Uncertainty Helps Preserve Ill. Tax Bias Suit
Cook County property owners who mistakenly brought discriminatory assessment accusations in state court before taking their allegations to federal court can continue pursuing those claims, an Illinois judge said, rejecting the county's timeliness challenge.
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March 20, 2025
Frost Brown Adds Former Houston City Atty To Finance Team
Frost Brown Todd LLP announced that it has hired an attorney from the ranks of Houston's city government to strengthen its public finance group, adding his expertise in state and local government operations, taxation and economic development.
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March 20, 2025
Former Ore. Doctor's Deduction For Insurance Premiums OK'd
A former Oregon doctor's payments of $2.5 million to a captive insurer are deductible from his state taxable income, the Oregon Tax Court ruled, saying an agreement the taxpayer reached with the Internal Revenue Service did not bar the deductions.
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March 19, 2025
NY DOT Says Feds' Bid To Kill Congestion Pricing Is 'Unlawful'
The New York State Department of Transportation told a Manhattan federal judge Wednesday that the Trump administration's efforts to kill New York City's congestion pricing program unlawfully interfere with the Empire State's authority to implement state law and protect New Yorkers' health and welfare.
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March 19, 2025
7th Circ. Orders Tax Court To Clarify ESOP Suit Dismissal
The Seventh Circuit axed the U.S. Tax Court's dismissal of a transit company's suit over an employee stock ownership plan, saying the lower court must specify that it lacked the authority to review the case because it was filed before the IRS completed an exam.
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March 19, 2025
6th Circ. Says Pharmacist Doesn't Owe Tax On Forfeited IRA
A pharmacist doing time for running a Kentucky pill mill doesn't owe taxes on his forfeited retirement account, the Sixth Circuit ruled Wednesday, reversing a U.S. Tax Court decision that upheld what the appeals court described as an unexpected punishment.
Expert Analysis
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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NY Tax Talk: Triggers For Tax On Software-As-A-Service
Recent decisions by New York’s Tax Appeals Tribunal and Division of Tax Appeals, finding that services bundled with prewritten software were tangible property, provide insight into the features and customer interactions that render such products subject to New York sales tax, say Elizabeth Cha and Madison Ball at Eversheds Sutherland.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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Contract Disputes Recap: Preserving Payment Rights
Stephanie Magnell and Zachary Jacobson at Seyfarth examine three recent decisions that together illustrate the importance of keeping accurate records and adhering to contractual procedures to avoid inadvertently waiving contractual rights to cost reimbursements or nonroutine payments.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Opinion
After Jarkesy, IRS Must Course-Correct On Captive Insurance
The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.
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Kentucky Tax Talk: Appeals Court Revisits Leases' Tax Effects
With better facts and greater emphasis on the Kentucky Constitution, Walgreen Co. may succeed in its latest Kentucky Court of Appeals challenge to a tax assessor's method of valuing leaseholds on real property for purposes of determining ad valorem tax, say Mark Sommer and Elizabeth Ethington at Frost Brown Todd.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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Class Actions At The Circuit Courts: July Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers cases touching on pre- and post-conviction detainment conditions, communications with class representatives, when the American Pipe tolling doctrine stops applying to modified classes, and more.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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Series
Serving In The National Guard Makes Me A Better Lawyer
My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.
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Reading Between The Lines Of Justices' Moore Ruling
The U.S. Supreme Court's recent Moore v. U.S. decision, that the Internal Revenue Code Section 965 did not violate the 16th Amendment, was narrowly tailored to minimally disrupt existing tax regimes, but the justices' various opinions leave the door open to future tax challenges and provide clues for what the battles may look like, say Caroline Ngo and Le Chen at McDermott.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.